<SEC-DOCUMENT>0001170299-25-000010.txt : 20250317
<SEC-HEADER>0001170299-25-000010.hdr.sgml : 20250317
<ACCEPTANCE-DATETIME>20250317150600
ACCESSION NUMBER:		0001170299-25-000010
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250317
DATE AS OF CHANGE:		20250317
EFFECTIVENESS DATE:		20250317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		25744021

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
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            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Equiniti Trust Company, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>254900TS5EWP83BEOU02</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pacific Investment Management Company LLC</adminName>
            <adminLei>549300KGPYQZXGMYYN38</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>State Street Bank and Trust Company</adminName>
            <adminLei>571474TGEMMWANRLN572</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Allianz Global Investors (Schweiz) AG</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300HHHNE56IHKY326</brokerDealerLei>
            <brokerDealerCountry>CH</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allianz Life Financial Services, LLC</brokerDealerName>
            <brokerDealerFileNo>8-13630</brokerDealerFileNo>
            <brokerDealerCrdNo>000000612</brokerDealerCrdNo>
            <brokerDealerLei>5493008TSI0TRWDDGW79</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MN" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>PIMCO Canada Corp.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300PNZNS0LQSMZ318</brokerDealerLei>
            <brokerDealerCountry>CA</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>PIMCO Europe GmbH</brokerDealerName>
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            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300KW6332H0XL8X85</brokerDealerLei>
            <brokerDealerCountry>DE</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>PIMCO Investments LLC</brokerDealerName>
            <brokerDealerFileNo>8-68686</brokerDealerFileNo>
            <brokerDealerCrdNo>000154957</brokerDealerCrdNo>
            <brokerDealerLei>254900JVDUMBKRHKBI75</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.00</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>84229751.89</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital, Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>14241946.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>33030518.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies Co., Inc.</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>55761959.70</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner, &amp; Smith</principalName>
            <principalFileNo>8-07221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>44621722.29</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>25955697.25</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC Capital Markets Corp.</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>19280800.25</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Raymond James &amp; Associates, Inc.</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>19714722.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>State Street Global Markets, LLC</principalName>
            <principalFileNo>8-69862</principalFileNo>
            <principalCrdNo>000285852</principalCrdNo>
            <principalLei>549300FDEDF5ORXCMQ56</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>1659160513.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>19276414.25</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>2010586976.83</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>584924686.51</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="PML"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II Series 2053</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II Series 2054-A</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II Series 2054</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <repurchaseSecurities isRepurchaseSecurity="Y">
        <repurchaseSecurityType>Preferred stock</repurchaseSecurityType>
      </repurchaseSecurities>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>Y</isSecuritiesModified>
      <managementFee>1.158</managementFee>
      <netOperatingExpenses>3.802</netOperatingExpenses>
      <marketPricePerShare>8.09</marketPricePerShare>
      <netAssetValuePerShare>8.56</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isMaterialAmendments>true</isMaterialAmendments>
      <isInstDefiningRights>true</isInstDefiningRights>
    </attachmentsTab>
    <signature registrantSignedName="PIMCO Municipal Income Fund II" signedDate="2025-03-17" signature="Bijal Parikh" title="Treasurer"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>g1aiii_pimco123124-pml.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Report
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 97pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
the Board of Trustees and Shareholders of PIMCO Municipal Income Fund II&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
planning and performing our audit of the consolidated financial statements (&ldquo;the financial statements&rdquo;) of PIMCO Municipal
Income Fund II (the &ldquo;Fund&rdquo;) as of and for the year ended December 31, 2024, in accordance with the standards of the
Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&rsquo;s internal control over financial
reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose
of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly, we do
not express an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related
costs of controls. A fund&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A fund&rsquo;s internal control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&rsquo;s assets that
could have a material effect on the financial statements.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that
there is a reasonable possibility that a material misstatement of the fund&rsquo;s annual or interim financial statements will
not be prevented or detected on a timely basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
consideration of the Fund&rsquo;s internal control over financial reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund&rsquo;s internal control over
financial reporting and its operation,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PricewaterhouseCoopers
LLP, 1100 Walnut Street, Suite 1300, Kansas City, MO 64106</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">T:
(816) 472 7921, www.pwc.com/us</FONT></P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 11 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9pt 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including
controls over safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2024.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
report is intended solely for the information and use of the Board of Trustees of PIMCO Municipal Income Fund II and the Securities
and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">February
25, 2025</FONT></P>

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

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

<!-- Field: Page; Sequence: 2; Value: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></P></DIV>

    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>g1b1_ar123124-pml.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BYLAWS
<BR>
of</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Amended
and Restated as of November 11, 2024)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agreement
and Declaration of Trust and Principal Office</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal
Office of the Trust</U>. A principal office of the Trust shall be located in New York, New York. The Trust may have other principal
offices within or without Massachusetts as the Trustees may determine or as they may authorize.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement
and Declaration of Trust</U>. These Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;) shall be subject to the Agreement and
Declaration of Trust, as amended or restated from time to time (the &ldquo;Declaration of Trust&rdquo;), of PIMCO Municipal Income
Fund II, the Massachusetts business trust established by the Declaration of Trust (the &ldquo;Trust&rdquo;). Capitalized terms
used in these Bylaws and not otherwise defined herein shall have the meanings given to such terms in the Declaration of Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meetings
of Trustees</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regular
Meetings</U>. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees
may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given
to absent Trustees. A regular meeting of the Trustees may be held without call or notice immediately after and at the same place
as the annual meeting of the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
Meetings</U>. Special meetings of the Trustees may be held at any time and at any place designated in the call of the meeting
when called by the Chairman of the Trustees, the President or the Treasurer or by two or more Trustees, sufficient notice thereof
being given to each Trustee by the Secretary or an Assistant Secretary or by the officer or the Trustees calling the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>.
It shall be sufficient notice to a Trustee of a special meeting to send notice by mail at least forty-eight hours, or by telegram,
telex or telecopy or other electronic facsimile transmission method at least twenty-four hours, before the meeting addressed to
the Trustee at his or her usual or last known business or residence address or to give notice to him or her in person or by telephone
at least twenty-four hours before the meeting. Notice of a meeting need not be given to any Trustee if a written waiver of notice,
executed by him or her, before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
without protesting prior thereto or at its commencement the lack of notice to him or her. Neither notice of a meeting nor a waiver
of a notice need specify the purposes of the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum</U>. At any meeting of the Trustees a majority of the Trustees then in office shall constitute a quorum. Any meeting
may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and
the meeting may be held as adjourned without further notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Officers
and Chairman of the Trustees</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enumeration;
Qualification</U>. The officers of the Trust shall be a President, a Treasurer, a Secretary, a Chief Compliance Officer and such
other officers, if any, as the Trustees from time to time may in their discretion elect. The Trust may also have such agents as
the Trustees from time to time may in their discretion appoint. Any officer may but need not be a Trustee or a Shareholder. Any
two or more offices may be held by the same person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Election</U>.
The President, the Treasurer, and the Secretary shall be elected annually by the Trustees. Other officers, if any, may be elected
or appointed by the Trustees at the same meeting at which the President, Treasurer and Secretary are elected, or at any other
time. If required by the 1940 Act, the Chief Compliance Officer shall be elected or appointed by a majority of the trustees, as
well as a majority of the Trustees who are not Interested Persons of the Trust (&ldquo;Independent Trustees&rdquo;), and otherwise
in accordance with Rule 38a-1 (or any successor rule) under the 1940 Act, as such rule may be amended from time to time (&ldquo;Rule
38a-1&rdquo;). Vacancies in any office may be filled at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tenure</U>.
The Chairman of the Trustees, if one is elected, the President, the Treasurer, the Secretary and the Chief Compliance Officer
shall hold office until their respective successors are chosen and qualified, or in each case until he or she sooner dies, resigns,
is removed with or without cause or becomes disqualified, provided that, if required by the 1940 Act, any renewal of the Chief
Compliance Officer shall be in accordance with Rule 38a-1. Each other officer shall hold office and each agent of the Trust shall
retain authority at the pleasure of the Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Powers</U>.
Subject to the other provisions of these Bylaws, each officer shall have, in addition to the duties and powers herein and in the
Declaration of Trust set forth, such duties and powers as are commonly incident to the office occupied by him or her as if the
Trust were organized as a Massachusetts business corporation and such other duties and powers as the Trustees may from time to
time designate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chairman
of the Trustees.</U>&nbsp;There shall be an office of the Chairman of the Trustees, which shall serve on behalf of the Trustees, but
shall not be an officer of the Trust. The office of the Chairman of the Trustees may be held by more than one person. Any Chairman
of</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Trustees shall be elected by a majority of the Trustees, as well as a majority of the Independent Trustees if required by the
1940 Act. If required by the 1940 Act, any Chairman of the Trustees shall be an Independent Trustee and may, but need not, be
a shareholder. The powers and the duties of the Chairman of the Trustees shall include any and all such powers and duties relating
to the operations of the Trustees as, from time to time, may be conferred upon or assigned to such office by the Trustees or as
may be required by law, provided that the Chairman of the Trustees shall have no individual authority to act for the Trust as
an officer of the Trust. In carrying out the responsibilities and duties of the office, the Chairman of the Trustees may seek
assistance and input from other Trustees or Committees of the Trustees, officers of the Trust and the Trust&rsquo;s investment
adviser(s) and other service providers, as deemed necessary or appropriate. The Trustees, including a majority of the Independent
Trustees if required by the 1940 Act, may appoint one or more persons to perform the duties of the Chairman of the Trustees, in
the event of his absence at any meeting or in the event of his disability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>President;
Vice President</U>. The President shall be the chief executive officer. Any Vice President shall have such duties and powers as
may be designated from time to time by the Trustees or the President.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Treasurer;
Assistant Treasurer</U>. The Treasurer shall be the chief financial and accounting officer of the Trust, and shall, subject to
the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment adviser, sub-adviser
or manager, or transfer, shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting
records of the Trust, and shall have such other duties and powers as may be designated from time to time by the Trustees or by
the President. Any Assistant Treasurer shall have such duties and powers as may be designated from time to time by the Trustees
or the President.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary;
Assistant Secretary</U>. The Secretary shall record all proceedings of the Shareholders and the Trustees in books to be kept therefor,
which books or a copy thereof shall be kept at the principal office of the Trust. In the absence of the Secretary from any meeting
of the Shareholders or Trustees, an Assistant Secretary, or if there be none or if he or she is absent, a temporary secretary
chosen at such meeting shall record the proceedings thereof in the aforesaid books. Any Assistant Secretary shall have such duties
and powers as may be designated from time to time by the Trustees or the President.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chief
Compliance Officer</U>. The Chief Compliance Officer shall perform the duties and have the responsibilities of the chief compliance
officer of the Trust, including if required by the 1940 Act any such duties and responsibilities imposed by Rule 38a-1, and shall
have such other duties and powers as may be designated from time to time by the Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignations</U>.
Any officer may resign at any time by written instrument signed by him or her and delivered to the Chairman of the Trustees, if
any, the President or the Secretary, or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless
specified</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no officer resigning
and no officer removed shall have any right to any compensation for any period following his or her resignation or removal, or
any right to damages on account of such removal.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
4</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Quorum; Voting</U>. Except as provided below or as otherwise specifically provided in the resolutions constituting a Committee
of the Trustees and providing for the conduct of its meetings, a majority of the members of any Committee of the Trustees shall
constitute a quorum for the transaction of business, and any action of such a Committee may be taken at a meeting by a vote of
a majority of the members present (a quorum being present) or evidenced by one or more writings signed by such a majority. Members
of a Committee may participate in a meeting of such Committee by means of a conference telephone or other communications equipment
by means of which all persons participating in the meeting can hear each other at the same time and participation by such means
shall constitute presence in person at a meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to a Valuation Committee of the Trustees, one or more of the Committee members shall constitute a quorum for the transaction
of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as specifically provided in the resolutions constituting a Committee of the Trustees and providing for the conduct of its meetings,
Article 2, Section 2.3 of these Bylaws relating to special meetings shall govern the notice requirements for Committee meetings,
except that it shall be sufficient notice to a Valuation Committee of the Trustees to send notice by telegram, telex or telecopy
or other electronic means (including by telephone voice-message or e-mail) at least fifteen minutes before the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
5</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1
&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>. The Trustees and officers shall render reports at the time and in the manner required by the Declaration of Trust
or any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from
time to time be required by the Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
6</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fiscal
Year</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>General</U>. Except as from time to time otherwise provided by the Trustees, the initial fiscal year of the Trust shall end
on such date as is determined in advance or in arrears by the Treasurer, and the subsequent fiscal years shall end on such date
in subsequent years.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
7</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seal</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>General</U>. The seal of the Trust shall, subject to alteration by the Trustees, consist of a flat-faced die with the word
&ldquo;Massachusetts&rdquo;, together with the name of the Trust and the year of its organization cut or engraved thereon; provided,
however, that unless otherwise required by the Trustees, the seal shall not be necessary to be placed on, and its absence shall
not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Execution
of Papers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>General</U>. Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner,
all deeds, leases, transfers, contracts, bonds, notes, checks, drafts and other obligations made, accepted or endorsed by the
Trust shall be executed by the President, any Vice President, the Treasurer or by whomever else shall be designated for that purpose
by vote of the Trustees, and need not bear the seal of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
9</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuance
of Share Certificates</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Share Certificates</U>. Except as provided in Exhibits 1, 2 and 3 hereto, each Shareholder shall be entitled to a certificate
stating the number of Shares owned by him or her, in such form as shall be prescribed from time to time by the Trustees. Such
certificates shall be signed by the President or any Vice President and by the Treasurer or any Assistant Treasurer. Such signatures
may be by facsimile if the certificate is signed by a transfer agent, or by a registrar, other than a Trustee, officer or employee
of the Trust. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall cease
to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were
such officer at the time of its issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, in lieu of issuing certificates for Shares, the Trustees or the transfer agent may either issue receipts therefor
or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case be deemed, for
all purposes hereunder, to be the holders of certificates for such Shares as if they had accepted such certificates and shall
be held to have expressly assented and agreed to the terms hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loss
of Certificates</U>. In case of the alleged loss or destruction or the mutilation of a share certificate, a duplicate certificate
may be issued in place thereof, upon such terms as the Trustees shall prescribe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of New Certificates to Pledgee</U>. A pledgee of Shares transferred as collateral security shall be entitled to a new certificate
if the instrument of transfer substantially</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">describes
the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral
security, and the name of pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Discontinuance of Issuance of Certificates</U>. Notwithstanding anything to the contrary in this Article 9, the Trustees may
at any time discontinue the issuance of share certificates and may, by written notice to each Shareholder, require the surrender
of share certificates to the Trust for cancellation. Such surrender and cancellation shall not effect the ownership of Shares
in the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
10</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders&rsquo;
Voting Powers and Meetings</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Voting Powers</U>. The Shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in
Article IV, Sections 1 and 3 of the Declaration of Trust and Exhibits 1, 2 and 3 hereto, (ii) with respect to any Manager or sub-adviser
as provided in Article IV, Section 8 of the Declaration of Trust to the extent required by the 1940 Act, (iii) with respect to
certain transactions and other matters to the extent and as provided in Article V, Sections 2 and 3 of the Declaration of Trust
and Exhibits 1, 2 and 3 hereto, (iv) with respect to any termination of this Trust to the extent and as provided in Article IX,
Section 4 of the Declaration of Trust and Exhibits 1, 2 and 3 hereto (for the avoidance of any doubt, Shareholders shall have
no separate right to vote with respect to the termination of the Trust or a series or class of Shares if the Trustees (including
the Continuing Trustees) exercise their right to terminate the Trust or such series or class pursuant to clauses (ii) or (y) of
Article IX, Section 4 of the Declaration of Trust), (v) with respect to any amendment of the Declaration of Trust to the extent
and as provided in Article IX, Section 7 of the Declaration of Trust and Exhibits 1, 2 and 3 hereto, (vi) to the same extent as
the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should
not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, and (vii) with respect
to such additional matters relating to the Trust as may be required by law, the Declaration of Trust, these Bylaws or any registration
of the Trust with the Securities and Exchange Commission (or any successor agency) or any state, or as the Trustees may consider
necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each
fractional Share shall be entitled to a proportionate fractional vote, except as otherwise provided in the Declaration of Trust,
these Bylaws, or required by applicable law. Except as otherwise provided in the Declaration of Trust or in respect of the terms
of a class of preferred shares of beneficial interest of the Trust as reflected in these Bylaws or required by applicable law,
all Shares of the Trust then entitled to vote shall be voted in the aggregate as a single class without regard to classes or series
of Shares. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy
with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior
to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. The placing of a Shareholder&rsquo;s
name on a proxy pursuant to</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">telephonic
or electronically transmitted instructions obtained pursuant to procedures reasonably designed to verify that such instructions
have been authorized by such Shareholder shall constitute execution of such proxy by or on behalf of such Shareholder. A proxy
purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise
and the burden of proving invalidity shall rest on the challenger. Until Shares of a particular class or series are issued, the
Trustees may exercise all rights of Shareholders and may take any action required by law, the Declaration of Trust or these Bylaws
to be taken by Shareholders as to such class or series. For purposes of this Article 10, all preferred shares of beneficial interest
of the Trust issued and outstanding, including, without limitation, the RVMTP Shares, shall be treated as a single class.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Voting Power and Meetings</U>. Except as provided in the next sentence, regular meetings of the Shareholders for the election
of Trustees and the transaction of such other business as may properly come before the meeting shall be held, so long as Shares
are listed for trading on the New York Stock Exchange, on at least an annual basis, on such day and at such place as shall be
designated by the Trustees. In the event that such a meeting is not held in any annual period if so required, whether the omission
be by oversight or otherwise, a subsequent special meeting may be called by the Trustees and held in lieu of such meeting with
the same effect as if held within such annual period. Special meetings of the Shareholders or any or all classes or series of
Shares may also be called by the Trustees from time to time for such other purposes as may be prescribed by law, by the Declaration
of Trust or by these Bylaws, or for the purpose of taking action upon any other matter deemed by a majority of the Trustees and
a majority of the Continuing Trustees to be necessary or desirable. A special meeting of Shareholders may be held at any such
time, day and place as is designated by the Trustees. Written notice of any meeting of Shareholders, stating the date, time, place
and purpose of the meeting, shall be given or caused to be given by a majority of the Trustees and a majority of the Continuing
Trustees at least seven days before such meeting to each Shareholder entitled to vote thereat by leaving such notice with the
Shareholder at his or her residence or usual place of business or by mailing such notice, postage prepaid, to the Shareholder&rsquo;s
address as it appears on the records of the Trust. Such notice may be given by the Secretary or an Assistant Secretary or by any
other officer or agent designated for such purpose by the Trustees. Whenever notice of a meeting is required to be given to a
Shareholder under the Declaration of Trust or these Bylaws, a written waiver thereof, executed before or after the meeting by
such Shareholder or his or her attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent
to such notice. Notice of a meeting need not be given to any Shareholder who attends the meeting without protesting prior thereto
or at its commencement the lack of notice to such Shareholder. No ballot shall be required for any election unless required by
a Shareholder present or represented at the meeting and entitled to vote in such election. Notwithstanding anything to the contrary
in this Section 10.2, no matter shall be properly before any annual or special meeting of Shareholders and no business shall be
transacted thereat unless in accordance with Section 10.6 of these Bylaws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum
and Required Vote</U>. Except when a larger quorum is required by any provision of law or the Declaration of Trust or these Bylaws,
thirty percent (30%) of the Shares entitled to vote on a particular matter shall constitute a quorum for the transaction of business
at a Shareholders&rsquo; meeting, except that where any provision of law or the Declaration of Trust or these Bylaws permits or
requires that holders of any class or series of Shares shall vote as an individual class or series, then thirty percent (30%)
(unless a larger quorum is required as specified above) of Shares of that class or series entitled to vote shall be necessary
to constitute a quorum for the transaction of business by that class or series. Any lesser number shall be sufficient for adjournments.
Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the
necessity of further notice. Except when a different vote is required by any provision of law or the Declaration of Trust or these
Bylaws, a plurality of the quorum of Shares necessary for the transaction of business at a Shareholders&rsquo; meeting shall decide
any questions and a plurality of Shares voted shall elect a Trustee, provided that where any provision of law or of the Declaration
of Trust or these Bylaws permits or requires that the holders of any class or series of Shares shall vote as an individual class
or series, then a plurality of the quorum of Shares of that class or series necessary for the transaction of business by that
class or series at a Shareholders&rsquo; meeting shall decide that matter insofar as that class or series is concerned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Action
by Written Consent</U>. Any action taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled
to vote on the matter (or such larger proportion thereof as shall be required by any express provision of law or the Declaration
of Trust or these Bylaws) consent to the action in writing and such written consents are filed with the records of the meetings
of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record
Dates</U>. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof,
or who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a
time, which shall be not more than 90 days before the date of any meeting of Shareholders or the date for the payment of any dividend
or of any other distribution, as the record date for determining the Shareholders having the right to notice of and to vote at
such meeting and any adjournment thereof or the right to receive such dividend or distribution, and in such case only Shareholders
of record on such record date shall have the right notwithstanding any transfer of Shares on the books of the Trust after the
record date; or without fixing such record date the Trustees may for any of such purposes close the register or transfer books
for all or any part of such period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-indent: 0; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Advance Notice of Shareholder Nominees for Trustees and Other Shareholder </U></FONT><U>Proposals</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this Section 10.6, the term &ldquo;annual meeting&rdquo; refers to any annual meeting of Shareholders as well as any
special meeting held in lieu of an annual meeting as described in the first two sentences of Section 10.2 of these Bylaws, and
the term &ldquo;special meeting&rdquo; refers to</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
meetings of Shareholders other than an annual meeting or a special meeting in lieu of an annual meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
matters to be considered and brought before any annual or special meeting of Shareholders shall be limited to only such matters,
including the nomination and election of Trustees, as shall be brought properly before such meeting in compliance with the procedures
set forth in this Section 10.6. Only persons who are nominated in accordance with the procedures set forth in this Section 10.6
shall be eligible for election as Trustees, and no proposal to fix the number of Trustees shall be brought before an annual or
special meeting of Shareholders or otherwise transacted unless in accordance with the procedures set forth in this Section 10.6,
except as may be otherwise provided in these Bylaws with respect to the right of holders of preferred shares of beneficial interest,
if any, of the Trust to nominate and elect a specified number of Trustees in certain circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any matter to be properly before any annual meeting, the matter must be (i) specified in the notice of meeting given by or at
the direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to Section 10.2 of these Bylaws,
(ii) otherwise brought before the meeting by or at the direction of a majority of the Continuing Trustees (or any duly authorized
committee thereof), or (iii) brought before the meeting in the manner specified in this Section 10.6(c) by a Shareholder of record
entitled to vote at the meeting or by a Shareholder (a &ldquo;Beneficial Owner&rdquo;) that holds Shares entitled to vote at the
meeting through a nominee or &ldquo;street name&rdquo; holder of record and that can demonstrate to the Trust such indirect ownership
and such Beneficial Owner&rsquo;s entitlement to vote such Shares, provided that the Shareholder was the Shareholder of record
or the Beneficial Owner held such Shares at the time the notice provided for in this Section 10.6(c) is delivered to the Secretary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to any other requirements under applicable law and the Declaration of Trust and these Bylaws, persons nominated by Shareholders
for election as Trustees and any other proposals by Shareholders may be properly brought before an annual meeting only pursuant
to timely notice (the &ldquo;Shareholder Notice&rdquo;) in writing to the Secretary. To be timely, the Shareholder Notice must
be delivered to or mailed and received at the principal executive offices of the Trust not less than forty-five (45) nor more
than sixty (60) days prior to the first anniversary date of the date on which the Trust first mailed its proxy materials for the
prior year&rsquo;s annual meeting; <U>provided</U>, <U>however</U>, with respect to the annual meeting to be held in the calendar
year 2003, the Shareholder Notice must be so delivered or mailed and so received on or before May 1, 2003; <U>provided</U>&nbsp;<U>further</U>,
<U>however</U>, if and only if the annual meeting is not scheduled to be held within a period that commences thirty (30) days
before the first anniversary date of the annual meeting for the preceding year and ends thirty (30) days after such anniversary
date (an annual meeting date outside such period being referred to herein as an &ldquo;Other Annual Meeting Date&rdquo;), such
Shareholder Notice must be given in the manner provided herein by the later of the close of business on (i) the date forty-five
(45) days prior to such Other Annual Meeting Date or (ii) the tenth (10<FONT STYLE="line-height: 108%"><SUP>th</SUP></FONT>) business
day following the date such Other Annual Meeting Date is first publicly announced or disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Shareholder desiring to nominate any person or persons (as the case may be) for election as a Trustee or Trustees of the
Trust shall deliver, as part of such Shareholder Notice: (i) a statement in writing setting forth (A) the name, age, date of
birth, business address, residence address and nationality of the person or persons to be nominated; (B) the class or series
and number of all Shares of the Trust owned of record or beneficially by each such person or persons, as reported to such
Shareholder by such nominee(s); (C) any other information regarding each such person required by paragraphs (a), (d), (e) and
(f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), adopted by the Securities and Exchange Commission (or the
corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any
successor agency applicable to the Trust); (D) any other information regarding the person or persons to be nominated that
would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitation
of proxies for election of Trustees or directors pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder; and (E) whether such Shareholder believes any nominee is or will be an &ldquo;interested
person&rdquo; of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an &ldquo;interested
person,&rdquo; information regarding each nominee that will be sufficient for the Trust to make such determination; and (ii)
the written and signed consent of the person or persons to be nominated to be named as nominees and to serve as Trustees if
elected. In addition, the Trustees may require any proposed nominee to furnish such other information as they may
reasonably require or deem necessary to determine the eligibility of such proposed nominee to serve as a Trustee. Any
Shareholder Notice required by this Section 10.6(c) in respect of a proposal to fix the number of Trustees shall also set
forth a description of and the text of the proposal, which description and text shall state a fixed number of Trustees that
otherwise complies with applicable law, these Bylaws and the Declaration of Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting the foregoing, any Shareholder who gives a Shareholder Notice of any matter proposed to be brought before a Shareholder
meeting (whether or not involving nominees for Trustees) shall deliver, as part of such Shareholder Notice: (i) the description
of and text of the proposal to be presented; (ii) a brief written statement of the reasons why such Shareholder favors the proposal;
(iii) such Shareholder&rsquo;s name and address as they appear on the Trust&rsquo;s books; (iv) any other information relating
to the Shareholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection
with the solicitation of proxies with respect to the matter(s) proposed pursuant to Section 14 of the Exchange Act and the rules
and regulations promulgated thereunder; (v) the class or series and number of all Shares of the Trust owned beneficially and of
record by such Shareholder; (vi) any material interest of such Shareholder in the matter proposed (other than as a Shareholder);
(vii) a representation that the Shareholder intends to appear in person or by proxy at the Shareholder meeting to act on the matter(s)
proposed; (viii) if the proposal involves nominee(s) for Trustees, a description of all arrangements or understandings between
the Shareholder and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s)
are to be made by the Shareholder; and (ix) in the case of a Beneficial Owner,</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evidence
establishing such Beneficial Owner&rsquo;s indirect ownership of, and entitlement to vote, Shares at the meeting of Shareholders.
As used in this Section 10.6, Shares &ldquo;beneficially owned&rdquo; shall mean all Shares which such person is deemed to beneficially
own pursuant to Rules 13d-3 and 13d-5 under the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any matter to be properly before any special meeting, the matter must be specified in the notice of meeting given by or at the
direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to Section 10.2 of these Bylaws. In
the event the Trust calls a special meeting for the purpose of electing one or more Trustees, any Shareholder may nominate a person
or persons (as the case may be) for election to such position(s) as specified in the Trust&rsquo;s notice of meeting if and only
if the Shareholder provides a notice containing the information required in the Shareholder Notice to the Secretary required with
respect to annual meetings by Section 10.6(c) hereof, and such notice is delivered to or mailed and received at the principal
executive office of the Trust not later than the close of business on the tenth (10<SUP>th</SUP>) day following the day on which
the date of the special meeting and of the nominees proposed by the Trustees to be elected at such meeting are publicly announced
or disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section 10.6, a matter shall be deemed to have been &ldquo;publicly announced or disclosed&rdquo; if such matter
is disclosed in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service,
in a document publicly filed by the Trust with the Securities and Exchange Commission, or in a Web site accessible to the public
maintained by the Trust or by its investment adviser or an affiliate of such investment adviser with respect to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall an adjournment or postponement (or a public announcement thereof) of a meeting of Shareholders commence a new time
period (or extend any time period) for the giving of notice as provided in this Section 10.6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
person presiding at any meeting of Shareholders, in addition to making any other determinations that may be appropriate to the
conduct of the meeting, shall have the power and duty to determine (i) whether a nomination or proposal of other matters to be
brought before a meeting and notice thereof have been duly made and given in the manner provided in this Section 10.6 and elsewhere
in these Bylaws and the Declaration of Trust and (ii) if not so made or given, to direct and declare at the meeting that such
nomination and/or such other matters shall be disregarded and shall not be considered. Any determination by the person presiding
shall be binding on all parties absent manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Section 10.6 or otherwise in these Bylaws, unless required by federal law, no matter shall be
considered at or brought before any annual or special meeting unless such matter has been approved for these purposes by a majority
of the Continuing Trustees and, in particular, no Beneficial Owner shall have any rights as a Shareholder except as may be required
by federal law. Furthermore, nothing in this Section 10.6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
be construed as creating any implication or presumption as to the requirements of federal law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
11 <BR>
[Reserved]</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
12</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Statements
Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred
Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>General</U>. An Amended and Restated Statement Establishing and Fixing the Rights and Preferences of the Remarketable Variable
Rate MuniFund Term Preferred Shares (the &ldquo;First RVMTP Shares Statement&rdquo;), is attached to these Bylaws as Exhibit 1,
which is hereby incorporated by reference into and made a part of these Bylaws. A Statement Establishing and Fixing the Rights
and Preferences of the Remarketable Variable Rate MuniFund Term Preferred Shares (the &ldquo;Second RVMTP Shares Statement&rdquo;),
is attached to these Bylaws as Exhibit 2, which is hereby incorporated by reference into and made a part of these Bylaws. A Statement
Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred Shares (the &ldquo;Third
RVMTP Shares Statement&rdquo;), is attached to these Bylaws as Exhibit 3, which is hereby incorporated by reference into and made
a part of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
13</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
to the Bylaws</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
Except to the extent that the Declaration of Trust or applicable law requires a vote or consent of Shareholders or a higher vote
or consent by the Trustees and/or the Continuing Trustees, these Bylaws may be amended, changed, altered or repealed, in whole
or part, only by resolution of a majority of the Trustees and a majority of the Continuing Trustees then in office at any meeting
of the Trustees, or by one or more writings signed by such Trustees and Continuing Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>First
RVMTP Shares Statement</U>. Without limiting the provisions of Section 13.1, the Board of Trustees may, by resolution duly adopted,
without shareholder approval (except as otherwise required by the First RVMTP Shares Statement or required by applicable law),
amend the Exhibit 1 hereto to (a) reflect any amendments hereto which the Board of Trustees is entitled to adopt pursuant to the
terms of the First RVMTP Shares Statement without shareholder approval or (b) add additional series of RVMTP Shares or additional
shares of a series of RVMTP Shares (and terms relating thereto) to the series and shares of RVMTP Shares described therein. Each
such additional series and all such additional RVMTP Shares shall be governed by the terms of the First RVMTP Shares Statement.
Pursuant to criteria established by the Board, the Board may delegate its authority under this Section 13.2 to effectuate amendments
to Exhibit, </FONT>1 hereto to the officers of the Trust.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Second
RVMTP Shares Statement</U>. Without limiting the provisions of Section 13.1, the Board of Trustees may, by resolution duly adopted,
without shareholder approval (except as otherwise required by the Second RVMTP Shares Statement or required by applicable law),
amend the Exhibit 2 hereto to (a) reflect any amendments hereto which the Board of Trustees is entitled to adopt pursuant to the
terms of the Second RVMTP Shares Statement without shareholder approval or (b) add additional series of RVMTP Shares or additional
shares of a series of RVMTP Shares (and terms relating thereto) to the series and shares of RVMTP Shares described therein. Each
such additional series and all such additional RVMTP Shares shall be governed by the terms of the Second RVMTP Shares Statement.
Pursuant to criteria established by the Board, the Board may delegate its authority under this Section 13.3 to effectuate amendments
to Exhibit 2 hereto to the officers of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
RVMTP Shares Statement</U>. Without limiting the provisions of Section 13.1, the Board of Trustees may, by resolution duly adopted,
without shareholder approval (except as otherwise required by the Third RVMTP Shares Statement or required by applicable law),
amend the Exhibit 3 hereto to (a) reflect any amendments hereto which the Board of Trustees is entitled to adopt pursuant to the
terms of the Third RVMTP Shares Statement without shareholder approval or (b) add additional series of RVMTP Shares or additional
shares of a series of RVMTP Shares (and terms relating thereto) to the series and shares of RVMTP Shares described therein. Each
such additional series and all such additional RVMTP Shares shall be governed by the terms of the Third RVMTP Shares Statement.
Pursuant to criteria established by the Board, the Board may delegate its authority under this Section 13.4 to effectuate amendments
to Exhibit </FONT>3 hereto to the officers of the Trust.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Amended
and Restated Statement Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred
Shares</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -51.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED
SHARES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATED
SEPTEMBER 20, 2023</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECITALS</FONT></TD><TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 90%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS</FONT></TD><TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.1</FONT></TD><TD STYLE="width: 85%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitions</FONT></TD><TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
</TR>                                                                                                                                                           <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability
                                         of Officers, Trustees and Shareholders</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TERMS APPLICABLE TO ALL SERIES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
                                         of Shares; Ranking</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
                                         and Distributions</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidation
                                         Rights</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coverage
                                         &amp; Leverage Tests</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandatory
                                         Tender and Remarketing.</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting
                                         Rights</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating
                                         Agencies</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
                                         of Additional Preferred Shares</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Status
                                         of Redeemed or Repurchased RVMTP Shares</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
                                         with respect to Taxable Allocations</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term
                                         Redemption Liquidity Account and Liquidity Requirement</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
                                         Certificate</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendices</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actions
                                         on Other than Business Days</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modification</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         Additional Rights</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED
SHARES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PIMCO
Municipal Income Fund II (the &ldquo;<U>Fund</U>&rdquo;), a Massachusetts business trust, certifies </FONT>that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIRST</B>:
The Fund is authorized under Article III of the Fund&rsquo;s Agreement and Declaration of Trust, as amended (which, as hereafter
restated or amended from time to time, is herein called the &ldquo;<U>Declaration</U>&rdquo;), to issue an unlimited number of
Preferred Shares (as defined below), par value $0.00001 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECOND</B>:
Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, effective August
23, 2018, the Board of Trustees, by resolution, authorized the issuance of Preferred Shares, $0.00001 par value per share, of
the Fund, such shares initially classified as Variable Rate MuniFund Term Preferred Shares (&ldquo;<U>VMTP</U>&rdquo;) and issued
in one or more series on September 18, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIRD</B>:
Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, effective
June 30, 2021, the Board of Trustees, by resolution, authorized the redesignation of the VMTP of the Fund as Remarketable
Variable Rate MuniFund </FONT>Term Preferred Shares (&ldquo;<U>RVMTP</U>&rdquo;). The date of such Redesignation, the
&ldquo;<U>Redesignation Date</U>&rdquo;. The terms related to a Series (as defined below) may be set forth in this Statement
through an Appendix (as defined below) attached hereto or in a separate Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOURTH</B>:
Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, the Board of
Trustees has, by resolution, authorized any additional issuance of Preferred Shares, $0.00001 par value per share, of the Fund,
such shares to be classified as RVMTP, and such RVMTP to be issued in one or more Series. The terms related to a Series may be
set forth in this Statement through an Appendix attached hereto or in a separate Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIFTH</B>:
Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, effective August
16, 2023, the Board of Trustees authorized the amendment and restatement of this Statement and any Appendix hereto for the purposes
of any additional RVMTP issuance and/or extension of the Early Term Redemption Date applicable to any RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIXTH</B>:
The number of shares, preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions
of redemption, of each Series of RVMTP subject to this Statement, as now or hereafter authorized by the Board of Trustees, are
set forth in</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
Statement, as modified, amended or supplemented from time to time in an appendix to this Statement (each, an &ldquo;<U>Appendix</U>&rdquo;
and collectively, the &ldquo;<U>Appendices</U>&rdquo;) specifically relating to such Series as now or hereafter authorized by
the Board of Trustees (each such Series being referred to herein as a &ldquo;<U>Series of RVMTP Shares</U>,&rdquo; &ldquo;<U>RVMTP
Shares of a Series</U>&rdquo; or a &ldquo;<U>Series</U>,&rdquo; and shares of all such Series subject to this Statement being
referred to herein individually as a &ldquo;<U>RVMTP Share</U>&rdquo; and collectively as the &ldquo;<U>RVMTP Shares</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFINITIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Definitions</U>. Unless the context or use
indicates another or different meaning or intent and except with respect to any Series as specifically provided in the Appendix
applicable to such Series, each of the following terms when used in this Statement shall have the meaning ascribed to it below,
whether such term is used in the singular or plural and regardless of tense:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act</U>&rdquo; means the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, or any successor
statute.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act Asset Coverage</U>&rdquo; means &ldquo;asset coverage,&rdquo; as defined for purposes of Section 18(h) of the 1940 Act and
in accordance with Rule 18f-4 thereunder, as applicable, of at least 200% with respect to all outstanding senior securities of
the Fund which are stocks for purposes of the 1940 Act, including any outstanding RVMTP Shares and Auction Preferred Shares (or
such other asset coverage as may in the future be specified in or under the 1940 Act or by rule, regulation or order of the United
States Securities and Exchange Commission as the minimum asset coverage for senior securities which are shares of stock of a closed-end
investment company), determined on the basis of values calculated as of a time within 48 hours (only including Business Days)
next preceding the time of such determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act Asset Coverage Cure Date</U>&rdquo; means, with respect to the failure by the Fund to maintain the 1940 Act Asset Coverage
(as required by this Statement) as of the last Business Day of each month, the last Business Day of the following month.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Additional
Amount Payment</U>&rdquo; means a payment to a Holder of an amount which, when combined with the amount of the portion of any
dividend to which a Taxable Allocation relates, and after imposition of U.S. federal income tax, taking into account the assumptions
in the immediately following sentence, equals the after tax dollar amount of the dividend that would have been received by such
Holder if no Taxable Allocation had been made with respect to such dividend. Such Additional Amount Payment shall be calculated
(i) without consideration being given to the time value of money; (ii) assuming that no Holder is subject to the federal alternative
minimum tax with respect to dividends received from the Fund; and (iii) assuming that each Taxable Allocation and each Additional
Amount Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of
Section 852(b)(5) of the Code) would be taxable, (x) in the case of the Purchaser (or (1) any entity taxed as a corporation</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
(i) joins in filing a consolidated federal corporate income tax return with the Purchaser, or (ii) is otherwise an affiliate of
the Purchaser and is taxed as a corporation (excluding any such entity that is taxed as a regulated investment company under Subchapter
M of the Code), or (2) any entity that is a direct or indirect wholly-owned subsidiary of one or more of the entities described
in clause (1) (each of the entities described in clauses (1) or (2), a &ldquo;<U>Corporate Affiliate</U>&rdquo;)) at the maximum
marginal regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable, in effect
at the time such Additional Amount Payment is paid, disregarding in each case the effect of any state or local taxes, or (y) in
the case of any other Holder at the greater of (A) the rate expressed in clause (x), or (B) the maximum marginal regular federal
individual income tax rate applicable to ordinary income or net capital gain, as applicable, in effect at the time such Additional
Amount Payment is paid, disregarding in each case the effect of any state or local taxes, assuming that section 1411 of the Code
is applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Adviser</U>&rdquo;
means Pacific Investment Management Company LLC, a Delaware limited liability company, or such other entity as shall be then serving
as the investment adviser of the Fund, and shall include, as appropriate, any sub-adviser duly appointed by the Adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Agent
Member</U>&rdquo; means a Person with an account at the Securities Depository that holds one or more RVMTP Shares through the
Securities Depository, directly or indirectly, for a Designated Owner and that will be authorized and instructed, directly or
indirectly, by a Designated Owner to disclose information to the Remarketing Settlement Agent, if any, and/or the Calculation
and Paying Agent with respect to such Designated Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Appendices</U>&rdquo;
and &ldquo;<U>Appendix</U>&rdquo; shall have the respective meanings as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Applicable
Multiplier</U>&rdquo; means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage set forth opposite
the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination
Date for such Rate Period:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Long-Term Ratings*</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fitch</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Applicable Multiplier</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: center">AAA to AA-</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 29%; text-align: center">100%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">A+ to A-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">115%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">BBB+ to BBB-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">140%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*And/or
the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating
Agencies then rating the RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Applicable
Spread</U>&rdquo; means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage per annum set forth opposite
the applicable credit rating most</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recently
assigned to such Series by the Rating Agency in the table below on the Rate Determination Date for such Rate Period:</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Long-Term
    Ratings*</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fitch</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Applicable
    Spread**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">AAA to AA-</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 29%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.92%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">A+ to A-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.12%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">BBB+ to BBB-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.92%</FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*And/or
the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating
Agencies then rating the RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**Unless
an Increased Rate Period is in effect and is continuing, in which case the Applicable Spread shall be 5.92%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Auction
Preferred Shares</U>&rdquo; means any Auction Preferred Shares of the Fund, the preferences, voting powers, restrictions, limitations
as to dividends, qualifications, and terms and conditions of redemption as set forth in the Auction Preferred Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Auction
Preferred Statement</U>&rdquo; means Article 11 (Statement Creating Five Series of Auction Preferred Shares) of the Amended and
Restated Bylaws of the Fund as of June 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Banks</U>&rdquo;
shall have the meaning as set forth in <U>Section 2.19(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Below
Investment Grade</U>&rdquo; means, with respect to any Series of RVMTP Shares and as of any date, the following ratings with respect
to each Rating Agency (to the extent it is a Rating Agency on such date):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 2in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower
                                         than BBB-, in the case of Fitch; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 2in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower
                                         than an equivalent long-term credit rating to that set&nbsp;forth in clause (i), in the
                                         case of any Other Rating Agency.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Board
of Trustees</U>&rdquo; means the Board of Trustees of the Fund or any duly authorized committee thereof as permitted by applicable
law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; means any day (a) other than a day on which commercial banks in The City of New York, New York are required or
authorized by law or executive order to close and (b) on which the New York Stock Exchange is not closed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>By-Laws</U>&rdquo;
means the By-Laws of the Fund as amended or restated from time to </FONT>time.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Calculation
and Paying Agent</U>&rdquo; means, with respect to any Series, The Bank of New York Mellon and its successors or any other calculation
and paying agent appointed by the Fund with respect to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Calculation
and Paying Agent Agreement</U>&rdquo; means, with respect to any Series, the Calculation and Paying Agent Agreement dated September
18, 2018 by and among the Calculation and Paying Agent, the Fund and certain other Persons, and as the same may be amended, restated
or modified from time to time, or any similar agreement between the Fund and any other calculation and paying agent appointed
by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Closed-End
Funds</U>&rdquo; shall have the meaning as set forth in <U>Section 2.19(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Common
Shares</U>&rdquo; means the common shares of beneficial interest, par value $0.00001 per share, of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Conditional
Acceptance</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.6(a)(ii)(B)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Corporate
Affiliate</U>&rdquo; shall have the meaning as set forth in the definition of &ldquo;Additional Amount Payment&rdquo; in this
<U>Section 1.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Custodian</U>&rdquo;
means a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section
26(a) of the 1940 Act, or such other entity as shall be providing custodian services to the Fund as permitted by the 1940 Act
or any rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified sub-custodian duly appointed
by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Custodian
Agreement</U>&rdquo; means any Custodian Agreement by and between the Custodian and the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Date
of Original Issuance</U>&rdquo; means, with respect to any Series, the date specified as the Date of Original Issuance for such
Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Declaration</U>&rdquo;
shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Default</U>&rdquo;
shall mean a Dividend Default or a Redemption Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Deposit
Securities</U>&rdquo; means, as of any date, any United States dollar-denominated security or other investment of a type described
below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory
redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date,
Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside
as a Deposit Security:</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash
                                         or any cash equivalent;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         U.S. Government Obligation;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Municipal Security that has a credit rating from at least one NRSRO that is the highest applicable rating generally ascribed by
such NRSRO to Municipal Securities with substantially similar terms as of the date of this Statement (or such rating&rsquo;s future
equivalent or, if not rated, as determined by PIMCO to be of comparable quality), including (A) any such Municipal Security that
has been pre-refunded by the issuer thereof with the proceeds of such refunding having been irrevocably deposited in trust or
escrow for the repayment thereof and (B) any such fixed or variable rate Municipal Security that qualifies as an eligible security
under Rule 2a-7 under the 1940 Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar
investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Municipal Securities or U.S.
Government Obligations or any combination thereof; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
letter of credit from a bank or other financial institution that has a credit rating from at least one NRSRO that is the highest
applicable rating generally ascribed by such NRSRO to bank deposits or short-term debt of similar banks or other financial institutions
as of the date of this Statement (or such rating&rsquo;s future equivalent or, if not rated, as determined by PIMCO to be of comparable
quality).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Designated
Owner</U>&rdquo; means a Person in whose name RVMTP Shares of any Series are recorded as beneficial owner of such RVMTP Shares
by the Securities Depository, an Agent Member or other securities intermediary on the records of such Securities Depository, Agent
Member or securities intermediary, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Designated
Owner Term Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(ii)(A)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Default</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Payment Date</U>&rdquo; means, with respect to any Series, the first Business Day of each calendar month that any shares of such
Series are outstanding; <U>provided</U>, <U>however</U>, that with respect to any Series for which the first Dividend Period,
as specified in the Appendix relating to such Series, is longer than one month, the first Dividend Payment Date for such Series
shall be the first Business Day of the calendar month immediately following the end of such Dividend Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to any Series, the Dividend Period for such Series set forth in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Rate</U>&rdquo; means, with respect to any Rate Period for a Series of RVMTP Shares and subject to the adjustment described in
<U>Section 2.11(a)</U>, the greater of (i) the sum of the Index Rate for such Rate Period <U>plus</U> the Applicable Spread for
such Rate Period <U>plus</U> the Failed Remarketing Spread (if applicable) and (ii) the sum of (a) the product of the Index Rate
for such Rate Period <U>multiplied by</U> the Applicable Multiplier for such Rate Period <U>plus</U> (b) 0.92% <U>plus</U> (c)
the Failed Remarketing Spread (if applicable); <U>provided</U>, <U>however</U>, that with respect to any Increased Rate Period,
the Dividend Rate shall mean the Increased Rate for such Increased Rate Period; and <U>provided</U>&nbsp;<U>further</U> that the
Dividend Rate for any Rate Period shall in no event exceed the Maximum Rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Early
Term Redemption Date</U>&rdquo; means, with respect to any Series, the date specified as the Early Term Redemption Date (if any)
in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effective
Leverage Ratio</U>&rdquo; shall have the meaning as set forth in <U>Section 2.4(d)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effective
Leverage Ratio Cure Date</U>&rdquo; shall have the meaning as set forth in <U>Section&nbsp;</U></FONT><U>2.6(b)(ii)(A)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Electronic
Means</U>&rdquo; means email transmission, facsimile transmission or other similar electronic means of communication providing
evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending
party and the receiving party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly
confirmed by any other method set forth in this definition), which, in the case of notices to the Calculation and Paying Agent
and the Custodian, shall be sent by such means to each of its representatives set forth in the Calculation and Paying Agent Agreement
and the Custodian Agreement, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Early Term Redemption Date Remarketing</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(c)(i)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Special Terms Period Remarketing</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(c)(ii)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Remarketing Spread</U>&rdquo; means (a) in the case of a Failed Special Terms Period Remarketing, (i) for so long as two or more
Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii) following the second occurrence of a Failed Special
Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that have occurred after
the first Failed Special Terms Period Remarketing, and (b) in the case of a Failed Early Term Redemption Date Remarketing: (i)
0.75% for the first 59 days following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following
such</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Early
Term Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term Redemption Date, (iv) 1.50% for the
120th to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early Term Redemption
Date to the date of the associated mandatory redemption of the RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fitch</U>&rdquo;
means Fitch Ratings, a part of the Fitch Group, and any successor or successors thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fund</U>&rdquo;
shall have the meaning as set forth in the Preamble to this Statement. Any reference herein or in the Purchase Agreement to the
Fund&rsquo;s assets or investments shall include (or &ldquo;look through&rdquo; to) any assets or investments of any wholly-owned
subsidiary of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder</U>&rdquo;
means, with respect to the RVMTP Shares of any Series or any other security issued by the Fund, a Person in whose name such security
is registered in the registration books of the Fund maintained by the Calculation and Paying Agent or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder
Term Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.6(a)(iii)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Increased
Rate</U>&rdquo; means, with respect to any Increased Rate Period for a Series of RVMTP Shares, the Index Rate for such Increased
Rate Period plus an Applicable Spread of 5.92%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Increased
Rate Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Index
Rate</U>&rdquo; means, with respect to any Rate Period for a Series of RVMTP Shares, the SIFMA Municipal Swap Index made available
by 3:00 p.m., New York City time, as determined on the Rate Determination Date relating to such Rate Period or, except as otherwise
provided in the definition of &ldquo;SIFMA Municipal Swap Index&rdquo; if such index is not made available by 5:00 p.m., New York
City time, on such date, the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date; provided, however,
if the SIFMA Municipal Swap Index is less than zero (0), the SIFMA Municipal Swap Index will be deemed to be zero (0) for purposes
of the determination of the &ldquo;Index Rate&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Initial
Rate Period</U>&rdquo; means, with respect to the RVMTP Shares of any Series, the period commencing on and including the Date
of Original Issuance thereof and ending on, and including, the next succeeding calendar day that is a Wednesday (or if such Wednesday
is not a Business Day, the next succeeding Business Day).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidation
Preference</U>&rdquo; means, with respect to any Series, the amount specified as the liquidation preference per share for that
Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Account Initial Date</U>&rdquo; means, with respect to any Series, the date designated as the Liquidity Account Initial Date in
the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Account Investments</U>&rdquo; means Deposit Securities or any other security or investment owned by the Fund that is rated not
less than A3 by Moody&rsquo;s, A- by Standard &amp; Poor&rsquo;s, A- by Fitch or an equivalent rating by any other NRSRO (or any
such rating&rsquo;s future equivalent) or if not rated, determined by the Adviser to be of comparable quality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Requirement</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(b)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
1940 Act Asset Coverage Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(b)(i)(A)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender</U>&rdquo; means, in connection with a Remarketing, the required tender of all RVMTP Shares of a particular Series (except
to the extent affirmatively retained by any applicable Holder of RVMTP Shares of such Series pursuant to <U>Section 2.5(a)(iv)</U>)
to the Remarketing Settlement Agent for purchase on the applicable Mandatory Tender Date</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Date</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.5(a)(iii)(C)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Event</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.5(a)(i)(C)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Redemption Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Market
Value</U>&rdquo; of any asset of the Fund means, for securities for which market quotations are readily available, the market
value thereof determined on the basis of official closing prices or the last reported sales prices on the valuation date, or if
no sales are reported on the valuation date, based on quotes obtained from established market makers or prices (including evaluated
prices) supplied by the Fund&rsquo;s approved pricing services, quotation reporting systems and other third-party sources. Investments
for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith
by the Board of Trustees or persons acting at their direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Maximum
Rate</U>&rdquo; means 15% per annum.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Moody&rsquo;s</U>&rdquo;
means Moody&rsquo;s Investors Service, Inc. and any successor or successors </FONT>thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Municipal
Securities</U>&rdquo; means municipal securities as described under the heading &ldquo;Portfolio Contents&rdquo; in the prospectus
or other offering document for a Series of RVMTP Shares.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>No
Adverse Effect Opinion</U>&rdquo; means an opinion of independent counsel nationally recognized for having expertise in the taxation
of regulated investment companies to the effect that the requested action, if undertaken, will not have an adverse effect on any
of the opinions of counsel delivered in connection with the issuance of the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Mandatory Tender</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(a)(ii)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Redemption</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(d)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Special Terms Period</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.2(h)(iii)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Taxable Allocation</U>&rdquo; shall have the meaning as set forth in <U>Section 2.11(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>NRSRO</U>&rdquo;
means (a) each of Fitch, Moody&rsquo;s and Standard &amp; Poor&rsquo;s so long as such Person is a nationally recognized statistical
rating organization within the meaning of Section 3(a)(62) of the Exchange Act and (b) any other nationally recognized statistical
rating organization within the meaning of Section 3(a)(62) of the Exchange Act that is not an &ldquo;affiliated person&rdquo;
(as defined in Section 2(a)(3) of the 1940 Act) of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Premium</U>&rdquo; means, with respect to any Series, the premium payable by the Fund upon the redemption of RVMTP
Shares of such Series at the option of the Fund, as set forth in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Other
Rating Agency</U>&rdquo; means each Rating Agency, if any, other than Fitch, Standard &amp; Poor&rsquo;s, or Moody&rsquo;s then
providing a rating for the RVMTP Shares pursuant to the request of the Fund and with the consent of the Holders of a majority
of the RVMTP Shares, which shall not be unreasonably withheld by such Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Outstanding</U>&rdquo;
means, as of any date with respect to RVMTP Shares of any Series, the number of RVMTP Shares of such Series theretofore issued
by the Fund except (without duplication):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any RVMTP Shares of such Series theretofore exchanged,
cancelled, retired or redeemed or delivered to the Calculation and Paying Agent for cancellation or redemption in accordance with
the terms hereof;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any RVMTP Shares of such Series as to which the
Fund shall has given a Notice of Redemption and irrevocably deposited with the Calculation and Paying Agent sufficient Deposit
Securities to redeem such shares in accordance with <U>Section 2.6</U> hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any RVMTP Shares of such Series as to which the
Fund is the Holder or the Designated Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
means and includes an individual, a partnership, a trust, a corporation, a limited liability company, an unincorporated association,
a joint venture or other entity or a government or any agency or political subdivision thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>PIMCO
Person</U>&rdquo; means the Adviser or any affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of the Adviser (other
than the Fund, in the case of a redemption or purchase of the RVMTP Shares which are to be cancelled within ten (10) calendar
days of purchase by the Fund).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Preferred
Shares</U>&rdquo; means the authorized preferred shares of beneficial interest of the Fund, including RVMTP Shares of each Series,
Auction Preferred Shares, shares of any other series of preferred shares of beneficial interest now or hereafter issued by the
Fund, and any other shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over
another class as to distribution of assets or payments of dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Pro
Rata Allocation</U>&rdquo; shall have the meaning set forth in <U>Section 2.6(b)(i)(A)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchase
Agreement</U>&rdquo; means (i) with respect to the Series of 2051 RVMTP Shares issued pursuant to this Statement, the Purchase
Agreement dated as of September 18, 2018 between the Fund and the Purchaser, the amendment and restatement of such Purchase Agreement
dated as of July 14, 2021, and the second amendment and restatement of such Purchase Agreement dated as of September 20, 2023,
and (ii) with respect to the Series 2053 RVMTP Shares issued pursuant to this Statement, the Purchase Agreement dated as of September
20, 2023 between the Fund and the Purchaser and (iii) with respect to any subsequent Series of RVMTP Shares issued pursuant to
this Statement, the purchase agreement or other similar agreement for the RVMTP Shares of such Series (if any) specified in the
Appendix for such Series, in any case, as such agreement may be amended, restated, or modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchaser</U>&rdquo;
means, Wells Fargo Municipal Capital Strategies, LLC, a wholly-owned subsidiary of Wells Fargo &amp; Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rate
Determination Date</U>&rdquo; means, with respect to the Initial Rate Period for any Series of RVMTP Shares, the calendar day
immediately preceding the Date of Original Issuance of such Series, and with respect to any Subsequent Rate Period for any Series
of RVMTP Shares, the last calendar day of the immediately preceding Rate Period for such Series or, if such calendar</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">day
is not a Business Day, the next succeeding Business Day; <U>provided</U>, <U>however</U>, that the next succeeding Rate Determination
Date will be determined without regard to any prior extension of a Rate Determination Date to a Business Day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rate
Period</U>&rdquo; means, with respect to any Series of RVMTP Shares, the Initial Rate Period and any Subsequent Rate Period of
the RVMTP Shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rating
Agency</U>&rdquo; means, as of any date and in respect of a Series of RVMTP Shares, </FONT>(i) any of Fitch, Moody&rsquo;s,
or Standard &amp; Poor&rsquo;s, to the extent it maintains a rating on the RVMTP Shares of such Series on such date and has
not been replaced as a Rating Agency in accordance with <U>Section 2.8</U> and (ii) any Other Rating Agency designated as a
Rating Agency on such date in accordance with <U>Section 2.8</U>. In the event that at any time any Rating Agency (i) ceases
to be a Rating Agency for purposes of any Series of RVMTP Shares and such Rating Agency has been replaced by an Other Rating
Agency in accordance with <U>Section 2.8</U>, any references to any credit rating of the replaced Rating Agency in this
Statement or any Appendix shall be deleted for purposes hereof as provided below and shall be deemed instead to be references
to the equivalent credit rating of the Other Rating Agency that has replaced such Rating Agency as of the most recent date on
which such replacement Other Rating Agency published credit ratings for such Series of RVMTP Shares or (ii) designates a new
rating definition for any credit rating of such Rating Agency with a corresponding replacement rating definition for such
credit rating of such Rating Agency, any references to such replaced rating definition of such Rating Agency contained in
this Statement or any Appendix shall instead be deemed to be references to such corresponding replacement rating definition.
In the event that at any time the designation of any Rating Agency as a Rating Agency for purposes of any Series of RVMTP
Shares is terminated in accordance with <U>Section 2.8</U>, any rating of such terminated Rating Agency, to the extent it
would have been taken into account in any of the provisions of this Statement or the Appendix for such Series, shall be
disregarded, and only the ratings of the then-designated Rating Agencies for such Series shall be taken into account for
purposes of this Statement and such Appendix.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rating
Agency Guidelines</U>&rdquo; means the guidelines of any Rating Agency, as they may be modified from time to time, compliance
with which is required to cause such Rating Agency to continue to issue a rating with respect to a Series of RVMTP Shares for
so long as such Series is Outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ratings
Event</U>&rdquo; shall have the meaning set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redesignation
Date</U>&rdquo; shall be the date specified as the Redesignation Date for such Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Date</U>&rdquo; means, with respect to a redemption pursuant to <U>Section 2.6(a)(i), (b) or (c)</U>, the date fixed for redemption
as stated in the Notice of Redemption with respect to such redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Default</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Price</U>&rdquo; shall mean the Term Redemption Price, the Mandatory 1940 Act Asset Coverage Redemption Price, the Mandatory Tender
Redemption Price, or the Optional Redemption Price, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing</U>&rdquo;
means the offering of RVMTP Shares for resale as described in </FONT><U>Section 2.5(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Purchase Price</U>&rdquo; means, with respect to the RVMTP Shares subject to a Remarketing, a price per share equal to the Liquidation
Preference per share plus an amount equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from
and including the Date of Original Issuance of such RVMTP Shares to (but excluding) the Mandatory Tender Date for such RVMTP Shares
(whether or not earned or declared by the Fund, but excluding interest thereon).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Settlement Agent</U>&rdquo; means the entity appointed as such by the Fund with respect to a Remarketing of any Series of the
RVMTP Shares and any additional or successor entities appointed by the Fund pursuant to a Remarketing Settlement Agent Agreement
with the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Settlement Agent Agreement</U>&rdquo; means the Remarketing Settlement Agent Agreement, if any, with respect to the RVMTP Shares,
between the Fund and the Remarketing Settlement Agent and any other party thereto, as amended, modified or supplemented from time
to time, or any similar agreement with a successor Remarketing Settlement Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP</U>&rdquo;
shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP
Shares</U>&rdquo; shall have the meaning as set forth in the Recitals of this </FONT>Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP
Shares of a Series</U>&rdquo; shall have the meaning as set forth in the Recitals of </FONT>this Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; means the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Depository</U>&rdquo; shall mean The Depository Trust Company and its successors and assigns or any other securities depository
selected by the Fund that agrees to follow the procedures required to be followed by such securities depository as set forth in
this Statement with respect to the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Series</U>&rdquo;
and &ldquo;<U>Series of RVMTP Shares</U>&rdquo; shall have the meanings as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>SIFMA
Municipal Swap Index</U>&rdquo; means the Securities Industry and Financial Markets Association Municipal Swap Index, or such
other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data,
Inc. or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; <U>provided</U>,
<U>however</U>, that if such index is no longer produced by Municipal Market Data, Inc. or its successor, then SIFMA Municipal
Swap Index shall mean (i) the S&amp;P Municipal Bond 7 Day High Grade Rate Index produced by Standard &amp; Poor&rsquo;s Financial
Services LLC or its successors or (ii) if the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other
reasonably comparable index selected in good faith by the Board of Trustees of the Fund and consented to in writing by Holders
of greater than 50% of RVMTP Shares, which shall not be unreasonably withheld by such Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Special
Terms Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(h)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Standard
&amp; Poor&rsquo;s</U>&rdquo; means Standard &amp; Poor&rsquo;s Ratings Services, a Standard &amp; Poor&rsquo;s Financial Services
LLC business, and any successor or successors thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Statement</U>&rdquo;
means this Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund
Term Preferred Shares, as it may be amended from time to time in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subsequent
Rate Period</U>&rdquo; means, with respect to any Series of RVMTP Shares, the period consisting of seven calendar days, but adjusted
in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from,
and including, the first calendar day following the Initial Rate Period of such Series to, and including, the next Rate Determination
Date for such Series and any period thereafter from, and including, the first calendar day following a Rate Determination Date
for shares of such Series to, and including, the next succeeding Rate Determination Date for shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Tax
Event</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)(E)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Taxable
Allocation</U>&rdquo; means, with respect to any Series, the characterization of all or a portion of any dividend paid in respect
of such Series as net capital gains or other income taxable for regular federal individual income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Amount</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Date</U>&rdquo; means, with respect to any Series, the date specified as the Term Redemption Date in the Appendix for
such Series, as such date may be extended in accordance with <U>Section 2.6(a)</U> or as may otherwise be agreed in writing by
the Fund and the Holders of 100% of the Outstanding RVMTP Shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Liquidity Account</U>&rdquo; shall have the meaning as set forth in </FONT><U>Section 2.12(a)</U>.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Government Obligations</U>&rdquo; means direct obligations of the United States or of its agencies or instrumentalities that are
entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the
periodic payment of interest and the full payment of principal at maturity or call for redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Voting
Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.7(b)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to any Series, any additional definitions specifically set forth in the Appendix relating to such Series and any amendments
to any definitions specifically set forth in the Appendix relating to such Series, as such Appendix may be amended from time to
time, shall be incorporated herein and made part hereof by reference thereto, but only with respect to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Interpretation</U>. The headings preceding
the text of Sections included in this Statement are for convenience only and shall not be deemed part of this Statement or be
given any effect in interpreting this Statement. The use of the masculine, feminine or neuter gender or the singular or plural
form of words herein shall not limit any provision of this Statement. The use of the terms &ldquo;including&rdquo; or &ldquo;include&rdquo;
shall in all cases herein mean &ldquo;including, without limitation&rdquo; or &ldquo;include, without limitation,&rdquo; respectively.
Reference to any Person includes such Person&rsquo;s successors and assigns to the extent such successors and assigns are permitted
by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other
capacity or individually. Reference to any agreement (including this Statement), document or instrument means such agreement,
document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable,
the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified,
replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated
thereunder. Underscored references to Sections shall refer to those portions of this Statement. The use of the terms &ldquo;hereunder,&rdquo;
&ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; and words of similar import shall refer to this Statement as a whole and not to any
particular Article, Section or clause of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise provided, defined terms used in this Statement apply only to the RVMTP Shares and defined terms used in the Auction
Preferred Statement apply only to the Auction Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liability of Officers, Trustees and Shareholders</U>.
A copy of the Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and notice hereby is given that
this Statement is executed on behalf of the Fund by an officer of the Fund in his or her capacity as an officer of the Fund and
not individually and that the obligations of the Fund under or arising out of this Statement are not binding upon any of the trustees,
officers or shareholders individually but are binding only upon the assets and properties of the Fund. All persons extending credit
to,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">contracting
with or having a claim against the Fund must look solely to the Fund&rsquo;s assets and property for the enforcement of any claims
against the Fund as none of the Fund&rsquo;s officers, agents or shareholders, whether past, present or future, assume any personal
liability for obligations entered on behalf of the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMS
APPLICABLE TO ALL SERIES OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REMARKETABLE
VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for such changes and amendments hereto with respect to a Series of RVMTP Shares that are specifically contemplated by the Appendix
relating to such Series, each Series of RVMTP Shares subject to this Statement shall have the following terms:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Shares; Ranking</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of authorized shares constituting
any Series of RVMTP Shares shall be as set forth with respect to such Series in the Appendix hereto relating to such Series. No
fractional RVMTP Shares shall be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;The RVMTP Shares of each Series shall rank on
a parity with RVMTP Shares of each other Series and with shares of any other series of Preferred Shares (including any Auction
Preferred Shares) as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of
the affairs of the Fund. The RVMTP Shares of each Series shall have preference with respect to the payment of dividends and as
to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the Common Shares as set
forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Holder of RVMTP Shares shall have, solely
by reason of being such a Holder, any pre-emptive or other right to acquire, purchase or subscribe for any RVMTP Shares or Common
Shares or other securities of the Fund which it may hereafter issue or sell.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Distributions</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Holders of RVMTP Shares of any Series shall
be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees, out of funds legally
available therefor in accordance with the Declaration, this Statement, and applicable law, and in preference to dividends and
other distributions on Common Shares, cumulative cash dividends and other distributions on each share of such Series at the Dividend
Rate for such Series, calculated as set forth herein, and no more. Dividends and other distributions on the RVMTP Shares of any
Series shall accumulate from the Date of Original Issuance with respect to such Series. The amount of dividends per share payable
on RVMTP Shares of a Series on any Dividend Payment Date shall equal the sum of the dividends accumulated but not yet paid for
each Rate Period (or part thereof) in the related Dividend Period. The amount of dividends per share of a Series accumulated for</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
such Rate Period (or part thereof) shall be computed by (i) multiplying the Dividend Rate in effect for RVMTP Shares of such Series
for such Rate Period (or part thereof) by a fraction, the numerator of which shall be the actual number of calendar days in such
Rate Period (or part thereof) and the denominator of which shall be the actual number of calendar days in the year in which such
Rate Period (or such part thereof) occurs (365 or 366) and (ii) multiplying the product determined pursuant to clause (i) by the
Liquidation Preference for a share of such Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends on RVMTP
Shares of each Series with respect to any Dividend Period shall be declared to the Holders of such shares as their names
shall appear on the registration books of the Fund at the close of business on each calendar day in such Dividend Period and
shall be paid as provided in <U>Section 2.2(f)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp; No full dividends
or other distributions shall be declared or paid on shares of a Series of RVMTP Shares for any Dividend Period or part thereof
unless full cumulative dividends and other distributions due through the most recent dividend payment dates therefor for all outstanding
Preferred Shares (including shares of other Series of RVMTP Shares and the Auction Preferred Shares) ranking on a parity with
such Series of RVMTP Shares have been or contemporaneously are declared and paid through the most recent dividend payment dates
therefor. If full cumulative dividends or other distributions due have not been declared and paid on all such outstanding Preferred
Shares of any series, any dividends and other distributions being declared and paid on RVMTP Shares of a Series will be declared
and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and other distributions accumulated
but unpaid on the shares of each such series of Preferred Shares (including, without limitation, the Auction Preferred Shares)
on the relevant dividend payment date for such series. Subject to <U>Section 2.11</U>&nbsp;hereof and Section 2.3 of the Purchase
Agreement, no Holders of RVMTP Shares shall be entitled to any dividends or other distributions, whether payable in cash, property
or shares, in excess of full cumulative dividends and other distributions as provided in this <U>Section 2.2(c)(i)</U>&nbsp;on such
RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as any RVMTP Shares are Outstanding, the Fund shall not: (x) declare or pay any dividend or other distribution (other
than a dividend or distribution paid in Common Shares) in respect of the Common Shares, </FONT>(y) call for redemption,
redeem, purchase or otherwise acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the
Fund in respect of the Common Shares, unless, in each case, (A) immediately thereafter, the Fund shall have 1940 Act Asset
Coverage, in each case after deducting the amount of such dividend or distribution or redemption or purchase price or
liquidation proceeds, (B) all cumulative dividends and other distributions on all RVMTP Shares and all other series of
Preferred Shares ranking on a parity with the RVMTP Shares (including the Auction Preferred Shares) due on or prior to the
date</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid (or shall have been declared
and Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred
Shares, as applicable) for the payment thereof shall have been deposited irrevocably with the paying agent for such Preferred
Shares) and (C) the Fund shall have deposited Deposit Securities pursuant to and in accordance with the requirements of <U>Section
2.6(d)(ii)</U> hereof with respect to Outstanding RVMTP Shares of any Series to be redeemed pursuant to <U>Section 2.6(a)</U>
or <U>Section 2.6(b)</U> hereof for which a Notice of Redemption shall have been given or shall have been required to be given
in accordance with the terms hereof on or prior to the date of the applicable dividend, distribution, redemption, purchase or
acquisition. For the avoidance of doubt, Section 11.2(d) of the Auction Preferred Statement contains additional provisions that
restrict the declaration and payment of dividends and other distributions with respect to Common Shares and parity shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dividend payment made on RVMTP Shares of
a Series shall first be credited against the dividends and other distributions accumulated with respect to the earliest Dividend
Period for such Series for which dividends and distributions have not been paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not later than 12:00 noon, New York City time,
on the Dividend Payment Date for a Series of RVMTP Shares, the Fund shall deposit with the Calculation and Paying Agent Deposit
Securities having an aggregate Market Value on such date sufficient to pay the dividends and other distributions, if any, that
are payable on such Dividend Payment Date in respect of such Series. The Fund may direct the Calculation and Paying Agent with
respect to the investment or reinvestment of any such Deposit Securities so deposited prior to the Dividend Payment Date, provided
that such investment consists exclusively of Deposit Securities and provided further that the proceeds of any such investment
will be available as same-day funds at the opening of business on such Dividend Payment Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Deposit Securities deposited with the Calculation
and Paying Agent for the payment of dividends payable on a Series of RVMTP Shares shall be held in trust for the payment of such
dividends by the Calculation and Paying Agent for the benefit of the Holders of such Series entitled to the payment of such dividends
pursuant to <U>Section 2.2(f)</U>. Any moneys paid to the Calculation and Paying Agent in accordance with the foregoing but not
applied by the Calculation and Paying Agent to the payment of dividends, including interest earned on such moneys while so held,
will, to the extent permitted by law, be repaid to the Fund as soon as possible after the date on which such moneys were to have
been so applied, upon request of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends and any distributions made pursuant
to <U>Section 2.11(a)</U>&nbsp;on RVMTP Shares of a Series shall be paid on each Dividend Payment Date for such Series, out of
funds legally available therefor under applicable law, when, as and if declared by the Board of Trustees, or under authority granted
by, and pursuant to <U>Section 2.2(a)</U> hereof, to the Holders of shares of such Series as their names appear on the registration
books of the Fund at the close of business on the calendar day immediately preceding such Dividend Payment Date (or if such calendar
day is not a Business Day, the next preceding Business Day). Dividends and any distributions made pursuant to <U>Section 2.11(a)</U>&nbsp;in
arrears on RVMTP Shares of a Series for any past Dividend Period may be declared and paid at any time, without reference to any
regular Dividend Payment Date, to the Holders of shares of such Series as their names appear on the registration books of the
Fund on such date, not exceeding fifteen (15) calendar days preceding the payment date thereof, as may be fixed by the Board of
Trustees. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments or other
distributions on RVMTP Shares of any Series which may be in arrears.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
Increased Rate</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Dividend Rate on a Series of RVMTP Shares
shall be adjusted to the Increased Rate for each Increased Rate Period (as hereinafter defined). Subject to the cure provisions
of Section 2.2(g)(iii), a Rate Period with respect to a Series of RVMTP Shares shall be deemed to be an &ldquo;Increased Rate
Period&rdquo; if on the first calendar day of such Rate Period, (A) the Fund has failed to deposit with the Calculation and Paying
Agent by 12:00 noon, New York City time, on a Dividend Payment Date for such Series, Deposit Securities that will provide funds
available to the Calculation and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend
on such Series payable on such Dividend Payment Date (a &ldquo;Dividend Default&rdquo;) and such Dividend Default has not ended
as contemplated by Section 2.2(g)(ii); (B) the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon,
New York City time, on an applicable Redemption Date for such Series, Deposit Securities that will provide funds available to
the Calculation and Paying Agent on such Redemption Date sufficient to pay the full amount of the Redemption Price payable in
respect of such Series on such Redemption Date (a &ldquo;Redemption Default&rdquo;) and such Redemption Default has not ended
as contemplated by Section 2.2(g)(ii); (C) any Rating Agency has withdrawn the credit rating required to be maintained with respect
to such Series pursuant to Section 2.8 other than due to the Rating Agency ceasing to rate tax-exempt closed-end management investment
companies generally and such withdrawal is continuing; (D) a Ratings Event (as defined below) has occurred and is continuing with
respect to such Series; or (E) (i) a court or other applicable governmental authority has made a final determination that for</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
federal income tax purposes the RVMTP Shares do not qualify as equity in the Fund and such determination has not been repealed,
revoked or rescinded and (ii) such determination results from an act or failure to act on the part of the Fund (a &ldquo;Tax Event&rdquo;).
A &ldquo;Ratings Event&rdquo; shall be deemed to exist with respect to any Series of RVMTP Shares at any time such RVMTP Shares
have a long-term credit rating from at least one-half of the Rating Agencies designated at such time that is Below Investment
Grade. For the avoidance of doubt, no determination by any court or other applicable governmental authority that requires the
Fund to make an Additional Amount Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the cure provisions of <U>Section
2.2(g)(iii)</U>, a Dividend Default or a Redemption Default on a Series of RVMTP Shares shall end on the Business Day on which,
by 12:00 noon, New York City time, an amount equal to all accumulated but unpaid dividends on such Series and any unpaid Redemption
Price on such Series shall have been deposited irrevocably in trust in same-day funds with the Calculation and Paying Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Increased Rate Period for a Series of RVMTP Shares with respect to any Dividend Default or Redemption Default on such Series shall
be deemed to have commenced if the amount of any dividend or any Redemption Price due in respect of such Series (if such Default
is not solely due to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Calculation
and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3) Business Days after the
applicable Dividend Payment Date or Redemption Date for such Series with respect to which such Default occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designation
of Special Terms Period.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Right to Declare a Special Terms Period</U>.
The Fund, acting in its sole and absolute discretion but otherwise subject to the terms of this Statement, may designate a &ldquo;<U>Special
Terms Period</U>&rdquo; with respect any Series of RVMTP Shares (which, for the avoidance of doubt, shall apply to all RVMTP Shares
of such Series), during which period, such terms may differ from those provided in this Statement and may include, without limitation,
changes to the Dividend Rate, Dividend Payment Dates, redemption provisions (including, without limitation, the Term Redemption
Date or the Early Term Redemption Date), required Effective Leverage Ratio, and Additional Amount Payment provisions; provided
that such special terms shall not, in any event, affect the parity ranking of such Series of RVMTP Shares relative to any other
Series of RVMTP Shares, the Auction Preferred Shares or any other series of Preferred Shares of the Fund then outstanding as to
the payment of dividends and the distribution of assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
dissolution, liquidation or winding up of the affairs of the Fund. The effectiveness of any change to the terms of the RVMTP Shares
pursuant to the exercise by the Fund of its option to designate a Special Terms Period with respect to any Series of RVMTP Shares
shall be subject to the filing of an amendment to the terms of such RVMTP Shares that has been approved by the Board of Trustees
and approved by 100% of the Holders of the affected Series of RVMTP Shares in the manner set forth in <U>Section 2.7(a)</U>. For
the avoidance of doubt, (A) the terms of any such Special Terms Period that may be designated pursuant to the foregoing sentence
shall amend and/or replace the applicable provisions of this Statement (and/or the relevant Appendix for the affected Series)
that are in effect at the time such Special Terms Period is declared and (B) subject to <U>Section 2.5(a)</U>, the terms of the
Statement that were in effect at the most recent time during which no Special Terms Period was in effect will automatically continue
to be in effect immediately following the end of a Special Terms Period unless a subsequent Special Terms Period has been declared
that will take effect immediately following the prior Special Terms Period, if the Holders of the RVMTP Shares have made an election
to retain the RVMTP Shares with respect to the Mandatory Tender Date corresponding to the final date of such Special Terms Period
and/or the RVMTP Shares of any Holders that have not made such election, if any, are Remarketed pursuant to <U>Section 2.5(b)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Length of and Preconditions for Special Terms
Period</U>. Any Special Terms Period shall commence on a designated Thursday and end on the earlier of a designated Wednesday
or the applicable Redemption Date or Mandatory Tender Redemption Date, as the case may be. A designation of a Special Terms Period
shall be effective only if (1) notice thereof shall have been given to the Holders of the affected Series of RVMTP Shares in accordance
with <U>Section 2.2(h)(ii)<B>Error! Reference source not found.</B></U>&nbsp;and <U>(iii)</U>, (2) full cumulative dividends and any
amounts due with respect to redemptions payable on the affected Series of RVMTP Shares prior to such date have been paid in full,
(3) such designation of a Special Terms Period shall not become effective prior to 12 months subsequent to the Date of Original
Issuance of the affected Series of RVMTP Shares, (4) all of the Outstanding RVMTP Shares of the affected Series shall be subject
to such Special Terms Period, and (5) all of the Outstanding RVMTP Shares of the affected Series that are subject to Remarketing
in connection with the redemption triggered by the declaration of the Special Terms Period are successfully Remarketed (except
to the extent any applicable Holders of such affected Series of RVMTP Shares have affirmatively elected to retain their RVMTP
Shares of such Series for the Special Terms Period). Any failure to satisfy the preconditions to a Special Terms Period shall
result in such Special Terms Period not becoming effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice of Special Terms Period</U>. If the
Fund proposes to designate a Special Terms Period, not less than 20 Business Days (or such lesser number of days as may be agreed
to from time to time by the Holders of the affected Series of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RVMTP
Shares and the Remarketing Settlement Agent) nor more than 30 Business Days prior to the date the Fund proposes to designate as
the first day of such Special Terms Period, a notice (a &ldquo;<U>Notice of Special Terms Period</U>&rdquo;) shall be sent by
the Fund or its designee by Electronic Means (or by first-class mail, postage prepaid, where the RVMTP Shares of the affected
Series are in physical form outside the book-entry system of the Securities Depository) to the Holders of the affected Series
of RVMTP Shares, with copies provided by the Fund to the Remarketing Settlement Agent and the Calculation and Paying Agent via
Electronic Means and by the Fund or its designee to the initial Holder of the affected Series of RVMTP Shares in accordance with
the notice provisions in the Purchase Agreement. Each such notice shall state (A) that the Fund has exercised its option to propose
a Special Terms Period with respect to such Series of RVMTP Shares, (B) the Rate Determination Date immediately prior to the first
day of such Special Terms Period, (C) that such Special Terms Period shall not commence unless the conditions precedent thereto
in <U>Section 2.2(h)(ii)</U> are satisfied, (D) a description of the special terms to be applicable to such Series of RVMTP Shares
and (E) the date upon which such Series of RVMTP Shares shall be subject to Remarketing pursuant to <U>Section 2.5(b)1.5(b)</U>
(except to the extent affirmatively retained by any applicable Holder of RVMTP Shares of such Series pursuant to <U>Section 2.5(a)(iv)</U>).
The Fund may provide in any Notice of Special Terms Period that such Special Terms Period is subject to one or more additional
conditions precedent, in which case the special terms of such Special Terms Period shall not become effective unless each such
additional condition has been satisfied or the Fund has waived each such condition.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liquidation
Rights</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RVMTP Shares shall rank on parity with each
other, with shares of any other Series of RVMTP Shares, and with shares of any other class or series of Preferred Shares (including
the Auction Preferred Shares) as to distribution of assets upon dissolution, liquidation, or winding-up of the affairs of the
Fund. In this regard, the provisions of this <U>Section 2.3</U> shall be applied consistently with Section 11.3 of the Auction
Preferred Statement and with all other Preferred Shares such that Holders of the RVMTP Shares and holders of the Auction Preferred
Shares and any other Preferred Shares are treated on parity with one another with respect to any such distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any liquidation, dissolution
or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of RVMTP Shares shall be entitled to receive
out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any
distribution or payment shall be made in respect of the Common Shares, a liquidation distribution equal to the Liquidation Preference
for such shares, plus an amount equal to all unpaid dividends and other distributions on such shares accumulated to (but excluding)
the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Fund, but</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">without
interest thereon), and such Holders shall be entitled to no further participation in any distribution or payment in connection
with any such liquidation, dissolution or winding up.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, upon any liquidation, dissolution or winding
up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the Holders
of all Outstanding RVMTP Shares and any other outstanding Preferred Shares ranking on a parity with the RVMTP Shares (including,
without limitation, the Auction Preferred Shares) shall be insufficient to permit the payment in full to such Holders of the Liquidation
Preference of such RVMTP Shares plus accumulated and unpaid dividends and other distributions on such shares as provided in <U>Section
2.3(b)</U>&nbsp;above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall
be distributed among the Holders of such RVMTP Shares and such other Preferred Shares ratably in proportion to the respective
preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of
the affairs of the Fund, whether voluntary or involuntary, unless and until the Liquidation Preference on each Outstanding RVMTP
Share plus accumulated and unpaid dividends and other distributions on such shares as provided in <U>Section 2.3(b)</U> above
have been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no redemption,
purchase or other acquisition by the Fund will be made by the Fund in respect of, the Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither the sale of all or substantially all
of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business
or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory
trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary
or involuntary, for the purpose of this <U>Section 2.3</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Coverage
&amp; Leverage Tests</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1940 Act Asset Coverage Requirement</U>. The
Fund shall maintain 1940 Act Asset Coverage as of the close of business on the last Business Day of each month in which any RVMTP
Shares of any Series are Outstanding. If the Fund shall fail to maintain such 1940 Act Asset Coverage as of any time as of which
such compliance is required to be determined as aforesaid, the provisions of <U>Section 2.6(b)(i)</U> shall be applicable, which
provisions to the extent complied with shall constitute the sole remedy for the Fund&rsquo;s failure to comply with the provisions
of this <U>Section 2.4(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation of 1940 Act Asset Coverage</U>.
For purposes of determining whether the requirements of <U>Section 2.4(a)</U> are satisfied, (i) no RVMTP Shares of any Series
or other Preferred Shares shall be deemed to be Outstanding for purposes of</FONT>&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
computation required by <U>Section 2.4(a)</U> if, prior to or concurrently with such determination, sufficient Deposit Securities
(in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable),
in each case in accordance with the terms of such Series or other Preferred Shares, to pay the full redemption price for such
Series or other Preferred Shares (or the portion thereof to be redeemed) have been deposited in trust with the paying agent for
such Series or other Preferred Shares and the requisite notice of redemption for such Series or other Preferred Shares (or the
portion thereof to be redeemed) has been given, and (ii) the Deposit Securities or other sufficient securities or funds, as applicable
that have been deposited with the applicable paying agent shall not be included as assets of the Fund for purposes of such computation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effective Leverage Ratio Requirement</U>.
Unless the Fund receives the prior written consent of all Holders, for so long as RVMTP Shares of any Series are Outstanding,
the Effective Leverage Ratio shall not exceed 50% as of the close of business on any Business Day; <U>provided</U>, <U>however</U>,
in the event that the Fund&rsquo;s Effective Leverage Ratio exceeds 50% as of the close of business on any Business Day solely
by reason of fluctuations in the market value of the Fund&rsquo;s portfolio securities, the Effective Leverage Ratio shall not
exceed 51% as of the close of business on such Business Day. If the Effective Leverage Ratio shall exceed the applicable percentage
provided in the preceding sentence as of any time as of which such compliance is required to be determined as aforesaid, the provisions
of <U>Section 2.6(b)(ii)</U>&nbsp;shall be applicable, which provisions to the extent complied with shall constitute the sole remedy
for the Fund&rsquo;s failure to comply with the provisions of this <U>Section 2.4(c)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation of Effective Leverage Ratio</U>.
For purposes of determining whether the requirements of <U>Section 2.4(c)</U> are satisfied, the &ldquo;<U>Effective Leverage
Ratio</U>&rdquo; on any date shall mean the quotient of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of (A) the aggregate liquidation preference
of the Fund&rsquo;s &ldquo;senior securities&rdquo; (as that term is defined in the 1940 Act) that are stock for purposes of the
1940 Act, excluding, without duplication, (1) any such senior securities for which the Fund has issued a notice of redemption
and either has delivered Deposit Securities or sufficient securities or funds (as applicable in accordance with the terms of such
senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient securities
or funds on hand for the purpose of such redemption (as applicable in accordance with the terms of such senior securities) and
(2) any such senior securities that are to be redeemed with net proceeds from the sale of the RVMTP Shares, for which the Fund
has delivered Deposit Securities or sufficient securities or funds (as applicable in accordance with the terms of such senior
securities) to the paying agent for such senior securities or otherwise has adequate Deposit</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
or sufficient securities or funds on hand (as applicable in accordance with the terms of such senior securities) for the purpose
of such redemption; (B) the aggregate principal amount of the Fund&rsquo;s &ldquo;senior securities representing indebtedness&rdquo;
(as that term is defined in the 1940 Act, giving effect to any interpretations thereof by the Securities and Exchange Commission
or its staff); and </FONT>(C) the aggregate principal amount of floating rate securities corresponding to any associated residual
floating rate securities not owned by the Fund (less the aggregate principal amount of any such floating rate securities owned
by the Fund and corresponding to the associated residual floating rate securities owned by the Fund); <U>divided</U>&nbsp;<U>by</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of (A) the Market Value of the Fund&rsquo;s
total assets (including amounts attributable to senior securities, but excluding any assets consisting of Deposit Securities or
funds referred to in clauses (A)(1) and (A)(2) of <U>Section 2.4(d)(i)</U>&nbsp;above), less the amount of the Fund&rsquo;s accrued
liabilities (other than liabilities for the aggregate principal amount of &ldquo;senior securities representing indebtedness&rdquo;
(as that term is defined in the 1940 Act, giving effect to any interpretations thereof by the Securities and Exchange Commission
or its staff), including floating rate securities), and (B) the aggregate principal amount of floating rate securities not owned
by the Fund that correspond to the associated inverse floating rate securities owned by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mandatory
Tender and Remarketing</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RVMTP Shares shall be subject to Mandatory Tender and Remarketing as provided below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mandatory
Tender of RVMTP Shares.</U></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the Holders&rsquo; election to retain
the RVMTP Shares provided for in <U>Section 0(iv)</U> below, any Series of RVMTP Shares shall become subject to Mandatory Tender
upon the occurrence of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any date that is 20 Business Days prior to each
Early Term Redemption Date of such Series of RVMTP Shares as set forth in clause (i) of the definition thereof in the Appendix
for such Series,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any date on which the Fund delivers a Notice
of Special Terms Period declaring a Special Terms Period for such Series of RVMTP Shares pursuant to <U>Section 2.2(h),</U> or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date that is 20 Business Days prior to the
last day of any Special Terms Period, provided that no subsequent Special Terms Period has</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 90.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">been
designated and agreed by the Holder (each of (A), (B) and (C), a &ldquo;<U>Mandatory Tender Event</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence of a Mandatory Tender Event
with respect to a Series of RVMTP Shares, the Fund shall issue or cause to be issued a notice of Mandatory Tender for Remarketing
on the Mandatory Tender Date (as defined below) to the Holders of such Series of RVMTP Shares through the Securities Depository
as a communication from the Securities Depository (the &ldquo;<U>Notice of Mandatory Tender</U>&rdquo;). Such Notice of Mandatory
Tender shall specify that such Mandatory Tender is subject to the election of the Holders of such Series of RVMTP Shares to retain
as described in <U>Section 0(iv)</U> of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Mandatory Tender Dates corresponding to the
Mandatory Tender Events listed in <U>Section 0(i)</U> above are as follows, with each </FONT>Mandatory Tender Date subject to
the Holders&rsquo; election to retain the RVMTP Shares in <U>Section 0(iv):</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of a Mandatory Tender Event described
in <U>Section 2.5(a)(i)(A)</U>, the date that is 180 calendar days following the Early Term Redemption Date related to such Mandatory
Tender Event,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of a Mandatory Tender Event described
in <U>Section 0(i)(B)</U>, the date on which such Special Terms Period becomes effective pursuant to <U>Section 2.2(h),</U> and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of a Mandatory Tender Event described
in <U>Section 0(i)(C)</U>, the last day of the related Special Terms Period (in the case of (A), (B), or (C), such date, the
&ldquo;<U>Mandatory Tender Date</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section 0(i)</U> above, the
Holders of any affected Series of RVMTP Shares may elect to retain such RVMTP Shares by providing notice of such election to the
Fund no later than the 10<SUP>th</SUP> Business Day prior to the Mandatory Tender Date, in which case the affected RVMTP Shares
of the electing Holder shall no longer be subject to Mandatory Tender on the corresponding Mandatory Tender Date and shall not
be Remarketed pursuant to the procedures described in <U>Section 1.5(b)</U> below; provided, however, with respect to any Mandatory
Tender Event occurring pursuant to <U>Section 0(i)(B)</U>, any such election to retain shall not be effective unless accompanied
or preceded by a consent to all amendments to the terms of the affected Series RVMTP Shares as required in connection with a designation
of a Special Terms Period pursuant to <U>Section 2.2(h)(i)</U> above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing of RVMTP Shares.</U> The RVMTP Shares subject to Mandatory Tender as provided for in this <U>Section 2.5</U> shall
be Remarketed in accordance with the following procedures:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;A
Holder of RVMTP Shares subject to Mandatory Tender may enter into trade documentation with a purchaser for the RVMTP Shares
(which, for the avoidance of doubt, shall be with respect to all the RVMTP Shares of such Series) with terms that (A) are
reasonably satisfactory to both the Holder of the RVMTP Shares and such purchaser and (B) provide for the sale of the RVMTP
Shares subject to Mandatory Tender on the Mandatory Tender Date; provided that </FONT>(1) the Holder of the RVMTP Shares
notifies the Fund in writing of such trade documentation by the Mandatory Tender Date confirming that the trade documentation
satisfies the conditions in this sentence and providing that all RVMTP Shares will be sold thereunder and (2) following the
Remarketing of RVMTP Shares, via execution of such trade documentation, the Fund shall provide, or cause to be provided, a
notice through the Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed. At
any time following a Mandatory Tender Event and before the corresponding Mandatory Tender Date, the Fund may designate a
Remarketing Settlement Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement Agent
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If all of the RVMTP Shares subject to Mandatory
Tender are not Remarketed pursuant to Section 2.5(b)(i) with binding trade documentation in place by the 5th Business Day preceding
the Mandatory Tender Date, then the Fund and its agents shall take the following Remarketing actions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 76.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund shall designate a Remarketing Settlement
Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement Agent Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any purchaser is identified and has agreed
by the Mandatory Tender Date to purchase all of the RVMTP Shares subject to Mandatory Tender on the Mandatory Tender Date, the
Remarketing Settlement Agent shall (1) give written notice by Electronic Means to the Holders of such RVMTP Shares, with a copy
to the Fund and the Calculation and Paying Agent, that the purchaser has been identified and agreed to purchase such RVMTP Shares
on the Mandatory Tender Date; (2) collect the Remarketing Purchase Price via wire transfer from such purchaser on the Mandatory
Tender Date; (3) wire the Remarketing Purchase Price to the Securities Depository for delivery to the current Holder of the RVMTP
Shares subject to Mandatory Tender on the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandatory
Tender Date; and (4) direct that such RVMTP Shares be delivered to the Remarketing Settlement Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Remarketing Settlement Agent shall then direct
transfer of the RVMTP Shares subject to Mandatory Tender to the purchaser through the Securities Depository on the Mandatory Tender
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 84pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, in the event of a successful Remarketing of all RVMTP Shares subject to Mandatory Tender pursuant to <U>Section
2.5(b),</U> such Mandatory Tender will be cancelled and the Fund shall provide, or cause to be provided, a notice through the
Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Failed
Remarketing and Mandatory Tender</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to a Mandatory Tender Event described
in <U>Section 2.5(a)(i)(A),</U>&nbsp;if any RVMTP Shares subject to Mandatory Tender are not Remarketed by the Early Term Redemption
Date (such failure to remarket a &ldquo;<U>Failed Early Term Redemption Date Remarketing</U>&rdquo;), then all such RVMTP Shares
shall be redeemed by the </FONT>Fund on the Mandatory Tender Date pursuant to the Mandatory Tender redemption procedure described
in <U>Sections 2.6(a)(iv)</U> and <U>2.6(d)</U> below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to a Mandatory Tender Event described
in Section 0(i)(B), if, for any reason (other than a failure to timely deliver RVMTP Shares subject to a Mandatory Tender to the
Remarketing Settlement Agent, and only to the extent that such failure to deliver is caused by administrative issues and is cured
within two Business Days), all of the RVMTP Shares subject to Mandatory Tender are not Remarketed by the related Mandatory Tender
Date pursuant to Section 1.5(b), then (A) a failed remarketing shall be deemed to have occurred (which, for the avoidance of doubt,
shall be with respect to all RVMTP Shares subject to the Mandatory Tender) (a &ldquo;<U>Failed Special Terms Period Remarketin</U>g&rdquo;)
that may trigger the application of a Failed Remarketing Spread as described in clause (ii) of the definition thereof and (B)
all such RVMTP Shares shall be retained by their respective Holders, and no such RVMTP Shares shall be purchased on the Mandatory
Tender Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to a Mandatory Tender Event described in Section 0(i)(C), if any RVMTP Shares subject to Mandatory Tender are not Remarketed
by the Mandatory Tender Date, then all such RVMTP Shares shall be redeemed by the Fund on the Mandatory Tender Date pursuant to
the Mandatory Tender redemption procedure described in Sections <B>Error! Reference source not found.</B> 0 and 2.6(d) below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.6
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>. Each
Series of RVMTP Shares shall be subject to redemption by the Fund as provided below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term
Redemption and Mandatory Tender.</U></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption</U>. Subject to Section 2.6(d)(v), the Fund shall
redeem all RVMTP Shares of a Series then Outstanding on the Term Redemption Date for such Series, out of funds legally available
therefor under applicable law, at a price per share equal to the Liquidation Preference per share of such Series plus an amount
equal to all unpaid dividends and other distributions on such share of such Series accumulated from and including the Date of
Original Issuance to (but excluding) the Term Redemption Date for such Series (whether or not earned or declared by the Fund,
but excluding interest thereon) (the &ldquo;<U>Term Redemption Price</U>&rdquo;); <U>provided, however</U>, that the Term Redemption
Date for such Series of RVMTP Shares may be extended pursuant to <U>Section 2.6(a)(ii)</U> or <U>Section 2.6(a)(iii)</U>&nbsp;below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall have the right, exercisable not more than three hundred and sixty-five (365) calendar days nor less than one
hundred and twenty (120) calendar days prior to the Term Redemption Date of a Series of RVMTP Shares, to request by notice (accompanied
by a No Adverse Effect Opinion) that each Designated Owner of such RVMTP Shares extend the Term Redemption Date for such Series
of RVMTP Shares by at least an additional three hundred and sixty-five (365) calendar days (a &ldquo;<U>Designated Owner Term
Extension Request</U>&rdquo;), which request may be conditioned upon terms and conditions that are different from the terms and
conditions set forth herein or in the Appendix applicable to such Series of RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Designated Owner shall, no later than sixty (60) calendar days after receiving a Designated Owner Term Extension Request,
notify the Fund and the Calculation and Paying Agent of its acceptance or rejection of such request, which acceptance by such
Designated Owner may be conditioned upon terms and conditions that are different from the terms and conditions set forth herein
or the terms and conditions proposed the Fund in making a Designated Owner Term Extension Request (a &ldquo;<U>Conditional Acceptance</U>&rdquo;).
A Conditional Acceptance conditioned upon terms and conditions that are accepted by the Fund and that are different from the terms
and conditions set forth herein shall be deemed to be a consent by such Designated Owner to amend this Statement to reflect such
different terms and conditions, but only with respect to the RVMTP Shares of such Series beneficially owned by such Designated
Owner. To the extent that a Designated Owner of RVMTP Shares of a Series of RVMTP Shares subject to a Designated Owner Term Extension
Request rejects such Designated Owner Term Extension Request pursuant to this <U>Section 2.6(a)(ii)(B),</U> or is deemed to reject
such Designated Owner Term Extension Request pursuant to <U>Section 2.6(a)(ii)(C)</U> below, the RVMTP Shares of such Series beneficially
owned by such Designated Owner shall be subject to redemption as provided in this Statement, without giving effect to any Designated
Owner Term Extension Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Designated Owner fails to notify the Fund or the </FONT>Calculation and Paying Agent of its acceptance or rejection of
the Fund&rsquo;s Designated</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owner
Term Extension Request within such sixty (60) calendar day period, such failure to respond will be deemed a rejection of
such Designated Owner Term Extension Request by such Designated Owner. If a Designated Owner of RVMTP Shares provides a
Conditional Acceptance, then the Fund shall have sixty (60) calendar days thereafter to notify such Designated Owner of its
acceptance or rejection of the terms and conditions specified in the Conditional Acceptance. The Fund&rsquo;s failure to
notify such Designated </FONT>Owner within such sixty (60) calendar day period will be deemed a rejection of the terms and
conditions specified in the Conditional Acceptance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Designated Owner of a Series of RVMTP Shares may grant or deny any Designated Owner Term Extension Request applicable to
such Series of RVMTP Shares in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the Fund and any Designated Owner of RVMTP Shares that has agreed to a Designated Owner Term Extension Request otherwise agree
pursuant to the procedures described in this <U>Section 2.6(a)(ii)</U>, in the event that the Term Redemption Date of a Series
of RVMTP Shares is extended pursuant to this <U>Section 2.6(a)(ii),</U>&nbsp;the Liquidity Account Initial Date, as set forth in the
Appendix establishing such Series, shall be extended accordingly, as provided in such Appendix, with respect to the RVMTP Shares
of such Series held by such Designated Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 108.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund shall have the right, exercisable not less than sixty (60) calendar days prior to the Term Redemption Date of a Series
of RVMTP Shares, to request by notice (accompanied by a No Adverse Effect Opinion) to the Holders of 100% of the Outstanding RVMTP
Shares of such Series, an extension of the Term Redemption Date (a &ldquo;<U>Holder Term Extension Request</U>&rdquo;). Any failure
by a Holder to respond or agree to such Holder Term Extension Request in writing within sixty (60) calendar days of the receipt
thereof shall be deemed to be a rejection of the extension request and the Term Redemption Date may only be extended pursuant
to this <U>Section 2.6(a)(iii)</U> upon the written consent of 100% of the Holders of the RVMTP Shares of such Series. In the
event that the Term Redemption Date of a Series of RVMTP Shares is extended pursuant to this <U>Section 2.6(a)(iii),</U>&nbsp;the Liquidity
Account Initial Date, as set forth in the Appendix establishing such Series, shall be extended accordingly, as provided in such
Appendix.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Mandatory Tender Redemption</U>. Following a Mandatory Tender Event of the kind described in Section 2.5(a)(i)(A) or 2.5(a)(i)(C),
any RVMTP Shares subject to such Mandatory Tender Event that are not subject to an election to retain by the Holders pursuant
to Section 2.5(a)(iv) and have not been successfully Remarketed by the related Mandatory Tender Date pursuant to Section 2.5(b)1.5(b)
shall be redeemed by the Fund on such Mandatory Tender Date (the date of such redemption, the &ldquo;Mandatory Tender Redemption
Date&rdquo;), at a price per share equal to the Liquidation Preference per share plus an amount equal to all unpaid dividends
and other distributions on such RVMTP Shares accumulated from and including the Date of Original Issuance of such RVMTP Shares
to (but excluding) the Mandatory Tender Redemption Date (whether or not earned or declared by the Fund, but excluding interest
thereon) (the &ldquo;<U>Mandatory Tender Redemption Price</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1940
Act Asset Coverage and Effective Leverage Ratio Mandatory </U></FONT><U>Redemption</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mandatory 1940 Act Asset Coverage Redemption</U>.
(A) If the Fund fails to comply with the 1940 Act Asset Coverage requirement as provided in <U>Section 2.4(a)</U> as of any time
as of which such compliance is required to be determined in accordance with <U>Section 2.4(a)</U> and such failure is not cured
as of the 1940 Act Asset Coverage Cure Date other than as a result of the redemption required by this <U>Section 2.6(b)(i)</U>,
the Fund shall, to the extent permitted by the 1940 Act and Massachusetts law, by the close of business on the second Business
Day next following such 1940 Act Asset Coverage Cure Date, cause a notice of redemption to be issued, in accordance with the terms
of the Preferred Shares to be redeemed. In addition, in accordance with the terms of the Preferred Shares to be redeemed, the
Fund shall cause to be deposited Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds
(in the case of any other Preferred Shares, as applicable) in trust with the Calculation and Paying Agent or other applicable
paying agent, in each case in accordance with the terms of the Preferred Shares to be redeemed, for the redemption of a sufficient
number of Preferred Shares, which, to the extent permitted by the 1940 Act and Massachusetts law, enable the Fund to meet the
requirements of <U>Section 2.6(b)(i)(B)</U>. The Fund shall allocate such redemption on a pro rata basis among different series
of Preferred Shares (including the shares of each Series of RVMTP Shares and the Auction Preferred Shares) based upon the proportion
that the aggregate liquidation preference of the outstanding Preferred Shares of any series bears to the aggregate liquidation
preference of all outstanding series of Preferred Shares (a &ldquo;<U>Pro Rata Allocation</U>&rdquo;). In the event that any RVMTP
Shares of a Series then Outstanding are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the Fund shall redeem such shares,
out of funds legally available therefor under applicable law, at a price per share equal to the Liquidation Preference per share
of such Series plus an amount equal to all unpaid dividends and other distributions on such share of such Series accumulated from
and including the Date of Original Issuance to (but excluding) the date fixed for such redemption by the Board of Trustees (whether
or not earned or declared by the Fund, but without interest thereon) (the &ldquo;<U>Mandatory 1940 Act Asset Coverage Redemption
Price</U>&rdquo;). The mandatory redemption price for any Auction Preferred Shares that are redeemed pursuant to this <U>Section
2.6(b)(i)</U> shall be specified in Section 11.4(a) of the Auction Preferred Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Redemption Date for a redemption contemplated
by <U>Section 2.6(b)(i)(A)</U>, the Fund shall redeem at the Mandatory 1940 Act Asset Coverage Redemption Price, out of funds
legally available therefor, under applicable law, such number of Preferred Shares (based upon a</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">number
and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation) as shall be equal
to the lesser of </FONT>(x) the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred
immediately prior to the opening of business on the 1940 Act Asset Coverage Cure Date, would result in the Fund having 1940
Act Asset Coverage on such 1940 Act Asset Coverage Cure Date (provided, however, that if there is no such minimum number of
RVMTP Shares and other Preferred Shares the redemption or retirement of which would have such result, all RVMTP Shares and
other Preferred Shares then outstanding shall be redeemed), and (y) the maximum number of Preferred Shares that can be
redeemed out of funds expected to be legally available therefor in accordance with the Declaration and applicable law.
Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the
Fund may at its sole option, but is not required to, include in the number of Preferred Shares being mandatorily redeemed
pursuant to this <U>Section 2.6(b)(i)</U> a sufficient number of RVMTP Shares of any Series that, when aggregated with other
Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior to the opening of business
on the 1940 Act Asset Coverage Cure Date, in the Fund having 1940 Act Asset Coverage on such 1940 Act Asset Coverage Cure
Date of up to and including 225%; <U>provided</U> that if the 1940 Act Asset Coverage is increased to greater than 225%, the
Optional Redemption Premium shall be due on any such excess redemptions. The Fund shall effect such redemption on the date
fixed by the Fund therefor, which date shall not be later than thirty (30) calendar days after such 1940 Act Asset Coverage
Cure Date, except that if the Fund does not have funds legally available for the redemption of all of the required number of
RVMTP Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect
such redemption on or prior to thirty (30) calendar days after such 1940 Act Asset Coverage Cure Date, the Fund shall redeem
those RVMTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date following such
thirty (30) calendar day period on which it is able to effect such redemption (based upon a number and proportion of each
series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of the Outstanding RVMTP
Shares of a Series are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the number of RVMTP Shares of such Series to
be redeemed from the respective Holders shall be selected (A) pro rata among the Outstanding shares of such Series, (B) by
lot or (C) in such other manner as the Board of Trustees may determine to be fair and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">equitable,
in each case, in accordance with the 1940 Act; <U>provided</U> that such method of redemption as set forth in clause (A), (B)
or (C) of this <U>Section 2.6(b)(i)(B)</U>&nbsp;shall be subject to any applicable procedures established by the Securities Depository.
If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the manner
of allocation of shares to be redeemed among the series of Auction Preferred Shares shall be determined in accordance with Section
11.4 of the Auction Preferred Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effective Leverage Ratio Mandatory Redemption</U>.
(A) If (1) the Fund fails to comply with the Effective Leverage Ratio requirement as provided in <U>Section 2.4(c)</U> as of any
time as of which such compliance is required to be determined in accordance with <U>Section 2.4(c),</U> (2) with respect to the
initial Series of RVMTP Shares issued pursuant to this Statement, the Fund fails to comply with the Effective Leverage Ratio requirement
calculated as set forth in Section 6.12 of the Purchase Agreement applicable to such Series of RVMTP Shares if such requirement
is still in effect in accordance with the terms of such Purchase Agreement, or (3) with respect to any other Series of RVMTP Shares
issued pursuant to this Statement, the Fund fails to comply with any additional requirements relating to the calculation of the
Effective Leverage Ratio pursuant to the Purchase Agreement or Appendix applicable to such Series of RVMTP Shares, and, in any
such case, such failure is not cured as of the close of business on the date that is ten (10) Business Days following the Business
Day on which such non-compliance is first determined (the &ldquo;<U>Effective Leverage Ratio Cure Date</U>&rdquo;) other than
as a result of the redemption or other actions required by this <U>Section 2.6(b)(ii)</U>, the Fund shall cause the Effective
Leverage Ratio (calculated in accordance with the requirements applicable to the determination of the Effective Leverage Ratio
under this Statement, and under the Appendix and Purchase Agreement for any applicable Series of RVMTP Shares in respect of which
the Effective Leverage Ratio is being determined) to not exceed the Effective Leverage Ratio required under <U>Section 2.4(c)</U>&nbsp;as
so determined, by (x) not later than the close of business on the Business Day next following the Effective Leverage Ratio Cure
Date, engaging in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse
floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (y) to the extent permitted by
the 1940 Act and Massachusetts law, not later than the close of business on the second Business Day next following the Effective
Leverage Ratio Cure Date, causing a notice of redemption to be issued, and in addition, causing to be irrevocably deposited Deposit
Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as
applicable) in trust with the </FONT>Calculation and Paying Agent or other applicable paying agent, in each case in</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">accordance
with the terms of the Preferred Shares to be redeemed, for the redemption at the redemption price specified in the terms of such
Preferred Shares of a sufficient number of Preferred Shares, based upon a number and proportion of each series of Preferred Shares
as shall be necessary to effect a Pro Rata Allocation, or (z) engaging in any combination, in the Fund&rsquo;s discretion, of
the actions contemplated by clauses (x) and (y) of this <U>Section 2.6(b)(ii)(A)</U>. In the event that any RVMTP Shares of a
Series are to be redeemed pursuant to clause (y) of this <U>Section 2.6(b)(ii)(A)</U>, the Fund shall redeem such RVMTP Shares
at a price per RVMTP Share equal to the Mandatory 1940 Act Asset Coverage Redemption Price. Notwithstanding the foregoing, in
the event that Preferred Shares are redeemed pursuant to this <U>Section 2.6(b)(ii)</U>, the Fund may at its sole option, but
is not required to, include in the number of Preferred Shares being mandatorily redeemed pursuant to this <U>Section 2.6(b)(ii)</U>&nbsp;a
sufficient number of RVMTP Shares of any Series that, when aggregated with other Preferred Shares redeemed by the Fund, would
result, if deemed to have occurred immediately prior to the opening of business on the Effective Leverage Ratio Cure Date, in
the Fund having an Effective Leverage Ratio on such Effective Leverage Ratio Cure Date of no less than 40%; <U>provided</U> that
if the Effective Leverage Ratio is reduced to less than 40%, the Optional Redemption Premium shall be due on any such excess redemptions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Redemption Date for a redemption contemplated
by clause (y) of <U>Section 2.6(b)(ii)(A)</U>, the Fund shall not redeem more than the maximum number of Preferred Shares that
can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration and applicable law.
If the Fund is unable to redeem the required number of RVMTP Shares and other Preferred Shares which have been designated to be
redeemed in accordance with clause (y) of <U>Section 2.6(b)(ii)(A)</U> due to the unavailability of legally available funds, the
Fund shall redeem those RVMTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date
following such Redemption Date on which it is able to effect such redemption (based upon a number and proportion of each series
of Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of the Outstanding RVMTP Shares
of a Series are to be redeemed pursuant to clause (y) of <U>Section 2.6(b)(ii)(A)</U>, the number of RVMTP Shares of such Series
to be redeemed from the respective Holders shall be selected (A) pro rata among the Outstanding shares of such Series, (B) by
lot or (C) in such other manner as the Board of Trustees may determine to be fair and equitable in each case, in accordance with
the 1940 Act; <U>provided</U> that such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(b)(ii)(B)
</U>shall be subject to any applicable procedures established by the Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depository.
If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this <U>Section 2.6(b)(ii)</U>, the manner
of allocation of shares to be redeemed among the series of Auction Preferred Shares shall be determined in accordance with Section
11.4 of the Auction Preferred Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, Section 11.4 of the Auction Preferred Statement for additional provisions related to the mandatory redemption
of the Auction Preferred Shares.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional
Redemption.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions of <U>Section 2.6(c)(ii)</U>,
the Fund may at its option on any Business Day (an &ldquo;<U>Optional Redemption Date</U>&rdquo;) redeem in whole or from time
to time in part the Outstanding RVMTP Shares of any Series, at a redemption price per RVMTP Share (the &ldquo;<U>Optional Redemption
Price</U>&rdquo;) equal to (x) the Liquidation Preference per RVMTP Share of such Series plus (y) an amount equal to all unpaid
dividends and other distributions on such RVMTP Share of such Series accumulated from and including the Date of Original Issuance
to (but excluding) the Optional Redemption Date (whether or not earned or declared by the Fund, but without interest thereon)
plus (z) the Optional Redemption Premium per share (if any) that is applicable to an optional redemption of RVMTP Shares of such
Series that is effected on such Optional Redemption Date as set forth in the Appendix relating to such Series; <U>provided</U>
that in connection with any (A) redemption in accordance with this <U>Section 2.6(c)</U> or pursuant to <U>Section 2.6(b)</U>
that is effectuated in order to comply with the requirements of the 1940 Act or this Statement or the Purchase Agreement or (B)
any redemption in accordance with <U>Section 2.6(a)(iv)</U>&nbsp;or <U>Section 2.6(b)</U>&nbsp;(except as set forth therein), no Optional
Redemption Premium specified in <U>clause (z)</U> above or penalty or premium shall be payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
fewer than all of the outstanding RVMTP Shares of a Series are to be redeemed pursuant to <U>Section 2.6(c)(i)</U>, the
shares of such Series to be redeemed shall be selected either (A) pro rata among the Holders of such Series, </FONT>(B) by
lot or (C) in such other manner as the Board of Trustees may determine to be fair and equitable; <U>provided</U>, in each
such case, that such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(c)(ii)</U> shall be
subject to any applicable procedures established by the Securities Depository. Subject to the provisions of this Statement
and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon
which RVMTP Shares will be redeemed pursuant to this <U>Section 2.6(c)</U> from time to time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may not on any date deliver a Notice
of Redemption pursuant to <U>Section 2.6(d)</U> in respect of a redemption contemplated to be effected pursuant to this <U>Section
2.6(c)</U> unless on such date the Fund reasonably expects to have available Deposit Securities for the Optional Redemption Date
contemplated by such Notice of Redemption having a Market Value not less than the amount (including any applicable premium) due
to Holders of RVMTP Shares by reason of the redemption of such RVMTP Shares on such Optional Redemption Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;RVMTP Shares of a Series mandatorily redeemed
or redeemed at the Fund&rsquo;s sole option in accordance with, but solely to the extent contemplated by, <U>Section 2.6(a)(iv)</U>,
<U>Section 2.6(b)(i)(B)</U>, or <U>Section 2.6(b)(ii)</U> shall be considered mandatorily redeemed pursuant to such Section, as
applicable, and not subject to this <U>Section 2.6(c)</U>.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Procedures
for Redemption</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund shall determine or be required to
redeem, in whole or in part, RVMTP Shares of a Series pursuant to <U>Section 2.6(a)</U>, <U>(b)</U> or <U>(c)</U>, the Fund shall
deliver a notice of redemption (the &ldquo;<U>Notice of Redemption</U>&rdquo;), by overnight delivery, by first class mail, postage
prepaid or by Electronic Means to Holders thereof, or request the Calculation and Paying Agent, on behalf of the Fund, to promptly
do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means. For the avoidance of doubt, a Notice
of Redemption shall not be required if the Fund shall be required to redeem, in whole or in part, RVMTP Shares of a series pursuant
to <U>Section 2.6(a)(iv)</U>. A Notice of Redemption shall be provided not more than thirty-five (35) calendar days prior to the
date fixed for redemption and not less than ten (10) calendar days (or such shorter or longer period as may be consented to by
all of the Holders of the RVMTP Shares of such Series, which consent shall not be deemed to be a vote required by <U>Section 2.7)
</U>prior to the date fixed for redemption pursuant to <U>Section 2.6(c)</U> in such Notice of Redemption (the &ldquo;<U>Redemption
Date</U>&rdquo;). Each such Notice of Redemption shall state: (A) the Redemption Date; (B) the applicable Redemption Price on
a per share basis; (C) the Series and number of RVMTP Shares to be redeemed; (D) the CUSIP number for RVMTP Shares of such Series;
(E) if applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if
the Board of Trustees requires and the Notice of Redemption states) are to be surrendered for payment of the Redemption Price;
(F) that dividends on the RVMTP Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (G) the
provisions of this Statement under which such redemption is made. If fewer than all RVMTP Shares held by any Holder are to be
redeemed, the Notice of Redemption delivered to such Holder shall also specify the</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">number
of RVMTP Shares to be redeemed from such Holder and/or the method of determining such number. The Fund may provide in any Notice
of Redemption relating to an optional redemption contemplated to be effected pursuant to <U>Section 2.6(c)</U>&nbsp;of this Statement
that such redemption is subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption
unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No
defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required
by applicable law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If (1) the Fund shall give a Notice of Redemption
or (2) the Fund is required to redeem RVMTP Shares on the Mandatory Tender Date pursuant to <U>Section 2.6(a)(iv)</U>, then at
any time from and after the giving of such Notice of Redemption or Notice of Mandatory Tender, as applicable, and prior to 12:00
noon, New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have been met or waived
by the Fund), the Fund shall (A) deposit with the Calculation and Paying Agent Deposit Securities having an aggregate Market Value
on the date thereof no less than the Redemption Price of the RVMTP Shares to be redeemed on the Redemption Date and (B) give the
Calculation and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the
RVMTP Shares called for redemption on the Redemption Date. The Fund may direct the Calculation and Paying Agent with respect to
the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, provided that the proceeds
of any such investment shall be available at the opening of business on the Redemption Date as same-day funds. Notwithstanding
the provisions of clause (A) of the preceding sentence, if the Redemption Date is either the Term Redemption Date, or a Mandatory
Tender Date, then such deposit of Deposit Securities (which may come in whole or in part from the Term Redemption Liquidity Account)
shall be made no later than fifteen (15) calendar days prior to the Term Redemption Date or such Mandatory Tender Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the date of the deposit of such Deposit
Securities, all rights of the Holders of the RVMTP Shares so called for redemption shall cease and terminate except the right
of the Holders thereof to receive the Redemption Price thereof and such RVMTP Shares shall no longer be deemed Outstanding for
any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption Date and (B) the accumulation of
dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption Date, which accumulated
dividends, unless previously declared and paid as contemplated by the last sentence of <U>Section 2.6(d)(vi)</U> below, shall
be payable only as part of the</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">applicable
Redemption Price on the Redemption Date). The Fund shall be entitled to receive, promptly after the Redemption Date, any Deposit
Securities in excess of the aggregate Redemption Price of the RVMTP Shares called for redemption and redeemed on the Redemption
Date. Any Deposit Securities so deposited that are unclaimed at the end of three hundred sixty-five (365) calendar days from the
Redemption Date shall, to the extent permitted by law, be repaid to the Fund, after which the Holders of the RVMTP Shares so called
for redemption shall look only to the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to receive,
from time to time after the Redemption Date, any interest on the Deposit Securities so deposited.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after the Redemption Date, each Holder
of RVMTP Shares in certificated form (if any) that are subject to redemption shall surrender the certificate(s) evidencing such
RVMTP Shares to the Fund at the place designated in the Notice of Redemption and shall then be entitled to receive the Redemption
Price for such RVMTP Shares, without interest, and in the case of a redemption of fewer than all the RVMTP Shares represented
by such certificate(s), a new certificate representing the RVMTP Shares that were not redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the other provisions of this
<U>Section 2.6</U>, except as otherwise required by law, the Fund shall not redeem any RVMTP Shares or other series of Preferred
Shares ranking on a parity with the RVMTP Shares with respect to dividends and other distributions unless all accumulated and
unpaid dividends and other distributions on all Outstanding RVMTP Shares and shares of other series of Preferred Shares for all
applicable past dividend periods (whether or not earned or declared by the Fund) (x) shall have been or are contemporaneously
paid or (y) shall have been or are contemporaneously declared and Deposit Securities (in the case of the RVMTP Shares) or other
sufficient securities or funds (in the case of other Preferred Shares, as applicable) (in accordance with the terms of such Preferred
Shares for the payment of such dividends and other distributions) shall have been or are contemporaneously deposited with the
Calculation and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with the terms of such Preferred
Shares, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding RVMTP Shares pursuant
to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding RVMTP Shares and any other
series of Preferred Shares for which all accumulated and unpaid dividends and other distributions have not been paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent that any redemption for which a
Notice of Redemption has been provided is not made by reason of the absence of legally available funds therefor in accordance
with the Declaration, this Statement and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">applicable
law, such redemption shall be made as soon as practicable to the extent such funds become available. In the case of any redemption
pursuant to <U>Section 2.6(c)</U>, no Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in
trust with the Calculation and Paying Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption
relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2) any such condition
precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding
the fact that a Notice of Redemption has been provided with respect to any RVMTP Shares, dividends may be declared and paid on
such RVMTP Shares in accordance with their terms if Deposit Securities for the payment of the Redemption Price of such RVMTP Shares
shall not have been deposited in trust with the Calculation and Paying Agent for that purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation and Paying Agent as Trustee of
Redemption Payments by Fund</U>. All Deposit Securities transferred to the Calculation and Paying Agent for payment of the Redemption
Price of RVMTP Shares called for redemption shall be held in trust by the Calculation and Paying Agent for the benefit of Holders
of RVMTP Shares so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance
with the provisions of <U>Section 2.6(d)(iii)</U> above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compliance With Applicable
Law</U>. In effecting any redemption pursuant to this <U>Section 2.6</U>, the Fund shall use its best efforts to comply with
all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable law, but shall effect
no redemption except in accordance with the 1940 Act and any applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Modification of Redemption Procedures</U>.
Notwithstanding the foregoing provisions of this <U>Section 2.6</U>, the Fund may, in its sole discretion and without a shareholder
vote, modify the procedures set forth above with respect to notification of redemption for the RVMTP Shares, provided that such
modification does not materially and adversely affect the Holders of the RVMTP Shares or cause the Fund to violate any applicable
law, rule or regulation; and provided further that no such modification shall in any way alter the rights or obligations of the
Calculation and Paying Agent without its prior consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting
Rights</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>One Vote Per RVMTP Share</U>. Except as otherwise
provided in the Declaration, this Statement, or as otherwise required by law, (i) each Holder of RVMTP Shares shall be entitled
to one vote for each RVMTP Share held by such Holder on each matter submitted to a vote of all shareholders of the Fund, and (ii)
the holders of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding
Preferred Shares, including Outstanding RVMTP Shares and Auction Preferred Shares, and Common Shares shall vote together as a
single class; <U>provided</U>, however, that the holders of outstanding Preferred Shares, including Outstanding RVMTP Shares and
Auction Preferred Shares, shall be entitled, as a class, to the exclusion of the Holders of all other securities and Common Shares
of the Fund, to elect two trustees of the Fund, it being understood that each Preferred Share, including RVMTP Shares and the
Auction Preferred Shares, entitles the Holder thereof to one vote for each Preferred Share in respect to the election of each
such trustee. Subject to <U>Section 2.7(b)</U>, the Holders of outstanding Common Shares and Preferred Shares, including RVMTP
Shares and the Auction Preferred Shares, voting together as a single class, shall elect the balance of the trustees.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting
For Additional Trustees</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting Period</U>. During any period in which
any one or more of the conditions described in clauses (A) or (B) of this <U>Section 2.7(b)(i)</U> shall exist (such period being
referred to herein as a &ldquo;<U>Voting Period</U>&rdquo;), the number of trustees constituting the Board of Trustees shall be
automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred
Shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased
by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, shall be
entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes
of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two trustees
that such Holders are in any event entitled to elect. A Voting Period shall commence:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, at the close of business on any dividend
payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated
dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred
Shares, equal to at least two (2) full years&rsquo; dividends shall be due and unpaid and sufficient cash or specified securities
shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of such accumulated
dividends; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if at any time Holders of Preferred Shares are
otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Voting Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting
rights described in this <U>Section 2.7(b)(i)</U> shall cease, subject always, however, to the revesting of such voting rights
in the Holders of Preferred Shares upon the further occurrence of any of the events described in this <U>Section 2.7(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice of Special Meeting</U>. As soon as
practicable after the accrual of any right of the Holders of Preferred Shares to elect additional trustees as described in <U>Section
2.7(b)(i)</U>, the Fund shall call a special meeting of such Holders and notify the Calculation and Paying Agent and/or such other
Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means
or (ii) in such other manner and by such other means as are specified in the terms of such Preferred Shares, a notice of such
special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after
the date of the delivery by Electronic Means or mailing of such notice or the delivery of such notice by such other means as are
described in clause (ii) above. If the Fund fails to call such a special meeting, it may be called at the expense of the Fund
by any such Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice of and to
vote at such special meeting shall be the close of business on the fifth (5th) Business Day preceding the calendar day on which
such notice is mailed or otherwise delivered. At any such special meeting and at each meeting of Holders of Preferred Shares held
during a Voting Period at which trustees are to be elected, such Holders voting together as a class (to the exclusion of the Holders
of all other securities and classes of shares of beneficial interest of the Fund), shall be entitled to elect the number of trustees
prescribed in <U>Section 2.7(b)(i)</U> on a one-vote-per-share basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Terms of Office of Existing Trustees</U>.
The terms of office of the incumbent trustees of the Fund at the time of a special meeting of Holders of Preferred Shares to elect
additional trustees in accordance with <U>Section 2.7(b)(i)</U> shall not be affected by the election at such meeting by the Holders
of RVMTP Shares and such other Holders of Preferred Shares of the number of trustees that they are entitled to elect, and the
trustees so elected by the Holders of RVMTP Shares and such other Holders of Preferred Shares, together with the two (2) trustees
elected by the Holders of Preferred Shares in accordance with <U>Section 2.7(a) </U>hereof and the remaining trustees elected
by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected trustees of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Terms
of Office of Certain Trustees to Terminate Upon Termination of Voting Period</U>. Simultaneously with the termination of a
Voting Period, the terms of office of the additional trustees elected by the Holders of the </FONT>Preferred Shares pursuant
to Section 2.7(b)(i) shall terminate, the remaining</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trustees
shall constitute the trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional trustees
pursuant to <U>Section 2.7(b)(i)</U> shall cease, subject to the provisions of the last sentence of <U>Section 2.7(b)(i)</U>.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Holders
of RVMTP Shares to Vote on Certain Matters</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Certain Amendments Requiring Approval of RVMTP
Shares</U>. Except as otherwise permitted by the terms of this Statement, so long as any RVMTP Shares are Outstanding, the Fund
shall not, without the affirmative vote or consent of the Holders of at least a majority of the RVMTP Shares subject to this Statement
Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration or this
Statement, whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power
of such RVMTP Shares or the Holders thereof; <U>provided</U>, however, that (i) a change in the capitalization of the Fund in
accordance with <U>Section 2.9 </U>hereof shall not be considered to materially and adversely affect the rights and preferences
of the RVMTP Shares, and (ii) a division of a RVMTP Share shall be deemed to materially and adversely affect such preferences,
rights or powers only if the terms of such division materially and adversely affect the Holders of the RVMTP Shares. For purposes
of the foregoing, no matter shall be deemed to materially and adversely affect any preference, right or power of a RVMTP Share
of any Series or the Holder thereof unless such matter (i) alters or abolishes any preferential right of such RVMTP Share, or
(ii) creates, alters or abolishes any right in respect of redemption of such RVMTP Share (other than solely as a result of a division
of a RVMTP Share or as otherwise permitted by <U>Section 2.6(a)(ii) </U>of this Statement). So long as any RVMTP Shares are Outstanding,
the Fund shall not, without the affirmative vote or consent of the Holders of at least 66 2/3% of the RVMTP Shares Outstanding
at the time, voting as a separate class, file a voluntary application for relief under Federal bankruptcy law or any similar application
under state law for so long as the Fund is solvent and does not foresee becoming insolvent. For the avoidance of doubt, no vote
of the holders of Common Shares shall be required to amend, alter or repeal the provisions of this Statement, including any Appendix
hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1940 Act Matters</U>. Unless a higher percentage
is provided for in the Declaration, the affirmative vote of the Holders of at least &ldquo;a majority of the outstanding Preferred
Shares,&rdquo; including all RVMTP Shares and Auction Preferred Shares Outstanding at the time, voting as a separate class, shall
be required (A) to approve any conversion of the Fund from a closed-end to an open-end investment company, (B) to approve any
plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares, or (C) to approve any other action
requiring a vote of security holders of the Fund under Section 13(a) of the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1940
Act. For purposes of the foregoing, the vote of a &ldquo;majority of the outstanding Preferred Shares&rdquo; means the vote at
an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the
Holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than
fifty percent (50%) of such shares, whichever is less.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Certain Amendments Requiring Approval of Specific
Series of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement, so long as any RVMTP Shares of a Series
are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least a majority of the RVMTP
Shares of such Series Outstanding at the time, voting as a separate class, amend, alter or repeal the provisions of the Appendix
relating to such Series, whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference,
right or power set forth in such Appendix of the RVMTP Shares of such Series or the Holders thereof; <U>provided</U>, <U>however</U>,
that (i) a change in the capitalization of the Fund in accordance with <U>Section 2.9</U> hereof shall not be considered to materially
and adversely affect the rights and preferences of the RVMTP Shares of such Series, and (ii) a division of a RVMTP Share shall
be deemed to materially and adversely affect such preferences, rights or powers only if the terms of such division materially
and adversely affect the Holders of the RVMTP Shares of such Series; and <U>provided</U>, <U>further</U>, that, except as otherwise
permitted by <U>Section 2.6(a)(ii)</U> of this Statement, no amendment, alteration or repeal of the obligation of the Fund to
(x) pay the Term Redemption Price on the Term Redemption Date for a Series or the Mandatory Tender Redemption Price on any Mandatory
Tender Redemption Date, or (y) accumulate dividends at the Dividend Rate (as set forth in this Statement and the applicable Appendix
hereto) for a Series shall be effected without, in each case, the prior unanimous vote or consent of the Holders of such Series
of RVMTP Shares. For purposes of the foregoing, no matter shall be deemed to materially and adversely affect any preference, right
or power of a RVMTP Share of a Series or the Holder thereof unless such matter (i) alters or abolishes any preferential right
of such RVMTP Share, or (ii) creates, alters or abolishes any right in respect of redemption of such RVMTP Share. For the avoidance
of doubt, no vote of the holders of Common Shares shall be required to amend, alter or repeal the provisions of this Statement,
including any Appendix hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights Set Forth Herein
Are Sole Voting Rights</U>. Unless otherwise required by law, the Declaration or this Statement, the Holders of RVMTP Shares shall
not have any relative rights or preferences or other special rights with respect to voting such RVMTP Shares other than those
specifically set forth in this <U>Section 2.7</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided</U>,
<U>however</U>, that nothing in this Statement or the Declaration shall be deemed to preclude or limit the right of the Fund (to
the extent permitted by applicable law) to contractually agree with any Holder or Designated Owner of RVMTP Shares of any Series
that any action or inaction by the Fund shall require the consent or approval of such Holder or Designated Owner.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No Preemptive Rights or Cumulative Voting</U>.
The Holders of RVMTP Shares shall have no preemptive rights or rights to cumulative voting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting for Trustees Sole Remedy for Fund&rsquo;s
Failure to Declare or Pay Dividends</U>. In the event that the Fund fails to declare or pay any dividends on any Series of RVMTP
Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the RVMTP Shares shall be the right to vote
for trustees pursuant to the provisions of this <U>Section 2.7</U>. Nothing in this <U>Section 2.7(f)</U> shall be deemed to affect
the obligation of the Fund to accumulate and, if permitted by applicable law, the Declaration and this Statement, pay dividends
at the Increased Rate in the circumstances contemplated by <U>Section 2.2(g)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Holders Entitled to Vote</U>. For purposes
of determining any rights of the Holders of RVMTP Shares to vote on any matter, whether such right is created by this Statement,
by the Declaration, by statute or otherwise, no Holder of RVMTP Shares shall be entitled to vote any RVMTP Share and no RVMTP
Share shall be deemed to be &ldquo;Outstanding&rdquo; for the purpose of voting or determining the number of shares required to
constitute a quorum if, prior to or concurrently with the time of determination of shares entitled to vote or the time of the
actual vote on the matter, as the case may be, the requisite Notice of Redemption with respect to such RVMTP Share shall have
been given in accordance with this Statement and Deposit Securities for the payment of the Redemption Price of such RVMTP Share
shall have been deposited in trust with the Calculation and Paying Agent for that purpose. No RVMTP Share held by the Fund shall
have any voting rights or be deemed to be outstanding for voting or for calculating the voting percentage required on any other
matter or other purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rating Agencies</U>. The Fund shall use commercially
reasonable efforts to cause the Rating Agencies to issue long-term credit ratings with respect to each Series of RVMTP Shares
for so long as such Series is Outstanding. The Fund shall use commercially reasonable efforts to comply with any applicable Rating
Agency Guidelines. If a Rating Agency shall cease to rate the securities of tax-exempt closed-end management investment companies
generally, the Board of Trustees shall terminate the designation of such Rating Agency as a Rating Agency hereunder. The Board
of Trustees may elect to terminate the designation of any Rating Agency as a Rating Agency hereunder with respect to a Series
of RVMTP Shares so long as either (i) immediately following such termination, there would be at least one Rating Agency with respect
to such Series or (ii) it replaces the terminated Rating Agency with another NRSRO and provides</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notice
thereof to the Holders of such Series; <U>provided</U> that such replacement shall not occur unless such replacement Other Rating
Agency shall have at the time of such replacement (i) published a rating for the RVMTP Shares of such Series and (ii) entered
into an agreement with the Fund to continue to publish such rating subject to the Rating Agency&rsquo;s customary conditions.
The Board of Trustees may also elect to designate one or more other NRSROs as Other Rating Agencies hereunder with respect to
a Series of RVMTP Shares by notice to the Holders of the RVMTP Shares. The Rating Agency Guidelines of any Rating Agency may be
amended by such Rating Agency without the vote, consent or approval of the Fund, the Board of Trustees or any Holder of Preferred
Shares, including any RVMTP Shares or Auction Preferred Shares, or Common Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issuance of Additional Preferred Shares</U>.
So long as any RVMTP Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof authorize, establish
and create and issue and sell shares of one or more series of Preferred Shares, ranking on a parity with RVMTP Shares as to the
payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund,
in addition to then Outstanding Series of RVMTP Shares, including additional Series of RVMTP Shares, and authorize, issue and
sell additional shares of any such series of Preferred Shares then outstanding or so established or created including additional
Series of RVMTP Shares, in each case in accordance with applicable law, provided that the Fund shall, immediately after giving
effect to the issuance of such Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption
of Preferred Shares with such proceeds, have 1940 Act Asset Coverage (calculated in the same manner as is contemplated by <U>Section
2.4(b)</U>). See also Section 11.8(e)(iv) of the Auction Preferred Statement for additional provisions regarding issuance of additional
preferred shares by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Status of Redeemed or Repurchased RVMTP Shares</U>.
RVMTP Shares that at any time have been redeemed, exchanged or purchased by the Fund shall, after such redemption or purchase,
have the status of authorized but unissued Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Distributions with respect to Taxable Allocations</U>.
Whenever a Taxable Allocation is to be made by the Fund with respect to the RVMTP Shares of a Series with respect to any Dividend
Period and neither the Increased Rate nor the Maximum Rate is in effect during such Dividend Period, clause (a), clause (b) or
clause (c) of this <U>Section 2.11</U>, as applicable, shall govern:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may provide notice to the Calculation
and Paying Agent prior to the commencement of any Dividend Period for a Series of RVMTP Shares of the amount of the Taxable Allocation
that will be made in respect of shares of such Series for such Dividend Period (a &ldquo;<U>Notice of Taxable Allocation</U>&rdquo;).
Such Notice of Taxable Allocation will state (i) the amount of the dividends payable in respect of each RVMTP Share of the applicable
Series for such Dividend Period that will be a Taxable Allocation and (ii) the adjustment to the Dividend Rate for each Rate Period
(or portion thereof)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">included
in such Dividend Period that will be required in order for the Fund to pay the Additional Amount Payment to a Holder in respect
of the Taxable Allocation made in respect of such RVMTP Shares for such Dividend Period. In lieu of adjusting the Dividend Rate,
the Fund may make, in addition to and in conjunction with the payment of regular dividends for such Dividend Period, a supplemental
distribution in respect of each share of such series for such Dividend Period equal to the Additional Amount Payment payable in
respect of the Taxable Allocation made in respect of such share for such Dividend Period. The Fund will use commercially reasonable
efforts to make Taxable Allocations in respect of RVMTP Shares of each Series as provided in this <U>Section 2.11(a)</U>, and
shall make Taxable Allocations as described in <U>Section 2.11(b)</U> and/or <U>Section 2.11(c)</U> only if such commercially
reasonable efforts do not reasonably permit the Fund to make a Taxable Allocation as contemplated by this <U>Section 2.11(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund does
not provide a Notice of Taxable Allocation as provided in <U>Section 2.11(a)</U> with respect to a Taxable Allocation that is
made in respect of RVMTP Shares of a Series, the Fund may make one or more supplemental distributions on shares of such
Series equal to the Additional Amount Payment to be paid to a Holder in respect of such Taxable Allocation. Any such
supplemental distribution in respect of RVMTP Shares of a Series may be declared and paid on any date, without reference to
any regular Dividend Payment Date, to the Holders of shares of such Series as their names appear on the registration books of
the Fund on such date, not exceeding fifteen (15) calendar days preceding the payment date of such supplemental distribution,
as may be fixed by the Board of Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If in connection with a redemption of RVMTP Shares,
the Fund makes a Taxable Allocation without having either given advance notice thereof pursuant to <U>Section 2.11(a)</U> or made
one or more supplemental distributions pursuant to <U>Section 2.11(b)</U>, the Fund shall direct the Calculation and Paying Agent
to send an Additional Amount Payment in respect of such Taxable Allocation to each Holder of such shares at such Person&rsquo;s
address as the same appears or last appeared on the record books of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall not be required to pay Additional Amount Payments with respect to RVMTP Shares of any
Series (i) with respect to any net capital gain or other taxable income determined by the Internal Revenue Service to be
allocable in a manner different from the manner used by the Fund, or (ii) with respect to Taxable Allocations made more than
90 days after the end of the fiscal year of the Fund to which such Taxable Allocation relates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, with respect to each
Holder the Fund shall only be required, pursuant to this <U>Section 2.11</U> to pay an Additional Amount Payment in accordance
with the definitions of such terms, but not both.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Additional Amount Payment as described in
this <U>Section 2.11 </U>shall apply or be payable with respect to any RVMTP Shares that are being registered and sold pursuant
to an effective registration statement under the Securities Act or to any subsequent transfer of such registered RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
Redemption Liquidity Account and Liquidity Requirement</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or prior to the then current Liquidity Account
Initial Date with respect to any Series of RVMTP Shares, the Fund shall segregate, by means of appropriate identification on its
books and records or otherwise in accordance with the Fund&rsquo;s normal procedures, from the other assets of the Fund (the &ldquo;<U>Term
Redemption Liquidity Account</U>&rdquo;) Liquidity Account Investments with a Market Value equal to at least one hundred ten percent
(110%) of the Term Redemption Amount with respect to such Series. The &ldquo;<U>Term Redemption Amount</U>&rdquo; for any Series
of RVMTP Shares shall be equal to the Redemption Price to be paid on the Term Redemption Date for such Series, based on the number
of shares of such Series then Outstanding, assuming for this purpose that the Dividend Rate for such Series in effect at the time
of the creation of the Term Redemption Liquidity Account for such Series will be the Dividend Rate in effect for such Series until
the Term Redemption Date for such Series. If, on any date after the then current Liquidity Account Initial Date, the aggregate
Market Value of the Liquidity Account Investments included in the Term Redemption Liquidity Account for a Series of RVMTP Shares
as of the close of business on any Business Day is less than one hundred ten percent (110%) of the Term Redemption Amount with
respect to such Series, then the Fund shall take all such necessary actions, including segregating additional assets of the Fund
as Liquidity Account Investments, so that the aggregate Market Value of the Liquidity Account Investments included in the Term
Redemption Liquidity Account for such Series is at least equal to one hundred ten percent (110%) of the Term Redemption Amount
with respect to such Series not later than the close of business on the next succeeding Business Day. With respect to assets of
the Fund segregated as Liquidity Account Investments with respect to a Series of RVMTP Shares, the Adviser, on behalf of the Fund,
shall be entitled on any date to release any Liquidity Account Investments from such segregation and to substitute therefor other
Liquidity Account Investments, so long as (i) the assets of the Fund segregated as Liquidity Account Investments at the close
of business on such date have a Market Value equal to at least one hundred ten percent (110%) of the Term Redemption Amount with
respect to such Series and (ii) the assets of the Fund designated and segregated as Deposit Securities at the close of business
on such date have a Market Value equal to at least the Liquidity Requirement (if any) determined in accordance with <U>Section
2.12(b)</U> below with respect to such Series for such date. The Fund shall not permit any lien, security interest or encumbrance
to be created or permitted to exist on or in respect of any Liquidity Account Investments included in the Term Redemption Liquidity
Account for any Series of RVMTP Shares, other than liens, security interests or encumbrances arising by operation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
law and any lien of the Custodian with respect to the payment of its fees or repayment for its advances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Market Value of the Deposit Securities held
in the Term Redemption Liquidity Account for a Series of RVMTP Shares, from and after the 15th day of the calendar month (or if
such day is not a Business Day, the next succeeding Business Day) that is the number of months preceding the calendar month in
which the Term Redemption Date for such Series occurs, in each such case as specified in the table set forth below, shall not
be less than the percentage of the Term Redemption Amount for such Series set forth below opposite such number of months (the
&ldquo;<U>Liquidity Requirement</U>&rdquo;), but in all cases subject to the provisions of <U>Section 2.12(c)</U> below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 51%"></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of Months</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">Preceding Month of Term</FONT><BR>
    <FONT STYLE="font-size: 10pt">Redemption Date:</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    Value of Deposit Securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">as Percentage of Term</FONT><BR>
    <FONT STYLE="font-size: 10pt">Redemption Amount</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the aggregate Market Value of the Deposit
Securities included in the Term Redemption Liquidity Account for a Series of RVMTP Shares as of the close of business on any Business
Day is less than the Liquidity Requirement in respect of such Series for such Business Day, then the Fund shall cause the segregation
of additional or substitute Deposit Securities in respect of the Term Redemption Liquidity Account for such Series, so that the
aggregate Market Value of the Deposit Securities included in the Term Redemption Liquidity Account for such Series is at least
equal to the Liquidity Requirement for such Series not later than the close of business on the next succeeding Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Deposit Securities included in the Term Redemption
Liquidity Account for a Series of RVMTP Shares may be applied by the Fund, in its discretion, towards payment of the Term Redemption
Price for such Series as contemplated by <U>Section 2.6(d)</U>. Upon the deposit by the Fund with the Calculation and Paying Agent
of Deposit Securities having an initial combined Market Value sufficient to effect the redemption of the RVMTP Shares of a Series
on the Term Redemption Date for such Series in accordance with <U>Section 2.6(d)(ii)</U>, the requirement of the Fund to maintain
the Term Redemption Liquidity Account as contemplated by this <U>Section 2.12</U> shall lapse and be of no further</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">force
and effect. Upon any extension of the Term Redemption Date for a Series of RVMTP Shares pursuant to <U>Section 2.6(a)</U>, the
then-current Liquidity Account Initial Date for such Series shall be extended as provided in the Appendix relating to such Series,
and the requirement of the Fund to maintain the Term Redemption Liquidity Account with respect to such Series in connection with
such Liquidity Account Initial Date shall lapse and shall thereafter apply in respect of the Liquidity Account Initial Date for
such Series as so extended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Global Certificate</U>. All RVMTP Shares of
any Series Outstanding from time to time shall be represented by one or more global certificates for such Series registered in
the name of the Securities Depository or its nominee and no registration of transfer of shares of such Series of RVMTP Shares
shall be made on the books of the Fund to any Person other than the Securities Depository or its nominee or transferee. The foregoing
restriction on registration of transfer shall be conspicuously noted on the face or back of the global certificates. Such global
certificates will be deposited with, or on behalf of, The Depository Trust Company and registered in the name of Cede &amp; Co.,
its nominee. Beneficial interests in the global certificates will be held only through The Depository Trust Company and any of
its participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.14&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice</U>. All notices or communications
hereunder, unless otherwise specified in this Statement, shall be sufficiently given if in writing and delivered in person, by
telecopier, by Electronic Means or by overnight delivery. Notices delivered pursuant to this <U>Section 2.14</U>&nbsp;shall be deemed
given on the date received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.15
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination</U>. In the event that no RVMTP
Shares of a Series are Outstanding subject to this Statement, all rights and preferences of the RVMTP Shares of such Series established
and designated hereunder shall cease and terminate, and all obligations of the Fund under this Statement with respect to such
Series shall terminate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.16
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Appendices</U>. The designation of each Series
of RVMTP Shares subject to this Statement shall be set forth in an Appendix to this Statement. The Board of Trustees may, by resolution
duly adopted, without shareholder approval (except as otherwise provided by this Statement or required by applicable law) (1)
amend the Appendix to this Statement relating to a Series so as to reflect any amendments to the terms applicable to such Series
including an increase in the number of authorized shares of such Series and (2) add additional Series of RVMTP Shares by including
a new Appendix to this Statement relating to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.17
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Actions on Other than Business Days</U>. Unless
otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided
for in this Statement, is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding
Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any
payment so made, no</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividends,
interest or other amount shall accrue for the period between such nominal date and the date of payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Modification</U>. To the extent permitted
by <U>Section 2.7(c)</U>&nbsp;and any applicable Purchase Agreement, the Board of Trustees, without the vote of the Holders of RVMTP
Shares or any other outstanding shares issued by the Fund, may interpret, supplement or amend the provisions of this Statement
or any Appendix hereto to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective
or inconsistent provision, including any provision that becomes defective after the date hereof because of impossibility of performance
or any provision that is inconsistent with any provision of any other Preferred Shares of the Fund and, in addition to the amendments
permitted by <U>Sections 2.6(g)</U> and <U>2.7(c) </U>hereof, may amend this Statement with respect to any Series of RVMTP Shares
prior to the issuance of RVMTP Shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.19</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfers</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Designated Owner or
Holder of any RVMTP Shares of any Series may sell, transfer or otherwise dispose of RVMTP Shares only in whole shares and
only to Persons that are (1)(i) &ldquo;qualified institutional buyers&rdquo; (as defined in Rule 144A under the Securities
Act or any successor provision) in accordance with Rule 144A under the Securities Act or any successor provision that are
registered closed-end management investment companies, the shares of which are traded on a national securities exchange
(&ldquo;<U>Closed-End Funds</U>&rdquo;), banks or entities that are 100% direct or indirect subsidiaries of banks&rsquo;
publicly traded parent holding companies (collectively, &ldquo;<U>Banks</U>&rdquo;), insurance companies or registered
open-end management investment companies, (ii) tender option bond trusts (or similar vehicles) in which all investors are
&ldquo;qualified institutional buyers&rdquo; (as defined in Rule 144A under the Securities Act or any successor provision)
that are Closed-End Funds, Banks, insurance companies, or registered open-end management investment companies, in each case
with respect to clauses (i) and (ii), in accordance with Rule 144A under the Securities Act or pursuant to another available
exemption from registration under the Securities Act, in a manner not involving a public offering within the meaning of
Section 4(a)(2) of the Securities Act, or (iii) other investors with the prior written consent of the Fund and (2) unless the
prior written consent of the Fund is obtained, not PIMCO Persons, if such PIMCO Persons would, after such sale and transfer,
own more than 20% of the Outstanding RVMTP Shares. Any transfer in violation of the foregoing restrictions shall be void <I>ab
initio</I>. The restrictions on transfer contained in this <U>Section 2.19(a) </U>shall not apply to any RVMTP Shares that
are being registered and sold pursuant to an effective registration statement under the Securities Act or to any
subsequent transfer of such RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If at any time the Fund
is not furnishing information pursuant to Section 13 or 15(d) of the Exchange Act, in order to preserve the exemption for
resales and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 72.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">transfers
under Rule 144A, the Fund shall furnish, or cause to be furnished, to holders of RVMTP Shares and prospective purchasers of RVMTP
Shares, upon request, information with respect to the Fund satisfying the requirements of subsection (d)(4) of Rule 144A.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.20
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No Additional Rights</U>. Unless otherwise
required by law or the Declaration, the Holders of RVMTP Shares shall not have any relative rights or preferences or other special
rights with respect to such RVMTP Shares other than those specifically set forth in this Statement; <U>provided</U>, <U>however</U>,
that nothing in this Statement shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable
law) to contractually agree with any Holder or Designated Owner of RVMTP Shares of any Series with regard to any special rights
of such Holder or Designated Owner with respect to its investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page Begins on the Following Page]</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, PIMCO Municipal Income Fund II has caused this Statement to be signed on September 20, 2023 in its
name and on its behalf by a duly authorized officer. The Declaration is on file with the Secretary of the Commonwealth of
Massachusetts, and the said officer of the Fund has executed this Statement as an officer and not individually, and the
obligations and rights of the Fund set forth in this Statement are not binding upon any such officer, or the trustees of the
Fund or shareholders of the Fund, individually, but are binding only upon the assets and property of the Fund.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO MUNICIPAL INCOME FUND </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">II</FONT></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Eric
    D. Johnson</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Eric D. Johnson</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD></TR>
</TABLE>

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

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

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


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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
A</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[RESERVED]</B></FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
B</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REMARKETABLE
VARIABLE RATE MUNIFUND TERM PREFERRED SHARES, SERIES 2053</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Preliminary
Statement and Incorporation By Reference</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Appendix (this &ldquo;<U>Appendix B</U>&rdquo;) establishes a Series of Remarketable Variable Rate </FONT>MuniFund Term
Preferred Shares of PIMCO Municipal Income Fund II. Except as set forth below, this Appendix incorporates by reference the
terms set forth with respect to all Series of such Remarketable Variable Rate MuniFund Term Preferred Shares in that
&ldquo;Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred
Shares&rdquo; effective as of September 18, 2018, as amended and restated on January 16, 2019, July 14, 2021, and September
20, 2023 (the &ldquo;RVMTP Statement&rdquo;). This Appendix has been authorized by resolution of the Board of Trustees of
PIMCO Municipal Income Fund II and is effective as of September 20, 2023. Capitalized terms used herein but not defined
herein have the respective meanings therefor set forth in the RVMTP Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation as to Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remarketable
Variable Rate MuniFund Term Preferred Shares, Series 2053: A series of 555 Preferred Shares classified as Remarketable Variable
Rate MuniFund Term Preferred Shares is hereby designated as the &ldquo;Remarketable Variable Rate MuniFund Term Preferred Shares,
Series 2053&rdquo; (the &ldquo;<U>Series 2053 RVMTP Shares</U>&rdquo;). Each share of such Series shall have such preferences,
voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration, the By-Laws and the
RVMTP Statement (except as the RVMTP Statement may be expressly modified by this Appendix), as are set forth in this <U>Appendix
B</U>. The Series 2053 RVMTP Shares shall constitute a separate series of Preferred Shares and of the Remarketable Variable Rate
MuniFund Term Preferred Shares and each Series 2053 RVMTP Share shall be identical. The following terms and conditions shall apply
solely to the Series 2053 RVMTP Shares:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Authorized Shares of Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of authorized shares is 555.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Original Issuance and the Date of Redesignation with respect to </U></FONT><U>Series</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Date of Original Issuance is September 20, 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference Applicable to Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Liquidation Preference is $100,000.00 per share.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
B</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 99%">Section
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term Redemption Date and Early Term
Redemption Date Applicable to </U></FONT><U>Series</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Term Redemption Date is September 20, 2053, subject to extension pursuant to Section 2.6(a)(ii) of the RVMTP Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial &ldquo;<U>Early Term Redemption Date</U>&rdquo; is September 20, 2026.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment Dates Applicable to Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Dividend Payment Dates are the first Business Day of the month next following each Dividend Period, subject to the definition
of &ldquo;Dividend Period&rdquo; set forth in <U>Section 9</U> below, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 99%">Section
7.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liquidity
Account Initial Date Applicable to Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Liquidity Account Initial Date is the date that is six (6) months prior to the Term Redemption Date or, if applicable, the date
that is six (6) months prior to the then current Term Redemption Date as extended pursuant to Section 2.6(a)(ii) of the RVMTP
Statement or, if such date is not a Business Day, the next succeeding Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exceptions to Certain Definitions Applicable to the Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following definitions contained under the heading &ldquo;Definitions&rdquo; in the RVMTP Statement are hereby amended as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Applicable
Spread</U>&rdquo; means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage per annum set forth opposite
the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination
Date for such Rate Period:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Long-Term
    Ratings*</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fitch</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Applicable
    Spread**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">AAA to AA-</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.95%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">A+ to A-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.15%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">BBB+ to BBB-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.95%</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*And/or
the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating
Agencies then rating the RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**Unless
an Increased Rate Period is in effect and is continuing, in which case the Applicable Spread shall be 5.95%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Rate</U>&rdquo; means, with respect to any Rate Period for a Series of RVMTP </FONT>Shares and subject to the adjustment
described in Section 2.11(a), the greater of (i) the sum of the</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
B</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index
Rate for such Rate Period <U>plus</U> the Applicable Spread for such Rate Period <U>plus</U> the Failed Remarketing Spread (if
applicable) and (ii) the sum of (a) the product of the Index Rate for such Rate Period <U>multiplied by</U> the Applicable Multiplier
for such Rate Period <U>plus</U> (b) 0.95% <U>plus</U> (c) the Failed Remarketing Spread (if applicable); <U>provided</U>, <U>however</U>,
that with respect to any Increased Rate Period, the Dividend Rate shall mean the Increased Rate for such Increased Rate Period;
and <U>provided</U>&nbsp;<U>further</U> that the Dividend Rate for any Rate Period shall in no event exceed the Maximum Rate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 99%">Section
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
Definitions Applicable to the Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in
the plural and vice versa), unless the context otherwise requires:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to the Series 2053 RVMTP Shares, in the case of the first Dividend Period, the period beginning
on the Date of Original Issuance for such Series and ending on and including September 30, 2023 and for each subsequent Dividend
Period, the period beginning on and including the first calendar day of the month following the month in which the previous Dividend
Period ended and ending on and including the last calendar day of such month; <U>provided</U>, <U>however</U>, in connection with
any voluntary exchange by the Holders or Designated Owners thereof of Series 2053 RVMTP Shares for any new series of Remarketable
Variable Rate MuniFund Term Preferred Shares or any other securities of the Fund, the Board of Trustees may declare that a Dividend
Period shall begin on and include the first calendar day of the month in which such exchange will occur and shall end on but not
include the date of such exchange, and in such case, the Dividend Payment Date for such dividend shall be the date of such exchange
and provided further that, in connection with any reorganization or merger involving the Fund, the Board of Trustees may establish
a Dividend Period of less than a month, in which case the Dividend Payment Date for such dividend shall be the first Business
Day following the end of such Dividend Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Increased
Rate</U>&rdquo; means, with respect to the RVMTP Shares, Series 2053, 5.95%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Premium</U>&rdquo; means with respect to each Series 2053 RVMTP Share to be redeemed an amount equal to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optional Redemption Date for such Series 2053 RVMTP Share occurs prior to September 20, 2026, the product of (i) 2.85%, (ii)
the Liquidation Preference of such RVMTP Share and (iii) a fraction, the numerator of which is the number of calendar days from
and including the date of redemption to and including September 20, 2026 and the denominator of which is the actual number of
calendar days from and including September 20, 2023 to and including September 20, 2026; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">none:</FONT></TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
B</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optional Redemption Date for such Series 2053 RVMTP Share occurs on or after September 20, 2026; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any redemption of an amount of RVMTP shares that (a) increases the Fund&rsquo;s 1940 Act Asset Coverage to no greater
than 225% or (b) decreases the Fund&rsquo;s Effective Leverage Ratio to no less than 40%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10. <U>Amendments to Terms of RVMTP Shares Applicable to the Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following provisions contained under the heading &ldquo;Terms of the RVMTP Shares&rdquo; in the RVMTP Statement are hereby amended
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
B</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, PIMCO Municipal Income Fund II has caused this Appendix to be signed on <FONT STYLE="line-height: 95%">September
20</FONT>, 2023 in its name and on its behalf by a duly authorized officer. The Declaration is on file with the Secretary of the
Commonwealth of Massachusetts, </FONT>and the said officer of the Fund has executed this Appendix as an officer and not individually,
and the obligations and rights of the Fund set forth in this Appendix are not binding upon any such officer, or the trustees of
the Fund or shareholders of the Fund, individually, but are binding only upon the assets and property of the Fund.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO MUNICIPAL INCOME FUND </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">II</FONT></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Eric D. Johnson</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Eric D. Johnson</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD></TR>
</TABLE>

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
2</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Statement
Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred
Shares</U></B></FONT></P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENT
ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF <BR>
REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATED
April 17, 2024</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 44.35pt; text-align: right"><B>Page</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding-left: 0in">RECITALS</TD>
    <TD STYLE="width: 10%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0in">DEFINITIONS</TD>
    <TD STYLE="text-align: right">1</TD></TR>
</TABLE>


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<TD STYLE="width: 5%; text-align: center">1.1</TD><TD STYLE="width: 85%">Definitions </TD>
                                                                <TD STYLE="width: 10%; text-align: right">1</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">1.2</TD><TD STYLE="width: 85%">Interpretation </TD>
                                                                <TD STYLE="width: 10%; text-align: right">14</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">1.3</TD><TD STYLE="width: 85%">Liability of Officers, Trustees and Shareholders </TD>
                                                                <TD STYLE="width: 10%; text-align: right">15</TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding-left: 0in">TERMS APPLICABLE TO ALL SERIES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES </TD>
    <TD STYLE="width: 10%; text-align: right">15</TD></TR>
</TABLE>


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<TD STYLE="width: 5%; text-align: center">2.1</TD><TD STYLE="width: 85%">Number of Shares; Ranking </TD>
                                                                <TD STYLE="width: 10%; text-align: right">15</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.2</TD><TD STYLE="width: 85%">Dividends and Distributions </TD>
                                                                <TD STYLE="width: 10%; text-align: right">16</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.3</TD><TD STYLE="width: 85%">Liquidation Rights </TD>
                                                                <TD STYLE="width: 10%; text-align: right">22</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.4</TD><TD STYLE="width: 85%">Coverage &amp; Leverage Tests </TD>
                                                                <TD STYLE="width: 10%; text-align: right">23</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.5</TD><TD STYLE="width: 85%">Mandatory Tender and Remarketing </TD>
                                                                <TD STYLE="width: 10%; text-align: right">25</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.6</TD><TD STYLE="width: 85%">Redemption </TD>
                                                                <TD STYLE="width: 10%; text-align: right">28</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.7</TD><TD STYLE="width: 85%">Voting Rights </TD>
                                                                <TD STYLE="width: 10%; text-align: right">39</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.8</TD><TD STYLE="width: 85%">Rating Agencies </TD>
                                                                <TD STYLE="width: 10%; text-align: right">44</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.9</TD><TD STYLE="width: 85%">Issuance of Additional Preferred Shares </TD>
                                                                <TD STYLE="width: 10%; text-align: right">44</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.10</TD><TD STYLE="width: 85%">Status of Redeemed or Repurchased RVMTP Shares </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">45</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.11</TD><TD STYLE="width: 85%">Distributions with respect to Taxable Allocations </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">45</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.12</TD><TD STYLE="width: 85%">Term Redemption Liquidity Account and Liquidity Requirement for Term Redemption or Early Term Redemption </TD>
                                                                <TD STYLE="width: 10%; text-align: right">46</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.13</TD><TD STYLE="width: 85%">Global Certificate </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">49</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.14</TD><TD STYLE="width: 85%">Notice </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">49</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.15</TD><TD STYLE="width: 85%">Termination </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">49</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.16</TD><TD STYLE="width: 85%">Appendices </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">49</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.17</TD><TD STYLE="width: 85%">Actions on Other than Business Days </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">49</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.18</TD><TD STYLE="width: 85%">Modification </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">49</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.19</TD><TD STYLE="width: 85%">Transfers </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">50</TD></TR></TABLE>

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<TD STYLE="width: 5%; text-align: center">2.20</TD><TD STYLE="width: 85%">No Additional Rights </TD>
                                                                 <TD STYLE="width: 10%; text-align: right">50</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENT
ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PIMCO
Municipal Income Fund II (the &ldquo;<U>Fund</U>&rdquo;), a Massachusetts business trust, certifies </FONT>that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIRST:
</B>The Fund is authorized under Article III of the Fund&rsquo;s Agreement and Declaration of Trust, as amended (which, as hereafter
restated or amended from time to time, is herein called the &ldquo;<U>Declaration</U>&rdquo;), to issue an unlimited number of
Preferred Shares (as defined below), par value $0.00001 per share.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECOND:
</B>Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, effective
March 14, 2024, the Board of Trustees authorized the execution of this Statement and any Appendix hereto for the purposes of the
issuance of Preferred Shares, $0.00001 par value per share, of the Fund, such shares initially classified as Remarketable Variable
Rate MuniFund Term Preferred Shares (&ldquo;RVMTP&rdquo;) and issued in one or more series (each such series, a &ldquo;Series&rdquo;).
The terms related to a Series may be set forth in this Statement through an Appendix (as defined below) attached hereto or in
a separate Statement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIRD:
</B>The number of shares, preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and
conditions of redemption, of each Series of RVMTP subject to this Statement, as now or hereafter authorized by the Board of Trustees,
are set forth in this Statement, as modified, amended or supplemented from time to time in an appendix to this Statement (each,
an &ldquo;<U>Appendix</U>&rdquo;&nbsp;and collectively, the &ldquo;<U>Appendices</U>&rdquo;) specifically relating to such Series
as now or hereafter authorized by the Board of Trustees (each such Series being referred to herein as a &ldquo;<U>Series of RVMTP
Shares</U>,&rdquo; &ldquo;<U>RVMTP Shares of a Series</U>&rdquo; or a &ldquo;Series,&rdquo; and shares of all such Series subject
to this Statement being referred to herein individually as a &ldquo;<U>RVMTP Share</U>&rdquo; and collectively as the &ldquo;<U>RVMTP
Shares</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFINITIONS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Definitions</U>. Unless the context or use
indicates another or different meaning or intent and except with respect to any Series as specifically provided in the Appendix
applicable to such Series, each of the following terms when used in this Statement shall have the meaning ascribed to it below,
whether such term is used in the singular or plural and regardless of tense:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act</U>&rdquo; means the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, or any successor
statute.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act Asset Coverage</U>&rdquo; means &ldquo;asset coverage,&rdquo; as defined for purposes of Section 18(h) of the 1940 Act and
in accordance with Rule 18f-4 thereunder, as applicable, of at least 208% with respect to all outstanding senior securities of
the Fund which are stocks for purposes of the 1940 Act, including any outstanding RVMTP Shares and Auction Preferred Shares (or
such other asset coverage as may in the future be specified in or under the 1940 Act or by rule, regulation or order of the United
States Securities and Exchange Commission as the minimum asset coverage for senior securities which are shares of stock of a closed-end
investment company), determined on the basis of values calculated as of a time within 48 hours (only including Business Days)
next preceding the time of such determination.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Asset
Coverage Cure Date</U>&rdquo; means, with respect to the failure by the Fund to maintain the 1940 Act Asset Coverage (as required
by this Statement) as of the close of business on a Business Day (as required by <U>Section 2.4(a)</U> hereof), the date that
is thirty (30) calendar days following such Business Day.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Additional
Amount Payment</U>&rdquo; means a payment to a Holder of RVMTP Shares of an amount which, when combined with the amount of the
portion of any dividend to which a Taxable Allocation relates, and after imposition of U.S. federal income tax, taking into account
the assumptions in the immediately following sentence, equals the after tax dollar amount of the dividend that would have been
received by such Holder if no Taxable Allocation had been made with respect to such dividend. Such Additional Amount Payment shall
be calculated (i) without consideration being given to the time value of money; (ii) assuming that no Holder is subject to the
federal alternative minimum tax with respect to dividends received from the Fund; and (iii) assuming that each Taxable Allocation
and each Additional Amount Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend
for purposes of Section 852(b)(5) of the Code) would be taxable, (x) in the case of the Purchaser (or (1) any entity taxed as
a corporation that (i) joins in filing a consolidated federal corporate income tax return with the Purchaser, or (ii) is otherwise
an affiliate of the Purchaser and is taxed as a corporation (excluding any such entity that is taxed as a regulated investment
company under Subchapter M of the Code), or (2) any entity that is a direct or indirect wholly-owned subsidiary of one or more
of the entities described in clause (1) (each of the entities described in clauses (1) or (2), a &ldquo;<U>Corporate Affiliate</U>&rdquo;))
at the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable,
in effect at the time such Additional Amount Payment is paid, disregarding in each case the effect of any state or local taxes,
or (y) in the case of any other Holder at the greater of (A) the rate expressed in clause (x), or (B) the maximum marginal regular
federal individual income tax rate applicable to ordinary income or net capital gain, as applicable, in effect at the time such
Additional Amount Payment is paid, disregarding in each case the effect of any state or local taxes, assuming that section 1411
of the Code is applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Adviser</U>&rdquo;
means Pacific Investment Management Company LLC, a Delaware limited liability company, or such other entity as shall be then serving
as the investment adviser of the Fund, and shall include, as appropriate, any sub-adviser duly appointed by the Adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Agent
Member</U>&rdquo; means a Person with an account at the Securities Depository that holds one or more RVMTP Shares through the
Securities Depository, directly or indirectly, for a Designated Owner and that will be authorized and instructed, directly or
indirectly, by a Designated Owner to disclose information to the Remarketing Settlement Agent, if any, and/or the Calculation
and Paying Agent with respect to such Designated Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Appendices</U>&rdquo;
and &ldquo;<U>Appendix</U>&rdquo; shall have the respective meanings as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Applicable
Multiplier</U>&rdquo; means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage set forth opposite
the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination
Date for such Rate Period:</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Long-Term Ratings*</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><B>Fitch</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Applicable Multiplier</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; text-align: center">AAA to AA-</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center">100%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">A+ to A-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">115%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">BBB+ to BBB-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">140%</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*And/or
the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating
Agencies then rating the RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Applicable
Spread</U>&rdquo; means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage per annum set forth opposite
the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination
Date for such Rate Period:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Long-Term
    Ratings*</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Fitch</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Applicable Spread**</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; text-align: center">AAA to AA-</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center">1.30%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">A+ to A-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.80%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">BBB+ to BBB-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.30%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*And/or
the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating
Agencies then rating the RVMTP Shares.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**Unless
an Increased Rate Period is in effect and is continuing, in which case the Applicable Spread shall be 6.45%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Auction
Preferred Shares</U>&rdquo; means any Auction Preferred Shares of the Fund, the preferences, voting powers, restrictions, limitations
as to dividends, qualifications, and terms and conditions of redemption as set forth in the Auction Preferred Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Auction
Preferred Statement</U>&rdquo; means Article 11 (Statement Creating Five Series of Auction Preferred Shares) of the Amended and
Restated Bylaws of the Fund as of September 20, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Banks</U>&rdquo;
shall have the meaning as set forth in <U>Section 2.19(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Below
Investment Grade</U>&rdquo; means, with respect to any Series of RVMTP Shares and as of any date, the following ratings with respect
to each Rating Agency (to the extent it is a Rating Agency on such date):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">lower than BBB-, in the case of Fitch; and </FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower
than an equivalent long-term credit rating to that set forth in clause (i), in the case of any other Rating Agency. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Board
of Trustees</U>&rdquo; means the Board of Trustees of the Fund or any duly authorized committee thereof as permitted by applicable
law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; means any day (a) other than a day on which commercial banks in The City of New York, New York are required or
authorized by law or executive order to close and (b) on which the New York Stock Exchange is not closed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>By-Laws</U>&rdquo;
means the By-Laws of the Fund as amended or restated from time to </FONT>time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Calculation
and Paying Agent</U>&rdquo; means, with respect to any Series, The Bank of New York Mellon and its successors or any other calculation
and paying agent appointed by the Fund with respect to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Calculation
and Paying Agent Agreement</U>&rdquo; means, with respect to any Series, the Calculation and Paying Agent Agreement dated April
17, 2024 by and among the Calculation and Paying Agent, the Fund and certain other Persons, and as the same may be amended, restated
or modified from time to time, or any similar agreement between the Fund and any other calculation and paying agent appointed
by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Closed-End
Funds</U>&rdquo; shall have the meaning as set forth in <U>Section 2.19(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Common
Shares</U>&rdquo; means the common shares of beneficial interest, par value $0.00001 per share, of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Conditional
Acceptance</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.6(a)(ii)(B)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Corporate
Affiliate</U>&rdquo; shall have the meaning as set forth in the definition of &ldquo;Additional Amount Payment&rdquo; in this
<U>Section 1.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Custodian</U>&rdquo;
means a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section
26(a) of the 1940 Act, or such other entity as shall be providing custodian services to the Fund as permitted by the 1940 Act
or any rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified sub-custodian duly appointed
by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Custodian
Agreement</U>&rdquo; means any Custodian Agreement by and between the Custodian and the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Date
of Original Issuance</U>&rdquo; means, with respect to any Series, the date specified as the Date of Original Issuance for such
Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Declaration</U>&rdquo;
shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Default</U>&rdquo;
shall mean a Dividend Default or a Redemption Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Deposit
Securities</U>&rdquo; means, as of any date, any United States dollar-denominated security or other investment of a type described
below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory
redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date,
Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside
as a Deposit Security:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash
                                         or any cash equivalent; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         U.S. Government Obligation; </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Municipal Security that has a credit rating from at least one NRSRO that is the highest applicable rating generally ascribed by
such NRSRO to Municipal Securities with substantially similar terms as of the date of this Statement (or such rating&rsquo;s future
equivalent or, if not rated, as determined by PIMCO to be of comparable quality), including (A) any such Municipal Security that
has been pre-refunded by the issuer thereof with the proceeds of such refunding having been irrevocably deposited in trust or
escrow for the repayment thereof and (B) any such fixed or variable rate Municipal Security that qualifies as an eligible security
under Rule 2a-7 under the 1940 Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar
investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Municipal Securities or U.S.
Government Obligations or any combination thereof; or </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
letter of credit from a bank or other financial institution that has a credit rating from at least one NRSRO that is the highest
applicable rating generally ascribed by such NRSRO to bank deposits or short-term debt of similar banks or other financial institutions
as of the date of this Statement (or such rating&rsquo;s future equivalent or, if not rated, as determined by PIMCO to be of comparable
quality). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Designated
Owner</U>&rdquo; means a Person in whose name RVMTP Shares of any Series are recorded as beneficial owner of such RVMTP Shares
by the Securities Depository, an Agent Member or other securities intermediary on the records of such Securities Depository, Agent
Member or securities intermediary, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Designated
Owner Term Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(ii)(A)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Default</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Payment Date</U>&rdquo; means, with respect to any Series, the first Business Day of each calendar month that any shares of such
Series are outstanding; <U>provided, however,</U> that with respect to any Series for which the first Dividend Period, as specified
in the Appendix relating to such Series, is longer than one month, the first Dividend Payment Date for such Series shall be the
first Business Day of the calendar month immediately following the end of such Dividend Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to any Series, the Dividend Period for such Series set forth in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Rate</U>&rdquo; means, with respect to any Rate Period for a Series of RVMTP Shares and subject to the adjustment described in
<U>Section 2.11(a)</U>, the greater of (i) the sum of the Index Rate for such Rate Period <U>plus</U> the Applicable Spread for
such Rate Period <U>plus</U> the Failed Remarketing Spread and (ii) the sum of (a) the product of the Index Rate for such Rate
Period <U>multiplied by </U>the Applicable Multiplier for such Rate Period plus (b) 1.30% <U>plus</U>&nbsp;(c) the Failed Remarketing
Spread; <U>provided</U>, <U>however</U>, that with respect to any Increased Rate Period, the Dividend Rate shall mean the Increased
Rate for such Increased Rate Period; and <U>provided</U>&nbsp;<U>further</U> that the Dividend Rate for any Rate Period shall
in no event exceed the Maximum Rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Early
Term Redemption Date</U>&rdquo; means, with respect to any Series, the date specified as the Early Term Redemption Date (if any)
in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Early
Term Redemption Price</U>&rdquo; means with respect to any Series, the price per share equal to the Liquidation Preference per
share plus an amount equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from and including
the Date of Original Issuance of such Series of RVMTP Shares to (but excluding) the Early Term Redemption Date with respect to
such Series of RVMTP Shares (whether or not earned or declared by the Fund, but excluding interest thereon).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effective
Leverage Ratio</U>&rdquo; shall have the meaning as set forth in <U>Section 2.4(d)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effective
Leverage Ratio Cure Date</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.6(b)(ii)(A)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Electronic
Means</U>&rdquo; means email transmission, facsimile transmission or other similar electronic means of communication providing
evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending
party and the receiving party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly
confirmed by any other method set forth in this definition), which, in the case of notices to the Calculation and Paying Agent
and the Custodian, shall be sent by such means to each of its representatives set forth in the Calculation and Paying Agent Agreement
and the Custodian Agreement, respectively; <U>provided</U>, <U>however</U>, that solely with respect to communications sent to
the Calculation and Paying Agent Agreement, facsimile transmission shall not be considered Electronic Means.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Remarketing</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(c)(i)</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Remarketing Spread</U>&rdquo; means (i) for so long as two or more Failed Remarketings have not occurred, 0%, and (ii) following
the second occurrence of a Failed Remarketing, 0.15% multiplied by the number of Failed Remarketings that have occurred after
the first Failed Remarketing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fitch</U>&rdquo;
means Fitch Ratings, a part of the Fitch Group, and any successor or successors thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fund</U>&rdquo;
shall have the meaning as set forth in the Preamble to this Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder</U>&rdquo;
means, with respect to the RVMTP Shares of any Series or any other security issued by the Fund, a Person in whose name such security
is registered in the registration books of the Fund maintained by the Calculation and Paying Agent or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder
Term Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.6(a)(iii)</U>.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Increased
Rate</U>&rdquo; means, with respect to any Increased Rate Period for a Series of RVMTP Shares, the Index Rate for such Increased
Rate Period plus an Applicable Spread of 6.45%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Increased
Rate Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Index
Rate</U>&rdquo; means, with respect to any Rate Period for a Series of RVMTP Shares, the SIFMA Municipal Swap Index made available
by 4:00 p.m., New York City time, as determined on the Rate Determination Date relating to such Rate Period or, except as otherwise
provided in the definition of &ldquo;SIFMA Municipal Swap Index&rdquo; if such index is not made available by 5:00 p.m., New York
City time, on such date, the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date; provided, however,
if the SIFMA Municipal Swap Index is less than zero (0), the SIFMA Municipal Swap Index will be deemed to be zero (0) for purposes
of the determination of the &ldquo;Index Rate&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Initial
Rate Period</U>&rdquo; means, with respect to the RVMTP Shares of any Series, the period commencing on and including the Date
of Original Issuance thereof and ending on, and including, the next succeeding calendar day that is a Wednesday (or if such Wednesday
is not a Business Day, the next succeeding Business Day).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidation
Preference</U>&rdquo; means, with respect to any Series, the amount specified as the liquidation preference per share for that
Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Account Initial Date</U>&rdquo; means, with respect to any Series, the date designated as the Liquidity Account Initial Date in
the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Account Investments</U>&rdquo; means Deposit Securities or any other security or investment owned by the Fund that is rated not
less than A3 by Moody&rsquo;s, A- by Standard &amp; Poor&rsquo;s, A- by Fitch or an equivalent rating by any other NRSRO (or any
such rating&rsquo;s future equivalent) or if not rated, determined by the Adviser to be of comparable quality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Requirement</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(b).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Asset Coverage Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(b)(i)(A)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender</U>&rdquo; means, in connection with a Remarketing, the required tender of all RVMTP Shares of a particular Series (except
to the extent affirmatively retained by any applicable Holder of RVMTP Shares of such Series pursuant to <U>Section 2.5(a)(iv)</U>)
to the Remarketing Settlement Agent for purchase on the applicable Mandatory Tender Date</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Date</U>&rdquo; shall have the meaning as set forth in <U>Section </U></FONT><U>2.5(a)(iii)(C)</U>.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Event</U>&rdquo; shall have the meaning as set forth in <U>Section 2.5(a)(i)(C)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Redemption Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Market
Value</U>&rdquo; of any asset of the Fund means, for securities for which market quotations are readily available, the market
value thereof determined on the basis of official closing prices or the last reported sales prices on the valuation date, or if
no sales are reported on the valuation date, based on quotes obtained from established market makers or prices (including evaluated
prices) supplied by the Fund&rsquo;s approved pricing services, quotation reporting systems and other third-party sources. Investments
for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith
by the Board of Trustees or persons acting at their direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Maximum
Rate</U>&rdquo; means 15% per annum.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Moody&rsquo;s</U>&rdquo;
means Moody&rsquo;s Investors Service, Inc. and any successor or successors </FONT>thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Municipal
Securities</U>&rdquo; means municipal securities as described under the heading &ldquo;Portfolio Contents&rdquo; in the prospectus
or other offering document for a Series of RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>No
Adverse Effect Opinion</U>&rdquo; means an opinion of independent counsel nationally recognized for having expertise in the taxation
of regulated investment companies to the effect that the requested action, if undertaken, will not have an adverse effect on any
of the opinions of counsel delivered in connection with the issuance of the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Mandatory Tender</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(a)(ii).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Redemption</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(e)(i).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Special Terms Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(h)(iii)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Taxable Allocation</U>&rdquo; shall have the meaning as set forth in <U>Section 2.11(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>NRSRO</U>&rdquo;
means (a) each of Fitch, Moody&rsquo;s and Standard &amp; Poor&rsquo;s so long as such Person is a nationally recognized statistical
rating organization within the meaning of Section 3(a)(62) of the Exchange Act and (b) any other nationally recognized statistical
rating organization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">within
the meaning of Section 3(a)(62) of the Exchange Act that is not an &ldquo;affiliated person&rdquo; (as defined in Section 2(a)(3)
of the 1940 Act) of the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Premium</U>&rdquo; means, with respect to any Series, the premium payable by the Fund upon the redemption of RVMTP
Shares of such Series at the option of the Fund, as set forth in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Other
Rating Agency</U>&rdquo; means each Rating Agency, if any, other than Fitch, Standard &amp; Poor&rsquo;s, or Moody&rsquo;s then
providing a rating for the RVMTP Shares pursuant to the request of the Fund and with the consent of the Holders of a majority
of the RVMTP Shares, which shall not be unreasonably withheld by such Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Outstanding</U>&rdquo;
means, as of any date with respect to RVMTP Shares of any Series, the number of RVMTP Shares of such Series theretofore issued
by the Fund except (without duplication):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any RVMTP Shares of such Series theretofore exchanged,
cancelled, retired or redeemed or delivered to the Calculation and Paying Agent for cancellation or redemption in accordance with
the terms hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
RVMTP Shares of such Series as to which the Fund shall has given a Notice of Redemption and irrevocably deposited with the Calculation
and Paying Agent sufficient Deposit Securities to redeem such shares in accordance with <U>Section 2.6</U> hereof; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
RVMTP Shares of such Series as to which the Fund is the Holder or the Designated Owner. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
means and includes an individual, a partnership, a trust, a corporation, a limited liability company, an unincorporated association,
a joint venture or other entity or a government or any agency or political subdivision thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>PIMCO
Person</U>&rdquo; means the Adviser or any affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of the Adviser (other
than the Fund, in the case of a redemption or purchase of the RVMTP Shares which are to be cancelled within ten (10) calendar
days of purchase by the Fund).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Preferred
Shares</U>&rdquo; means the authorized preferred shares of beneficial interest of the Fund, including RVMTP Shares of each Series,
Auction Preferred Shares, shares of any other</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">series
of preferred shares of beneficial interest now or hereafter issued by the Fund, and any other shares of beneficial interest hereafter
authorized and issued by the Fund of a class having priority over another class as to distribution of assets or payments of dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Pro
Rata Allocation</U>&rdquo; shall have the meaning set forth in <U>Section 2.6(b)(i)(A).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchase
Agreement</U>&rdquo; shall have the meaning set forth in the Appendix.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchaser</U>&rdquo;
means Banc of America Preferred Funding Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rate
Determination Date</U>&rdquo; means, with respect to the Initial Rate Period for any Series of RVMTP Shares, the calendar day
immediately preceding the Date of Original Issuance of such Series, and with respect to any Subsequent Rate Period for any Series
of RVMTP Shares, the last calendar day of the immediately preceding Rate Period for such Series or, if such calendar day is not
a Business Day, the next succeeding Business Day; <U>provided</U>, <U>however,</U> that the next succeeding Rate Determination
Date will be determined without regard to any prior extension of a Rate Determination Date to a Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rate
Period</U>&rdquo; means, with respect to any Series of RVMTP Shares, the Initial Rate Period and any Subsequent Rate Period of
the RVMTP Shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rating
Agency</U>&rdquo; means, as of any date and in respect of a Series of RVMTP Shares, </FONT>(i) any of Fitch, Moody&rsquo;s,
or Standard &amp; Poor&rsquo;s, to the extent it maintains a rating on the RVMTP Shares of such Series on such date and has
not been replaced as a Rating Agency in accordance with <U>Section 2.8</U> and (ii) any Other Rating Agency designated as a
Rating Agency on such date in accordance with <U>Section 2.8</U>. In the event that at any time any Rating Agency (i) ceases
to be a Rating Agency for purposes of any Series of RVMTP Shares and such Rating Agency has been replaced by an Other Rating
Agency in accordance with <U>Section 2.8</U>, any references to any credit rating of the replaced Rating Agency in this
Statement or any Appendix shall be deleted for purposes hereof as provided below and shall be deemed instead to be references
to the equivalent credit rating of the Other Rating Agency that has replaced such Rating Agency as of the most recent date on
which such replacement Other Rating Agency published credit ratings for such Series of RVMTP Shares or (ii) designates a new
rating definition for any credit rating of such Rating Agency with a corresponding replacement rating definition for such
credit rating of such Rating Agency, any references to such replaced rating definition of such Rating Agency contained in
this Statement or any Appendix shall instead be deemed to be references to such corresponding replacement rating definition.
In the event that at any time the designation of any Rating Agency as a Rating Agency for purposes of any Series of RVMTP
Shares is terminated in accordance with <U>Section 2.8</U>, any rating of such terminated Rating Agency, to the extent it
would have been taken into account in any of the provisions of this Statement or the Appendix for such Series, shall be
disregarded, and only the ratings of the then-designated Rating Agencies for such Series shall be taken into account for
purposes of this Statement and such Appendix.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rating
Agency Guidelines</U>&rdquo; means the guidelines of any Rating Agency, as they may be amended or modified from time to time,
compliance with which is required to cause such Rating Agency to continue to issue a rating with respect to a Series of RVMTP
Shares for so long as such Series is Outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Rating
Agency Withdrawal&rdquo; shall have the meaning set forth in S<U>ection </U></FONT><U>2.2(g)(i)(C).</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ratings
Event</U>&rdquo; shall have the meaning set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Date</U>&rdquo; means, with respect to a redemption pursuant to <U>Section 2.6(a)(i), (b) or (c)</U>, the date fixed for redemption
as stated in the Notice of Redemption with respect to such redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Default</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Price</U>&rdquo; shall mean the Term Redemption Price, the Mandatory Asset Coverage Redemption Price, the Mandatory Tender Redemption
Price, or the Optional Redemption Price, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Rights Agreement</U>&rdquo; means the registration rights agreement or other similar agreement (if any) specified in the Appendix,
as such agreement may be amended, restated, or modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing</U>&rdquo;
means the offering of RVMTP Shares for resale as described in </FONT><U>Section 2.5(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Purchase Price</U>&rdquo; means, with respect to the RVMTP Shares subject to a Remarketing, a price per share equal to the Liquidation
Preference per share plus an amount equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from
and including the Date of Original Issuance of such RVMTP Shares to (but excluding) the Mandatory Tender Date for such RVMTP Shares
(whether or not earned or declared by the Fund, but excluding interest thereon).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Settlement Agent</U>&rdquo; means the entity appointed as such by the Fund with respect to a Remarketing of any Series of the
RVMTP Shares and any additional or successor entities appointed by the Fund pursuant to a Remarketing Settlement Agent Agreement
with the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Settlement Agent Agreement</U>&rdquo; means the Remarketing Settlement Agent Agreement, if any, with respect to the RVMTP Shares,
between the Fund and the Remarketing Settlement Agent and any other party thereto, as amended, modified or supplemented from time
to time, or any similar agreement with a successor Remarketing Settlement Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RVMTP&rdquo;
shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP
Shares</U>&rdquo; shall have the meaning as set forth in the Recitals of this </FONT>Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP
Shares of a Series</U>&rdquo; shall have the meaning as set forth in the Recitals of </FONT>this Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; means the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Depository</U>&rdquo; shall mean The Depository Trust Company and its successors and assigns or any other securities depository
selected by the Fund that agrees to follow the procedures required to be followed by such securities depository as set forth in
this Statement with respect to the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Series</U>&rdquo;
and &ldquo;<U>Series of RVMTP Shares</U>&rdquo; shall have the meanings as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>SIFMA
Municipal Swap Index</U>&rdquo; means the Securities Industry and Financial Markets Association Municipal Swap Index, or such
other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data,
Inc. or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; <U>provided</U>,
<U>however</U>, that if such index is no longer produced by Municipal Market Data, Inc. or its successor, then SIFMA Municipal
Swap Index shall mean (i) the S&amp;P Municipal Bond 7 Day High Grade Rate Index produced by Standard &amp; Poor&rsquo;s Financial
Services LLC or its successors or (ii) if the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other
reasonably comparable index selected in good faith by the Board of Trustees of the Fund and consented to in writing by Holders
of greater than 50% of each Series of RVMTP Shares affected by the unavailability of the SIFMA Municipal Swap Index.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Special
Terms Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(h)(i).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Standard
&amp; Poor&rsquo;s</U>&rdquo; means Standard &amp; Poor&rsquo;s Ratings Services, a Standard &amp; Poor&rsquo;s Financial Services
LLC business, and any successor or successors thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Statement</U>&rdquo;
means this Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred
Shares, as it may be amended from time to time in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subsequent
Rate Period</U>&rdquo; means, with respect to any Series of RVMTP Shares, the period consisting of seven calendar days, but adjusted
in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from,
and including, the first calendar day following the Initial Rate Period of such Series to, and including, the next Rate Determination
Date for such Series and any period thereafter from, and including,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
first calendar day following a Rate Determination Date for shares of such Series to, and including, the next succeeding Rate Determination
Date for shares of such Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Tax
Event</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)(E).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Taxable
Allocation</U>&rdquo; means, with respect to any Series, the characterization of all or a portion of any dividend paid in respect
of such Series as net capital gains or other income taxable for regular federal individual income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Amount</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(a).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Date</U>&rdquo; means, with respect to any Series, the date specified as the Term Redemption Date in the Appendix for
such Series, as such date may be extended in accordance with <U>Section 2.6(a)</U> or as may otherwise be agreed in writing by
the Fund and the Holders of 100% of the Outstanding RVMTP Shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Liquidity Account</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a).</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Government Obligations</U>&rdquo; means direct obligations of the United States or of its agencies or instrumentalities that are
entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the
periodic payment of interest and the full payment of principal at maturity or call for redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Voting
Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.7(b)(i)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to any Series, any additional definitions specifically set forth in the Appendix relating to such Series and any amendments
to any definitions specifically set forth in the Appendix relating to such Series, as such Appendix may be amended from time to
time, shall be incorporated herein and made part hereof by reference thereto, but only with respect to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Interpretation</U>. The headings preceding
the text of Sections included in this Statement are for convenience only and shall not be deemed part of this Statement or be
given any effect in interpreting this Statement. The use of the masculine, feminine or neuter gender or the singular or plural
form of words herein shall not limit any provision of this Statement. The use of the terms &ldquo;including&rdquo; or &ldquo;include&rdquo;
shall in all cases herein mean &ldquo;including, without limitation&rdquo; or &ldquo;include, without limitation,&rdquo; respectively.
Any reference herein or in the Purchase Agreement to the Fund&rsquo;s assets or investments shall include (or &ldquo;look through&rdquo;
to) any assets or investments of any wholly-owned subsidiary of the Fund. Reference to any Person includes such Person&rsquo;s
successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference
to a Person in a particular capacity excludes such Person in</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
other capacity or individually. Reference to any agreement (including this Statement), document or instrument means such agreement,
document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable,
the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified,
replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated
thereunder. Underscored references to Sections shall refer to those portions of this Statement. The use of the terms &ldquo;hereunder,&rdquo;
&ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; and words of similar import shall refer to this Statement as a whole and not to any
particular Article, Section or clause of this Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise provided, defined terms used in this Statement apply only to the RVMTP Shares and defined terms used in the Auction
Preferred Statement apply only to the Auction Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liability of Officers, Trustees and Shareholders</U>.
A copy of the Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and notice hereby is given that
this Statement is executed on behalf of the Fund by an officer of the Fund in his or her capacity as an officer of the Fund and
not individually and that the obligations of the Fund under or arising out of this Statement are not binding upon any of the trustees,
officers or shareholders individually but are binding only upon the assets and properties of the Fund. All persons extending credit
to, contracting with or having a claim against the Fund must look solely to the Fund&rsquo;s assets and property for the enforcement
of any claims against the Fund as none of the Fund&rsquo;s officers, agents or shareholders, whether past, present or future,
assume any personal liability for obligations entered on behalf of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMS
APPLICABLE TO ALL SERIES OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REMARKETABLE
VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for such changes and amendments hereto with respect to a Series of RVMTP Shares that are specifically contemplated by the Appendix
relating to such Series, each Series of RVMTP Shares subject to this Statement shall have the following terms:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Number
                                         of Shares; Ranking</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of authorized shares constituting any Series of RVMTP Shares shall be as set forth with respect to such Series in the Appendix
hereto relating to such Series. No fractional RVMTP Shares shall be issued. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RVMTP Shares of each Series shall rank on a parity with RVMTP Shares of each other Series and with shares of any other series
of Preferred Shares (including any Auction Preferred Shares) as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of the affairs of the Fund. The RVMTP Shares of each Series shall have preference with
respect to the payment of </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividends
and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the Common Shares
as set forth herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Holder of RVMTP Shares shall have, solely by reason of being such a Holder, any pre-emptive or other right to acquire, purchase
or subscribe for any RVMTP Shares or Common Shares or other securities of the Fund which it may hereafter issue or sell. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Dividends
                                         and Distributions</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holders of RVMTP Shares of any Series shall be entitled to receive, when, as and if declared by, or under authority granted by,
the Board of Trustees, out of funds legally available therefor in accordance with the Declaration, this Statement, and applicable
law, and in preference to dividends and other distributions on Common Shares, cumulative cash dividends and other distributions
on each share of such Series at the Dividend Rate for such Series, calculated as set forth herein, and no more. Dividends and
other distributions on the RVMTP Shares of any Series shall accumulate from the Date of Original Issuance with respect to such
Series. The amount of dividends per share payable on RVMTP Shares of a Series on any Dividend Payment Date shall equal the sum
of the dividends accumulated but not yet paid for each Rate Period (or part thereof) in the related Dividend Period. The amount
of dividends per share of a Series accumulated for each such Rate Period (or part thereof) shall be computed by (i) multiplying
the Dividend Rate in effect for RVMTP Shares of such Series for such Rate Period (or part thereof) by &nbsp;</FONT>a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fraction,
the numerator of which shall be the actual number of calendar days in such Rate Period (or part thereof) and the denominator of
which shall be the actual number of calendar days in the year in which such Rate Period (or such part thereof) occurs (365 or
366) and (ii) multiplying the product determined pursuant to clause (i) by the Liquidation Preference for a share of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
on RVMTP Shares of each Series with respect to any Dividend Period shall be declared to the Holders of such shares as their names
shall appear on the registration books of the Fund at the close of business on each calendar day in such Dividend Period and shall
be paid as provided in <U>Section 2.2(f)</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
No full dividends or other distributions shall be declared or paid on shares of a Series of RVMTP Shares for any Dividend Period
or part thereof unless full cumulative dividends and other distributions due through the most recent dividend payment dates therefor
for all outstanding Preferred Shares (including shares of other Series of RVMTP Shares and the Auction Preferred Shares) ranking
on a parity with such Series of RVMTP Shares have been or contemporaneously are declared and paid through the most recent dividend
payment dates therefor. If full cumulative dividends or other distributions due have not been declared and paid on all such outstanding
Preferred Shares &nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
any series, any dividends and other distributions being declared and paid on RVMTP Shares of a Series will be declared and paid
as nearly pro rata as possible in proportion to the respective amounts of dividends and other distributions accumulated but unpaid
on the shares of each such series of Preferred Shares (including, without limitation, the Auction Preferred Shares) on the relevant
dividend payment date for such series. Subject to <U>Section 2.11</U>&nbsp;hereof and Section 2.3 of the Purchase Agreement, no
Holders of RVMTP Shares shall be entitled to any dividends or other distributions, whether payable in cash, property or shares,
in excess of full cumulative dividends and other distributions as provided in this <U>Section 2.2(c)(i)</U>&nbsp;on such RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For so long as any RVMTP Shares are Outstanding,
the Fund shall not: (x) declare or pay any dividend or other distribution (other than a dividend or distribution paid in Common
Shares) in respect of the Common Shares, </FONT>(y) call for redemption, redeem, purchase or otherwise acquire for consideration
any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case,
(A) immediately thereafter, the Fund shall have asset coverage of at least 200% as calculated in accordance with <U>Section 2.4(b)</U>&nbsp;and
the definition of 1940 Act Asset Coverage herein (except, for the avoidance of doubt, that the asset coverage referenced in this
<U>Section 2.2(c)(ii)(A)</U>&nbsp;shall not require at least 208% asset coverage), in each case after deducting the amount of
such dividend or distribution or redemption or purchase price or liquidation proceeds, (B) all cumulative dividends and other
distributions on all RVMTP Shares and all other series of Preferred Shares ranking on a parity with the RVMTP Shares (including
the Auction Preferred Shares) due on or prior to the date the applicable dividend, distribution, redemption, purchase or acquisition
shall have been declared and paid (or shall have been declared and Deposit Securities (in the case of the RVMTP Shares) or other
sufficient securities or funds (in the case of other Preferred Shares, as applicable) for the payment thereof shall have been
deposited irrevocably with the paying agent for such Preferred Shares) and (C) the Fund shall have deposited Deposit Securities
pursuant to and in accordance with the requirements of <U>Section 2.6(e)(ii)</U> hereof with respect to Outstanding RVMTP Shares
of any Series to be redeemed pursuant to <U>Section 2.6(a)</U> or <U>Section 2.6(b)</U> hereof for which a Notice of Redemption
shall have been given or shall have been required to be given in accordance with the terms hereof on or prior to the date of the
applicable dividend, distribution, redemption, purchase or acquisition. For the avoidance of doubt, Section 11.2(d) of the Auction
Preferred Statement contains additional provisions that restrict the declaration and payment of dividends and other distributions
with respect to Common Shares and parity shares.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dividend payment made on RVMTP Shares of
a Series shall first be credited against the dividends and other distributions accumulated with respect to the earliest Dividend
Period for such Series for which dividends and distributions have not been paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
later than 12:00 noon, New York City time, on the Dividend Payment Date for a Series of RVMTP Shares, the Fund shall deposit with
the Calculation and Paying Agent Deposit Securities having an aggregate Market Value on such date sufficient to pay the dividends
and other distributions, if any, that are payable on such Dividend Payment Date in respect of such Series. The Fund may direct
the Calculation and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities so deposited prior
to the Dividend Payment Date, provided that such investment consists exclusively of Deposit Securities and provided further that
the proceeds of any such investment will be available as same-day funds at the opening of business on such Dividend Payment Date.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Deposit Securities deposited with the Calculation and Paying Agent for the payment of dividends payable on a Series of RVMTP Shares
shall be held in trust for the payment of such dividends by the Calculation and Paying Agent for the benefit of the Holders of
such Series entitled to the payment of such dividends pursuant to <U>Section 2.2(f)</U>. Any moneys paid to the Calculation and
Paying Agent in accordance with the foregoing but not applied by the Calculation and Paying Agent to the payment of dividends,
including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as soon as
possible after the date on which such moneys were to have been so applied, upon request of the Fund. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and any distributions made pursuant to <U>Section 2.11(a)</U> on RVMTP Shares of a Series shall be paid on each Dividend Payment
Date for such Series, out of funds legally available therefor under applicable law, when, as and if declared by the Board of Trustees,
or under authority granted by, and pursuant to <U>Section 2.2(a)</U> hereof, to the Holders of shares of such Series as their
names appear on the registration books of the Fund at the close of business on the calendar day immediately preceding such Dividend
Payment Date (or if such calendar day is not a Business Day, the next preceding Business Day). Dividends and any distributions
made pursuant to <U>Section 2.11(a)</U> in arrears on RVMTP Shares of a Series for any past Dividend Period may be declared and
paid at any time, without reference to any regular Dividend Payment Date, to the Holders of shares of such Series as their names
appear on the registration books of the Fund on such date, not exceeding fifteen (15) calendar days preceding the payment date
thereof, as may be fixed by the Board of Trustees. No interest or sum of money in lieu of interest will be payable in respect
of any dividend payment or payments or other distributions on RVMTP Shares of any Series which may be in arrears. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 72pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
                                         Increased Rate </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Dividend Rate on a Series of RVMTP Shares shall be adjusted to the Increased Rate for each Increased Rate Period (as hereinafter
defined). Subject to the cure provisions of Section 2.2(g)(iii), a Rate Period with respect to a Series of RVMTP Shares shall
be deemed to be an &ldquo;Increased Rate Period&rdquo; if on the first calendar day of such Rate Period, (A) the Fund has failed
to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on a Dividend Payment Date for such Series,
Deposit Securities that will provide funds available to the Calculation and Paying Agent on such Dividend Payment Date sufficient
to pay the full amount of any dividend on such Series payable on such Dividend Payment Date (a &ldquo;Dividend Default&rdquo;)
and such Dividend Default has not ended as contemplated by Section 2.2(g)(ii); (B) the Fund has failed to deposit with the Calculation
and Paying Agent by 12:00 noon, New York City time, on an applicable Redemption Date for such Series, Deposit Securities that
will provide funds available to the Calculation and Paying Agent on such Redemption Date sufficient to pay the full amount of
the Redemption Price payable in respect of such Series on such Redemption Date (a &ldquo;Redemption Default&rdquo;) and such Redemption
Default has not ended as contemplated by Section 2.2(g)(ii); (C) any Rating Agency has withdrawn the credit rating required to
be maintained with respect to such Series pursuant to Section 2.8 other than due to the Rating Agency ceasing to rate tax-exempt
closed-end management investment companies generally and such withdrawal is continuing (a &ldquo;Rating Agency Withdrawal&rdquo;);
(D) </FONT>a&nbsp;Ratings Event (as defined below) has occurred and is continuing with
respect to such Series; or (E) (i) a court or other applicable governmental authority has made a&nbsp;final
determination that for U.S. federal income tax purposes the RVMTP Shares do not qualify as equity in the Fund and such determination
has not been repealed, revoked or rescinded and (ii) such determination results from an act or failure to act on the part of the
Fund (a &ldquo;Tax Event&rdquo;). A &ldquo;Ratings Event&rdquo; shall be deemed to exist with respect to any Series of RVMTP Shares
at any time such RVMTP Shares have a&nbsp;long-term credit rating from at least one-half
of the Rating Agencies designated at such time that is Below Investment Grade. For the avoidance of doubt, no determination by
any court or other applicable governmental authority that requires the Fund to make an Additional Amount Payment in respect of
a Taxable Allocation shall be deemed to be a Tax Event hereunder. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the cure provisions of <U>Section 2.2(g)(iii)</U>, a Dividend Default or a Redemption Default on a Series of RVMTP Shares shall
end on the Business Day on which, by 12:00 noon, New York City time, an amount equal to all accumulated but unpaid dividends on
such Series and any unpaid </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
Price on such Series shall have been deposited irrevocably in trust in same-day funds with the Calculation and Paying Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Increased Rate Period for a Series of RVMTP Shares with respect to any Dividend Default or Redemption Default on such Series shall
be deemed to have commenced if the amount of any dividend or any Redemption Price due in respect of such Series (if such Default
is not solely due to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Calculation
and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3) Business Days after the
applicable Dividend Payment Date or Redemption Date for such Series with respect to which such Default occurred. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designation
                                         of Special Terms Period. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0.5in; text-indent: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Right
to Declare a Special Terms Period</U>. The Fund, acting </FONT>in its sole and absolute discretion but otherwise subject to
the terms of this Statement, may designate a &ldquo;<U>Special Terms Period</U>&rdquo; with respect any Series of RVMTP
Shares (which, for the avoidance of doubt, shall apply to all RVMTP Shares of such Series), during which period, such terms
may differ from those provided in this Statement and may include, without limitation, changes to the Dividend Rate, Dividend
Payment Dates, redemption provisions (including, without limitation, the Term Redemption Date or the Early Term Redemption
Date), required Effective Leverage Ratio, and Additional Amount Payment provisions; provided that such special terms shall
not, in any event, affect the parity ranking of such Series of RVMTP Shares relative to any other Series of RVMTP Shares, the
Auction Preferred Shares or any other series of Preferred Shares of the Fund then outstanding as to the payment of dividends
and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. The effectiveness of
any change to the terms of the RVMTP Shares pursuant to the exercise by the Fund of its option to designate a Special Terms
Period with respect to any Series of RVMTP Shares shall be subject to the filing of an amendment to the terms of such RVMTP
Shares that has been approved by the Board of Trustees and approved by 100% of the Holders of the affected Series of RVMTP
Shares in the manner set forth in <U>Section 2.7(a)</U>. For the avoidance of doubt, (A) the terms of any such Special Terms
Period that may be designated pursuant to the foregoing sentence shall amend and/or replace the applicable provisions of this
Statement (and/or the relevant Appendix for the affected Series) that are in effect at the time such Special Terms Period is
declared and (B) subject to <U>Section 2.5(a)</U>, the terms of the Statement that were in effect at the most recent time
during which no Special Terms Period was in effect will automatically continue to be in effect immediately following the end
of a Special Terms Period unless a subsequent Special Terms Period has been declared that will take effect
immediately following the prior Special Terms Period, if the Holders of the RVMTP Shares have made an election to</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">retain
the RVMTP Shares with respect to the Mandatory Tender Date corresponding to the final date of such Special Terms Period and/or
the RVMTP Shares of any Holders that have not made such election, if any, are Remarketed pursuant to <U>Section 2.5(b)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Length of and Preconditions for Special Terms
Period</U>. Any Special Terms Period shall commence on a designated Thursday and end on the earlier of a designated Wednesday
or the applicable Redemption Date or Mandatory Tender Redemption Date, as the case may be. A designation of a Special Terms Period
shall be effective only if (1) notice thereof shall have been given to the Holders of the affected Series of RVMTP Shares in accordance
with <U>Section 2.2(h)(ii)</U>&nbsp;and <U>(iii)</U>, (2) full cumulative dividends and any amounts due with respect to redemptions
payable on the affected Series of RVMTP Shares prior to such date have been paid in full, (3) such designation of a Special Terms
Period shall not become effective prior to 18 months subsequent to the Date of Original Issuance of the affected Series of RVMTP
Shares, (4) all of the Outstanding RVMTP Shares of the affected Series shall be subject to such Special Terms Period, and (5)
all of the Outstanding RVMTP Shares of the affected Series that are subject to Remarketing in connection with the redemption triggered
by the declaration of the Special Terms Period are successfully Remarketed (except to the extent any applicable Holders of such
affected Series of RVMTP Shares have affirmatively elected to retain their RVMTP Shares of such Series for the Special Terms Period).
Any failure to satisfy the preconditions to a Special Terms Period shall result in such Special Terms Period not becoming effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice of Special Terms Period</U>. If the
Fund proposes to designate a Special Terms Period, not less than 20 Business Days (or such lesser number of days as may be agreed
to from time to time by the Holders of the affected Series of RVMTP Shares and the Remarketing Settlement Agent) nor more than
30 Business Days prior to the date the Fund proposes to designate as the first day of such Special Terms Period, a notice (a &ldquo;<U>Notice
of Special Terms Period</U>&rdquo;) shall be sent by the Fund or its designee by Electronic Means (or by first-class mail, postage
prepaid, where the RVMTP Shares of the affected Series are in physical form outside the book-entry system of the Securities Depository)
to the Holders of the affected Series of RVMTP Shares, with copies provided by the Fund to the Remarketing Settlement Agent and
the Calculation and Paying Agent via Electronic Means and by the Fund or its designee to the initial Holder of the affected Series
of RVMTP Shares in accordance with the notice provisions in the Purchase Agreement. Each such notice shall state (A) that the
Fund has exercised its option to propose a Special Terms Period with respect to such Series of RVMTP Shares, (B) the Rate Determination
Date immediately prior to the first day of such Special Terms Period, (C) that such Special Terms Period shall not commence unless
the conditions precedent thereto in <U>Section 2.2(h)(ii)</U> are satisfied, (D) a description of the special terms to be applicable
to such Series of RVMTP Shares and (E) the date upon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
such Series of RVMTP Shares shall be subject to Remarketing pursuant to <U>Section 2.5(b)</U>&nbsp;(except to the extent affirmatively
retained by any applicable Holder of RVMTP Shares of such Series pursuant to <U>Section 2.5(a)(iv)</U>). The Fund may provide
in any Notice of Special Terms Period that such Special Terms Period is subject to one or more additional conditions precedent,
in which case the special terms of such Special Terms Period shall not become effective unless each such additional condition
has been satisfied or the Fund has waived each such condition.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liquidation
                                         Rights</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RVMTP Shares shall rank on parity with each other, with shares of any other Series of RVMTP Shares, and with shares of any other
class or series of Preferred Shares (including the Auction Preferred Shares) as to distribution of assets upon dissolution, liquidation,
or winding-up of the affairs of the Fund. In this regard, the provisions of this <U>Section 2.3</U> shall be applied consistently
with Section 11.3 of the Auction Preferred Statement and with all other Preferred Shares such that Holders of the RVMTP Shares
and holders of the Auction Preferred Shares and any other Preferred Shares are treated on parity with one another with respect
to any such distribution. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders
of RVMTP Shares shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying
claims of creditors but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution
equal to the Liquidation Preference for such shares, plus an amount equal to all unpaid dividends and other distributions on such
shares accumulated to (but excluding) the date fixed for such distribution or payment on such shares (whether or not earned or
declared by the Fund, but without interest thereon), and such Holders shall be entitled to no further participation in any distribution
or payment in connection with any such liquidation, dissolution or winding up. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the
Fund available for distribution among the Holders of all Outstanding RVMTP Shares and any other outstanding Preferred Shares ranking
on a parity with the RVMTP Shares (including, without limitation, the Auction Preferred Shares) shall be insufficient to permit
the payment in full to such Holders of the Liquidation Preference of such RVMTP Shares plus accumulated and unpaid dividends and
other distributions on such shares as provided in <U>Section 2.3(b)</U> above and the amounts due upon liquidation with respect
to such other Preferred Shares, then such available assets shall be distributed among the Holders of such RVMTP Shares and such
other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In
connection with any liquidation, dissolution or </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">winding
up of the affairs of the Fund, whether voluntary or involuntary, unless and until the Liquidation Preference on each Outstanding
RVMTP Share plus accumulated and unpaid dividends and other distributions on such shares as provided in <U>Section 2.3(b)</U>
above have been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and
no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of, the Common Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the sale of all or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization
of the Fund into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or
reorganization of any other business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution,
liquidation or winding up, whether voluntary or involuntary, for the purpose of this <U>Section 2.3</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Coverage
                                         &amp; Leverage Tests</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1940
Act Asset Coverage Requirements</U>. The Fund shall maintain 1940 Act Asset Coverage as of the close of business on each Business
Day. If the Fund shall fail to maintain such 1940 Act Asset Coverage as of any time as of which such compliance is required to
be determined as aforesaid, the provisions of <U>Section 2.6(b)(i)</U> shall be applicable, which provisions to the extent complied
with shall constitute the sole remedy for the Fund&rsquo;s failure to comply with the provisions of this <U>Section 2.4(a)</U>.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation
of 1940 Act Asset Coverage</U>. For purposes of determining whether the requirements of <U>Section 2.4(a)</U> are satisfied, (i)
no RVMTP Shares of any Series or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required
by <U>Section 2.4(a)</U> if, prior to or concurrently with such determination, sufficient Deposit Securities (in the case of the
RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable), in each case in
accordance with the terms of such Series or other Preferred Shares, to pay the full redemption price for such Series or other
Preferred Shares (or the portion thereof to be redeemed) have been deposited in trust with the paying agent for such Series or
other Preferred Shares and the requisite Notice of Redemption for such Series or other Preferred Shares (or the portion thereof
to be redeemed) has been given, and (ii) the Deposit Securities or other sufficient securities or funds, as applicable that have
been deposited with the applicable paying agent shall not be included as assets of the Fund for purposes of such computation.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effective
Leverage Ratio Requirement</U>. Unless the Fund receives the prior written consent of all Holders, for so long as RVMTP Shares
of any Series are Outstanding, the Effective Leverage Ratio shall not exceed 47% as of the close of business on any Business Day;
<U>provided</U>, <U>however</U>, in the event that the Fund&rsquo;s Effective Leverage </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratio
exceeds 47% as of the close of business on any Business Day solely by reason of fluctuations in the market value of the Fund&rsquo;s
portfolio securities, the Effective Leverage Ratio shall not exceed 48% as of the close of business on such Business Day. If the
Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding sentence as of any time as of which
such compliance is required to be determined as aforesaid, the provisions of <U>Section 2.6(b)(ii)</U> shall be applicable, which
provisions to the extent complied with shall constitute the sole remedy for the Fund&rsquo;s failure to comply with the provisions
of this <U>Section 2.4(c)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation
of Effective Leverage Ratio</U>. For purposes of determining whether the requirements of <U>Section 2.4(c)</U>&nbsp;are satisfied, the
&ldquo;<U>Effective Leverage Ratio</U>&rdquo; on any date shall mean the quotient of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sum of (A) the aggregate liquidation preference of the Fund&rsquo;s &ldquo;senior securities&rdquo; (as that term is defined in
the 1940 Act) that are stock for purposes of the 1940 Act, excluding, without duplication, (1) any such senior securities for
which the Fund has issued a Notice of Redemption and either has delivered Deposit Securities or sufficient securities or funds
(as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise
has adequate Deposit Securities or sufficient securities or funds on hand for the purpose of such redemption (as applicable in
accordance with the terms of such senior securities) and (2) any such senior securities that are to be redeemed with net proceeds
from the sale of the RVMTP Shares, for which the Fund has delivered Deposit Securities or sufficient securities or funds (as applicable
in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate
Deposit Securities or sufficient securities or funds on hand (as applicable in accordance with the terms of such senior securities)
for the purpose of such redemption; (B) the aggregate principal amount of the Fund&rsquo;s &ldquo;senior securities representing
indebtedness&rdquo; (as that term is defined in the 1940 Act and the rules thereunder, giving effect to any interpretations thereof
by the Securities and Exchange Commission or its staff); and (C) excluding, without duplication, any senior securities representing
indebtedness included in (B), the aggregate principal amount of floating rate securities corresponding to any associated residual
floating rate securities not owned by the Fund (less the aggregate principal amount of any such floating rate securities owned
by the Fund and corresponding to the associated residual floating rate securities owned by the Fund); <U>divided by</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sum of (A) the Market Value of the Fund&rsquo;s total assets (including amounts attributable to senior securities, but excluding
any assets consisting of Deposit Securities or funds referred to in clauses (A)(1) and (A)(2) of &nbsp;</FONT>Section 2.4(d)(i) above),
less the amount of the Fund&rsquo;s accrued liabilities (other than</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">liabilities
for the aggregate principal amount of &ldquo;senior securities representing indebtedness&rdquo; (as that term is defined in the
1940 Act and the rules thereunder, giving effect to any interpretations thereof by the Securities and Exchange Commission or its
staff), including floating rate securities), and (B) excluding, without duplication, any senior securities representing indebtedness
included in (A), the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated
inverse floating rate securities owned by the Fund.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mandatory
Tender and Remarketing</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RVMTP Shares shall be subject to Mandatory Tender and Remarketing as provided below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mandatory
                                         Tender of RVMTP Shares. </U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Holders&rsquo; election to retain the RVMTP Shares provided for in <U>Section 2.5(a)(iv)</U> below, any Series of RVMTP
Shares shall become subject to Mandatory Tender upon the occurrence of: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
date that is 20 Business Days prior to each Early Term Redemption Date of such Series of RVMTP Shares as set forth in clause (i)
of the definition thereof in the Appendix for such Series, </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
date on which the Fund delivers a Notice of Special Terms Period declaring a Special Terms Period for such Series of RVMTP Shares
pursuant to <U>Section 2.2(h)</U>, or </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
date that is 20 Business Days prior to the last day of any Special Terms Period, provided that no subsequent Special Terms Period
has been designated and agreed by the Holder (each of (A), (B) and (C), a &ldquo;<U>Mandatory Tender Event</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of a Mandatory Tender Event with respect to a Series of RVMTP Shares, the Fund shall issue or cause to be issued
a notice of Mandatory Tender for Remarketing on the Mandatory Tender Date (as defined below) to the Holders of such Series of
RVMTP Shares through the Securities Depository as a communication from the Securities Depository (the &ldquo;<U>Notice of Mandatory
Tender</U>&rdquo;). Such Notice of Mandatory Tender shall specify that such Mandatory Tender is subject to the election of the
Holders of such Series of RVMTP Shares to retain as described in <U>Section 2.5(a)(iv)</U> of this Statement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mandatory Tender Dates corresponding to the Mandatory Tender Events listed in <U>Section 2.5(a)(i)</U> above are as follows, with
each </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandatory
Tender Date subject to the Holders&rsquo; election to retain the RVMTP Shares in <U>Section 2.5(a)(iv):</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the case of a Mandatory Tender Event described in <U>Section 2.5(a)(i)(A)</U>, the date 20 Business Days following the date of
such Mandatory Tender Event, </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the case of a Mandatory Tender Event described in <U>Section 2.5(a)(i)(B)</U>, the date on which such Special Terms Period becomes
effective pursuant to <U>Section 2.2(h)</U>, and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the case of a Mandatory Tender Event described in <U>Section 2.5(a)(i)(C)</U>, the last day of the related Special Terms Period
(in the case of (A), (B), or (C), such date, the &ldquo;<U>Mandatory Tender Date</U>&rdquo;). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 1in; text-indent: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
<U>Section 2.5(a)(i)</U> above, the Holders of any </FONT>affected Series of RVMTP Shares may elect to retain such RVMTP Shares
by providing notice of such election to the Fund no later than the 10<SUP>th</SUP> Business Day prior to the Mandatory Tender
Date, in which case the affected RVMTP Shares of the electing Holder shall no longer be subject to Mandatory Tender on the corresponding
Mandatory Tender Date and shall not be Remarketed pursuant to the procedures described in <U>Section 2.5(b)</U> below; provided,
however, with respect to any Mandatory Tender Event occurring pursuant to <U>Section 2.5(a)(i)(B)</U>, any such election to retain
shall not be effective unless accompanied or preceded by a consent to all amendments to the terms of the affected Series RVMTP
Shares as required in connection with a designation of a Special Terms Period pursuant to <U>Section 2.2(h)(i)</U>&nbsp;above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing
of RVMTP Shares.</U>&nbsp;The RVMTP Shares subject to Mandatory Tender as provided for in this <U>Section 2.5</U> shall be Remarketed
in accordance with the following procedures: </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Holder of RVMTP Shares subject to Mandatory Tender may enter into trade documentation with a purchaser for the RVMTP Shares
(which, for the avoidance of doubt, shall be with respect to all the RVMTP Shares of such Series) with terms that (A) are
reasonably satisfactory to both the Holder of the RVMTP Shares and such purchaser and (B) provide for the sale of the RVMTP
Shares subject to Mandatory Tender on the Mandatory Tender Date; provided that </FONT>
(1)&nbsp;the Holder of the RVMTP Shares notifies the Fund in writing of such trade
documentation by the Mandatory Tender Date confirming that the trade documentation satisfies the conditions in this sentence
and providing that all RVMTP Shares will be sold thereunder and (2) following the Remarketing of RVMTP Shares, via execution
of such trade documentation, the Fund shall provide, </P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or
cause to be provided, a notice through the Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares
so Remarketed. At any time following a Mandatory Tender Event and before the corresponding Mandatory Tender Date, the Fund may
designate a Remarketing Settlement Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement
Agent Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If all of the RVMTP Shares subject to Mandatory
Tender are not Remarketed pursuant to Section 2.5(b)(i) with binding trade documentation in place by the 5th Business Day preceding
the Mandatory Tender Date, then the Fund and its agents shall take the following Remarketing actions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 76.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund shall designate a Remarketing Settlement Agent to assist with the Remarketing in accordance with the terms of the Remarketing
Settlement Agent Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any purchaser is identified and has agreed by the Mandatory Tender Date to purchase all of the RVMTP Shares subject to Mandatory
Tender on the Mandatory Tender Date, the Remarketing Settlement Agent shall (1) give written notice by Electronic Means to the
Holders of such RVMTP Shares, with a copy to the Fund and the Calculation and Paying Agent, that the purchaser has been identified
and agreed to purchase such RVMTP Shares on the Mandatory Tender Date; (2) collect the Remarketing Purchase Price via wire transfer
from such purchaser on the Mandatory Tender Date; (3) wire the Remarketing Purchase Price to the Securities Depository for delivery
to the current Holder of the RVMTP Shares subject to Mandatory Tender on the Mandatory Tender Date; and (4) direct that such RVMTP
Shares be delivered to the Remarketing Settlement Agent. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Remarketing Settlement Agent shall then direct transfer of the RVMTP Shares subject to Mandatory Tender to the purchaser through
the Securities Depository on the Mandatory Tender Date. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, in the event of a successful Remarketing of all RVMTP Shares subject to Mandatory Tender pursuant to <U>Section
2.5(b)</U>, such Mandatory Tender will be cancelled and the Fund shall provide, or cause to be provided, a notice through the
Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed
Remarketing and Mandatory Tender</U>.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to a Mandatory Tender Event described in Section 2.5(a)(i)(B), if, for any reason (other than a failure to timely deliver
RVMTP Shares subject to a Mandatory Tender to the Remarketing Settlement Agent, and only to the extent that such failure to deliver
is caused by administrative issues and is cured within two Business Days), all of the RVMTP Shares subject to Mandatory Tender
are not Remarketed by the related Mandatory Tender Date pursuant to Section 2.5(b), then (A) a failed remarketing shall be deemed
to have occurred (which, for the avoidance of doubt, shall be with respect to all RVMTP Shares subject to the Mandatory Tender)
(a &ldquo;<U>Failed Remarketin</U>g&rdquo;) that may trigger the application of a Failed Remarketing Spread as described in clause
(ii) of the definition thereof and (B) all such RVMTP Shares shall be retained by their respective Holders, and no such RVMTP
Shares shall be purchased on the Mandatory Tender Date; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to a Mandatory Tender Event described in Section 2.5(a)(i)(A) or 2.5(a)(i)(C), if any RVMTP Shares subject to Mandatory
Tender are not Remarketed by the Mandatory Tender Date, then all such RVMTP Shares shall be redeemed by the Fund on the Mandatory
Tender Date pursuant to the Mandatory Tender redemption procedure described in <U>Sections 2.6(a)(iv) and 2.6(e)</U> below. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Redemption</U>.
Each Series of RVMTP Shares shall be subject to redemption by the Fund as provided below: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term
Redemption and Mandatory Tender Redemption.</U></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
Redemption.</U>&nbsp;Subject to <U>Section 2.6(e)(v)</U>, the Fund shall redeem all RVMTP Shares of a Series then Outstanding
on the Term Redemption Date for such Series, out of funds legally available therefor under applicable law, at a price per share
equal to the Liquidation Preference per share of such Series plus an amount equal to all unpaid dividends and other distributions
on such share of such Series accumulated from and including the Date of Original Issuance to (but excluding) the Term Redemption
Date for such Series (whether or not earned or declared by the Fund, but excluding interest thereon) (the &ldquo;<U>Term Redemption
Price</U>&rdquo;); <U>provided</U>, <U>however</U>, that the Term Redemption Date for such Series of RVMTP Shares may be extended
pursuant to <U>Section 2.6(a)(ii)</U>&nbsp;or <U>Section 2.6(a)(iii)</U>&nbsp;below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
The Fund shall have the right, exercisable not more than three hundred and sixty-five (365) calendar days nor less than one hundred
and twenty (120) calendar days prior to the Term Redemption Date of a Series of RVMTP Shares, to request by notice (accompanied
by a No Adverse Effect Opinion) that each Designated Owner of such RVMTP Shares extend the Term Redemption Date for such Series
of RVMTP Shares by at least an additional three hundred and sixty-five (365) calendar days (a &ldquo;<U>Designated Owner Term
Extension Request</U>&rdquo;), which request may be conditioned upon terms and conditions that are different from the terms and
conditions set forth herein or in the Appendix applicable to such Series of RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Designated Owner shall, no later than sixty (60) calendar days after receiving a Designated Owner Term Extension Request,
notify the Fund and the Calculation and Paying Agent of its acceptance or rejection of such request, which acceptance by such
Designated Owner may be conditioned upon terms and conditions that are different from the terms and conditions set forth herein
or the terms and conditions proposed the Fund in making a Designated Owner Term Extension Request (a &ldquo;<U>Conditional Acceptance</U>&rdquo;).
A Conditional Acceptance conditioned upon terms and conditions that are accepted by the Fund and that are different from the terms
and conditions set forth herein shall be deemed to be a consent by such Designated Owner to amend this Statement to reflect such
different terms and conditions, but only with respect to the RVMTP Shares of such Series beneficially owned by such Designated
Owner. To the extent that a Designated Owner of RVMTP Shares of a Series of RVMTP Shares subject to a Designated Owner Term Extension
Request rejects such Designated Owner Term Extension Request pursuant to this <U>Section 2.6(a)(ii)(B),</U> or is deemed to reject
such Designated Owner Term Extension Request pursuant to <U>Section 2.6(a)(ii)(C)</U> below, the RVMTP Shares of such Series beneficially
owned by such Designated Owner shall be subject to redemption as provided in this Statement, without giving effect to any Designated
Owner Term Extension Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Designated Owner fails to notify the Fund or the Calculation and Paying Agent of its acceptance or rejection of the Fund&rsquo;s
Designated Owner Term Extension Request within such sixty (60) calendar day period, such failure to respond will be deemed a rejection
of such Designated Owner Term Extension Request by such Designated Owner. If a Designated Owner of RVMTP Shares provides a Conditional
Acceptance, then the Fund shall have sixty (60) calendar days thereafter to notify such Designated Owner of its acceptance or
rejection of the terms and conditions specified in the Conditional Acceptance. The Fund&rsquo;s failure to notify such Designated
Owner within such sixty (60) calendar day period will be deemed a rejection of the terms and conditions specified in the Conditional
Acceptance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Designated Owner of a Series of RVMTP Shares may grant or deny any Designated Owner Term Extension Request applicable to
such Series of RVMTP Shares in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the Fund and any Designated Owner of RVMTP Shares that has agreed to a Designated Owner Term Extension Request otherwise agree
pursuant to the procedures described in this <U>Section 2.6(a)(ii)</U>, in the event that the Term Redemption Date of a Series
of RVMTP Shares is extended pursuant to this <U>Section 2.6(a)(ii),</U> the Liquidity Account Initial Date, as set forth in the
Appendix establishing such Series, shall be extended accordingly, as provided in such Appendix, with respect to the RVMTP Shares
of such Series held by such Designated Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall have the right, exercisable not less than sixty (60) calendar days prior to the Term Redemption Date of a Series
of RVMTP Shares, to request by notice (accompanied by a No Adverse Effect Opinion) to the Holders of 100% of the Outstanding RVMTP
Shares of such Series, an extension of the Term Redemption Date (a &ldquo;<U>Holder Term Extension Request</U>&rdquo;). Any failure
by a Holder to respond or agree to such</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holder
Term Extension Request in writing within sixty (60) calendar days of the receipt thereof shall be deemed to be a rejection of
the extension request and the Term Redemption Date may only be extended pursuant to this <U>Section 2.6(a)(iii)</U>&nbsp;upon the written
consent of 100% of the Holders of the RVMTP Shares of such Series. In the event that the Term Redemption Date of a Series of RVMTP
Shares is extended pursuant to this <U>Section 2.6(a)(iii),</U> the Liquidity Account Initial Date, as set forth in the Appendix
establishing such Series, shall be extended accordingly, as provided in such Appendix.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Mandatory Tender Redemption</U>. Following a Mandatory Tender Event of the kind described in Section 2.5(a)(i)(A) or 2.5(a)(i)(C),
any RVMTP Shares subject to such Mandatory Tender Event that are not subject to an election to retain by the Holders pursuant
to Section 2.5(a)(iv) and have not been successfully Remarketed by the related Mandatory Tender Date pursuant to Section 2.5(b)
shall be redeemed by the Fund on such Mandatory Tender Date (the date of such redemption, the &ldquo;Mandatory Tender Redemption
Date&rdquo;), at a price per share equal to the Liquidation Preference per share plus an amount equal to all unpaid dividends
and other distributions on such RVMTP Shares accumulated from and including the Date of Original Issuance of such RVMTP Shares
to (but excluding) the Mandatory Tender Redemption Date (whether or not earned or declared by the Fund, but excluding interest
thereon) (the &ldquo;<U>Mandatory Tender Redemption Price</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 35.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1940
Act Asset Coverage and Effective Leverage Ratio Mandatory </U></FONT><U>Redemption</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mandatory 1940 Act Asset Coverage Redemption</U>.
(A) If the Fund fails to comply with the 1940 Act Asset Coverage requirement as provided in <U>Section 2.4(a)</U> as of any time
as of which such compliance is required to be determined in accordance with <U>Section 2.4(a)</U> and such failure is not cured
as of the Asset Coverage Cure Date other than as a result of the redemption required by this <U>Section 2.6(b)(i)</U>, the Fund
shall, to the extent permitted by the 1940 Act and Massachusetts law, by the close of business on the second Business Day next
following such Asset Coverage Cure Date, cause a Notice of Redemption to be issued, in accordance with the terms of the Preferred
Shares to be redeemed. In addition, in accordance with the terms of the Preferred Shares to be redeemed, the Fund shall cause
to be deposited Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of any
other Preferred Shares, as applicable) in trust with the Calculation and Paying Agent or other applicable paying agent, in each
case in accordance with the terms of the Preferred Shares to be redeemed, for the redemption of a sufficient number of Preferred
Shares, which, to the extent permitted by the 1940 Act and Massachusetts law, enable the Fund to meet the requirements of <U>Section
2.6(b)(i)(B)</U>. The Fund shall allocate any redemption intended to cure a failure to comply with the 1940 Act Asset Coverage
requirement on a pro rata basis among different series of Preferred Shares (including the shares of each Series of RVMTP Shares
and the Auction </FONT>Preferred Shares) based upon the proportion that the aggregate liquidation</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preference
of the outstanding Preferred Shares of any series bears to the aggregate liquidation preference of all outstanding series of Preferred
Shares (a &ldquo;<U>Pro Rata Allocation</U>&rdquo;). In the event that any RVMTP Shares of a Series then Outstanding are to be
redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the Fund shall redeem such shares, out of funds legally available therefor
under applicable law, at a price per share equal to the Liquidation Preference per share of such Series plus an amount equal to
all unpaid dividends and other distributions on such share of such Series accumulated from and including the Date of Original
Issuance to (but excluding) the date fixed for such redemption by the Board of Trustees (whether or not earned or declared by
the Fund, but without interest thereon) (the &ldquo;<U>Mandatory Asset Coverage Redemption Price</U>&rdquo;). The mandatory redemption
price for any Auction Preferred Shares that are redeemed pursuant to this <U>Section 2.6(b)(i)</U> shall be specified in Section
11.4(a) of the Auction Preferred Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Redemption Date for a redemption contemplated
by <U>Section 2.6(b)(i)(A)</U>, the Fund shall redeem at the Mandatory Asset Coverage Redemption Price, out of funds legally available
therefor, under applicable law, such number of Preferred Shares (based upon a number and proportion of each series of Preferred
Shares as shall be necessary to effect a Pro Rata Allocation) as shall be equal to the lesser of (x) the minimum number of Preferred
Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage
Cure Date, would result in the Fund having 1940 Act Asset Coverage on the applicable Cure Date (provided, however, that if there
is no such minimum number of RVMTP Shares and other Preferred Shares the redemption or retirement of which would have such result,
all RVMTP Shares and other Preferred Shares then outstanding shall be redeemed), and </FONT>(y) the maximum number of Preferred
Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration and applicable
law. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant to this <U>Section 2.6(b)(i)</U>,
the Fund may at its sole option, but is not required to, include in the number of Preferred Shares being mandatorily redeemed
pursuant to this <U>Section 2.6(b)(i)</U>&nbsp;a sufficient number of RVMTP Shares of any Series that, when aggregated with other Preferred
Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior to the opening of business on the Asset
Coverage Cure Date, in the Fund having 1940 Act Asset Coverage on the applicable Cure Date of up to and including 225% and the
Fund is not required to pay any Optional Redemption Premium thereon; <U>provided</U> that if the 1940 Act Asset Coverage is increased
to greater than 225%, the Optional Redemption Premium shall be due on any such excess</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">redemptions.
The Fund shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than thirty (30) calendar
days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption of
all of the required number of RVMTP Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise
is unable to effect such redemption on or prior to thirty (30) calendar days after such Asset Coverage Cure Date, the Fund shall
redeem those RVMTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date following
such thirty (30) calendar day period on which it is able to effect such redemption (based upon a number and proportion of each
series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation, if applicable). If fewer than all of the Outstanding
RVMTP Shares of a Series are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the number of RVMTP Shares of such Series
to be redeemed from the respective Holders shall be selected </FONT>(A) pro rata among the Outstanding shares of such Series,
(B) by lot or (C) in such other manner as the Board of Trustees may determine to be fair and equitable, in each case, in accordance
with the 1940 Act; <U>provided</U> that such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(b)(i)(B)</U>&nbsp;shall
be subject to any applicable procedures established by the Securities Depository. If fewer than all outstanding Auction Preferred
Shares are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the manner of allocation of shares to be redeemed among the
series of Auction Preferred Shares shall be determined in accordance with Section 11.4 of the Auction Preferred Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effective Leverage Ratio Mandatory Redemption</U>.
(A) If (1) the Fund fails to comply with the Effective Leverage Ratio requirement as provided in <U>Section 2.4(c)</U>&nbsp;as of any
time as of which such compliance is required to be determined in accordance with <U>Section 2.4(c),</U> (2) with respect to the
initial Series of RVMTP Shares issued pursuant to this Statement, the Fund fails to comply with the Effective Leverage Ratio requirement
calculated as set forth in Section 6.11 of the Purchase Agreement applicable to such Series of RVMTP Shares if such requirement
is still in effect in accordance with the terms of such Purchase Agreement, or (3) with respect to any other Series of RVMTP Shares
issued pursuant to this Statement, the Fund fails to comply with any additional requirements relating to the calculation of the
Effective Leverage Ratio pursuant to the Purchase Agreement or Appendix applicable to such Series of RVMTP Shares, and, in any
such case, such failure is not cured as of the close of business on the date that is ten (10) Business Days following the Business
Day on which such non-compliance is first determined (the &ldquo;Effective Leverage Ratio Cure Date&rdquo;) other</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">than
as a result of the redemption or other actions required by this <U>Section 2.6(b)(ii)</U>, the Fund shall cause the Effective
Leverage Ratio (calculated in accordance with the requirements applicable to the determination of the Effective Leverage Ratio
under this Statement, and under the Appendix and Purchase Agreement for any applicable Series of RVMTP Shares in respect of which
the Effective Leverage Ratio is being determined) to not exceed the Effective Leverage Ratio required under <U>Section 2.4(c)</U>&nbsp;as
so determined, by (x) not later than the close of business on the Business Day next following the Effective Leverage Ratio Cure
Date, engaging in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse
floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (y) to the extent permitted by
the 1940 Act and Massachusetts law, not later than the close of business on the second Business Day next following the Effective
Leverage Ratio Cure Date, causing a Notice of Redemption to be issued, and in addition, causing to be irrevocably deposited Deposit
Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as
applicable) in trust with the Calculation and Paying Agent or other applicable paying agent, in each case in accordance with the
terms of the Preferred Shares to be redeemed, for the redemption at the redemption price specified in the terms of such Preferred
Shares of a sufficient number of Preferred Shares, based upon a number and proportion of each series of Preferred Shares as shall
be necessary to effect a Pro Rata Allocation, or (z) engaging in any combination, in the Fund&rsquo;s discretion, of the actions
contemplated by clauses (x) and (y) of this <U>Section 2.6(b)(ii)(A)</U>. In the event that any RVMTP Shares of a Series are to
be redeemed pursuant to clause (y) of this <U>Section 2.6(b)(ii)(A)</U>, the Fund shall redeem such RVMTP Shares at a price per
RVMTP Share equal to the Mandatory Asset Coverage Redemption Price. Notwithstanding the foregoing, in the event that Preferred
Shares are redeemed pursuant to this <U>Section 2.6(b)(ii)</U>, the Fund may at its sole option, but is not required to, include
in the number of Preferred Shares being mandatorily redeemed pursuant to this <U>Section 2.6(b)(ii)</U> a sufficient number of
RVMTP Shares of any Series that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to
have occurred immediately prior to the opening of business on the Effective Leverage Ratio Cure Date, in the Fund having an Effective
Leverage Ratio on such Effective Leverage Ratio Cure Date of no less than 44.5%; <U>provided</U> that if the Effective Leverage
Ratio is reduced to less than 44.5%, the Optional Redemption Premium shall be due on any such excess redemptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Redemption Date for a redemption contemplated
by clause (y) of <U>Section 2.6(b)(ii)(A)</U>, the Fund shall not redeem more than the maximum number of Preferred Shares that
can be redeemed out of funds</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
to be legally available therefor in accordance with the Declaration and applicable law. If the Fund is unable to redeem the required
number of RVMTP Shares and other Preferred Shares which have been designated to be redeemed in accordance with clause (y) of <U>Section
2.6(b)(ii)(A)</U> due to the unavailability of legally available funds, the Fund shall redeem those RVMTP Shares and other Preferred
Shares which it was unable to redeem on the earliest practicable date following such Redemption Date on which it is able to effect
such redemption (based upon a number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata
Allocation). If fewer than all of the Outstanding RVMTP Shares of a Series are to be redeemed pursuant to clause (y) of <U>Section
2.6(b)(ii)(A)</U>, the number of RVMTP Shares of such Series to be redeemed from the respective Holders shall be selected (A)
pro rata among the Outstanding shares of such Series, (B) by lot or (C) in such other manner as the Board of Trustees may determine
to be fair and equitable in each case, in accordance with the 1940 Act; <U>provided</U> that such method of redemption as set
forth in clause (A), (B) or (C) of this <U>Section 2.6(b)(ii)(B)</U> shall be subject to any applicable procedures established
by the Securities Depository. If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this <U>Section
2.6(b)(ii)</U>, the manner of allocation of shares to be redeemed among the series of Auction Preferred Shares shall be determined
in accordance with Section 11.4 of the Auction Preferred Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, Section 11.4 of the Auction Preferred Statement for additional provisions relates to the mandatory redemption
of the Auction Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 108pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional
                                         Redemption. </FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of <U>Section 2.6(c)(ii)</U>, the Fund may at its option on any Business Day (an &ldquo;<U>Optional Redemption
Date</U>&rdquo;) redeem in whole or in part the Outstanding RVMTP Shares of any Series, at a redemption price per RVMTP Share
(the &ldquo;<U>Optional Redemption Price</U>&rdquo;) equal to (x) the Liquidation Preference per RVMTP Share of such Series plus
(y) an amount equal to all unpaid dividends and other distributions on such RVMTP Share of such Series accumulated from and including
the Date of Original Issuance to (but excluding) the Optional Redemption Date (whether or not earned or declared by the Fund,
but without interest thereon) plus (z) the Optional Redemption Premium per share (if any) that is applicable to an optional redemption
of RVMTP Shares of such Series that is effected on such Optional Redemption Date as set forth in the Appendix relating to such
Series; provided that in connection with any (A) redemption in </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">accordance
with this <U>Section 2.6(c)</U>&nbsp;or pursuant to <U>Section 2.6(b)</U> that is effectuated in order to comply with the requirements
of the 1940 Act or this Statement or the Purchase Agreement or the Registration Rights Agreement or (B) any redemption in accordance
with <U>Section 2.6(a)(iv)</U>&nbsp;or <U>Section 2.6(b)</U> (except as set forth therein), no Optional Redemption Premium specified
in <U>clause (z)</U> above or penalty or premium shall be payable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
fewer than all of the outstanding RVMTP Shares of a Series are to be redeemed pursuant to <U>Section 2.6(c)(i)</U>, the shares
of such Series to be redeemed shall be selected either (A) pro rata among the Holders of such Series, (B)&nbsp;by
lot or (C) in such other manner as the Board of Trustees may determine to be fair and equitable; <U>provided</U>, in each such
case, that such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(c)(ii)</U> shall be subject
to any applicable procedures established by the Securities Depository. Subject to the provisions of this Statement and applicable
law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon which RVMTP Shares
will be redeemed pursuant to this <U>Section 2.6(c)</U> from time to time. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may not on any date deliver a Notice of Redemption pursuant to <U>Section 2.6(e)</U> in respect of a redemption contemplated
to be effected pursuant to this <U>Section 2.6(c)</U> unless on such date the Fund reasonably expects to have available Deposit
Securities for the Optional Redemption Date contemplated by such Notice of Redemption having a Market Value not less than the
amount (including any applicable premium) due to Holders of RVMTP Shares by reason of the redemption of such RVMTP Shares on such
Optional Redemption Date. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RVMTP
Shares of a Series redeemed at the Fund&rsquo;s sole option in accordance with, but solely to the extent contemplated by, <U>Section
2.6(a)(iv)</U>, <U>Section 2.6(b)(i)(B)</U>, or <U>Section 2.6(b)(ii)</U> shall be considered mandatorily redeemed pursuant to
such Section, as applicable, and not subject to this <U>Section 2.6(c)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Redemption
upon Ratings Event or a Rating Agency Withdrawal</U>. Upon the occurrence of a Ratings Event or a Rating Agency Withdrawal in
respect of a Series of RVMTP Shares, and, in any such case, if such Ratings Event or Rating Agency Withdrawal is not cured as
of the close of business on the date that is thirty (30) calendar days following the Business Day on which such Ratings Event
or Rating Agency Withdrawal occurs, the Fund shall redeem all RVMTP Shares of such Series within 90 days of the occurrence of
any such event, at a price per share equal to the Term Redemption Price. </FONT></P>

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


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<TD STYLE="width: 108pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal"><U>Procedures
                                         for Redemption</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund shall determine or be required to redeem, in whole or in part, RVMTP Shares of a Series pursuant to <U>Section 2.6(a),
(b)</U>&nbsp;or <U>(c)</U>, the Fund shall deliver a notice of redemption (the &ldquo;<U>Notice of Redemption</U>&rdquo;), by
overnight delivery, by first class mail, postage prepaid or by Electronic Means to Holders thereof, or request the Calculation
and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic
Means. For the avoidance of doubt, a Notice of Redemption shall not be required if the Fund shall be required to redeem, in whole
or in part, RVMTP Shares of a series pursuant to <U>Section 2.6(a)(iv)</U>. A Notice of Redemption shall be provided not more
than thirty-five (35) calendar days prior to the date fixed for redemption and not less than ten (10) calendar days (or such shorter
or longer period as may be consented to by all of the Holders of the RVMTP Shares of such Series, which consent shall not be deemed
to be a vote required by <U>Section 2.7)</U> prior to the Redemption Date. Each such Notice of Redemption shall state: (A) the
Redemption Date; (B) the applicable Redemption Price on a per share basis; (C) the Series and number of RVMTP Shares to be redeemed;
(D) the CUSIP number for RVMTP Shares of such Series; (E) if applicable, the place or places where the certificate(s) for such
shares (properly endorsed or assigned for transfer, if the Board of Trustees requires and the Notice of Redemption states) are
to be surrendered for payment of the Redemption Price; (F) that dividends on the RVMTP Shares to be redeemed will cease to accumulate
from and after such Redemption Date; and (G) the provisions of this Statement under which such redemption is made. If fewer than
all RVMTP Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the
number of RVMTP Shares to be redeemed from such Holder and/or the method of determining such number. The Fund may provide in any
Notice of Redemption relating to an optional redemption contemplated to be effected pursuant to <U>Section 2.6(c)</U>&nbsp;of this Statement
that such redemption is subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption
unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No
defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required
by applicable law. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
(1) the Fund shall give a Notice of Redemption or (2) the Fund is required to redeem RVMTP Shares on the Mandatory Tender Date
pursuant to <U>Section 2.6(a)(iv)</U>, then at any time from and after the giving of such Notice of Redemption or Notice of Mandatory
Tender, as applicable, and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
such redemption have been met or waived by the Fund), the Fund shall (A) deposit with the Calculation and Paying Agent Deposit
Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the RVMTP Shares to be redeemed
on the Redemption Date and (B) give the Calculation and Paying Agent irrevocable instructions and authority to pay the applicable
Redemption Price to the Holders of the RVMTP Shares called for redemption on the Redemption Date. The Fund may direct the Calculation
and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption
Date, provided that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as
same-day funds. Notwithstanding the provisions of clause (A) of the preceding sentence, if the Redemption Date is the Term Redemption
Date or Early Term Redemption Date, then such deposit of Deposit Securities (which may come in whole or in part from the Term
Redemption Liquidity Account) shall be made no later than fifteen (15) calendar days prior to the Term Redemption Date or Early
Term Redemption Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the date of the deposit of such Deposit Securities, all rights of the Holders of the RVMTP Shares so called for redemption shall
cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such RVMTP Shares shall
no longer be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption
Date and (B) the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption
Date, which accumulated dividends, unless previously declared and paid as contemplated by the last sentence of <U>Section 2.6(e)(vi)</U>&nbsp;below,
shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be entitled to receive,
promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the RVMTP Shares called
for redemption and redeemed on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of three
hundred sixty-five (365) calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund,
after which the Holders of the RVMTP Shares so called for redemption shall look only to the Fund for payment of the Redemption
Price thereof. The Fund shall be entitled to receive, from time to time after the Redemption Date, any interest on the Deposit
Securities so deposited. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or after the Redemption Date, each Holder of RVMTP Shares in certificated form (if any) that are subject to redemption shall surrender
the certificate(s) evidencing such RVMTP Shares to the Fund at the place designated in the Notice of Redemption and shall then
be entitled to receive the </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
Price for such RVMTP Shares, without interest, and in the case of a redemption of fewer than all the RVMTP Shares represented
by such certificate(s), a new certificate representing the RVMTP Shares that were not redeemed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the other provisions of this <U>Section 2.6</U>, except as otherwise required by law, the Fund shall not redeem any RVMTP Shares
or other series of Preferred Shares ranking on a parity with the RVMTP Shares with respect to dividends and other distributions
unless all accumulated and unpaid dividends and other distributions on all Outstanding RVMTP Shares and shares of other series
of Preferred Shares for all applicable past dividend periods (whether or not earned or declared by the Fund) (x) shall have been
or are contemporaneously paid or (y) shall have been or are contemporaneously declared and Deposit Securities (in the case of
the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) (in accordance
with the terms of such Preferred Shares for the payment of such dividends and other distributions) shall have been or are contemporaneously
deposited with the Calculation and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with
the terms of such Preferred Shares, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding
RVMTP Shares pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding RVMTP
Shares and any other series of Preferred Shares for which all accumulated and unpaid dividends and other distributions have not
been paid. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that any redemption for which a Notice of Redemption has been provided is not made by reason of the absence of legally
available funds therefor in accordance with the Declaration, this Statement and applicable law, such redemption shall be made
as soon as practicable to the extent such funds become available. In the case of any redemption pursuant to <U>Section 2.6(c)</U>,
no Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Calculation and Paying
Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided
that such redemption was subject to one or more conditions precedent and (2) any such condition precedent shall not have been
satisfied at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice
of Redemption has been provided with respect to any RVMTP Shares, dividends may be declared and paid on such RVMTP Shares in accordance
with their terms if Deposit Securities for the payment of the Redemption Price of such RVMTP Shares shall not have been deposited
in trust with the Calculation and Paying Agent for that purpose. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation
and Paying Agent as Trustee of Redemption Payments by Fund</U>. All Deposit Securities transferred to the Calculation and Paying
Agent for payment of the Redemption Price of RVMTP Shares called for redemption shall be held in trust by the Calculation and
Paying Agent for the benefit of Holders of RVMTP Shares so to be redeemed until paid to such Holders in accordance with the terms
hereof or returned to the Fund in accordance with the provisions of <U>Section 2.6(e)(iii)</U> above. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compliance
With Applicable Law</U>. In effecting any redemption pursuant to this <U>Section 2.6</U>, the Fund shall use its best efforts
to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable law, but
shall effect no redemption except in accordance with the 1940 Act and any applicable law. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Modification
of Redemption Procedures</U>. Notwithstanding the foregoing provisions of this <U>Section 2.6</U>, the Fund may, in its sole discretion
and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for the RVMTP
Shares, provided that such modification does not materially and adversely affect the Holders of the RVMTP Shares or cause the
Fund to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter
the rights or obligations of the Calculation and Paying Agent without its prior consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 72pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting
                                         Rights</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>One
Vote Per RVMTP Share</U>. Except as otherwise provided in the Declaration, this Statement, or as otherwise required by law, (i)
each Holder of RVMTP Shares shall be entitled to one vote for each RVMTP Share held by such Holder on each matter submitted to
a vote of all shareholders of the Fund, and (ii) the holders of outstanding Preferred Shares, including Outstanding RVMTP Shares
and Auction Preferred Shares, and Common Shares shall vote together as a single class; <U>provided</U>, however, that the holders
of outstanding Preferred Shares, including Outstanding RVMTP Shares and Auction Preferred Shares, shall be entitled, as a class,
to the exclusion of the Holders of all other securities and Common Shares of the Fund, to elect two trustees of the Fund, it being
understood that each Preferred Share, including RVMTP Shares and the Auction Preferred Shares, entitles the Holder thereof to
one vote for each Preferred Share in respect to the election of each such trustee. Subject to <U>Section 2.7(b)</U>, the Holders
of outstanding Common Shares and Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, voting together as
a single class, shall elect the balance of the trustees. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 108pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting
                                         For Additional Trustees</U>.</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting
Period</U>. During any period in which any one or more of the conditions described in clauses (A) or (B) of this <U>Section 2.7(b)(i)
</U>shall exist (such period being referred to herein as a &ldquo;<U>Voting Period</U>&rdquo;), the number of trustees constituting
the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively
by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the
Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the
Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders
of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional
trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares
and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares,
including RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years&rsquo; dividends shall be due and unpaid
and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable
paying agent for the payment of such accumulated dividends; or </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A&nbsp;Voting
Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights
described in this <U>Section 2.7(b)(i)</U> shall cease, subject always, however, to the revesting of such voting rights in the
Holders of Preferred Shares upon the further occurrence of any of the events described in this <U>Section 2.7(b)(i)</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice
of Special Meeting</U>. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional
trustees as described in <U>Section 2.7(b)(i)</U>, the Fund shall call a special meeting of such Holders and notify the Calculation
and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing
or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred
Shares, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty
(30) calendar days after the date of the delivery by Electronic Means or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mailing
of such notice or the delivery of such notice by such other means as are described in clause (ii) above. If the Fund fails to
call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The record date for
determining the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of business
on the fifth (5th) Business Day preceding the calendar day on which such notice is mailed or otherwise delivered. At any such
special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which trustees are to be elected,
such Holders voting together as a class (to the exclusion of the Holders of all other securities and classes of shares of beneficial
interest of the Fund), shall be entitled to elect the number of trustees prescribed in <U>Section 2.7(b)(i)</U> on a one-vote-per-share
basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Terms
of Office of Existing Trustees</U>. The terms of office of the incumbent trustees of the Fund at the time of a special meeting
of Holders of Preferred Shares to elect additional trustees in accordance with <U>Section 2.7(b)(i)</U> shall not be affected
by the election at such meeting by the Holders of RVMTP Shares and such other Holders of Preferred Shares of the number of trustees
that they are entitled to elect, and the trustees so elected by the Holders of RVMTP Shares and such other Holders of Preferred
Shares, together with the two (2) trustees elected by the Holders of Preferred Shares in accordance with <U>Section 2.7(a) </U>hereof
and the remaining trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected
trustees of the Fund. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Terms
of Office of Certain Trustees to Terminate Upon Termination of Voting Period</U>. Simultaneously with the termination of a Voting
Period, the terms of office of the additional trustees elected by the Holders of the Preferred Shares pursuant to <U>Section 2.7(b)(i)</U>&nbsp;shall
terminate, the remaining trustees shall constitute the trustees of the Fund and the voting rights of the Holders of Preferred
Shares to elect additional trustees pursuant to <U>Section 2.7(b)(i)</U> shall cease, subject to the provisions of the last sentence
of <U>Section 2.7(b)(i)</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 108pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Holders
                                         of RVMTP Shares to Vote on Certain Matters</U>.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Certain
Amendments Requiring Approval of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement, so long as any
RVMTP Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least a majority
of the RVMTP Shares subject to this Statement Outstanding at the time, voting together as a separate class, amend, alter or repeal
the provisions of the Declaration or this Statement, whether by merger, consolidation or otherwise, so as to materially and adversely
affect any preference, right or power of such RVMTP Shares or the Holders thereof; <U>provided</U>, </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">however,
that (i) a change in the capitalization of the Fund in accordance with <U>Section 2.9</U> hereof shall not be considered to materially
and adversely affect the rights and preferences of the RVMTP Shares, and (ii) a division of a RVMTP Share shall be deemed to materially
and adversely affect such preferences, rights or powers only if the terms of such division materially and adversely affect the
Holders of the RVMTP Shares. For purposes of the foregoing, no matter shall be deemed to materially and adversely affect any preference,
right or power of a RVMTP Share of any Series or the Holder thereof unless such matter (i) alters or abolishes any preferential
right of such RVMTP Share, or (ii) creates, alters or abolishes any right in respect of redemption of such RVMTP Share (other
than solely as a result of a division of a RVMTP Share or as otherwise permitted by <U>Section 2.6(a)(ii)</U>&nbsp;of this Statement).
So long as any RVMTP Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at
least 66 2/3% of the RVMTP Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief
under Federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee
becoming insolvent. For the avoidance of doubt, no vote of the holders of Common Shares shall be required to amend, alter or repeal
the provisions of this Statement, including any Appendix hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1940
Act Matters</U>. Unless a higher percentage is provided for in the Declaration, the affirmative vote of the Holders of at least
&ldquo;a majority of the outstanding Preferred Shares,&rdquo; including all RVMTP Shares and Auction Preferred Shares Outstanding
at the time, voting as a separate class, shall be required (A) to approve any conversion of the Fund from a closed-end to an open-end
investment company, (B) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such
shares, or (C) to approve any other action requiring a vote of security holders of the Fund under Section 13(a) of the 1940 Act.
For purposes of the foregoing, the vote of a &ldquo;majority of the outstanding Preferred Shares&rdquo; means the vote at an annual
or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of
more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent
(50%) of such shares, whichever is less. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Certain
Amendments Requiring Approval of Specific Series of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement,
so long as any RVMTP Shares of a Series are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders
of at least a majority of the RVMTP Shares of such Series Outstanding at the time, voting as a separate class, amend, alter or
repeal the provisions of the Appendix relating to such Series, </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power set forth in such
Appendix of the RVMTP Shares of such Series or the Holders thereof; <U>provided</U>, <U>however</U>, that (i) a change in the capitalization
of the Fund in accordance with <U>Section 2.9</U> hereof shall not be considered to materially and adversely affect the rights
and preferences of the RVMTP Shares of such Series, and (ii) a division of a RVMTP Share shall be deemed to materially and adversely
affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the
RVMTP Shares of such Series; and <U>provided</U>, <U>further</U>, that, except as otherwise permitted by <U>Section 2.6(a)(ii)</U>&nbsp;of
this Statement, no amendment, alteration or repeal of the obligation of the Fund to (x) pay the Term Redemption Price on the Term
Redemption Date for a Series or the Mandatory Tender Redemption Price on any Mandatory Tender Redemption Date, or (y) accumulate
dividends at the Dividend Rate (as set forth in this Statement and the applicable Appendix hereto) for a Series shall be effected
without, in each case, the prior unanimous vote or consent of the Holders of such Series of RVMTP Shares. For purposes of the
foregoing, no matter shall be deemed to materially and adversely affect any preference, right or power of a RVMTP Share of a Series
or the Holder thereof unless such matter (i) alters or abolishes any preferential right of such RVMTP Share, or (ii) creates,
alters or abolishes any right in respect of redemption of such RVMTP Share. For the avoidance of doubt, no vote of the holders
of Common Shares shall be required to amend, alter or repeal the provisions of this Statement, including any Appendix hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting
Rights Set Forth Herein Are Sole Voting Rights</U>. Unless otherwise required by law, the Declaration or this Statement, the Holders
of RVMTP Shares shall not have any relative rights or preferences or other special rights with respect to voting such RVMTP Shares
other than those specifically set forth in this <U>Section 2.7</U>; <U>provided</U>, <U>however</U>, that nothing in this Statement
or the Declaration shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to contractually
agree with any Holder or Designated Owner of RVMTP Shares of any Series that any action or inaction by the Fund shall require
the consent or approval of such Holder or Designated Owner. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
Preemptive Rights or Cumulative Voting</U>. The Holders of RVMTP Shares shall have no preemptive rights or rights to cumulative
voting. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting
for Trustees Sole Remedy for Fund&rsquo;s Failure to Declare or Pay Dividends</U>. In the event that the Fund fails to declare
or pay any dividends on any Series of RVMTP Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders
of the RVMTP Shares shall be the right to vote for trustees pursuant to the provisions of this Section 2.7. Nothing in this Section
2.7(f) shall be deemed to affect the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obligation
of the Fund to accumulate and, if permitted by applicable law, the Declaration and this Statement, pay dividends at the Increased
Rate in the circumstances contemplated by <U>Section 2.2(g)</U> hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Holders Entitled to Vote</U>. For purposes
of determining any rights of the Holders of RVMTP Shares to vote on any matter, whether such right is created by this Statement,
by the Declaration, by statute or otherwise, no Holder of RVMTP Shares shall be entitled to vote any RVMTP Share and no RVMTP
Share shall be deemed to be &ldquo;Outstanding&rdquo; for the purpose of voting or determining the number of shares required to
constitute a quorum if, prior to or concurrently with the time of determination of shares entitled to vote or the time of the
actual vote on the matter, as the case may be, the requisite Notice of Redemption with respect to such RVMTP Share shall have
been given in accordance with this Statement and Deposit Securities for the payment of the Redemption Price of such RVMTP Share
shall have been deposited in trust with the Calculation and Paying Agent for that purpose. No RVMTP Share held by the Fund shall
have any voting rights or be deemed to be outstanding for voting or for calculating the voting percentage required on any other
matter or other purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rating
Agencies</U>. The Fund shall use commercially reasonable efforts to cause the Rating Agencies to issue long-term credit
ratings with respect to each Series of RVMTP Shares for so long as such Series is Outstanding. The Fund shall use
commercially reasonable efforts to comply with any applicable Rating Agency Guidelines. If a Rating Agency shall cease to
rate the securities of tax-exempt closed-end management investment companies generally, the Board of Trustees shall terminate
the designation of such Rating Agency as a Rating Agency hereunder. The Board of Trustees may elect to terminate the
designation of any Rating Agency as </FONT>a&nbsp;Rating Agency hereunder with
respect to a Series of RVMTP Shares so long as either (i) immediately following such termination, there would be at least one
Rating Agency with respect to such Series or (ii) it replaces the terminated Rating Agency with another NRSRO and provides
notice thereof to the Holders of such Series; <U>provided</U> that such replacement shall not occur unless such replacement
Other Rating Agency shall have at the time of such replacement (i) published a rating for the RVMTP Shares of such Series and
(ii) entered into an agreement with the Fund to continue to publish such rating subject to the Rating
Agency&rsquo;s customary conditions. The Board of Trustees may also elect to designate one or more other NRSROs as Other
Rating Agencies hereunder with respect to a Series of RVMTP Shares by notice to the Holders of the RVMTP Shares. The Rating
Agency Guidelines of any Rating Agency may be amended by such Rating Agency without the vote, consent or approval of the
Fund, the Board of Trustees or any Holder of Preferred Shares, including any RVMTP Shares or Auction Preferred Shares, or
Common Shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issuance
of Additional Preferred Shares</U>. So long as any RVMTP Shares are Outstanding, the Fund may, without the vote or consent of
the Holders thereof authorize, establish and create and issue and sell shares of one or more series of Preferred Shares, ranking
on </FONT>a parity with RVMTP Shares as to the payment of dividends and the distribution of assets upon</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dissolution,
liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding Series of RVMTP Shares, including additional
Series of RVMTP Shares, and authorize, issue and sell additional shares of any such series of Preferred Shares then outstanding
or so established or created including additional Series of RVMTP Shares, in each case in accordance with applicable law, provided
that the Fund shall, immediately after giving effect to the issuance of such Preferred Shares and to its receipt and application
of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have 1940 Act Asset Coverage (calculated
in the same manner as is contemplated by <U>Section 2.4(b)</U>). See also Section 11.8(e)(iv) of the Auction Preferred Statement
for additional provisions regarding issuance of additional preferred shares by the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Status
of Redeemed or Repurchased RVMTP Shares</U>. RVMTP Shares that at any time have been redeemed, exchanged or purchased by the Fund
shall, after such redemption or purchase, have the status of authorized but unissued Preferred Shares. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Distributions
with respect to Taxable Allocations</U>. Whenever a Taxable Allocation is to be made by the Fund with respect to the RVMTP
Shares of a Series with respect to any Dividend Period and neither the Increased Rate nor the Maximum Rate is in effect
during such Dividend Period, clause (a), clause (b) or clause (c) of this <U>Section 2.11</U>, as applicable, shall govern: </FONT><FONT STYLE="color: #010000"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)
</FONT>The Fund may provide notice to the Calculation and Paying Agent prior to the commencement of any Dividend Period for a
Series of RVMTP Shares of the amount of the Taxable Allocation that will be made in respect of shares of such Series for such
Dividend Period (a &ldquo;<U>Notice of Taxable Allocation</U>&rdquo;). Such Notice of Taxable Allocation will state (i) the amount
of the dividends payable in respect of each RVMTP Share of the applicable Series for such Dividend Period that will be a Taxable
Allocation and (ii) the adjustment to the Dividend Rate for each Rate Period (or portion thereof) included in such Dividend Period
that will be required in order for the Fund to pay the Additional Amount Payment to a Holder in respect of the Taxable Allocation
made in respect of such RVMTP Shares for such Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in addition
to and in conjunction with the payment of regular dividends for such Dividend Period, a supplemental distribution in respect of
each share of such series for such Dividend Period equal to the Additional Amount Payment payable in respect of the Taxable Allocation
made in respect of such share for such Dividend Period. The Fund will use commercially reasonable efforts to make Taxable Allocations
in respect of RVMTP Shares of each Series as provided in this <U>Section 2.11(a)</U>, and shall make Taxable Allocations as described
in <U>Section 2.11(b)</U>&nbsp;and/or <U>Section 2.11(c)</U> only if such commercially reasonable efforts do not reasonably permit the
Fund to make a Taxable Allocation as contemplated by this <U>Section 2.11(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund does not provide a Notice of Taxable Allocation as provided in <U>Section 2.11(a)</U> with respect to a Taxable Allocation
that is made in respect of RVMTP Shares of a Series, the Fund may make one or more supplemental distributions on shares of such
Series equal to the Additional Amount Payment to be paid to a Holder in respect of such Taxable Allocation. Any such supplemental
distribution in respect of RVMTP Shares of a Series may be declared and paid on any date, without reference to any regular Dividend
Payment Date, to the Holders of shares of such Series as their names appear on the registration books of the Fund on such date,
not exceeding fifteen (15) calendar days preceding the payment date of such supplemental distribution, as may be fixed by the
Board of Trustees. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
in connection with a redemption of RVMTP Shares, the Fund makes a Taxable Allocation without having either given advance notice
thereof pursuant to <U>Section 2.11(a)</U> or made one or more supplemental distributions pursuant to <U>Section 2.11(b)</U>,
the Fund shall direct the Calculation and Paying Agent to send an Additional Amount Payment in respect of such Taxable Allocation
to each Holder of such shares at such Person&rsquo;s address as the same appears or last appeared on the record books of the Fund.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund shall not be required to pay Additional Amount Payments with respect to RVMTP Shares of any Series (i) with respect to any
net capital gain or other taxable income determined by the Internal Revenue Service to be allocable in a manner different from
the manner used by the Fund, or (ii) with respect to Taxable Allocations made after the latest of (A) nine months after the end
of the fiscal year of the Fund to which such Taxable Allocation relates, (B) the date on which the audited financials are issued
with respect to the fiscal year of the Fund to which such Taxable Allocation relates, or (C) the date on which final tax statements
are filed with respect to the fiscal year of the Fund to which such Taxable Allocation relates. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term
Redemption Liquidity Account and Liquidity Requirement for Term Redemption or Early Term Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or prior to the then current Liquidity Account Initial Date with respect to any Series of RVMTP Shares, the Fund shall segregate,
by means of appropriate identification on its books and records or otherwise in accordance with the Fund&rsquo;s normal procedures,
from the other assets of the Fund (the &ldquo;<U>Term Redemption Liquidity Account</U>&rdquo;) Liquidity Account Investments with
a Market Value equal to at least one hundred ten percent (110%) of the Term Redemption Amount with respect to such Series. The
&ldquo;<U>Term Redemption Amount</U>&rdquo; for any Series of RVMTP Shares shall be equal to the Redemption Price to be paid on
the Term Redemption Date (or, if applicable, the Early Term Redemption Price to be paid on the Early Term Redemption Date) for
such Series, based on the number of shares of such Series then Outstanding, assuming for this purpose that </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Dividend Rate for such Series in effect at the time of the creation of the Term Redemption Liquidity Account for such Series will
be the Dividend Rate in effect for such Series until the Term Redemption Date (or, if applicable, the Early Term Redemption Date)
for such Series. Notwithstanding the foregoing, if all RVMTP Shares in such Series have been affirmatively retained pursuant to
<U>Section 2.5(a)(iv)</U> and/or remarketed pursuant to <U>Section 2.5(b) </U>before the Early Term Redemption Date, the requirement
of the Fund to maintain the Term Redemption Amount as contemplated by this <U>Section 2.12(a)</U> shall lapse and be of no further
force and effect with respect to such Early Term Redemption Date. If, on any date after the then current Liquidity Account Initial
Date, the aggregate Market Value of the Liquidity Account Investments included in the Term Redemption Liquidity Account for a
Series of RVMTP Shares as of the close of business on any Business Day is less than one hundred ten percent (110%) of the Term
Redemption Amount with respect to such Series, then the Fund shall take all such necessary actions, including segregating additional
assets of the Fund as Liquidity Account Investments, so that the aggregate Market Value of the Liquidity Account Investments included
in the Term Redemption Liquidity Account for such Series is at least equal to one hundred ten percent (110%) of the Term Redemption
Amount with respect to such Series not later than the close of business on the next succeeding Business Day. With respect to assets
of the Fund segregated as Liquidity Account Investments with respect to a Series of RVMTP Shares, the Adviser, on behalf of the
Fund, shall be entitled on any date to release any Liquidity Account Investments from such segregation and to substitute therefor
other Liquidity Account Investments, so long as (i) the assets of the Fund segregated as Liquidity Account Investments at the
close of business on such date have a Market Value equal to at least one hundred ten percent (110%) of the Term Redemption Amount
with respect to such Series and (ii) the assets of the Fund designated and segregated as Deposit Securities at the close of business
on such date have a Market Value equal to at least the Liquidity Requirement (if any) determined in accordance with <U>Section
2.12(b)</U> below with respect to such Series for such date. The Fund shall not permit any lien, security interest or encumbrance
to be created or permitted to exist on or in respect of any Liquidity Account Investments included in the Term Redemption Liquidity
Account for any Series of RVMTP Shares, other than liens, security interests or encumbrances arising by operation of law and any
lien of the Custodian with respect to the payment of its fees or repayment for its advances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Market Value of the Deposit Securities held
in the Term Redemption Liquidity Account for a Series of RVMTP Shares, from and after the 15th day of the calendar month (or if
such day is not a Business Day, the next succeeding Business Day) that is the number of months preceding the calendar month in
which the Term Redemption Date (or, if applicable, the Early Term Redemption Date) for such Series occurs, in each such case as
specified in the table set forth below, shall not be less than the percentage of the Term Redemption Amount for such Series set
forth below opposite such</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">number
of months (the &ldquo;<U>Liquidity Requirement</U>&rdquo;), but in all cases subject to the provisions of <U>Section 2.12(c)</U>
below:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of Months Preceding Month</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of Term Redemption Date (or Early</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term Redemption Date, as</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">applicable):&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 51%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    Value of Deposit Securities as</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage of Term</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption Amount</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the aggregate Market Value of the Deposit Securities included in the Term Redemption Liquidity Account for a Series of RVMTP Shares
as of the close of business on any Business Day is less than the Liquidity Requirement in respect of such Series for such Business
Day, then the Fund shall cause the segregation of additional or substitute Deposit Securities in respect of the Term Redemption
Liquidity Account for such Series, so that the aggregate Market Value of the Deposit Securities included in the Term Redemption
Liquidity Account for such Series is at least equal to the Liquidity Requirement for such Series not later than the close of business
on the next succeeding Business Day. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Deposit Securities included in the Term Redemption Liquidity Account for a Series of RVMTP Shares may be applied by the Fund,
in its discretion, towards payment of the Term Redemption Price (or the Early Term Redemption Price, as applicable) for such Series
as contemplated by <U>Section 2.6(e)</U>. Upon the deposit by the Fund with the Calculation and Paying Agent of Deposit Securities
having an initial combined Market Value sufficient to effect the redemption of the RVMTP Shares of a Series on the Term Redemption
Date for such Series in accordance with <U>Section 2.6(e)(ii)</U>, the requirement of the Fund to maintain the Term Redemption
Liquidity Account as contemplated by this <U>Section 2.12</U> shall lapse and be of no further force and effect. Upon any extension
of the Term Redemption Date (or Early Term Redemption Date, as applicable) for a Series of RVMTP Shares pursuant to <U>Section
2.6(a)</U>, the then-current Liquidity Account Initial Date for such Series shall be extended as provided in the Appendix relating
to such Series, and the requirement of the Fund to maintain the Term Redemption Liquidity Account with respect to such Series
in connection with such Liquidity Account Initial Date shall lapse and shall thereafter apply in respect of the Liquidity Account
Initial Date for such Series as so extended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Global
Certificate</U>. All RVMTP Shares of any Series Outstanding from time to time shall be represented by one or more global certificates
for such Series registered in the name of the Securities Depository or its nominee and no registration of transfer of shares of
such Series of RVMTP Shares shall be made on the books of the Fund to any Person other than the Securities Depository or its nominee
or transferee. The foregoing restriction on registration of transfer shall be conspicuously noted on the face or back of the global
certificates. Such global certificates will be deposited with, or on behalf of, The Depository Trust Company and registered in
the name of Cede &amp; Co., its nominee. Beneficial interests in the global certificates will be held only through The Depository
Trust Company and any of its participants. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice</U>.
All notices or communications hereunder, unless otherwise specified in this Statement, shall be sufficiently given if in writing
and delivered in person, by telecopier, by Electronic Means or by overnight delivery. Notices delivered pursuant to this <U>Section
2.14 </U>shall be deemed given on the date received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination</U>.
In the event that no RVMTP Shares of a Series are Outstanding subject to this Statement, all rights and preferences of the RVMTP
Shares of such Series established and designated hereunder shall cease and terminate, and all obligations of the Fund under this
Statement with respect to such Series shall terminate. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Appendices</U>.
The designation of each Series of RVMTP Shares subject to this Statement shall be set forth in an Appendix to this Statement.
The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Statement
or required by applicable law) (1) amend the Appendix to this Statement relating to a Series so as to reflect any amendments to
the terms applicable to such Series including an increase in the number of authorized shares of such Series and (2) add additional
Series of RVMTP Shares by including a new Appendix to this Statement relating to such Series. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Actions
on Other than Business Days</U>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising
any right, in each case as provided for in this Statement, is not a Business Day, such payment shall be made, act performed or
right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided
therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between
such nominal date and the date of payment. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Modification.</U>&nbsp;To
the extent permitted by <U>Section 2.7(c)</U>&nbsp;and any applicable Purchase Agreement, the Board of Trustees, without the vote of
the Holders of RVMTP Shares or any other outstanding shares issued by the Fund, may interpret, supplement or amend the provisions
of this Statement or any Appendix hereto to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or
supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because
of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impossibility
of performance or any provision that is inconsistent with any provision of any other Preferred Shares of the Fund and, in addition
to the amendments permitted by <U>Sections 2.6(h)</U> and <U>2.7(c)</U> hereof, may amend this Statement with respect to any Series
of RVMTP Shares prior to the issuance of RVMTP Shares of such Series.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.19</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Transfers</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Designated Owner or Holder of any RVMTP Shares of any Series may sell, transfer or otherwise dispose of RVMTP Shares only in whole
shares and only to Persons that are (1)(i) &ldquo;qualified institutional buyers&rdquo; (as defined in Rule 144A under the Securities
Act or any successor provision) in accordance with Rule 144A under the Securities Act or any successor provision that are registered
closed-end management investment companies, the shares of which are traded on a national securities exchange (&ldquo;<U>Closed-End
Funds</U>&rdquo;), banks or entities that are 100% direct or indirect subsidiaries of banks&rsquo; publicly traded parent holding
companies (collectively, &ldquo;<U>Banks</U>&rdquo;), insurance companies or registered open-end management investment companies,
(ii) tender option bond trusts (or similar vehicles) in which all investors are &ldquo;qualified institutional buyers&rdquo; (as
defined in Rule 144A under the Securities Act or any successor provision) that are Closed-End Funds, Banks, insurance companies,
or registered open-end management investment companies, in each case with respect to clauses (i) and (ii), in accordance with
Rule 144A under the Securities Act or pursuant to another available exemption from registration under the Securities Act, in a
manner not involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, or (iii) other investors with
the prior written consent of the Fund and (2) unless the prior written consent of the Fund is obtained, not PIMCO Persons, if
such PIMCO Persons would, after such sale and transfer, own more than 20% of the Outstanding RVMTP Shares. Any transfer in violation
of the foregoing restrictions shall be void <I>ab initio</I>. The restrictions on transfer contained in this <U>Section 2.19(a)</U>&nbsp;shall
not apply to any RVMTP Shares that are being registered and sold pursuant to an effective registration statement under the Securities
Act or to any subsequent transfer of such RVMTP Shares. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at any time the Fund is not furnishing information pursuant to Section 13 or 15(d) of the Exchange Act, in order to preserve the
exemption for resales and transfers under Rule 144A, the Fund shall furnish, or cause to be furnished, to holders of RVMTP Shares
and prospective purchasers of RVMTP Shares, upon request, information with respect to the Fund satisfying the requirements of
subsection (d)(4) of Rule 144A. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
Additional Rights</U>. Unless otherwise required by law or the Declaration, the Holders of RVMTP Shares shall not have any relative
rights or preferences or other special rights with respect to such RVMTP Shares other than those specifically set forth in this
Statement; <U>provided, however</U>, that nothing in this Statement shall be deemed to preclude or limit the right of the Fund
(to the extent permitted by applicable law) to contractually agree with any Holder or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designated
Owner of RVMTP Shares of any Series with regard to any special rights of such Holder or Designated Owner with respect to its investment
in the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page Begins on the Following Page]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, PIM CO Municipal Income Fund II has caused this Statement to be signed on April 17, 2024 in its name and
on its behalf by a duly authorized officer. The </FONT>Declaration is on file with the Secretary of the Commonwealth of Massachusetts,
and the said officer of the Fund has executed this Statement as an officer and not individually, and the obligations and rights
of the Fund set forth in this Statement are not binding upon any such officer, or the trustees of the Fund or shareholders of
the Fund, individually, but are binding only upon the assets and property of the Fund.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO MUNICIPAL INCOME FUND&nbsp;II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By :</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Joshua D. Ratner</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Joshu a D. Ratner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REMARKETABLE
VARIABLE RATE MUNIFUND TERM PREFERRED SHARES, SERIES 2054</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Preliminary
Statement and Incorporation By Reference</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Appendix establishes a Series of Remarketable Variable Rate MuniFund Term Preferred Shares of PIMCO Municipal Income Fund II.
Except as set forth below, this Appendix incorporates by reference the terms set forth with respect to all Series of such Remarketable
Variable Rate Municipal Term Preferred Shares in the Statement Establishing and Fixing the Rights and Preferences of Remarketable
Variable Rate MuniFund Term Preferred Shares (the &ldquo;RVMTP Statement&rdquo;). This Appendix has been adopted by resolution
of the Board of Trustees of PIMCO Municipal Income Fund II. Capitalized terms used herein but not defined herein have the respective
meanings therefor set forth in the RVMTP Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Designation as to Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remarketable
Variable Rate MuniFund Term Preferred Shares, Series 2054: A series of 2,530 Preferred Shares classified as Remarketable Variable
Rate MuniFund Term Preferred Shares is hereby designated as the &ldquo;Remarketable Variable Rate MuniFund Term Preferred Shares,
Series 2054&rdquo; (the &ldquo;<U>Series 2054 RVMTP Shares</U>&rdquo;). Each share of such Series shall have such preferences,
voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration, the By-Laws and the
RVMTP Statement (except as the RVMTP Statement may be expressly modified by this Appendix), as are set forth in this <U>Appendix</U>.
The Series 2054 RVMTP Shares shall constitute a separate series of Preferred Shares and of the Remarketable Variable Rate MuniFund
Term Preferred Shares and each Series 2054 RVMTP Share shall be identical. The following terms and conditions shall apply solely
to the Series 2054 RVMTP Shares:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Authorized Shares of Series</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of authorized shares is 2,530.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Original Issuance with respect to Series</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Date of Original Issuance is April 17, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference Applicable to Series</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Liquidation Preference is $100,000.00 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption Date and Early Term Redemption Date Applicable to </U></FONT><U>Series</U>.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Term Redemption Date is April 17, 2054, subject to extension pursuant to Section 2.6(a)(ii) of the RVMTP Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
&ldquo;<U>Early Term Redemption Date</U>&rdquo; means (i) every 5<SUP>th</SUP> anniversary of the Date of Original Issuance except
for the Term Redemption Date (for the avoidance of doubt, such date to occur once every 5 years) and (ii) each Mandatory Tender
Date as described in <U>Section 2.5(a)(iii)(C)</U>; provided that an Early Term Redemption Date shall be deemed not to have occurred
with respect to any RVMTP Shares for which an election to retain is made pursuant to <U>Section 2.5(a)(iv)</U> of the RVMTP Statement
relating to such Mandatory Tender Event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment Dates Applicable to Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Dividend Payment Dates are the first Business Day of the month next following each Dividend Period, subject to the definition
of &ldquo;Dividend Period&rdquo; set forth in <U>Section 9</U> below, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidity Account Initial Date Applicable to Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&ldquo;<U>Liquidity Account Initial Date</U>&rdquo; is (i) with respect to the Term Redemption Date, the date that is six months
prior to the Term Redemption Date or, if applicable, the date that is six months prior to the then current Term Redemption Date
as extended pursuant to Section 2.6(a)(ii) of the RVMTP Statement or, if such date is not a Business Day, the next succeeding
Business Day and (ii) with respect to the Early Term Redemption Date, the date that is six months prior to the Early Term Redemption
Date or, if such date is not a Business Day, the next succeeding Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exceptions to Certain Definitions Applicable to the Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following definitions contained under the heading &ldquo;Definitions&rdquo; in the RVMTP Statement are hereby amended as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Definitions Applicable to the Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in
the plural and vice versa), unless the context otherwise requires:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to the Series 2054 RVMTP Shares, in the case of the first Dividend Period, the period beginning
on the Date of Original Issuance for such Series and ending on and including April 30, 2024 and for each subsequent Dividend Period,
the period beginning on and including the first calendar day of the month following the month in which the previous Dividend Period
ended and ending on and including the last calendar day of such month; provided, however, in connection with any voluntary exchange
by the Holders or Designated</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owners
thereof of Series 2054 RVMTP Shares for any new series of Remarketable Variable Rate MuniFund Term Preferred Shares or any other
securities of the Fund, the Board of Trustees may declare that a Dividend Period shall begin on and include the first calendar
day of the month in which such exchange will occur and shall end on but not include the date of such exchange, and in such case,
the Dividend Payment Date for such dividend shall be the date of such exchange and provided further that, in connection with any
reorganization or merger involving the Fund, the Board of Trustees may establish a Dividend Period of less than a month, in which
case the Dividend Payment Date for such dividend shall be the first Business Day following the end of such Dividend Period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Premium</U>&rdquo; means with respect to each Series 2054 RVMTP Share to be redeemed an amount equal to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Optional Redemption Date for such Series 2054 RVMTP Share occurs prior to October 17, 2025<SUP>1</SUP>, the product of
(i) 1.30%, (ii) the Liquidation Preference of such RVMTP Share and (iii) a fraction, the numerator of which is the number of calendar
days from and including the date of redemption to and including October 17, 2025 and the denominator of which is the actual number
of calendar days from and including April 17, 2024 to and including October 17, 2025; or </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optional Redemption Date for such Series 2054 RVMTP Share occurs on or after October 17, 2025, zero. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchase
Agreement</U>&rdquo; means the Purchase Agreement dated as of April 17, 2024 between the Fund and the Purchaser, as such agreement
may be amended, restated, or modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Rights Agreement</U>&rdquo; means the registration rights agreement entered into between the Issuer and the Purchaser with respect
to the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10. <U>Amendments to Terms of RVMTP Shares Applicable to the Series</U>. The following provisions contained under the heading
&ldquo;Terms of the RVMTP Shares&rdquo; in the RVMTP Statement are hereby amended as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11. <U>Miscellaneous</U>. For the avoidance of doubt (i) any documents to be executed or countersigned by or on behalf of the
Calculation and Paying Agent pursuant to or in connection with the Calculation and Paying Agent Agreement, including but not only
with respect to the Series 2054 RVMTP Shares, may be executed manually, or by facsimile, portable document format (PDF) or other
electronic means; and (ii) any global certificates for the Series 2054 RVMTP Shares</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP>18 months from original isuance</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">referenced
in Section 2.13 of the RVMTP Statement are deemed validly issued whether issued in electronic or physical format.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, PIM CO Municipal Income Fund II has caused this Appendix to be signed on April 17, 2024 in its name
and on its behalf by a duly authorized officer. The Declaration is on file with the Secretary of the Commonwealth of
Massachusetts, and the said officer of the Fund has executed this Appendix as an officer and not individually, and the
obligations and rights of the Fund set forth in this Appendix are not binding upon any such officer, or the trustees of the
Fund or shareholders of the Fund, individually, but are binding only upon the assets and property of the Fund.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO MUNICIPAL INCOME FUND&nbsp;II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By :</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Joshua D. Ratner</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Joshu a D. Ratner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD></TR>
</TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
3</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Statement
Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred
Shares</U></B></FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PIMCO MUNICIPAL INCOME FUND II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>STATEMENT ESTABLISHING AND FIXING THE
RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>DATED JUNE 12, 2024</B></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 83%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article 1 DEFINITIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability of Officers, Trustees and Shareholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article 2 TERMS APPLICABLE TO ALL SERIES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares; Ranking</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends and Distributions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidation Rights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coverage &amp; Leverage Tests</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandatory Tender and Remarketing</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting Rights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating Agencies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of Additional Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Status of Redeemed or Repurchased RVMTP Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions with respect to Taxable Allocations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.12</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term Redemption Liquidity Account and Liquidity Requirement for Term Redemption or Early Term Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.13</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Certificate</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.14</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.15</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.16</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendices</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.17</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actions on Other than Business Days</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.18</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modification</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.19</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.20</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Additional Rights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
</TABLE>


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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PIMCO MUNICIPAL INCOME FUND II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 125pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>STATEMENT ESTABLISHING AND FIXING
THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt; text-indent: 9.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PIMCO MUNICIPAL INCOME
FUND II (the &ldquo;<U>Fund</U>&rdquo;), a Massachusetts business trust, certifies that:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 203pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>FIRST</B>: The Fund
is authorized under Article III of the Fund&rsquo;s Agreement and Declaration of Trust, as amended (which, as hereafter restated or amended
from time to time, is herein called the &ldquo;<U>Declaration</U>&rdquo;), to issue an unlimited number of Preferred Shares (as defined
below), par value $0.00001 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECOND</B>: Pursuant
to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, effective May 29, 2024,
the Board of Trustees has, by resolution, authorized the issuance of Preferred Shares, $0.00001 par value per share, of the Fund,
such shares to be classified as Remarketable Variable Rate MuniFund Term Preferred Shares (&ldquo;<U>RVMTP</U>&rdquo;), and such
RVMTP to be issued in one or more series (each such series, a &ldquo;<U>Series</U>&rdquo;). The terms related to a Series may be
set forth in this Statement through an Appendix (as defined below) attached hereto or in a separate Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIRD</B>: The number
of shares, preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption,
of each Series of RVMTP subject to this Statement, as now or hereafter authorized by the Board of Trustees, are set forth in this
Statement, as modified, amended or supplemented from time to time in an appendix to this Statement (each, an &ldquo;<U>Appendix</U>&rdquo;
and collectively, the &ldquo;<U>Appendices</U>&rdquo;) specifically relating to such Series as now or hereafter authorized by the
Board of Trustees (each such Series being referred to herein as a &ldquo;<U>Series of RVMTP Shares</U>,&rdquo; &ldquo;<U>RVMTP Shares
of a Series</U>&rdquo; or a &ldquo;<U>Series</U>&rdquo;, and shares of all such Series subject to this Statement being referred to
herein individually, as an &ldquo;<U>RVMTP Share</U>&rdquo; and collectively, as the &ldquo;<U>RVMTP Shares</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ARTICLE 1 DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 159pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
Unless the context or use indicates another or different meaning or intent and except with respect to any Series as specifically
provided in the Appendix applicable to such Series, each of the following terms when used in this Statement shall have the meaning
ascribed to it below, whether such term is used in the singular or plural and regardless of tense:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>1940 Act</U>&rdquo;
means the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, or any successor statute.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>1940 Act Asset
Coverage</U>&rdquo; means &ldquo;asset coverage,&rdquo; as defined for purposes of Section 18(h) of the 1940 Act and in accordance
with Rule 18f-4 thereunder, as applicable, of at least 208% with respect to all outstanding senior securities of the Fund which
are stocks for purposes of the 1940 Act, including any outstanding RVMTP Shares and Auction Preferred Shares (or such other asset
coverage as may in the future be specified in or under the 1940 Act or by rule,</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">regulation or order of the United States
Securities and Exchange Commission as the minimum asset coverage for senior securities which are shares of stock of a closed-end
investment company), determined on the basis of values calculated as of a time within 48 hours (only including Business Days) next
preceding the time of such determination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>1940 Act Asset
Coverage Cure Date</U>&rdquo; means, with respect to the failure by the Fund to maintain 1940 Act Asset Coverage as of the close
of business on a Business Day (as required by <U>Section 2.4(a)</U> hereof), the date that is thirty (30) calendar days following
such Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Additional Amount
Payment</U>&rdquo; means a payment to a Holder of RVMTP Shares of an amount which, when combined with the amount of the portion
of any dividend to which a Taxable Allocation relates, and after imposition of U.S. federal income tax, taking into account the
assumptions in the immediately following sentence, equals the after tax dollar amount of the dividend that would have been received
by such Holder if no Taxable Allocation had been made with respect to such dividend. Such Additional Amount Payment shall be calculated
(i) without consideration being given to the time value of money; (ii) assuming that no Holder is subject to the federal alternative
minimum tax with respect to dividends received from the Fund; and (iii) assuming that each Taxable Allocation and each Additional
Amount Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of
Section 852(b)(5) of the Code) would be taxable, (x) in the case of the Purchaser (or (1) any entity taxed as a corporation that
(i) joins in filing a consolidated federal corporate income tax return with the Purchaser, or (ii) is otherwise an affiliate of
the Purchaser and is taxed as a corporation (excluding any such entity that is taxed as a regulated investment company under Subchapter
M of the Code), or (2) any entity that is a direct or indirect wholly-owned subsidiary of one or more of the entities described
in clause (1) (each of the entities described in clauses (1) or (2), a &ldquo;<U>Corporate Affiliate</U>&rdquo;)) at the maximum
marginal regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable, in effect
at the time such Additional Amount Payment is paid, disregarding in each case the effect of any state or local taxes, or (y) in
the case of any other Holder (including for the avoidance of doubt, any tender option bond trust (or similar vehicle or arrangement
used for providing financing for municipal obligations and municipal closed-end fund preferred shares)) at the greater of (A) the
rate expressed in clause (x), or (B) the maximum marginal regular federal individual income tax rate applicable to ordinary income
or net capital gain, as applicable, in effect at the time such Additional Amount Payment is paid, disregarding in each case the
effect of any state or local taxes, assuming that section 1411 of the Code is applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Adviser</U>&rdquo;
means Pacific Investment Management Company LLC, a Delaware limited liability company, or such other entity as shall be then serving
as the investment adviser of the Fund, and shall include, as appropriate, any sub-adviser duly appointed by the Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Agent Member</U>&rdquo;
means a Person with an account at the Securities Depository that holds one or more RVMTP Shares through the Securities Depository,
directly or indirectly, for a Designated Owner and that will be authorized and instructed, directly or indirectly, by a Designated
Owner to disclose information to the Remarketing Settlement Agent, if any, and/or the Calculation and Paying Agent with respect
to such Designated Owner.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Appendices</U>&rdquo;
and &ldquo;<U>Appendix</U>&rdquo; shall have the respective meanings as set forth in the Recitals of this Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Applicable Spread</U>&rdquo;
means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage per annum equal to the sum of (i) the percentage
per annum set forth opposite the applicable credit rating most recently assigned to such Series by the Rating Agency in the table
below on the Rate Determination Date for such Rate Period plus (ii) the Spread Adjustment:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Long-Term Ratings*</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fitch</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Applicable Spread**</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA to AA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.35%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AA-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.45%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.55%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.70%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.95%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBB+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.35%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBB</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.60%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBB-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.85%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-investment grade/Not Rated</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.85%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*And/or the equivalent ratings of any
other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating Agencies then rating the RVMTP
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">**Unless an Increased Rate Period is in
effect and is continuing, in which case the Increased Rate shall be the Index Rate for such Increased Rate Period plus 2.00% plus
the Applicable Spread.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Auction Preferred
Shares</U>&rdquo; means any Auction Preferred Shares of the Fund, the preferences, voting powers, restrictions, limitations as to
dividends, qualifications, and terms and conditions of redemption as set forth in the Auction Preferred Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Auction Preferred
Statement</U>&rdquo; means Article 11 (Statement Creating Five Series of Auction Preferred Shares) of the Amended and Restated Bylaws
of the Fund as of June 12, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;<U>Banks</U>&rdquo; shall have the meaning as set
forth in <U>Section 2.19(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Below Investment
Grade</U>&rdquo; means, with respect to any Series of RVMTP Shares and as of any date, the following ratings with respect to each
Rating Agency (to the extent it is a Rating Agency on such date):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="color: #010000">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lower
than BBB-, in the case of Fitch; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>lower than an equivalent long-term credit rating to that set forth in clause (i), in the case of any other Rating Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Board of Trustees</U>&rdquo;
means the Board of Trustees of the Fund or any duly authorized committee thereof as permitted by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo;
means any day (a) other than a day on which commercial banks in The City of New York, New York are required or authorized by law
or executive order to close and (b) on which the New York Stock Exchange is not closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>By-Laws</U>&rdquo; means the By-Laws of the
Fund as amended or restated from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Calculation
and Paying Agent</U>&rdquo; means, with respect to any Series, The Bank of New York Mellon and its successors or any other calculation
and paying agent appointed by the Fund with respect to such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Calculation
and Paying Agent Agreement</U>&rdquo; means, with respect to any Series, the Calculation and Paying Agent Agreement dated June 12,
2024 by and among the Calculation and Paying Agent, the Fund and certain other Persons, and as the same may be amended, restated
or modified from time to time, or any similar agreement between the Fund and any other calculation and paying agent appointed by
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Closed-End Funds</U>&rdquo; shall have the meaning
as set forth in <U>Section 2.19(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Closing Date</U>&rdquo; means June 12, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Code</U>&rdquo; means the Internal Revenue Code
of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Common Shares</U>&rdquo;
means the common shares of beneficial interest, par value $0.00001 per share, of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Conditional
Acceptance</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(ii)(B)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Custodian</U>&rdquo;
means a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section 26(a)
of the 1940 Act, or such other entity as shall be providing custodian services to the Fund as permitted by the 1940 Act or any
rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified sub-custodian duly appointed
by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Custodian Agreement</U>&rdquo;
means any Custodian Agreement by and between the Custodian and the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Date of Original
Issue</U>&rdquo; means, with respect to any Series, the date specified as the Date of Original Issue for such Series in the Appendix
for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Declaration</U>&rdquo; shall have the meaning
as set forth in the Recitals of this Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Default</U>&rdquo; shall mean a Dividend Default
or a Redemption Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Deposit Securities</U>&rdquo;
means, as of any date, any United States dollar-denominated security or other investment of a type described below that either
(i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory redemption
date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date, Dividend Payment
Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">cash or any cash equivalent;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">any U.S. Government Obligation;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any Municipal Security that has a credit rating from at least one NRSRO that is the highest applicable rating generally ascribed
by such NRSRO to Municipal Securities with substantially similar terms as of the date of this Statement (or such rating&rsquo;s future
equivalent or, if not rated, as determined by PIMCO to be of comparable quality), including (A) any such Municipal Security that
has been pre-refunded by the issuer thereof with the proceeds of such refunding having been irrevocably deposited in trust or escrow
for the repayment thereof and (B) any such fixed or variable rate Municipal Security that qualifies as an eligible security under
Rule 2a-7 under the 1940 Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar
investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Municipal Securities or U.S.
Government Obligations or any combination thereof; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any letter of credit from a bank or other financial institution that has a credit rating from at least one NRSRO that is the highest
applicable rating generally ascribed by such NRSRO to bank deposits or short-term debt of similar banks or other financial institutions
as of the date of this Statement (or such rating&rsquo;s future equivalent or, if not rated, as determined by PIMCO to be of comparable
quality).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Designated Owner</U>&rdquo;
means a Person in whose name RVMTP Shares of any Series are recorded as beneficial owner of such RVMTP Shares by the Securities
Depository, an Agent Member or other securities intermediary on the records of such Securities Depository, Agent Member or securities
intermediary, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Designated Owner
Term Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(ii)(A)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Dividend Default</U>&rdquo; shall have the meaning
as set forth in <U>Section 2.2(g)(i)(A)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Dividend Payment
Date</U>&rdquo; means, with respect to any Series, the first Business Day of each calendar month that any shares of such Series
are outstanding; <U>provided</U>, <U>however</U>, that with respect to any Series for which the first Dividend Period, as specified
in the Appendix relating to such Series, is longer than one (1) month, the first Dividend Payment Date for such Series shall be
the first Business Day of the calendar month immediately following the end of such Dividend Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Dividend Period</U>&rdquo;
means, with respect to any Series, the Dividend Period for such Series set forth in the Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Dividend Rate</U>&rdquo;
means, with respect to any Rate Period for a Series of RVMTP Shares and subject to the adjustment described in <U>Section 2.11(a)</U>,
the sum of the Index Rate for such Rate Period plus the Applicable Spread for such Rate Period <U>plus the Failed Remarketing Spread
(if applicable)</U>; <U>provided</U>, <U>however</U>, that with respect to any Increased Rate Period, the Dividend Rate shall mean
the Increased Rate for such Increased Rate Period; and <U>provided further</U> that the Dividend Rate for any Rate Period shall
in no event exceed the Maximum Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Early Term Redemption
Date</U>&rdquo; means, with respect to any Series, the date specified as the Early Term Redemption Date (if any) in the Appendix
for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Early Term Redemption
Price</U>&rdquo; means with respect to any Series, the price per share equal to the Liquidation Preference per share plus an amount
equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from and including the Date of Original
Issue of such Series of RVMTP Shares to (but excluding) the Early Term Redemption Date with respect to such Series of RVMTP Shares
(whether or not earned or declared by the Fund, but excluding interest thereon).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Effective Leverage Ratio</U>&rdquo; shall have
the meaning as set forth in <U>Section 2.4(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Effective
Leverage Ratio Cure Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(b)(ii)(A)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Electronic Means</U>&rdquo;
means email transmission, facsimile transmission or other similar electronic means of communication providing evidence of transmission
(but excluding online communications systems covered by a separate agreement) acceptable to the sending party and the receiving
party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly confirmed by any other
method set forth in this definition), which, in the case of notices to the Calculation and Paying Agent and the Custodian, shall
be sent by such means to each of its representatives set forth in the Calculation and Paying Agent Agreement and the Custodian
Agreement, respectively; provided, however, that solely with respect to communications sent to the Calculation and Paying Agent,
facsimile transmission shall not be considered Electronic Means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Exchange Act</U>&rdquo;
means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Failed Remarketing</U>&rdquo; shall have the
meaning set forth in Section 2.5(c)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Failed Remarketing
Spread</U>&rdquo; means (i) for so long as two or more Failed Remarketings have not occurred, 0%, and (ii) following the second
occurrence of a Failed Remarketing, 0.25% multiplied by the number of Failed Remarketings that have occurred after the first Failed
Remarketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fitch</U>&rdquo;
means Fitch Ratings, a part of the Fitch Group, and any successor or successors thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fund</U>&rdquo;
shall have the meaning as set forth in the Preamble to this Statement. Any reference herein or in the Purchase Agreement to the
Fund&rsquo;s assets or investments shall include (or &ldquo;look through&rdquo; to) any assets or investments of any wholly-owned
subsidiary of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Holder</U>&rdquo;
means, with respect to the RVMTP Shares of any Series or any other security issued by the Fund, a Person in whose name such security
is registered in the registration books of the Fund maintained by the Calculation and Paying Agent or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Holder Term
Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iii)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Increased Rate</U>&rdquo;
means, with respect to any Series, the Increased Rate for such Series set forth in the Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Increased Rate Period</U>&rdquo; shall have
the meaning as set forth in <U>Section 2.2(g)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Index Rate</U>&rdquo;
means, with respect to any Series, the Index Rate for such Series set forth in the Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Initial Rate
Period</U>&rdquo; means, with respect to the RVMTP Shares of any Series, the period commencing on and including the Date of Original
Issue thereof and ending on, and including, the next succeeding calendar day that is a Wednesday (or if such Wednesday is not a
Business Day, the next succeeding Business Day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidation
Preference</U>&rdquo; means, with respect to any Series, the amount specified as the liquidation preference per share for that Series
in the Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Account
Initial Date</U>&rdquo; means, with respect to any Series, the date designated as the Liquidity Account Initial Date in the Appendix
for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Account
Investments</U>&rdquo; means Deposit Securities or any other security or investment owned by the Fund that is rated not less than
A3 by Moody&rsquo;s, A- by Standard &amp; Poor&rsquo;s, A- by Fitch or an equivalent rating by any other NRSRO (or any such rating&rsquo;s future
equivalent) or if not rated, determined by the Adviser to be of comparable quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Liquidity Requirement</U>&rdquo; shall have
the meaning as set forth in <U>Section 2.12(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lock-Out Date</U>&rdquo;
means, with respect to any Series, the Lock-Out Date for such Series set forth in the Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mandatory 1940
Act Asset Coverage Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(b)(i)(A)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mandatory Tender</U>&rdquo;
means, in connection with a Remarketing, the required tender of all RVMTP Shares of a particular Series (except to the extent affirmatively
retained by any applicable Holder of RVMTP Shares of such Series pursuant to Section 2.5(a)(iv)) to the Remarketing Settlement
Agent for purchase on the applicable Mandatory Tender Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Mandatory
Tender Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.5(a)(iii)(C)</U>.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Mandatory
Tender Event</U>&rdquo; shall have the meaning as set forth in <U>Section 2.5(a)(i)(C)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mandatory Tender
Redemption Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iv)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Mandatory 1940
Act Asset Coverage Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(b)(i)(A)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Market Value</U>&rdquo;
of any asset of the Fund means, for securities for which market quotations are readily available, the market value thereof determined
on the basis of official closing prices or the last reported sales prices on the valuation date, or if no sales are reported on
the valuation date, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by
the Fund&rsquo;s approved pricing services, quotation reporting systems and other third-party sources. Investments for which market quotes
or market-based valuations are not readily available are valued at fair value as determined in good faith by the Board of Trustees
or persons acting at their direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Majority Holders</U>&rdquo;
means the Holders of greater than 50% of the outstanding Shares of any Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Maximum Rate</U>&rdquo; means 15% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 1in">&ldquo;<U>Moody&rsquo;s</U>&rdquo;
means Moody&rsquo;s Investors Service, Inc. and any successor or successors thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Municipal Securities</U>&rdquo;
means municipal securities as described under the heading &ldquo;Portfolio Contents&rdquo; in the prospectus or other offering document
for a Series of RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>No Adverse Effect
Opinion</U>&rdquo; means an opinion of counsel to the effect that the requested action, if undertaken, will not have an adverse
effect on any of the opinions of counsel delivered in connection with the issuance of the RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Notice of Mandatory Tender</U>&rdquo; shall
have the meaning set forth in <U>Section 2.5(a)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Notice of Redemption</U>&rdquo; shall have the
meaning as set forth in <U>Section 2.6(e)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Notice of
Special Terms Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(h)(iii)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Notice of Taxable
Allocation</U>&rdquo; shall have the meaning as set forth in <U>Section 2.11(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>NRSRO</U>&rdquo;
means (a) each of Fitch, Moody&rsquo;s and Standard &amp; Poor&rsquo;s so long as such Person is a nationally recognized statistical rating
organization within the meaning of Section 3(a)(62) of the Exchange Act and (b) any other nationally recognized statistical rating
organization within the meaning of Section 3(a)(62) of the Exchange Act that is not an &ldquo;affiliated person&rdquo; (as defined
in Section 2(a)(3) of the 1940 Act) of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Optional Redemption
Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Optional Redemption
Premium</U>&rdquo; means, with respect to any Series, the premium payable by the Fund upon the redemption of RVMTP Shares of such
Series at the option of the Fund, as set forth in the Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Optional Redemption
Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Other Rating
Agency</U>&rdquo; means each Rating Agency, if any, other than Fitch, Standard &amp; Poor&rsquo;s, or Moody&rsquo;s then providing a rating
for the RVMTP Shares pursuant to the request of the Fund and with the consent of the Holders of a majority of the RVMTP Shares,
which shall not be unreasonably withheld by such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Outstanding</U>&rdquo;
means, as of any date with respect to RVMTP Shares of any Series, the number of RVMTP Shares of such Series theretofore issued
by the Fund except (without duplication):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any RVMTP Shares
of such Series theretofore exchanged, cancelled, retired or redeemed or delivered to the Calculation and Paying Agent for cancellation
or redemption in accordance with the terms hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any RVMTP Shares
of such Series as to which the Fund shall has given a Notice of Redemption and irrevocably deposited with the Calculation and Paying
Agent sufficient Deposit Securities to redeem such shares in accordance with <U>Section 2.6</U> hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any RVMTP Shares
of such Series as to which the Fund is the Holder or the Designated Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>PCAOB</U> Standards&rdquo; shall have the meaning
set forth in <U>Section 2.2(g)(i)(K)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Person</U>&rdquo;
means and includes an individual, a partnership, a trust, a corporation, a limited liability company, an unincorporated association,
a joint venture or other entity or a government or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>PIMCO Person</U>&rdquo;
means the Adviser or any affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of the Adviser (other than the Fund,
in the case of a redemption or purchase of the RVMTP Shares which are to be cancelled within ten (10) calendar days of purchase
by the Fund).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Preferred Shares</U>&rdquo;
means the authorized preferred shares of beneficial interest of the Fund, including RVMTP Shares of each Series, Auction Preferred
Shares, shares of any other series of preferred shares of beneficial interest now or hereafter issued by the Fund, and any other
shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over another class as to distribution
of assets or payments of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Pro Rata Allocation</U>&rdquo; shall have the
meaning set forth in <U>Section 2.6(b)(i)(A)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Purchase Agreement</U>&rdquo;
means (i) with respect to the initial Series of RVMTP Shares issued pursuant to this Statement, the Purchase Agreement dated as
of June 12, 2024 between the Fund and the Purchaser and (ii) with respect to any subsequent Series of RVMTP Shares issued pursuant
to this Statement, the purchase agreement or other similar agreement for the RVMTP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Shares of such Series (if any) specified
in the Appendix for such Series, in each case as such agreement may be amended, restated, or modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Purchaser</U>&rdquo; means JPMorgan Chase Bank
N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Rate Determination
Date</U>&rdquo; means, with respect to the Initial Rate Period for any Series of RVMTP Shares, the calendar day immediately preceding
the Date of Original Issue of such Series and, with respect to any Subsequent Rate Period for any Series of RVMTP Shares, the last
calendar day of the immediately preceding Rate Period for such Series or, if such calendar day is not a Business Day, the next
succeeding Business Day; <U>provided</U>, <U>however</U>, that the next succeeding Rate Determination Date will be determined without
regard to any prior extension of a Rate Determination Date to a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Rate Period</U>&rdquo;
means, with respect to any Series of RVMTP Shares, the Initial Rate Period and any Subsequent Rate Period of the RVMTP Shares of
such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Rate Period
Termination Date</U>&rdquo; means, with respect to any Series, the Rate Period Termination Date for such Series set forth in the
Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Rating
Agency</U>&rdquo; means, as of any date and in respect of a Series of RVMTP Shares, (i) any of Fitch, Moody&rsquo;s, or Standard
&amp; Poor&rsquo;s, to the extent it maintains a rating on the RVMTP Shares of such Series on such date and has not been replaced
as a Rating Agency in accordance with <U>Section 2.8</U> and (ii) any Other Rating Agency designated as a Rating Agency on
such date in accordance with <U>Section 2.8</U>. In the event that at any time any Rating Agency (i) ceases to be a Rating
Agency for purposes of any Series of RVMTP Shares and such Rating Agency has been replaced by an Other Rating Agency in
accordance with <U>Section 2.8</U>, any references to any credit rating of the replaced Rating Agency in this Statement or
any Appendix shall be deleted for purposes hereof as provided below and shall be deemed instead to be references to the
equivalent credit rating of the Other Rating Agency that has replaced such Rating Agency as of the most recent date on which
such replacement Other Rating Agency published credit ratings for such Series of RVMTP Shares or (ii) designates a new rating
definition for any credit rating of such Rating Agency with a corresponding replacement rating definition for such credit
rating of such Rating Agency, any references to such replaced rating definition of such Rating Agency contained in this
Statement or any Appendix shall instead be deemed to be references to such corresponding replacement rating definition. In
the event that at any time the designation of any Rating Agency as a Rating Agency for purposes of any Series of RVMTP Shares
is terminated in accordance with <U>Section 2.8</U>, any rating of such terminated Rating Agency, to the extent it would have
been taken into account in any of the provisions of this Statement or the Appendix for such Series, shall be disregarded, and
only the ratings of the then-designated Rating Agencies for such Series shall be taken into account for purposes of this
Statement and such Appendix.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Rating Agency
Guidelines</U>&rdquo; means the guidelines of any Rating Agency, as they may be amended or modified from time to time, compliance
with which is required to cause such Rating Agency to continue to issue a rating with respect to a Series of RVMTP Shares for so
long as such Series is Outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Rating Agency
Withdrawal</U>&rdquo; shall have the meaning set forth in <U>Section 2.2(g)(i)(C)</U>.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Ratings Event</U>&rdquo; shall have the meaning
set forth in <U>Section 2.2(g)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Redemption Date</U>&rdquo;
means with respect to a redemption pursuant to <U>Section 2.6(a)(i), (b) or (c)</U>, the date fixed for redemption as stated in
the Notice of Redemption with respect to such redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Redemption Default</U>&rdquo; shall have the
meaning as set forth in <U>Section 2.2(g)(i)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Redemption Price</U>&rdquo;
shall mean the Term Redemption Price, the Mandatory 1940 Act Asset Coverage Redemption Price, the Mandatory Tender Redemption Price
or the Optional Redemption Price, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Registration
Rights Agreement</U>&rdquo; means (i) with respect to the initial Series of RVMTP Shares issued pursuant to this Statement, the
Registration Rights Agreement to be dated as of June 12, 2024 between the Fund and the Purchaser and (ii) with respect to any subsequent
Series of RVMTP Shares issued pursuant to this Statement, the registration rights agreement or other similar agreement for the
RVMTP Shares of such Series (if any) specified in the Appendix for such Series, in each case, as such agreement may be amended,
restated, or modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Remarketing</U>&rdquo;
means the offering of RVMTP Shares for resale as described in <U>Section 2.5(b)</U>. RVMTP Shares that are remarketed in connection
with a Remarketing are described as having been &ldquo;Remarketed&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Remarketing
Purchase Price</U>&rdquo; means, with respect to the RVMTP Shares subject to a Remarketing, a price per share equal to the Liquidation
Preference per share plus an amount equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from
and including the Date of Original Issue of such RVMTP Shares to (but excluding) the Mandatory Tender Date for such RVMTP Shares
(whether or not earned or declared by the Fund, but excluding interest thereon).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Remarketing
Settlement Agent</U>&rdquo; means the entity appointed as such by the Fund with respect to a Remarketing of any Series of the RVMTP
Shares and any additional or successor entities appointed by the Fund pursuant to a Remarketing Settlement Agent Agreement with
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Remarketing
Settlement Agent Agreement</U>&rdquo; means the Remarketing Settlement Agent Agreement, if any, with respect to the RVMTP Shares,
between the Fund and the Remarketing Settlement Agent and any other party thereto, as amended, modified or supplemented from time
to time, or any similar agreement with a successor Remarketing Settlement Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>RVMTP</U>&rdquo; shall have the meaning as set
forth in the Recitals of this Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>RVMTP Shares</U>&rdquo;
shall have the meaning as set forth in the Recitals of this&nbsp;Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>RVMTP Shares
of a Series</U>&rdquo; shall have the meaning as set forth in the Recitals of&nbsp;this Statement.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Securities Act</U>&rdquo;
means the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Securities Depository</U>&rdquo;
shall mean The Depository Trust Company and its successors and assigns or any other securities depository selected by the Fund
that agrees to follow the procedures required to be followed by such securities depository as set forth in this Statement with
respect to the RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Series</U>&rdquo;
and &ldquo;<U>Series of RVMTP Shares</U>&rdquo; shall have the meanings as set forth in the Recitals of this Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>SIFMA Municipal
Swap Index</U>&rdquo; means the Securities Industry and Financial Markets Association Municipal Swap Index, or such other weekly,
high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Bloomberg L.P. or its successor, or
as otherwise designated by the Securities Industry and Financial Markets Association; <U>provided</U>, <U>however</U>, that if
such index is no longer produced by Bloomberg L.P. or its successor, then SIFMA Municipal Swap Index shall mean (i) the S&amp;P
Municipal Bond 7 Day High Grade Rate Index produced by Standard &amp; Poor&rsquo;s Financial Services LLC or its successors or (ii) if
the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably comparable index selected in
good faith by the Board of Trustees of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Special Terms Period</U>&rdquo; shall have the
meaning as set forth in <U>Section 2.2(h)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Spread Adjustment</U>&rdquo;
means, with respect to any Series, the Spread Adjustment for such Series set forth in the Appendix for such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Standard &amp;
Poor&rsquo;s</U>&rdquo; means Standard &amp; Poor&rsquo;s Ratings Services, a Standard &amp; Poor&rsquo;s Financial Services LLC business, and any
successor or successors thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Statement</U>&rdquo;
means this Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares,
as it may be amended from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subsequent Rate
Period</U>&rdquo; means, with respect to any Series of RVMTP Shares, the period consisting of seven (7) calendar days, but adjusted
in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from,
and including, the first calendar day following the Initial Rate Period of such Series to, and including, the next Rate Determination
Date for such Series and any period thereafter from, and including, the first calendar day following a Rate Determination Date
for shares of such Series to, and including, the next succeeding Rate Determination Date for shares of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Tax Event</U>&rdquo; shall have the meaning
as set forth in <U>Section 2.2(g)(i)(E)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Taxable Allocation</U>&rdquo;
means, with respect to any Series, the characterization of all or a portion of any dividend paid in respect of such Series as net
capital gains or other income taxable for regular federal individual income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Term Redemption Amount</U>&rdquo; shall have
the meaning as set forth in <U>Section 2.12(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Term Redemption
Date</U>&rdquo; means, with respect to any Series, the date specified as the Term Redemption Date in the Appendix for such Series,
as such date may be extended in accordance with <U>Section 2.6(a)</U> or as may otherwise be agreed in writing by the Fund and
the Holders of 100% of the Outstanding RVMTP Shares of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Term Redemption
Liquidity Account</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Term Redemption Price</U>&rdquo; shall have
the meaning as set forth in <U>Section 2.6(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&ldquo;<U>U.S. Government
Obligations</U>&rdquo; means direct obligations of the United States or of its agencies or instrumentalities that are entitled to
the full faith and credit of the United States or of its agencies or instrumentalities and that, other than United States Treasury
Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&ldquo;<U>Voting Period</U>&rdquo; shall have the meaning
as set forth in <U>Section 2.7(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">With respect to any Series,
any additional definitions specifically set forth in the Appendix relating to such Series and any amendments to any definitions
specifically set forth in the Appendix relating to such Series, as such Appendix may be amended from time to time, shall be incorporated
herein and made part hereof by reference thereto, but only with respect to such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Interpretation</U>. The headings preceding the text of Sections included in this Statement are for convenience only and shall
not be deemed part of this Statement or be given any effect in interpreting this Statement. The use of the masculine, feminine
or neuter gender or the singular or plural form of words herein shall not limit any provision of this Statement. The use of the
terms &ldquo;including&rdquo; or &ldquo;include&rdquo; shall in all cases herein mean &ldquo;including, without limitation&rdquo; or
&ldquo;include, without limitation,&rdquo; respectively. Reference to any Person includes such Person&rsquo;s successors and assigns to
the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular
capacity excludes such Person in any other capacity or individually. Reference to any agreement (including this Statement), document
or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance
with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law
means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement
procedures and any interpretations promulgated thereunder. Underscored references to Sections shall refer to those portions of
this Statement. The use of the terms &ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; and words of similar import
shall refer to this Statement as a whole and not to any particular Article, Section or clause of this Statement. Unless otherwise
provided, defined terms used in this Statement apply only to the RVMTP Shares and defined terms used in the Auction Preferred Statement
apply only to the Auction Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Liability of Officers, Trustees and Shareholders</U>. A copy of the Declaration is on file with the Secretary of the Commonwealth
of Massachusetts, and notice hereby is given that this Statement is executed on behalf of the Fund by an officer of the Fund in
his or her capacity as an officer of the Fund and not individually and that the obligations of the Fund under or arising out of
this Statement are not binding upon any of the trustees, officers or shareholders individually but are binding only upon the assets
and properties of the Fund. All persons extending credit to,</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">contracting with or having a claim against
the Fund must look solely to the Fund&rsquo;s assets and property for the enforcement of any claims against the Fund as none of the Fund&rsquo;s
officers, agents or shareholders, whether past, present or future, assume any personal liability for obligations entered on behalf
of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE 2 TERMS
APPLICABLE TO ALL SERIES OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED
SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Except for such changes
and amendments hereto with respect to a Series of RVMTP Shares that are specifically contemplated by the Appendix relating to such
Series, each Series of RVMTP Shares subject to this Statement shall have the following terms:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Shares; Ranking</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of authorized
shares constituting any Series of RVMTP Shares shall be as set forth with respect to such Series in the Appendix hereto relating
to such Series. No fractional RVMTP Shares shall be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The RVMTP Shares
of each Series shall rank on a parity with RVMTP Shares of each other Series and with shares of any other series of Preferred Shares
(including any Auction Preferred Shares) as to the payment of dividends and the distribution of assets upon dissolution, liquidation
or winding up of the affairs of the Fund. The RVMTP Shares of each Series shall have preference with respect to the payment of
dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the Common
Shares as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of RVMTP
Shares shall have, solely by reason of being such a Holder, any pre-emptive or other right to acquire, purchase or subscribe for
any RVMTP Shares or Common Shares or other securities of the Fund which it may hereafter issue or sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Distributions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of RVMTP
Shares of any Series shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees,
out of funds legally available therefor in accordance with the Declaration, this Statement, and applicable law, and in preference
to dividends and other distributions on Common Shares, cumulative cash dividends and other distributions on each share of such
Series at the Dividend Rate for such Series, calculated as set forth herein, and no more. Dividends and other distributions on
the RVMTP Shares of any Series shall accumulate from the Date of Original Issue with respect to such Series. The amount of dividends
per share payable on RVMTP Shares of a Series on any Dividend Payment Date shall equal the sum of the dividends accumulated but
not yet paid for each Rate Period (or part thereof) in the related Dividend Period. The amount of dividends per share of a Series
accumulated for each such Rate Period (or part thereof) shall be computed by (i) multiplying the Dividend Rate in effect for RVMTP
Shares of such Series for such Rate Period (or part thereof) by a fraction, the numerator of which shall be the actual number of
calendar days in such Rate Period (or part thereof) and the denominator of which shall be the actual number of calendar days in
the year in which such Rate Period (or such part thereof) occurs (365 or 366) and (ii) multiplying</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">the product determined pursuant to clause
(i) by the Liquidation Preference for a share of such Series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on RVMTP
Shares of each Series with respect to any Dividend Period shall be declared to the Holders of such shares as their names shall
appear on the registration books of the Fund at the close of business on each calendar day in such Dividend Period and shall be
paid as provided in Section 2.2(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No full dividends
or other distributions shall be declared or paid on shares of a Series of RVMTP Shares for any Dividend Period or part thereof
unless full cumulative dividends and other distributions due through the most recent dividend payment dates therefor for all outstanding
Preferred Shares (including shares of other Series of RVMTP Shares and the Auction Preferred Shares) ranking on a parity with such
Series of RVMTP Shares have been or contemporaneously are declared and paid through the most recent dividend payment dates therefor.
If full cumulative dividends or other distributions due have not been declared and paid on all such outstanding Preferred Shares
of any series, any dividends and other distributions being declared and paid on RVMTP Shares of a Series will be declared and paid
as nearly pro rata as possible in proportion to the respective amounts of dividends and other distributions accumulated but unpaid
on the shares of each such series of Preferred Shares (including, without limitation, the Auction Preferred Shares) on the relevant
dividend payment date for such series. Subject to <U>Section 2.11</U> hereof and Sections 2.3 and 2.4 of the Purchase Agreement,
no Holders of RVMTP Shares shall be entitled to any dividends or other distributions, whether payable in cash, property or shares,
in excess of full cumulative dividends and other distributions as provided in this <U>Section 2.2(c)(i)</U> on such RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as
any RVMTP Shares are Outstanding, the Fund shall not: (x) declare or pay any dividend or other distribution (other than a dividend
or distribution paid in Common Shares) in respect of the Common Shares, (y) call for redemption, redeem, purchase or otherwise
acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares,
unless, in each case, (A) immediately thereafter, the Fund shall have asset coverage of at least 200% as calculated in accordance
with <U>Section 2.4(b) </U>and the definition of 1940 Act Asset Coverage herein (except, for the avoidance of doubt, that the asset
coverage referenced in this <U>Section 2.2(c)(ii)(A)</U> shall not require at least 208% asset coverage), in each case after deducting
the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds, (B) all cumulative dividends
and other distributions on all RVMTP Shares and all other series of Preferred Shares ranking on a parity with the RVMTP Shares
(including the Auction Preferred Shares) due on or prior to the date the applicable dividend, distribution, redemption, purchase
or acquisition shall have been declared and paid (or shall have been declared and Deposit Securities (in the case of the RVMTP
Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) for the payment thereof
shall have been deposited irrevocably with the paying agent for such Preferred Shares) and (C) the Fund shall have deposited Deposit
Securities pursuant to and in accordance with the requirements of <U>Section 2.6(e)(ii)</U> hereof with respect to Outstanding
RVMTP Shares of any Series to be redeemed pursuant to <U>Section 2.6(a)</U> or <U>Section 2.6(b)</U> hereof for which a Notice
of Redemption shall have been given or shall have been required to be given in accordance with the terms hereof on or prior to
the date of the applicable dividend, distribution, redemption, purchase or acquisition. For the avoidance of doubt, Section 11.2(d)
of the Auction Preferred</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Statement contains additional provisions
that restrict the declaration and payment of dividends and other distributions with respect to Common Shares and parity shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any dividend
payment made on RVMTP Shares of a Series shall first be credited against the dividends and other distributions accumulated with
respect to the earliest Dividend Period for such Series for which dividends and distributions have not been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not later than 12:00
noon, New York City time, on the Dividend Payment Date for a Series of RVMTP Shares, the Fund shall deposit with the Calculation
and Paying Agent Deposit Securities having an aggregate Market Value on such date sufficient to pay the dividends and other distributions,
if any, that are payable on such Dividend Payment Date in respect of such Series. The Fund may direct the Calculation and Paying
Agent with respect to the investment or reinvestment of any such Deposit Securities so deposited prior to the Dividend Payment
Date, provided that such investment consists exclusively of Deposit Securities and provided further that the proceeds of any such
investment will be available as same-day funds at the opening of business on such Dividend Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Deposit Securities
deposited with the Calculation and Paying Agent for the payment of dividends payable on a Series of RVMTP Shares shall be held
in trust for the payment of such dividends by the Calculation and Paying Agent for the benefit of the Holders of such Series entitled
to the payment of such dividends pursuant to <U>Section 2.2(f)</U>. Any moneys paid to the Calculation and Paying Agent in accordance
with the foregoing but not applied by the Calculation and Paying Agent to the payment of dividends, including interest earned on
such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as soon as possible after the date on which
such moneys were to have been so applied, upon request of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and any
distributions made pursuant to <U>Section 2.11(a)</U> on RVMTP Shares of a Series shall be paid on each Dividend Payment Date for
such Series, out of funds legally available therefor under applicable law, when, as and if declared by the Board of Trustees, or
under authority granted by, and pursuant to <U>Section 2.2(a)</U> hereof, to the Holders of shares of such Series as their names
appear on the registration books of the Fund at the close of business on the calendar day immediately preceding such Dividend Payment
Date (or if such calendar day is not a Business Day, the next preceding Business Day). Dividends and any distributions made pursuant
to <U>Section 2.11(a)</U> in arrears on RVMTP Shares of a Series for any past Dividend Period may be declared and paid at any time,
without reference to any regular Dividend Payment Date, to the Holders of shares of such Series as their names appear on the registration
books of the Fund on such date, not exceeding fifteen (15) calendar days preceding the payment date thereof, as may be fixed by
the Board of Trustees. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments
or other distributions on RVMTP Shares of any Series which may be in arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Dividend
Rate on a Series of RVMTP Shares shall be adjusted to the Increased Rate for each Increased Rate Period (as hereinafter defined).
Subject to the cure provisions of <U>Section 2.2(g)(iii)</U>, a Rate Period with respect to a Series of RVMTP Shares shall be deemed
to be an &ldquo;<U>Increased Rate Period</U>&rdquo; if on the first calendar day of such Rate Period, (A) the Fund has failed to
deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on a Dividend Payment Date for such Series, Deposit
Securities that will provide funds available to the Calculation and Paying Agent on such Dividend Payment Date sufficient to pay</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">the
full amount of any dividend on such Series payable on such Dividend Payment Date (a &ldquo;<U>Dividend Default</U>&rdquo;) and
such Dividend Default has not ended as contemplated by <U>Section 2.2(g)(ii)</U>; (B) the Fund has failed to deposit with the
Calculation and Paying Agent by 12:00 noon, New York City time, on an applicable Redemption Date or Mandatory Tender
Redemption Date for such Series, Deposit Securities that will provide funds available to the Calculation and Paying Agent on
such Redemption Date or Mandatory Tender Redemption Date sufficient to pay the full amount of the Redemption Price payable in
respect of such Series on such Redemption Date or Mandatory Tender Redemption Date (a &ldquo;<U>Redemption Default</U>&rdquo;)
and such Redemption Default has not ended as contemplated by <U>Section 2.2(g)(ii)</U>; (C) any Rating Agency has withdrawn
the credit rating required to be maintained with respect to such Series pursuant to <U>Section 2.8</U> other than due to the
Rating Agency ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is
continuing (a &ldquo;<U>Rating Agency Withdrawal</U>&rdquo;); (D) a Ratings Event (as defined below) has occurred and is
continuing with respect to such Series; (E) (i) a court or other applicable governmental authority has made a final
determination that for U.S. federal income tax purposes the RVMTP Shares do not qualify as equity in the Fund and such
determination has not been repealed, revoked or rescinded and (ii) such determination results from an act or failure to act
on the part of the Fund (a &ldquo;<U>Tax Event</U>&rdquo;); (F) the Fund has failed to pay when due the full amount of any
Additional Amount Payment required to be paid pursuant to this Statement (other than a failure by the Fund to so pay due to
the lack of legally available funds under applicable law or because of any other applicable legal or regulatory restrictions
on such payments) (an Increased Rate Period pursuant to this clause (F) will be considered cured on the date the Fund pays
the full amount of such Additional Amount Payment required to be paid pursuant to this Statement); (G) the Fund shall have
made an investment in violation of Section 6.11 of the Purchase Agreement and failed to dispose of such investment by
the tenth (10th) Business Day following receipt by the Fund of written notice of such violation from the Purchaser (an
Increased Rate Period pursuant to this clause (G) shall be considered cured on the date the Fund has disposed of any such
investments of which it has received such notice); provided, however, that the Fund may, in good faith, notify the Purchaser
in writing within five (5) Business Days following the receipt of such written notice from the Purchaser that the Fund
disagrees that such investment violates Section 6.11 of the Purchase Agreement, which notification shall include the Fund&rsquo;s
rationale for disagreeing, in which case the ten (10) Business Day period noted in this clause (G) shall be extended to
fifteen (15) Business Days; (H) any violation of Section 7.15 (other than Section 7.15(c) and Section 7.15(e)) of the
Purchase Agreement continuing past the expiration of any grace or cure period provided for therein (an Increased Rate Period
pursuant to this clause (H) shall commence on the tenth (10th) Business Day following written notice from the Purchaser of
such violation and will be considered cured on the date the Fund returns to compliance with Section 7.15 of the Purchase
Agreement); (I) the Fund has failed to maintain settlement of the RVMTP Shares in global book entry form through the
Securities Depository (an Increased Rate Period pursuant to this clause (I) will commence on the tenth (10th) Business Day
following receipt by the Fund of written notice of such failure from the Purchaser and will be considered cured on the date
the Fund next maintains settlement of the RVMTP Shares in global book entry form through the Securities Depository); (J) the
Fund files a voluntary application for relief under federal bankruptcy law or any similar application under state law while
the Fund is solvent and does not reasonably foresee becoming insolvent (an Increased Rate Period pursuant to this clause (J)
will be considered cured on the date such filing or application has been withdrawn, rescinded or dismissed); (K) the audits
of the Fund&rsquo;s financial statements are not conducted in accordance with the standards of the Public Company
Accounting Oversight Board (United States) (the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&ldquo;PCAOB Standards&rdquo;) due to the
gross negligence or willful failure by the Fund (an Increased Rate Period pursuant to this clause (K) will commence upon receipt
by the Fund of written notice of such failure from the Purchaser and will be considered cured on the date the Fund produces financial
statements audited in accordance with the PCAOB Standards); or (L) the Fund has failed to establish the Term Redemption Liquidity
Account in accordance with this Statement (an Increased Rate Period pursuant to this clause (L) will be considered cured on the
date the Fund next establishes the Term Redemption Liquidity Account in accordance with this Statement). A &ldquo;<U>Ratings Event</U>&rdquo;
shall be deemed to exist with respect to any Series of RVMTP Shares at any time such RVMTP Shares have a long-term credit rating
from at least one-half of the Rating Agencies designated at such time that is Below Investment Grade. For the avoidance of doubt,
no determination by any court or other applicable governmental authority that requires the Fund to make an Additional Amount Payment
in respect of a Taxable Allocation shall be deemed to be a Tax Event hereunder. For the avoidance of doubt, the Increased Rate,
with respect to any Increased Rate Period for a Series of RVMTP Shares, shall be the Index Rate for such Increased Rate Period
plus 2.00% plus the Applicable Spread, as defined, without any duplication thereof, regardless of whether one or more than one
condition giving rise to an Increased Rate Period shall then be existing and continuing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the
cure provisions of <U>Section 2.2(g)(iii)</U>, a Dividend Default or a Redemption Default on a Series of RVMTP Shares shall end
on the Business Day on which, by 12:00 noon, New York City time, an amount equal to all accumulated but unpaid dividends on such
Series and any unpaid Redemption Price on such Series shall have been deposited irrevocably in trust in same-day funds with the
Calculation and Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Increased
Rate Period for a Series of RVMTP Shares with respect to any Dividend Default or Redemption Default on such Series shall be deemed
to have commenced if the amount of any dividend or any Redemption Price due in respect of such Series (if such Default is not solely
due to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Calculation and Paying Agent
by 12:00 noon, New York City time, on a Business Day that is not later than three (3) Business Days after the applicable Dividend
Payment Date or Redemption Date for such Series with respect to which such Default occurred, together with an amount equal to the
Increased Rate on such shares applied to the aggregate Liquidation Preference of and for any other Increased Rate Period that is
in effect for a reason other than such Dividend Default or Redemption Default, if any, of non- payment on a Series of RVMTP Shares
of the applicable dividend, determined as provided in <U>Section 2.2(a)</U>, or the applicable Redemption Price, determined as
provided in <U>Section 2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
of Special Terms Period</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right to Declare
a Special Terms Period</U>. The Fund, acting in its sole and absolute discretion but otherwise subject to the terms of this Statement,
after the Lock-Out Date, may designate a &ldquo;<U>Special Terms Period</U>&rdquo; with respect to any Series of RVMTP Shares (which,
for the avoidance of doubt, shall apply to all RVMTP Shares of such Series), during which period, such terms may differ from those
provided in this Statement and applicable Appendix and may include, without limitation, changes to the Dividend Rate, Dividend
Payment Dates, redemption provisions (including, without limitation, the Term Redemption Date or the Early Term Redemption Date),
required Effective Leverage Ratio, and Additional Amount Payment provisions; provided that such special terms shall not, in any
event, affect the parity ranking of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">such Series of RVMTP Shares relative to
any other Series of RVMTP Shares, the Auction Preferred Shares or any other series of Preferred Shares of the Fund then outstanding
as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the
Fund. The effectiveness of any change to the terms of the RVMTP Shares pursuant to the exercise by the Fund of its option to designate
a Special Terms Period with respect to any Series of RVMTP Shares shall be subject to the filing of an amendment to the terms of
such RVMTP Shares that has been approved by the Board of Trustees and approved by 100% of the Holders of the affected Series of
RVMTP Shares in the manner set forth in <U>Section 2.7(a)</U>. For the avoidance of doubt, (A) the terms of any such Special Terms
Period that may be designated pursuant to the foregoing sentence shall amend and/or replace the applicable provisions of this Statement
(and/or the relevant Appendix for the affected Series) that are in effect at the time such Special Terms Period is declared and
(B) subject to <U>Section 2.5(a)</U>, the terms of this Statement that were in effect at the most recent time during which no Special
Terms Period was in effect will automatically continue to be in effect immediately following the end of a Special Terms Period
unless a subsequent Special Terms Period has been declared that will take effect immediately following the prior Special Terms
Period, if the Holders of the RVMTP Shares have made an election to retain the RVMTP Shares with respect to the Mandatory Tender
Date corresponding to the final date of such Special Terms Period and/or the RVMTP Shares of any Holders that have not made such
election, if any, are Remarketed pursuant to <U>Section 2.5(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Length
of and Preconditions for Special Terms Period</U>. Any Special Terms Period shall commence on a designated Thursday and end
on the earlier of a designated Wednesday or the applicable Redemption Date or Mandatory Tender Redemption Date, as the case
may be. A designation of a Special Terms Period shall be effective only if (1) notice thereof shall have been given to the
Holders of the affected Series of RVMTP Shares in accordance with <U>Section 2.2(h)(ii)</U> and <U>(iii)</U>, (2) full
cumulative dividends and any amounts due with respect to redemptions payable on the affected Series of RVMTP Shares prior to
such date have been paid in full, (3) such designation of a Special Terms Period shall not become effective prior to
twenty-four (24) months subsequent to the Date of Original Issue of the affected Series of RVMTP Shares, (4) all of the
Outstanding RVMTP Shares of the affected Series shall be subject to such Special Terms Period, and (5) all of the Outstanding
RVMTP Shares of the affected Series that are subject to Remarketing in connection with the redemption triggered by the
declaration of the Special Terms Period are successfully Remarketed (except to the extent any applicable Holders of such
affected Series of RVMTP Shares have affirmatively elected to retain their RVMTP Shares of such Series for the Special Terms
Period). Any failure to satisfy the preconditions to a Special Terms Period shall result in such Special Terms Period not
becoming effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of
Special Terms Period</U>. If the Fund proposes to designate a Special Terms Period, not less than twenty (20) Business Days (or
such lesser number of days as may be agreed to from time to time by the Holders of the affected Series of RVMTP Shares and the
Remarketing Settlement Agent) nor more than thirty (30) Business Days prior to the date the Fund proposes to designate as the first
day of such Special Terms Period, a notice (a &ldquo;<U>Notice of Special Terms Period</U>&rdquo;) shall be sent by the Fund or its
designee by Electronic Means (or by first-class mail, postage prepaid, where the RVMTP Shares of the affected Series are in physical
form outside the book-entry system of the Securities Depository) to the Holders of the affected Series of RVMTP Shares, with copies
provided by the Fund to the Remarketing Settlement Agent and the Calculation and Paying Agent via Electronic Means and by the Fund
or its designee to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">initial Holder of the affected Series of
RVMTP Shares in accordance with the notice provisions in the Purchase Agreement. Each such notice shall state (A) that the Fund
has exercised its option to propose a Special Terms Period with respect to such Series of RVMTP Shares, (B) the Rate Determination
Date immediately prior to the first day of such Special Terms Period, (C) that such Special Terms Period shall not commence unless
the conditions precedent thereto in <U>Section 2.2(h)(ii)</U> are satisfied, (D) a description of the special terms to be applicable
to such Series of RVMTP Shares and (E) the date upon which such Series of RVMTP Shares shall be subject to Remarketing pursuant
to <U>Section 2.5(b)</U> (except to the extent affirmatively retained by any applicable Holder of RVMTP Shares of such Series pursuant
to <U>Section 2.5(a)(iv)</U>). The Fund may provide in any Notice of Special Terms Period that such Special Terms Period is subject
to one or more additional conditions precedent, in which case the special terms of such Special Terms Period shall not become effective
unless each such additional condition has been satisfied or the Fund has waived each such condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The RVMTP Shares
shall rank on parity with each other, with shares of any other Series of RVMTP Shares, and with shares of any other class or series
of Preferred Shares (including the Auction Preferred Shares) as to distribution of assets upon dissolution, liquidation or winding-up
of the affairs of the Fund. In this regard, the provisions of this <U>Section 2.3</U> shall be applied consistently with Section
11.3 of the Auction Preferred Statement and all other Preferred Shares such that Holders of the RVMTP Shares and holders of the
Auction Preferred Shares and any other Preferred Shares are treated on parity with one another with respect to any such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any
liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of RVMTP Shares
shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims
of creditors but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution equal
to the Liquidation Preference for such shares, plus an amount equal to all unpaid dividends and other distributions on such shares
accumulated to (but excluding) the date fixed for such distribution or payment on such shares (whether or not earned or declared
by the Fund, but without interest thereon), and such Holders shall be entitled to no further participation in any distribution
or payment in connection with any such liquidation, dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the
Fund available for distribution among the Holders of all Outstanding RVMTP Shares and any other outstanding Preferred Shares ranking
on a parity with the RVMTP Shares (including, without limitation, the Auction Preferred Shares) shall be insufficient to permit
the payment in full to such Holders of the Liquidation Preference of such RVMTP Shares plus accumulated and unpaid dividends and
other distributions on such shares as provided in <U>Section 2.3(b)</U> above and the amounts due upon liquidation with respect
to such other Preferred Shares, then such available assets shall be distributed among the Holders of such RVMTP Shares and such
other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In
connection with any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, unless
and until the Liquidation Preference on each Outstanding RVMTP Share plus accumulated and unpaid</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">dividends and other distributions on such
shares as provided in <U>Section 2.3(b)</U> above have been paid in full to the Holders of such shares, no dividends, distributions
or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect
of, the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the sale
of all or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund
into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization
of any other business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation
or winding up, whether voluntary or involuntary, for the purpose of this <U>Section 2.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Coverage
&amp; Leverage Tests</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940 Act Asset
Coverage Requirement</U>. For so long as any RVMTP Shares of any Series are Outstanding, the Fund shall have 1940 Act Asset Coverage
as of the close of business on each Business Day. If the Fund shall fail to maintain such 1940 Act Asset Coverage as of any time
as of which such compliance is required to be determined as aforesaid, the provisions of <U>Section 2.6(b)(i)</U> shall be applicable,
which provisions to the extent complied with shall constitute the sole remedy for the Fund&rsquo;s failure to comply with the provisions
of this <U>Section 2.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of
1940 Act Asset Coverage</U>. For purposes of determining whether the requirements of <U>Section 2.4(a)</U> are satisfied, (i) no
RVMTP Shares of any Series or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required
by <U>Section 2.4(a)</U> if, prior to or concurrently with such determination, sufficient Deposit Securities (in the case of the
RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable), in each case in accordance
with the terms of such Series or other Preferred Shares, to pay the full redemption price for such Series or other Preferred Shares
(or the portion thereof to be redeemed) have been deposited in trust with the paying agent for such Series or other Preferred Shares
and the requisite Notice of Redemption for such Series or other Preferred Shares (or the portion thereof to be redeemed) has been
given, and (ii) the Deposit Securities or other sufficient securities or funds, as applicable that have been deposited with the
applicable paying agent shall not be included as assets of the Fund for purposes of such computation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage
Ratio Requirement</U>. Unless the Fund receives the prior written consent of all Holders, for so long as RVMTP Shares of any Series
are Outstanding, the Effective Leverage Ratio shall not exceed 47.0% as of the close of business on any Business Day; <U>provided</U>,
<U>however</U>, in the event that the Fund&rsquo;s Effective Leverage Ratio exceeds 47.0% as of the close of business on any Business
Day solely by reason of fluctuations in the market value of the Fund&rsquo;s portfolio securities, the Effective Leverage Ratio shall
not exceed 48.0% as of the close of business on such Business Day. If the Effective Leverage Ratio shall exceed the applicable
percentage provided in the preceding sentence as of any time as of which such compliance is required to be determined as aforesaid,
the provisions of <U>Section 2.6(b)(ii)</U> shall be applicable, which provisions to the extent complied with shall constitute
the sole remedy for the Fund&rsquo;s failure to comply with the provisions of this <U>Section 2.4(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of
Effective Leverage Ratio</U>. For purposes of determining whether the requirements of <U>Section 2.4(c)</U> are satisfied, the
&ldquo;<U>Effective Leverage Ratio</U>&rdquo; on any date shall mean the quotient of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)
the aggregate liquidation preference of the Fund&rsquo;s &ldquo;senior securities&rdquo; (as that term is defined in the 1940 Act) that
are stock for purposes of the 1940 Act, excluding, without duplication, (1) any such senior securities for which the Fund has issued
a Notice of Redemption and either has delivered Deposit Securities or sufficient securities or funds, (as applicable in accordance
with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities
or sufficient securities or funds on hand for the purpose of such redemption (as applicable in accordance with the terms of such
senior securities) and (2) any such senior securities that are to be redeemed with net proceeds from the sale of the RVMTP Shares,
for which the Fund has delivered Deposit Securities or sufficient securities or funds (as applicable in accordance with the terms
of such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient
securities or funds on hand (as applicable in accordance with the terms of such senior securities) for the purpose of such redemption;
(B) the aggregate principal amount of the Fund&rsquo;s &ldquo;senior securities representing indebtedness&rdquo; (as that term is defined
in the 1940 Act giving effect to any interpretations thereof by the Securities and Exchange Commission or its staff); (C) excluding,
without duplication, any senior securities representing indebtedness included in (B), the aggregate amount of the purchase price
component payable for a repurchase under reverse repurchase agreements entered into by the Fund; and (D) the aggregate principal
amount of floating rate securities corresponding to any associated residual floating rate securities not owned by the Fund (less
the aggregate principal amount of any such floating rate securities owned by the Fund and corresponding to the associated residual
floating rate securities owned by the Fund); divided by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)
the Market Value of the Fund&rsquo;s total assets (including amounts attributable to senior securities, but excluding any assets consisting
of Deposit Securities or funds referred to in clauses (A)(1) and (A)(2) of <U>Section 2.4(d)(i)</U> above), less the amount of
the Fund&rsquo;s accrued liabilities (other than liabilities for the aggregate principal amount of &ldquo;senior securities representing
indebtedness&rdquo; (as that term is defined in the 1940 Act, giving effect to any interpretations thereof by the Securities and
Exchange Commission or its staff), including floating rate securities), (B) excluding, without duplication, any senior securities
representing indebtedness included in (A), the aggregate amount of the purchase price component payable for a repurchase under
reverse repurchase agreements entered into by the Fund; and (C) the aggregate principal amount of floating rate securities not
owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Tender
and Remarketing</U>. The RVMTP Shares shall be subject to Mandatory Tender and Remarketing as provided below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Tender of RVMTP Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the
Holders&rsquo; election to retain the RVMTP Shares provided for in <U>Section 2.5(a)(iv)</U> below, any Series of RVMTP Shares shall
become subject to Mandatory Tender upon the occurrence of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any date that is
twenty (20) Business Days prior to each Early Term Redemption Date of such Series of RVMTP Shares as set forth in clause (i) of
the definition thereof in the Appendix for such Series,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any date on which
the Fund delivers a Notice of Special Terms Period declaring a Special Terms Period for such Series of RVMTP Shares pursuant to
<U>Section 2.2(h)</U>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date that is
twenty (20) Business Days prior to the last day of any Special Terms Period, provided that no subsequent Special Terms Period has
been designated and agreed by the Holder (each of (A), (B) and (C), a &ldquo;<U>Mandatory Tender Event</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence
of a Mandatory Tender Event with respect to a Series of RVMTP Shares, the Fund shall issue or cause to be issued a notice of Mandatory
Tender for Remarketing on the Mandatory Tender Date (as defined below) to the Holders of such Series of RVMTP Shares through the
Securities Depository as a communication from the Securities Depository (the &ldquo;<U>Notice of Mandatory Tender</U>&rdquo;). Such
Notice of Mandatory Tender shall specify that such Mandatory Tender is subject to the election of the Holders of such Series of
RVMTP Shares to retain as described in <U>Section 2.5(a)(iv)</U> of this Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mandatory
Tender Dates corresponding to the Mandatory Tender Events listed in <U>Section 2.5(a)(i)</U> above are as follows, with each Mandatory
Tender Date subject to the Holders&rsquo; election to retain the RVMTP Shares in <U>Section 2.5(a)(iv):</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of a
Mandatory Tender Event described in <U>Section 2.5(a)(i)(A)</U>, the date twenty (20) Business Days following the date of such
Mandatory Tender Event,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of a Mandatory Tender Event described in Section <U>2.5(a)(i)(B)</U>, the date on which such Special Terms Period becomes
effective pursuant to Section <U>2.2(h)</U>, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of a Mandatory Tender Event described in Section <U>2.5(a)(i)(C)</U>, the last day of the related Special Terms Period
(in the case of (A), (B), or (C), such date, the &ldquo;Mandatory Tender Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
<U>Section 2.5(a)(i)</U> above, the Holders of any affected Series of RVMTP Shares may elect to retain such RVMTP Shares by providing
notice of such election to the Fund no later than the tenth (10<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>) Business Day
prior to the Mandatory Tender Date, in which case the affected RVMTP Shares of the electing Holder shall no longer be subject to
Mandatory Tender on the corresponding Mandatory Tender Date and shall not be Remarketed pursuant to the procedures described in
<U>Section 2.5(b)</U> below; provided, however, with respect to any Mandatory Tender Event occurring pursuant to <U>Section 2.5(a)(i)(B)</U>, any such election to retain shall not be effective unless accompanied or preceded by a consent to all amendments
to the terms of the affected Series RVMTP Shares as required in connection with a designation of a Special Terms Period pursuant
to <U>Section 2.2(h)(i)</U> above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing of
RVMTP Shares</U>. The RVMTP Shares subject to Mandatory Tender as provided for in this <U>Section 2.5</U> shall be Remarketed in
accordance with the following procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Holder of RVMTP Shares subject to Mandatory Tender may enter into trade documentation with a purchaser for the RVMTP Shares
(which, for the avoidance of doubt, shall be with respect to all the RVMTP Shares of such Series) with terms that (A) are
reasonably satisfactory to both the Holder of the RVMTP Shares and such purchaser and (B) provide for the sale of the RVMTP
Shares subject to Mandatory Tender on the Mandatory Tender Date; provided that (1) the Holder of the RVMTP Shares notifies
the Fund in writing of such trade documentation by the Mandatory Tender Date confirming that the trade documentation
satisfies the conditions in this sentence and providing that all RVMTP Shares will be sold thereunder and (2) following the
Remarketing of RVMTP Shares, via execution of such trade documentation, the Fund shall provide, or cause to be provided, a
notice through the Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed. At
any time following a Mandatory Tender Event and before the corresponding Mandatory Tender Date, the Fund may designate a
Remarketing Settlement Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement Agent
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If all of the
RVMTP Shares subject to Mandatory Tender are not Remarketed pursuant to <U>Section 2.5(b)(i)</U> with binding trade documentation
in place by the fifth (5<SUP>th</SUP>) Business Day preceding the Mandatory Tender Date, then the Fund and its agents shall take
the following Remarketing actions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall designate
a Remarketing Settlement Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement Agent
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any purchaser
is identified and has agreed by the Mandatory Tender Date to purchase all of the RVMTP Shares subject to Mandatory Tender on the
Mandatory Tender Date, the Remarketing Settlement Agent shall (1) give written notice by Electronic Means to the Holders of such
RVMTP Shares, with a copy to the Fund and the Calculation and Paying Agent, that the purchaser has been identified and agreed to
purchase such RVMTP Shares on the Mandatory Tender Date; (2) collect the Remarketing Purchase Price via wire transfer from such
purchaser on the Mandatory Tender Date; (3) wire the Remarketing Purchase Price to the Securities Depository for delivery to the
current Holder of the RVMTP Shares subject to Mandatory Tender on the Mandatory Tender Date; and (4) direct that such RVMTP Shares
be delivered to the Remarketing Settlement Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Remarketing Settlement
Agent shall then direct transfer of the RVMTP Shares subject to Mandatory Tender to the purchaser through the Securities Depository
on the Mandatory Tender Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">For the avoidance of
doubt, in the event of a successful Remarketing of all RVMTP Shares subject to Mandatory Tender pursuant to <U>Section 2.5(b)</U>,
such Mandatory Tender will be cancelled and the Fund shall provide, or cause to be provided, a notice through the Securities Depository
cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed
Remarketing and Mandatory Tender</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to
a Mandatory Tender Event described in <U>Section 2.5(a)(i)(B)</U>, if, for any reason (other than a failure to timely deliver
RVMTP Shares subject to a Mandatory Tender to the Remarketing Settlement Agent, and only to the extent that such failure to deliver
is caused by administrative issues and is cured within two (2) Business Days), all of the RVMTP Shares subject to Mandatory Tender
are not Remarketed by the related Mandatory Tender Date pursuant to <U>Section 2.5(b)</U>, then (A) a failed remarketing shall
be deemed to have occurred (which, for the avoidance of doubt, shall be with respect to all RVMTP Shares subject to the Mandatory
Tender) (a &ldquo;<U>Failed Remarketing</U>&rdquo;) that may trigger the application of a Failed Remarketing Spread as described
in clause (ii) of the definition thereof and (B) all such RVMTP Shares shall be retained by their respective Holders, and no such
RVMTP Shares shall be purchased on the Mandatory Tender Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to
a Mandatory Tender Event described in Section <U>2.5(a)(i)(A)</U> or <U>2.5(a)(i)(C)</U>, if any RVMTP Shares subject to Mandatory
Tender are not Remarketed by the Mandatory Tender Date, then all such RVMTP Shares shall be redeemed by the Fund on the Mandatory
Tender Date pursuant to the Mandatory Tender redemption procedure described in <U>Sections 2.6(a)(iv)(iv)</U> and 2.6(d) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.
Each Series of RVMTP Shares shall be subject to redemption by the Fund as provided below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
Redemption and Mandatory Tender Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Redemption.
Subject to <U>Section 2.6(e)(v)</U>, the Fund shall redeem all RVMTP Shares of a Series then Outstanding on the Term Redemption
Date for such Series, out of funds legally available therefor under applicable law, at a price per share equal to the Liquidation
Preference per share of such Series plus an amount equal to all unpaid dividends and other distributions on such share of such
Series accumulated from and including the Date of Original Issue to (but excluding) the Term Redemption Date for such Series (whether
or not earned or declared by the Fund, but excluding interest thereon) (the &ldquo;<U>Term Redemption Price</U>&rdquo;); <U>provided</U>,
<U>however</U>, that the Term Redemption Date for such Series of RVMTP Shares may be extended pursuant to <U>Section 2.6(a)(ii)</U>
or <U>Section 2.6(a)(iii)</U> below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall
have the right, exercisable not more than three hundred and sixty-five (365) calendar days nor less than one hundred and twenty
(120) calendar days prior to the Term Redemption Date of a Series of RVMTP Shares, to request by notice (accompanied by a No Adverse
Effect Opinion) that each Designated Owner of such RVMTP Shares extend the Term Redemption Date for such Series of RVMTP Shares
by at least an additional three hundred and sixty-five (365) calendar days (a &ldquo;<U>Designated Owner Term Extension Request</U>&rdquo;),
which request may be conditioned upon terms and conditions that are different from the terms and conditions set forth herein or
in the Appendix applicable to such Series of RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Designated Owner
shall, no later than sixty (60) calendar days after receiving a Designated Owner Term Extension Request, notify the Fund and the
Calculation and Paying Agent of its acceptance or rejection of such request, which acceptance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">by such Designated Owner may be conditioned
upon terms and conditions that are different from the terms and conditions set forth herein or the terms and conditions proposed
the Fund in making a Designated Owner Term Extension Request (a &ldquo;<U>Conditional Acceptance</U>&rdquo;). A Conditional Acceptance
conditioned upon terms and conditions that are accepted by the Fund and that are different from the terms and conditions set forth
herein shall be deemed to be a consent by such Designated Owner to amend this Statement to reflect such different terms and conditions,
but only with respect to the RVMTP Shares of such Series beneficially owned by such Designated Owner. To the extent that a Designated
Owner of RVMTP Shares of a Series of RVMTP Shares subject to a Designated Owner Term Extension Request rejects such Designated
Owner Term Extension Request pursuant to this <U>Section 2.6(a)(ii)(B),</U> or is deemed to reject such Designated Owner Term Extension
Request pursuant to <U>Section 2.6(a)(ii)(C)</U> below, the RVMTP Shares of such Series beneficially owned by such Designated Owner
shall be subject to redemption as provided in this Statement, without giving effect to any Designated Owner Term Extension Request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Designated
Owner fails to notify the Fund or the Calculation and Paying Agent of its acceptance or rejection of the Fund&rsquo;s Designated
Owner Term Extension Request within such sixty (60) calendar day period, such failure to respond will be deemed a rejection of
such Designated Owner Term Extension Request by such Designated Owner. If a Designated Owner of RVMTP Shares provides a Conditional
Acceptance, then the Fund shall have sixty (60) calendar days thereafter to notify such Designated Owner of its acceptance or rejection
of the terms and conditions specified in the Conditional Acceptance. The Fund&rsquo;s failure to notify such Designated Owner within
such sixty (60) calendar day period will be deemed a rejection of the terms and conditions specified in the Conditional Acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Designated Owner
of a Series of RVMTP Shares may grant or deny any Designated Owner Term Extension Request applicable to such Series of RVMTP Shares
in its sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Fund and
any Designated Owner of RVMTP Shares that has agreed to a Designated Owner Term Extension Request otherwise agree pursuant to the
procedures described in this <U>Section 2.6(a)(ii)</U>, in the event that the Term Redemption Date of a Series of RVMTP Shares
is extended pursuant to this <U>Section 2.6(a)(ii),</U> the Liquidity Account Initial Date, as set forth in the Appendix establishing
such Series, shall be extended accordingly, as provided in such Appendix, with respect to the RVMTP Shares of such Series held
by such Designated Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall
have the right, exercisable not less than sixty (60) calendar days prior to the Term Redemption Date of a Series of RVMTP Shares,
to request by notice (accompanied by a No Adverse Effect Opinion) to the Holders of 100% of the Outstanding RVMTP Shares of such
Series, an extension of the Term Redemption Date (a &ldquo;<U>Holder Term Extension Request</U>&rdquo;). Any failure by a Holder
to respond or agree to such Holder Term Extension Request in writing within sixty (60) calendar days of the receipt thereof shall
be deemed to be a rejection of the extension request and the Term Redemption Date may only be extended pursuant to this <U>Section
2.6(a)(iii)</U> upon the written consent of 100% of the Holders of the RVMTP Shares of such Series. In the event that the Term
Redemption Date of a Series of RVMTP Shares is extended pursuant to this <U>Section 2.6(a)(iii),</U> the Liquidity Account Initial
Date, as set forth in the Appendix establishing such Series, shall be extended accordingly, as provided in such Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Tender Redemption</U>. Following a Mandatory Tender Event of the kind described in Section <U>2.5(a)(i)(A)</U> or <U>2.5(a)(i)(C)</U>,
any RVMTP Shares subject to such Mandatory Tender Event that are not subject to an election to retain by the Holders pursuant
to Section <U>2.5(a)(iv)</U> and have not been successfully Remarketed by the related Mandatory Tender Date pursuant to Section
2.5(b) shall be redeemed by the Fund on such Mandatory Tender Date (the date of such redemption, &ldquo;Mandatory Tender Redemption
Date&rdquo;), at a price per share equal to the Liquidation Preference per share plus an amount equal to all unpaid dividends and
other distributions on such RVMTP Shares accumulated from and including the Date of Original Issue of such RVMTP Shares to (but
excluding) the Mandatory Tender Redemption Date (whether or not earned or declared by the Fund, but excluding interest thereon)
(the &ldquo;Mandatory Tender Redemption Price&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Mandatory
1940 Act Asset Coverage and Effective Leverage Ratio Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940
Act Asset Coverage Mandatory Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund fails
to comply with the 1940 Act Asset Coverage requirement as provided in <U>Section 2.4(a)</U> as of any time as of which such compliance
is required to be determined in accordance with <U>Section 2.4(a)</U> and such failure is not cured as of the 1940 Act Asset Coverage
Cure Date other than as a result of the redemption required by this <U>Section 2.6(b)(i)</U>, the Fund shall, to the extent permitted
by the 1940 Act and Massachusetts law, by the close of business on the second Business Day next following such 1940 Act Asset Coverage
Cure Date, cause a Notice of Redemption to be issued, in accordance with the terms of the Preferred Shares to be redeemed. In addition,
in accordance with the terms of the Preferred Shares to be redeemed, the Fund shall cause to be deposited Deposit Securities (in
the case of the RVMTP Shares) or other sufficient securities or funds (in the case of any other Preferred Shares, as applicable)
in trust with the Calculation and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the
Preferred Shares to be redeemed, for the redemption of a sufficient number of Preferred Shares, which, to the extent permitted
by the 1940 Act and Massachusetts law, enable the Fund to meet the requirements of <U>Section 2.6(b)(i)(B</U>). The Fund shall
allocate any redemption intended to cure a failure to comply with the 1940 Act Asset Coverage requirement on a pro rata basis among
different series of Preferred Shares (including the shares of each Series of RVMTP Shares and the Auction Preferred Shares) based
upon the proportion that the aggregate liquidation preference of the outstanding Preferred Shares of any series bears to the aggregate
liquidation preference of all outstanding series of Preferred Shares (a &ldquo;<U>Pro Rata Allocation</U>&rdquo;). In the event that
any RVMTP Shares of a Series then Outstanding are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the Fund shall redeem
such shares, out of funds legally available therefor under applicable law, at a price per share equal to the Liquidation Preference
per share of such Series plus an amount equal to all unpaid dividends and other distributions on such share of such Series accumulated
from and including the Date of Original Issue to (but excluding) the date fixed for such redemption by the Board of Trustees (whether
or not earned or declared by the Fund, but without interest thereon) (the &ldquo;<U>Mandatory 1940 Act Asset Coverage Redemption
Price</U>&rdquo;). The mandatory redemption price for any Auction Preferred Shares that are redeemed pursuant to this Section 2.6(b)(i)
shall be specified in Section 11.4(a) of the Auction Preferred Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption
Date for a redemption contemplated by <U>Section 2.6(b)(i)(A)</U>, the Fund shall redeem at the Mandatory 1940 Act Asset Coverage
Redemption Price, out of funds legally available therefor, under applicable law, such number of Preferred Shares (based upon a
number and or proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation) as shall be
equal to the lesser of (x) the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred immediately
prior to the opening of business on the 1940 Act Asset Coverage Cure Date, would result in the Fund having 1940 Act Asset Coverage
on such 1940 Act Asset Coverage Cure Date (provided, however, that if there is no such minimum number of RVMTP Shares and other
Preferred Shares the redemption or retirement of which would have such result, all RVMTP Shares and other Preferred Shares then
outstanding shall be redeemed), and (y) the maximum number of Preferred Shares that can be redeemed out of funds expected to be
legally available therefor in accordance with the Declaration and applicable law. Notwithstanding the foregoing, in the event that
Preferred Shares are redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the Fund may at its sole option, but is not required to,
include in the number of Preferred Shares being mandatorily redeemed pursuant to this <U>Section 2.6(b)(i)</U> a sufficient number
of RVMTP Shares of any Series that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to
have occurred immediately prior to the opening of business on the 1940 Act Asset Coverage Cure Date, in the Fund having 1940 Act
Asset Coverage on such 1940 Act Asset Coverage Cure Date of up to and including 240%; <U>provided</U> that if the 1940 Act Asset
Coverage is increased to greater than 240%, the Optional Redemption Premium shall be due on any such excess redemptions. The Fund
shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than thirty (30) calendar days
after such 1940 Act Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption
of all of the required number of RVMTP Shares and other Preferred Shares which have been designated to be redeemed or the Fund
otherwise is unable to effect such redemption on or prior to thirty (30) calendar days after such 1940 Act Asset Coverage Cure
Date, the Fund shall redeem those RVMTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable
date following such thirty (30) calendar day period on which it is able to effect such redemption (based upon a number and or proportion
of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation, if applicable). If fewer than all of
the Outstanding RVMTP Shares of a Series are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the number of RVMTP Shares
of such Series to be redeemed from the respective Holders shall be selected (A) pro rata among the Outstanding shares of such Series,
(B) by lot or (C) in such other manner as the Board of Trustees may determine to be fair and equitable, in each case, in accordance
with the 1940 Act; <U>provided</U>, that such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(b)(i)(B)</U>
shall be subject to any applicable procedures established by the Securities Depository. If fewer than all outstanding Auction Preferred
Shares are to be redeemed pursuant to this Section 2.6(b)(i), the manner of allocation of shares to be redeemed among the series
of Auction Preferred Shares shall be determined in accordance with Section 11.4 of the Auction Preferred Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Leverage Ratio Mandatory Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (1) the Fund fails
to comply with the Effective Leverage Ratio requirement as provided in <U>Section 2.4(c)</U> as of any time as of which such compliance
is required to be determined in accordance with <U>Section 2.4(c),</U> (2) with respect to the initial Series of RVMTP Shares issued
pursuant to this Statement, the Fund fails to comply with the Effective</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Leverage Ratio requirement calculated as
set forth in Section 6.12 of the Purchase Agreement applicable to such Series of RVMTP Shares if such requirement is still in effect
in accordance with the terms of such Purchase Agreement, or (3) with respect to any other Series of RVMTP Shares issued pursuant
to this Statement, the Fund fails to comply with any additional requirements relating to the calculation of the Effective Leverage
Ratio pursuant to the Purchase Agreement or Appendix applicable to such Series of RVMTP Shares, and, in any such case, such failure
is not cured as of the close of business on the date that is ten (10) Business Days following the Business Day on which such non-compliance
is first determined (the &ldquo;<U>Effective Leverage Ratio Cure Date</U>&rdquo;) other than as a result of the redemption or other
actions required by this <U>Section 2.6(b)(ii)</U>, the Fund shall cause the Effective Leverage Ratio (calculated in accordance
with the requirements applicable to the determination of the Effective Leverage Ratio under this Statement, and under the Appendix
and Purchase Agreement for any applicable Series of RVMTP Shares in respect of which the Effective Leverage Ratio is being determined)
to not exceed the Effective Leverage Ratio required under <U>Section 2.4(c)</U> as so determined, by (x) not later than the close
of business on the Business Day next following the Effective Leverage Ratio Cure Date, engaging in transactions involving or relating
to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including
the purchase, sale or retirement thereof, (y) to the extent permitted by the 1940 Act and Massachusetts law, not later than the
close of business on the second (2<SUP>nd)</SUP> Business Day next following the Effective Leverage Ratio Cure Date, causing a
Notice of Redemption to be issued, and in addition, causing to be irrevocably deposited Deposit Securities (in the case of the
RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) in trust with the
Calculation and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the Preferred Shares
to be redeemed, for the redemption at the redemption price specified in the terms of such Preferred Shares of a sufficient number
of Preferred Shares, based upon a number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro
Rata Allocation, or (z) engaging in any combination, in the Fund&rsquo;s discretion, of the actions contemplated by clauses (x) and (y)
of this <U>Section 2.6(b)(ii)(A)</U>. In the event that any RVMTP Shares of a Series are to be redeemed pursuant to clause (y)
of this <U>Section 2.6(b)(ii)(A)</U>, the Fund shall redeem such RVMTP Shares at a price per RVMTP Share equal to the Mandatory
1940 Act Asset Coverage Redemption Price. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant
to this <U>Section 2.6(b)(ii)</U>, the Fund may at its sole option, but is not required to, include in the number of Preferred
Shares being mandatorily redeemed pursuant to this <U>Section 2.6(b)(ii)</U> a sufficient number of RVMTP Shares of any Series
that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior
to the opening of business on the Effective Leverage Ratio Cure Date, in the Fund having an Effective Leverage Ratio on such Effective
Leverage Ratio Cure Date of no less than 44.5%; <U>provided</U> that if the Effective Leverage Ratio is reduced to less than 44.5%,
the Optional Redemption Premium shall be due on any such excess redemptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption
Date for a redemption contemplated by clause (y) of <U>Section 2.6(b)(ii)(A)</U>, the Fund shall not redeem more than the maximum
number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration
and applicable law. If the Fund is unable to redeem the required number of RVMTP Shares and other Preferred Shares which have been
designated to be redeemed in accordance with clause (y) of <U>Section 2.6(b)(ii)(A)</U> due to the unavailability of legally available
funds, the Fund shall redeem those RVMTP Shares and other Preferred Shares which it was unable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">to redeem on the earliest practicable date
following such Redemption Date on which it is able to effect such redemption (based upon a number and proportion of each series
of Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of the Outstanding RVMTP Shares of
a Series are to be redeemed pursuant to clause (y) of <U>Section 2.6(b)(ii)(A)</U>, the number of RVMTP Shares of such Series to
be redeemed from the respective Holders shall be selected (A) pro rata among the Outstanding shares of such Series, (B) by lot
or (C) in such other manner as the Board of Trustees may determine to be fair and equitable in each case, in accordance with the
1940 Act; <U>provided</U> that such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(b)(ii)(B)
</U>shall be subject to any applicable procedures established by the Securities Depository. If fewer than all outstanding Auction
Preferred Shares are to be redeemed pursuant to this Section 2.6(b)(i), the manner of allocation of shares to be redeemed among
the series of Auction Preferred Shares shall be determined in accordance with Section 11.4 of the Auction Preferred Statement.
For the avoidance of doubt, Section 11.4 of the Auction Preferred Statement for additional provisions relates to the mandatory
redemption of the Auction Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional
Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the
provisions of <U>Section 2.6(c)(ii)</U>, the Fund may at its option on any Business Day (an &ldquo;<U>Optional Redemption Date</U>&rdquo;)
redeem in whole or from time to time in part the Outstanding RVMTP Shares of any Series, at a redemption price per RVMTP Share
(the &ldquo;<U>Optional Redemption Price</U>&rdquo;) equal to (x) the Liquidation Preference per RVMTP Share of such Series plus
(y) an amount equal to all unpaid dividends and other distributions on such RVMTP Share of such Series accumulated from and including
the Date of Original Issue to (but excluding) the Optional Redemption Date (whether or not earned or declared by the Fund, but
without interest thereon) plus (z) the Optional Redemption Premium per share (if any) that is applicable to an optional redemption
of RVMTP Shares of such Series that is effected on such Optional Redemption Date as set forth in the Appendix relating to such
Series; <U>provided</U> that in connection with any (A) redemption pursuant to this <U>Section 2.6(c)</U> or pursuant to <U>Section
2.6(b)</U> that is effectuated in order to comply with the requirements of the 1940 Act or this Statement, the Purchase Agreement
or the Registration Rights Agreement or (B) any redemption in accordance with <U>Section 2.6(a)(iv)</U> or <U>2.6(b)</U> (except
as set forth therein), no Optional Redemption Premium specified in clause (z) above or penalty or premium shall be payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than
all of the outstanding RVMTP Shares of a Series are to be redeemed pursuant to <U>Section 2.6(c)(i)</U>, the shares of such Series
to be redeemed shall be selected either (A) pro rata among the Holders of such Series, (B) by lot or (C) in such other manner as
the Board of Trustees may determine to be fair and equitable; <U>provided</U>, in each such case, that such method of redemption
as set forth in clause (A), (B) or (C) of this <U>Section 2.6(c)(ii)</U> shall be subject to any applicable procedures established
by the Securities Depository. Subject to the provisions of this Statement and applicable law, the Board of Trustees will have the
full power and authority to prescribe the terms and conditions upon which RVMTP Shares will be redeemed pursuant to this <U>Section
2.6(c)</U> from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may
not on any date deliver a Notice of Redemption pursuant to <U>Section 2.6(e)</U> in respect of a redemption contemplated to be
effected pursuant to this <U>Section 2.6(c) </U>unless on such date the Fund reasonably expects to have available Deposit Securities
for the Optional Redemption Date contemplated by such Notice of Redemption having a Market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Value not less than the amount (including
any applicable premium) due to Holders of RVMTP Shares by reason of the redemption of such RVMTP Shares on such Optional Redemption
Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RVMTP Shares of
a Series redeemed at the Fund&rsquo;s sole option in accordance with, but solely to the extent contemplated by, <U>Section 2.6(a)(iv)</U>,
<U>Section 2.6(b)(i)</U> or <U>Section 2.6(b)(ii) </U>shall be considered mandatorily redeemed pursuant to such Section, as applicable,
and not subject to this <U>Section 2.6(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption upon
Ratings Event or a Rating Agency Withdrawal</U>. Upon the occurrence of a Ratings Event or a Rating Agency Withdrawal in respect
of a Series of RVMTP Shares, and, in any such case, if such Ratings Event or Rating Agency Withdrawal is not cured as of the close
of business on the date that is thirty (30) calendar days following the Business Day on which such Ratings Event or Rating Agency
Withdrawal occurs, the Fund shall redeem all RVMTP Shares of such Series within ninety (90) days of the occurrence of any such
event, at a price per share equal to the Term Redemption Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures
for Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund shall determine or be required to redeem, in whole or in part, RVMTP Shares of a Series pursuant to <U>Section
2.6(a)(i)</U>, <U>(b)</U> or <U>(c)</U>, the Fund shall deliver a notice of redemption (the &ldquo;<U>Notice of
Redemption</U>&rdquo;), by overnight delivery, by first class mail, postage prepaid or by Electronic Means to Holders thereof,
or request the Calculation and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class
mail, postage prepaid or by Electronic Means. For the avoidance of doubt, a Notice of Redemption shall not be required if the
Fund shall be required to redeem, in whole or in part, RVMTP Shares of a series pursuant to <U>Section 2.6(a)(iv)</U>. A
Notice of Redemption shall be provided not more than thirty-five (35) calendar days prior to the date fixed for redemption
and not less than ten (10) calendar days (or such shorter or longer period as may be consented to by all of the Holders of
the RVMTP Shares of such Series, which consent shall not be deemed to be a vote required by <U>Section 2.7</U>) prior to the
Redemption Date; provided that, in connection with a redemption in accordance with Section 6.20 of the Purchase Agreement, a
Notice of Redemption shall be provided at least two (2) Business Days prior to the &ldquo;<U>Redemption Date</U>&rdquo;. Each
such Notice of Redemption shall state: (A) the Redemption Date; (B) the applicable Redemption Price on a per share basis; (C)
the Series and number of RVMTP Shares to be redeemed; (D) the CUSIP number for RVMTP Shares of such Series; (E) if
applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if the
Board of Trustees requires and the Notice of Redemption states) are to be surrendered for payment of the Redemption Price;
(F) that dividends on the RVMTP Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (G)
the provisions of this Statement under which such redemption is made. If fewer than all RVMTP Shares held by any Holder are
to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of RVMTP Shares to be
redeemed from such Holder and/or the method of determining such number. The Fund may provide in any Notice of Redemption
relating to an optional redemption contemplated to be effected pursuant to <U>Section 2.6(c) </U>of this Statement that such
redemption is subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption
unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption.
No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as
required by applicable law.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (1) the Fund
shall give a Notice of Redemption or (2) the Fund is required to redeem RVMTP Shares on the Mandatory Tender Date pursuant to <U>Section
2.6(a)(iv),</U> then at any time from and after the giving of such Notice of Redemption or Notice of Mandatory Tender, as applicable,
and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have
been met or waived by the Fund), the Fund shall (A) deposit with the Calculation and Paying Agent Deposit Securities having an
aggregate Market Value on the date thereof no less than the Redemption Price of the RVMTP Shares to be redeemed on the Redemption
Date and (B) give the Calculation and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price
to the Holders of the RVMTP Shares called for redemption on the Redemption Date. The Fund may direct the Calculation and Paying
Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, provided
that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same-day funds.
Notwithstanding the provisions of clause (A) of the preceding sentence, if the Redemption Date is the Term Redemption Date or Early
Term Redemption Date, then such deposit of Deposit Securities (which may come in whole or in part from the Term Redemption Liquidity
Account) shall be made no later than fifteen (15) calendar days prior to the Term Redemption Date or Early Term Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the date
of the deposit of such Deposit Securities, all rights of the Holders of the RVMTP Shares so called for redemption shall cease and
terminate except the right of the Holders thereof to receive the Redemption Price thereof and such RVMTP Shares shall no longer
be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption Date and
(B) the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption Date,
which accumulated dividends, unless previously declared and paid as contemplated by the last sentence of <U>Section 2.6(e)(vi)</U>
below, shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be entitled to
receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the RVMTP Shares
called for redemption and redeemed on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of
three hundred sixty-five (365) calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund,
after which the Holders of the RVMTP Shares so called for redemption shall look only to the Fund for payment of the Redemption
Price thereof. The Fund shall be entitled to receive, from time to time after the Redemption Date, any interest on the Deposit
Securities so deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or after the
Redemption Date, each Holder of RVMTP Shares in certificated form (if any) that are subject to redemption shall surrender the certificate(s)
evidencing such RVMTP Shares to the Fund at the place designated in the Notice of Redemption and shall then be entitled to receive
the Redemption Price for such RVMTP Shares, without interest, and, in the case of a redemption of fewer than all the RVMTP Shares
represented by such certificate(s), a new certificate representing the RVMTP Shares that were not redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the other provisions of this <U>Section 2.6</U>, except as otherwise required by law, the Fund shall not redeem any RVMTP Shares
or other series of Preferred Shares ranking on a parity with the RVMTP Shares with respect to dividends and other distributions
unless all accumulated and unpaid dividends and other distributions on all</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Outstanding RVMTP Shares and shares of
other series of Preferred Shares for all applicable past dividend periods (whether or not earned or declared by the Fund) (x) shall
have been or are contemporaneously paid or (y) shall have been or are contemporaneously declared and Deposit Securities (in the
case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) (in accordance
with the terms of such Preferred Shares for the payment of such dividends and other distributions) shall have been or are contemporaneously
deposited with the Calculation and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with the
terms of such Preferred Shares, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding
RVMTP Shares pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding RVMTP
Shares and any other series of Preferred Shares for which all accumulated and unpaid dividends and other distributions have not
been paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent
that any redemption for which a Notice of Redemption has been provided is not made by reason of the absence of legally available
funds therefor in accordance with the Declaration, this Statement, and applicable law, such redemption shall be made as soon as
practicable to the extent such funds become available. In the case of any redemption pursuant to <U>Section 2.6(c)</U>, no Redemption
Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Calculation and Paying Agent the Redemption
Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided that such redemption was
subject to one or more conditions precedent and (2) any such condition precedent shall not have been satisfied at the time or times
and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has been provided
with respect to any RVMTP Shares, dividends may be declared and paid on such RVMTP Shares in accordance with their terms if Deposit
Securities for the payment of the Redemption Price of such RVMTP Shares shall not have been deposited in trust with the Calculation
and Paying Agent for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation and
Paying Agent as Trustee of Redemption Payments by Fund</U>. All Deposit Securities transferred to the Calculation and Paying Agent
for payment of the Redemption Price of RVMTP Shares called for redemption shall be held in trust by the Calculation and Paying
Agent for the benefit of Holders of RVMTP Shares so to be redeemed until paid to such Holders in accordance with the terms hereof
or returned to the Fund in accordance with the provisions of <U>Section 2.6(e)(iii)</U> above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance With
Applicable Law</U>. In effecting any redemption pursuant to this <U>Section 2.6</U>, the Fund shall use its best efforts to comply
with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable law, but shall effect
no redemption except in accordance with the 1940 Act and any applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification of
Redemption Procedures</U>. Notwithstanding the foregoing provisions of this <U>Section 2.6</U>, the Fund may, in its sole discretion
and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for the RVMTP
Shares, provided that such modification does not materially and adversely affect the Holders of the RVMTP Shares or cause the Fund
to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter the rights
or obligations of the Calculation and Paying Agent without its prior consent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>One Vote Per RVMTP
Share</U>. Except as otherwise provided in the Declaration, this Statement, or as otherwise required by law, (i) each Holder of
RVMTP Shares shall be entitled to one vote for each RVMTP Share held by such Holder on each matter submitted to a vote of all shareholders
of the Fund, and (ii) the holders of outstanding Preferred Shares, including Outstanding RVMTP Shares and Auction Preferred Shares,
and Common Shares shall vote together as a single class; <U>provided</U>, <U>however</U>, that the holders of outstanding Preferred
Shares, including Outstanding RVMTP Shares and Auction Preferred Shares, shall be entitled, as a class, to the exclusion of the
Holders of all other securities and Common Shares of the Fund, to elect two trustees of the Fund, it being understood that each
Preferred Share, including RVMTP Shares and the Auction Preferred Shares, entitles the Holder thereof to one vote for each Preferred
Share in respect to the election of each such trustee. Subject to <U>Section 2.7(b)</U>, the Holders of outstanding Common Shares
and Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, voting together as a single class, shall elect the
balance of the trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
For Additional Trustees</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Period</U>.
During any period in which any one or more of the conditions described in clauses (A) or (B) of this <U>Section 2.7(b)(i)</U> shall
exist (such period being referred to herein as a &ldquo;<U>Voting Period</U>&rdquo;), the number of trustees constituting the Board
of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by
the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board
of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction
Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other
securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together
with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, at the close
of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares and the Auction
Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP
Shares and Auction Preferred Shares, equal to at least two (2) full years&rsquo; dividends shall be due and unpaid and sufficient cash
or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for
the payment of such accumulated dividends; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if at any time Holders
of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">A Voting Period shall
terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in
this <U>Section 2.7(b)(i)</U> shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred
Shares upon the further occurrence of any of the events described in this <U>Section 2.7(b)(i)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Special
Meeting</U>. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional trustees
as described in <U>Section</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><U>2.7(b)(i)</U>, the Fund shall call a
special meeting of such Holders and notify the Calculation and Paying Agent and/or such other Person as is specified in the terms
of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means or (ii) in such other manner and by such
other means as are specified in the terms of such Preferred Shares, a notice of such special meeting to such Holders, such meeting
to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or
mailing of such notice or the delivery of such notice by such other means as are described in clause (ii) above. If the Fund fails
to call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The record date
for determining the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of
business on the fifth (5th) Business Day preceding the calendar day on which such notice is mailed or otherwise delivered. At any
such special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which trustees are to be
elected, such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of shares
of beneficial interest of the Fund), shall be entitled to elect the number of trustees prescribed in <U>Section 2.7(b)(i)</U> hereof
on a one-vote-per-share basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms of Office
of Existing Trustees</U>. The terms of office of the incumbent trustees of the Fund at the time of a special meeting of Holders
of Preferred Shares to elect additional trustees in accordance with <U>Section 2.7(b)(i)</U> shall not be affected by the election
at such meeting by the Holders of RVMTP Shares and such other Holders of Preferred Shares of the number of trustees that they are
entitled to elect, and the trustees so elected by the Holders of RVMTP Shares and such other Holders of Preferred Shares, together
with the two (2) trustees elected by the Holders of Preferred Shares in accordance with <U>Section 2.7(a)</U> hereof and the remaining
trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected trustees of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms of Office
of Certain Trustees to Terminate Upon Termination of Voting Period</U>. Simultaneously with the termination of a Voting Period,
the terms of office of the additional trustees elected by the Holders of the Preferred Shares pursuant to <U>Section 2.7(b)(i)</U>
shall terminate, the remaining trustees shall constitute the trustees of the Fund and the voting rights of the Holders of Preferred
Shares to elect additional trustees pursuant to <U>Section 2.7(b)(i)</U> shall cease, subject to the provisions of the last sentence
of <U>Section 2.7(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holders
of RVMTP Shares to Vote on Certain Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Amendments Requiring Approval of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement, so long as
any RVMTP Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least a
majority of the RVMTP Shares subject to this Statement Outstanding at the time, voting together as a separate class, amend,
alter or repeal the provisions of the Declaration, or this Statement, whether by merger, consolidation or otherwise, so as to
materially and adversely affect any preference, right or power of such RVMTP Shares or the Holders thereof; <U>provided</U>, <U>however</U>,
that (i) a change in the capitalization of the Fund in accordance with <U>Section 2.9</U> hereof shall not be considered to
materially and adversely affect the rights and preferences of the RVMTP Shares, and (ii) a division of an RVMTP Share shall
be deemed to materially and adversely affect such preferences, rights or powers only if the terms of such division materially
and adversely affect the Holders of the RVMTP Shares. For purposes of the foregoing, no matter shall be deemed to</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">materially and adversely affect any preference,
right or power of an RVMTP Share of any Series or the Holder thereof unless such matter (i) alters or abolishes any preferential
right of such RVMTP Share, or (ii) creates, alters or abolishes any right in respect of redemption of such RVMTP Share (other than
solely as a result of a division of an RVMTP Share). So long as any RVMTP Shares are Outstanding, the Fund shall not, without the
affirmative vote or consent of the Holders of at least 66 2/3% of the RVMTP Shares Outstanding at the time, voting as a separate
class, file a voluntary application for relief under Federal bankruptcy law or any similar application under state law for so long
as the Fund is solvent and does not foresee becoming insolvent. For the avoidance of doubt, no vote of the holders of Common Shares
shall be required to amend, alter or repeal the provisions of this Statement, including any Appendix hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940 Act Matters</U>.
Unless a higher percentage is provided for in the Declaration, the affirmative vote of the Holders of at least &ldquo;a majority
of the outstanding Preferred Shares,&rdquo; including all RVMTP Shares and Auction Preferred Shares outstanding at the time, voting
as a separate class, shall be required (A) to approve any conversion of the Fund from a closed-end to an open-end investment company,
(B) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares, or (C) to approve
any other action requiring a vote of security holders of the Fund under Section 13(a) of the 1940 Act. For purposes of the foregoing,
the vote of a &ldquo;majority of the outstanding Preferred Shares&rdquo; means the vote at an annual or special meeting duly called
of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of
such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever
is less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Amendments
Requiring Approval of Specific Series of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement, so long
as any RVMTP Shares of a Series are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of
at least a majority of the RVMTP Shares of such Series, Outstanding at the time, voting as a separate class, amend, alter or repeal
the provisions of the Appendix relating to such Series, whether by merger, consolidation or otherwise, so as to materially and
adversely affect any preference, right or power set forth in such Appendix of the RVMTP Shares of such Series or the Holders thereof;
<U>provided</U>, <U>however</U>, that (i) a change in the capitalization of the Fund in accordance with <U>Section 2.9</U> hereof
shall not be considered to materially and adversely affect the rights and preferences of the RVMTP Shares of such Series, and (ii)
a division of an RVMTP Share shall be deemed to materially and adversely affect such preferences, rights or powers only if the
terms of such division materially and adversely affect the Holders of the RVMTP Shares of such Series; and <U>provided</U>, <U>further</U>,
that no amendment, alteration or repeal of the obligation of the Fund to (x) pay the Term Redemption Price on the Term Redemption
Date for a Series or the Early Term Redemption Price on the Early Term Redemption Date, or (y) accumulate dividends at the Dividend
Rate (as set forth in this Statement and the applicable Appendix hereto) for a Series, shall be effected without, in each case,
the prior unanimous vote or consent of the Holders of such Series of RVMTP Shares. For purposes of the foregoing, no matter shall
be deemed to materially and adversely affect any preference, right or power of an RVMTP Share of a Series or the Holder thereof
unless such matter (i) alters or abolishes any preferential right of such RVMTP Share, or (ii) creates, alters or abolishes any
right in respect of redemption of such RVMTP Share. For the avoidance of doubt, no vote of the holders of Common Shares shall be
required to amend, alter or repeal the provisions of this Statement, including any Appendix hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights
Set Forth Herein Are Sole Voting Rights</U>. Unless otherwise required by law, the Declaration or this Statement, the Holders of
RVMTP Shares shall not have any relative rights or preferences or other special rights with respect to voting such RVMTP Shares
other than those specifically set forth in this <U>Section 2.7</U>; <U>provided</U>, <U>however</U>, that nothing in this Statement
or the Declaration shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to contractually
agree with any Holder or Designated Owner of RVMTP Shares of any Series that any action or inaction by the Fund shall require the
consent or approval of such Holder or Designated Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Preemptive
Rights or Cumulative Voting</U>. The Holders of RVMTP Shares shall have no preemptive rights or rights to cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting for Trustees
Sole Remedy for Fund&rsquo;s Failure to Declare or Pay Dividends</U>. In the event that the Fund fails to declare or pay any dividends
on any Series of RVMTP Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the RVMTP Shares shall
be the right to vote for trustees pursuant to the provisions of this <U>Section 2.7</U>. Nothing in this <U>Section 2.7(f) </U>shall
be deemed to affect the obligation of the Fund to accumulate and, if permitted by applicable law, the Declaration and this Statement,
pay dividends at the Increased Rate in the circumstances contemplated by <U>Section 2.2(g)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holders Entitled
to Vote</U>. For purposes of determining any rights of the Holders of RVMTP Shares to vote on any matter, whether such right is
created by this Statement, by the Declaration, by statute or otherwise, no Holder of RVMTP Shares shall be entitled to vote any
RVMTP Share and no RVMTP Share shall be deemed to be &ldquo;Outstanding&rdquo; for the purpose of voting or determining the number
of shares required to constitute a quorum if, prior to or concurrently with the time of determination of shares entitled to vote
or the time of the actual vote on the matter, as the case may be, the requisite Notice of Redemption with respect to such RVMTP
Share shall have been given in accordance with this Statement and Deposit Securities for the payment of the Redemption Price of
such RVMTP Share shall have been deposited in trust with the Calculation and Paying Agent for that purpose. No RVMTP Share held
by the Fund shall have any voting rights or be deemed to be outstanding for voting or for calculating the voting percentage required
on any other matter or other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rating
Agencies</U>. The Fund shall use commercially reasonable efforts to cause the Rating Agencies to issue long-term credit
ratings with respect to each Series of RVMTP Shares for so long as such Series is Outstanding. The Fund shall use
commercially reasonable efforts to comply with any applicable Rating Agency Guidelines. If a Rating Agency shall cease to
rate the securities of tax-exempt closed-end management investment companies generally, the Board of Trustees shall terminate
the designation of such Rating Agency as a Rating Agency hereunder. The Board of Trustees may elect to terminate the
designation of any Rating Agency as a Rating Agency hereunder with respect to a Series of RVMTP Shares so long as either (i)
immediately following such termination, there would be at least one Rating Agency with respect to such Series or (ii) it
replaces the terminated Rating Agency with another NRSRO (which shall be any one of (a) Fitch, Moody&rsquo;s or S&amp;P or (b)
another NRSRO subject to prior written consent of the Majority Holders, if any, as to such other NRSRO) and provides notice
thereof to the Holders of such Series; <U>provided </U>that such replacement shall not occur unless such replacement Other
Rating Agency shall have at the time of such replacement (x) published a rating for the RVMTP Shares of such Series and (y)
entered into an agreement with the Fund to continue to publish such rating subject to the</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Rating Agency&rsquo;s customary conditions. The
Board of Trustees may also elect to designate one or more other NRSROs as Other Rating Agencies hereunder with respect to a Series
of RVMTP Shares by notice to the Holders of the RVMTP Shares. The Rating Agency Guidelines of any Rating Agency may be amended
by such Rating Agency without the vote, consent or approval of the Fund, the Board of Trustees or any Holder of Preferred Shares,
including any RVMTP Shares or Auction Preferred Shares, or Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.9<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of Additional Preferred Shares</U>. So long as any RVMTP Shares are Outstanding, the Fund may, without the vote
or consent of the Holders thereof, authorize, establish and create and issue and sell shares of one or more series of Preferred
Shares ranking on a parity with RVMTP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation
or the winding up of the affairs of the Fund, in addition to then Outstanding Series of RVMTP Shares, including additional Series
of RVMTP Shares, and authorize, issue and sell additional shares of any such Series of Preferred Shares then outstanding or so
established or created including additional Series of RVMTP Shares, in each case in accordance with applicable law, provided that
the Fund shall, immediately after giving effect to the issuance of such Preferred Shares and to its receipt and application of
the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have 1940 Act Asset Coverage of at least
200% (calculated in the same manner as is contemplated by <U>Section 2.4(b)</U>). See also Section 11.8(e)(iv) of the Auction Preferred
Statement for additional provisions regarding issuance of additional preferred shares by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Status of Redeemed or Repurchased RVMTP Shares</U>. RVMTP Shares that at any time have been redeemed, exchanged or purchased
by the Fund shall, after such redemption or purchase, have the status of authorized but unissued Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions with respect to Taxable Allocations</U>. Whenever a Taxable Allocation is to be made by the Fund with respect
to the RVMTP Shares of a Series with respect to any Dividend Period and neither the Increased Rate nor the Maximum Rate is in effect
during such Dividend Period, clause (a), clause (b) or clause (c) of this <U>Section 2.11</U>, as applicable, shall govern:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may provide
notice to the Calculation and Paying Agent prior to the commencement of any Dividend Period for a Series of RVMTP Shares of the
amount of the Taxable Allocation that will be made in respect of shares of such Series for such Dividend Period (a &ldquo;<U>Notice
of Taxable Allocation</U>&rdquo;). Such Notice of Taxable Allocation will state the amount of the dividends payable in respect of
each RVMTP Share of the applicable Series for such Dividend Period that will be a Taxable Allocation and the Fund shall cause the
Calculation and Paying Agent to provide the adjustment to the Dividend Rate for each Rate Period (or portion thereof) included
in such Dividend Period that will be required in order for the Fund to pay the Additional Amount Payment to a holder in respect
of the Taxable Allocation made in respect of such RVMTP Shares for such Dividend Period. In lieu of adjusting the Dividend Rate,
the Fund may make, in addition to and in conjunction with the payment of regular dividends for such Dividend Period, a supplemental
distribution in respect of each share of such series for such Dividend Period equal to the Additional Amount Payment payable in
respect of the Taxable Allocation made in respect of such share for such Dividend Period. The Fund will use commercially reasonable
efforts to make Taxable Allocations in respect of RVMTP Shares of each Series as provided in this <U>Section 2.11(a)</U>, and shall
make Taxable Allocations as described in <U>Section 2.11(b) </U>and/or <U>Section 2.11(c)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">only if such commercially reasonable efforts
do not reasonably permit the Fund to make a Taxable Allocation as contemplated by this <U>Section 2.11(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund does
not provide a Notice of Taxable Allocation as provided in <U>Section 2.11(a) </U>with respect to a Taxable Allocation that is made
in respect of RVMTP Shares of a Series, the Fund may make one or more supplemental distributions on shares of such Series equal
to the Additional Amount Payment to be paid to a Holder in respect of such Taxable Allocation. Any such supplemental distribution
in respect of RVMTP Shares of a Series may be declared and paid on any date, without reference to any regular Dividend Payment
Date, to the Holders of shares of such Series as their names appear on the registration books of the Fund on such date, not exceeding
fifteen (15) calendar days preceding the payment date of such supplemental distribution, as may be fixed by the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in connection
with a redemption of RVMTP Shares, the Fund makes a Taxable Allocation without having either given advance notice thereof pursuant
to <U>Section 2.11(a)</U> or made one or more supplemental distributions pursuant to <U>Section 2.11(b)</U>, the Fund shall direct
the Calculation and Paying Agent to send an Additional Amount Payment in respect of such Taxable Allocation to each Holder of such
shares at such Person&rsquo;s address as the same appears or last appeared on the record books of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall not be required to make an Additional Amount Payment with respect to RVMTP Shares of any Series (i) with respect
to any net capital gain or other taxable income determined by the Internal Revenue Service to be allocable in a manner
different from the manner used by the Fund, or (ii) with respect to Taxable Allocations made after the latest of (A) nine
months after the end of the fiscal year of the Fund to which such Taxable Allocation relates, (B) the date on which the
audited financials are issued with respect to the fiscal year of the Fund to which such Taxable Allocation relates, or (C)
the date on which final tax statements are filed with respect to the fiscal year of the Fund to which such Taxable Allocation
relates. The Fund will promptly give notice to the Calculation and Paying Agent if the Fund receives notice of any such
determination, with instructions to forward such notice to each Holder of affected RVMTP Shares during the affected periods
at such Holder&rsquo;s address as the same appears or last appeared on the record books of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption
Liquidity Account and Liquidity Requirement for Term Redemption or Early Term Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the
then current Liquidity Account Initial Date with respect to any Series of RVMTP Shares, the Fund shall segregate, by means of appropriate
identification on its books and records or otherwise in accordance with the Fund&rsquo;s normal procedures, from the other assets of
the Fund (the &ldquo;<U>Term Redemption Liquidity Account</U>&rdquo;) Liquidity Account Investments with a Market Value equal to
at least one hundred ten percent (110%) of the Term Redemption Amount with respect to such Series. The &ldquo;<U>Term Redemption
Amount</U>&rdquo; for any Series of RVMTP Shares shall be equal to the Redemption Price to be paid on the Term Redemption Date (or,
if applicable, the Early Term Redemption Price to be paid on the Early Term Redemption Date) for such Series, based on the number
of shares of such Series then Outstanding, assuming for this purpose that the Dividend Rate for such Series in effect at the time
of the creation of the Term Redemption Liquidity Account for such Series will be the Dividend Rate in effect for such Series until
the Term Redemption Date (or, if applicable, the Early Term Redemption Date) for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">such Series. Notwithstanding the foregoing,
if all RVMTP Shares in such Series have been affirmatively retained pursuant to Section 2.5(a)(iv) and/or remarketed pursuant to
Section 2.5(b) before the Early Term Redemption Date, the requirement of the Fund to maintain the Term Redemption Amount as contemplated
by this Section 2.12(a) shall lapse and be of no further force and effect with respect to such Early Term Redemption Date. If,
on any date after the then current Liquidity Account Initial Date, the aggregate Market Value of the Liquidity Account Investments
included in the Term Redemption Liquidity Account for a Series of RVMTP Shares as of the close of business on any Business Day
is less than one hundred ten percent (110%) of the Term Redemption Amount with respect to such Series, then the Fund shall take
all such necessary actions, including segregating additional assets of the Fund as Liquidity Account Investments, so that the aggregate
Market Value of the Liquidity Account Investments included in the Term Redemption Liquidity Account for such Series is at least
equal to one hundred ten percent (110%) of the Term Redemption Amount with respect to such Series not later than the close of business
on the next succeeding Business Day. With respect to assets of the Fund segregated as Liquidity Account Investments with respect
to a Series of RVMTP Shares, the Adviser, on behalf of the Fund, shall be entitled on any date to release any Liquidity Account
Investments from such segregation and to substitute therefor other Liquidity Account Investments, so long as (i) the assets of
the Fund segregated as Liquidity Account Investments at the close of business on such date have a Market Value equal to at least
one hundred ten percent (110%) of the Term Redemption Amount with respect to such Series and (ii) the assets of the Fund designated
and segregated as Deposit Securities at the close of business on such date have a Market Value equal to at least the Liquidity
Requirement (if any) determined in accordance with <U>Section 2.12(b)</U> below with respect to such Series for such date. The
Fund shall not permit any lien, security interest or encumbrance to be created or permitted to exist on or in respect of any Liquidity
Account Investments included in the Term Redemption Liquidity Account for any Series of RVMTP Shares, other than liens, security
interests or encumbrances arising by operation of law and any lien of the Custodian with respect to the payment of its fees or
repayment for its advances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Market Value
of the Deposit Securities held in the Term Redemption Liquidity Account for a Series of RVMTP Shares, from and after the 15th day
of the calendar month (or if such day is not a Business Day, the next succeeding Business Day) that is the number of months preceding
the calendar month in which the Term Redemption Date (or, if applicable, the Early Term Redemption Date) for such Series occurs,
in each such case as specified in the table set forth below, shall not be less than the percentage of the Term Redemption Amount
for such Series set forth below opposite such number of months (the &ldquo;<U>Liquidity Requirement</U>&rdquo;), but in all cases
subject to the provisions of <U>Section 2.12(c)</U> below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Number of Months Preceding Month</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid">Market Value of Deposit Securities as</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid">of Term Redemption Date (or Early</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid">Percentage of Term</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid">Term Redemption Date, as</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid">Redemption Amount</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">applicable):</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">5</TD>
    <TD STYLE="width: 45%; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">20%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">4</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">40%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">3</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">60%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">2</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid">80%</TD></TR>
</TABLE>


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

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<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate
Market Value of the Deposit Securities included in the Term Redemption Liquidity Account for a Series of RVMTP Shares as of the
close of business on any Business Day is less than the Liquidity Requirement in respect of such Series for such Business Day, then
the Fund shall cause the segregation of additional or substitute Deposit Securities in respect of the Term Redemption Liquidity
Account for such Series, so that the aggregate Market Value of the Deposit Securities included in the Term Redemption Liquidity
Account for such Series is at least equal to the Liquidity Requirement for such Series not later than the close of business on
the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deposit Securities
included in the Term Redemption Liquidity Account for a Series of RVMTP Shares may be applied by the Fund, in its discretion, towards
payment of the Term Redemption Price (or, the Early Term Redemption Price, as applicable) for such Series as contemplated by Section
2.6(e). Upon the deposit by the Fund with the Calculation and Paying Agent of Deposit Securities having an initial combined Market
Value sufficient to effect the redemption of the RVMTP Shares of a Series on the Term Redemption Date (or, the Early Term Redemption
Date, as applicable) for such Series in accordance with <U>Section 2.6(e)(ii)</U>, the requirement of the Fund to maintain the
Term Redemption Liquidity Account as contemplated by this <U>Section 2.12</U> shall lapse and be of no further force and effect.
Upon any extension of the Term Redemption Date (or, the Early Term Redemption Date, as applicable) for a Series of RVMTP Shares
pursuant to <U>Section 2.6(a)</U>, the then-current Liquidity Account Initial Date for such Series shall be extended as provided
in the Appendix relating to such Series, and the requirement of the Fund to maintain the Term Redemption Liquidity Account with
respect to such Series in connection with such Liquidity Account Initial Date shall lapse and shall thereafter apply in respect
of the Liquidity Account Initial Date for such Series as so extended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Global Certificate</U>. All RVMTP Shares of any Series Outstanding from time to time shall be represented by one or more global
certificates for such Series registered in the name of the Securities Depository or its nominee and no registration of transfer
of shares of such Series of RVMTP Shares shall be made on the books of the Fund to any Person other than the Securities Depository
or its nominee or transferee. The foregoing restriction on registration of transfer shall be conspicuously noted on the face or
back of the global certificates. Such global certificates will be deposited with, or on behalf of, The Depository Trust Company
and registered in the name of Cede &amp; Co., its nominee. Beneficial interests in the global certificates will be held only through
The Depository Trust Company and any of its participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>. All notices or communications hereunder, unless otherwise specified in this Statement, shall be sufficiently given
if in writing and delivered in person, by telecopier, by Electronic Means or by overnight delivery. Notices delivered pursuant
to this <U>Section 2.14</U> shall be deemed given on the date received.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. In the event that no RVMTP Shares of a Series are Outstanding subject to this Statement, all rights and preferences
of the RVMTP Shares of such Series established and designated hereunder shall cease and terminate, and all obligations of the Fund
under this Statement with respect to such Series shall terminate.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.16<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Appendices</U>. The designation of each Series of RVMTP Shares subject to this Statement shall be set forth in an Appendix
to this Statement. The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided
by this Statement or required by applicable law) (1) amend the Appendix to this Statement relating to a Series so as to reflect
any amendments to the terms applicable to such Series including an increase in the number of authorized shares of such Series and
(2) add additional Series of RVMTP Shares by including a new Appendix to this Statement relating to such Series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions on Other than Business Days</U>. Unless otherwise provided herein, if the date for making any payment, performing any
act or exercising any right, in each case as provided for in this Statement, is not a Business Day, such payment shall be made,
act performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the
nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for
the period between such nominal date and the date of payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification</U>. To the extent permitted by <U>Section 2.7(c) </U>and any applicable Purchase Agreement, the Board of Trustees,
without the vote of the Holders of RVMTP Shares or any other outstanding shares issued by the Fund, may interpret, supplement or
amend the provisions of this Statement or any Appendix hereto to supply any omission, resolve any inconsistency or ambiguity or
to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective after the
date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Preferred
Shares of the Fund and, in addition to the amendments permitted by <U>Sections 2.6(h)</U> and <U>2.7(c) </U>hereof, may amend this
Statement with respect to any Series of RVMTP Shares prior to the issuance of RVMTP Shares of such Series.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.19</TD><TD STYLE="text-align: justify"><U>Transfers</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Designated Owner
or Holder of any RVMTP Shares of any Series may sell, transfer or otherwise dispose of RVMTP Shares only in whole shares and only
to Persons that are (1)(i) &ldquo;qualified institutional buyers&rdquo; (as defined in Rule 144A under the Securities Act or any
successor provision) in accordance with Rule 144A under the Securities Act or any successor provision that are registered closed-end
management investment companies, the shares of which are traded on a national securities exchange (&ldquo;Closed-End Funds&rdquo;),
banks or entities that are 100% direct or indirect subsidiaries of banks&rsquo; publicly traded parent holding companies (collectively,
&ldquo;Banks&rdquo;), companies that are included in the S&amp;P 500 Index (and their direct or indirect wholly owned subsidiaries),
insurance companies or registered open-end management investment companies, (ii) tender option bond trusts (or similar vehicles
or arrangements used for providing financing for municipal obligations and municipal closed-end fund preferred shares)) in which
all investors are &ldquo;qualified institutional buyers&rdquo; (as defined in Rule 144A under the Securities Act or any successor
provision) that are Closed-End Funds, Banks, companies that are included in the S&amp;P 500 Index (and their direct or indirect
wholly owned subsidiaries), insurance companies, or registered open-end management investment companies, in each case with respect
to clauses (i) and (ii), in accordance with Rule 144A under the Securities Act or pursuant to another available exemption from
registration under the Securities Act, in a manner not involving a public offering within the meaning of Section 4(a)(2) of the
Securities Act, or (iii) other investors with the prior written consent of the Fund, which consent shall not be unreasonably withheld,
and (2) unless the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">prior written consent of the Fund is obtained,
not PIMCO Persons, if such PIMCO Persons would, after such sale and transfer, own more than 20% of the Outstanding RVMTP Shares.
Any transfer in violation of the foregoing restrictions shall be void <I>ab initio</I>. The restrictions on transfer contained
in this <U>Section 2.19(a)</U> shall not apply to any RVMTP Shares that are being registered and sold pursuant to an effective
registration statement under the Securities Act or to any subsequent transfer of such RVMTP Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the
Fund is not furnishing information pursuant to Section 13 or 15(d) of the Exchange Act, in order to preserve the exemption for
resales and transfers under Rule 144A, the Fund shall furnish, or cause to be furnished, to holders of RVMTP Shares and prospective
purchasers of RVMTP Shares, upon request, information with respect to the Fund satisfying the requirements of subsection (d)(4)
of Rule 144A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Additional
Rights</U>. Unless otherwise required by law or the Declaration, the Holders of RVMTP Shares shall not have any relative rights
or preferences or other special rights with respect to such RVMTP Shares other than those specifically set forth in this Statement;
<U>provided</U>, <U>however</U>, that nothing in this Statement shall be deemed to preclude or limit the right of the Fund (to
the extent permitted by applicable law) to contractually agree with any Holder or Designated Owner of RVMTP Shares of any Series
with regard to any special rights of such Holder or Designated Owner with respect to its investment in the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature Page Begins on the Following Page]</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
PIMCO MUNICIPAL INCOME FUND II has caused this Statement to be signed on June 12, 2024, in its name and on its behalf by a duly
authorized officer. The Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and the said officer of
the Fund has executed this Statement as an officer and not individually, and the obligations and rights of the Fund set forth in
this Statement are not binding upon any such officer, or the trustees of the Fund or shareholders of the Fund, individually, but
are binding only upon the assets and property of the Fund.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">PIMCO MUNICIPAL INCOME FUND II</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 40%; text-align: left; border-bottom: Black 1pt solid">/s/ Joshua D. Ratner</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD>
    <TD STYLE="text-align: left"> Joshua D. Ratner</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="text-align: left"> President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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



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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>APPENDIX A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PIMCO MUNICIPAL INCOME FUND II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REMARKETABLE VARIABLE
RATE MUNIFUND TERM PREFERRED SHARES,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SERIES 2054-A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 193pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Preliminary Statement
and Incorporation By Reference</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">This Appendix establishes
a Series of Remarketable Variable Rate MuniFund Term Preferred Shares of PIMCO MUNICIPAL INCOME FUND II. Except as set forth below,
this Appendix incorporates by reference the terms set forth with respect to all Series of such Remarketable Variable Rate MuniFund
Term Preferred Shares in that &ldquo;Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate
MuniFund Term Preferred Shares&rdquo; effective as of June 12, 2024 (the &ldquo;<U>RVMTP Statement</U>&rdquo;). This Appendix has
been adopted by resolution of the Board of Trustees of PIMCO MUNICIPAL INCOME FUND II and is effective as of June 12, 2024. Capitalized
terms used herein but not defined herein have the respective meanings therefor set forth in the RVMTP Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation as to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Remarketable Variable
Rate MuniFund Term Preferred Shares, Series 2054-A: A series of 687 Preferred Shares classified as Remarketable Variable Rate MuniFund
Term Preferred Shares is hereby designated as the &ldquo;Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054-A&rdquo;
(the &ldquo;<U>Series 2054-A RVMTP Shares</U>&rdquo;). Each share of such Series shall have such preferences, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms and conditions of redemption, in addition to those
required by applicable law and those that are expressly set forth in the Declaration, the Bylaws and the RVMTP Statement (except
as the RVMTP Statement may be expressly modified by this Appendix), as are set forth in this <U>Appendix A</U>. The Series 2054-A
RVMTP Shares shall constitute a separate series of Preferred Shares and of the Remarketable Variable Rate MuniFund Term Preferred
Shares and each Series 2054-A RVMTP Share shall be identical. The following terms and conditions shall apply solely to the Series
2054-A RVMTP Shares:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Authorized Shares of Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">The number of authorized shares is 687.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Original Issue with respect
to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">The Date of Original Issue is June 12, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Liquidation
Preference Applicable to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">The Liquidation Preference is $100,000.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Term Redemption Date and Early Term Redemption Date Applicable
to Series</U>.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The Term Redemption
Date is June 12, 2054, subject to extension pursuant to Section 2.6(a)(ii) of the RVMTP Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">An &ldquo;Early Term
Redemption Date&rdquo; means (i) every forty-two (42) month anniversary of the Date of Original Issue except for the Term Redemption
Date (for the avoidance of doubt, such date to occur once every forty-two (42) months) and (ii) each Mandatory Tender Date as described
in Section 2.5(a)(iii)(C); provided that an Early Term Redemption Date shall be deemed not to have occurred with respect to any
RVMTP Shares for which an election to retain is made pursuant to Section 2.5(a)(iv) of the RVMTP Statement relating to such Mandatory
Tender Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment Dates Applicable
to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The Dividend Payment
Dates are the first Business Day of the month next following each Dividend Period, subject to the definition of &ldquo;Dividend
Period&rdquo; set forth in <U>Section 9</U> below, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Liquidity
Account Initial Date Applicable to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The
&ldquo;Liquidity Account Initial Date&rdquo; is (i) with respect to the Term Redemption Date, the date that is six (6) months
prior to the Term Redemption Date or, if applicable, the date that is six (6) months prior to the then current Term
Redemption Date as extended pursuant to Section 2.6(a)(ii) of the RVMTP Statement or, if such date is not a Business Day, the
next succeeding Business Day and (ii) with respect to the Early Term Redemption Date, the date that is six (6) months prior
to the Early Term Redemption Date or, if such date is not a Business Day, the next succeeding Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-size: 10pt">Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exceptions
to Certain Definitions Applicable to the Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following definitions
contained under the heading &ldquo;Definitions&rdquo; in the RVMTP Statement are hereby amended as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Definitions Applicable to the Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The following terms
shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice
versa), unless the context otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to the Series 2054-A RVMTP Shares, in the case of the first Dividend Period, the period
beginning on the Date of Original Issue for such Series and ending on and including June 30, 2024 and for each subsequent
Dividend Period, the period beginning on and including the first calendar day of the month following the month in which the
previous Dividend Period ended and ending on and including the last calendar day of such month; <U>provided</U>, <U>however</U>,
in connection with any voluntary exchange by the Holders thereof of Series 2054-A RVMTP Shares for any new series of
Remarketable Variable Rate MuniFund Term Preferred Shares or any other securities of the Fund, the Board of Trustees may
declare that a Dividend Period shall begin on and include the first calendar day of the month in which such</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">exchange will occur and shall end on but
not include the date of such exchange, and in such case, the Dividend Payment Date for such dividend shall be the date of such
exchange and provided further that, in connection with any reorganization or merger involving the Fund, the Board of Trustees may
establish a Dividend Period of less than a month, in which case the Dividend Payment Date for such dividend shall be the first
Business Day following the end of such Dividend Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Increased
Rate</U>&rdquo; means, with respect to any Increased Rate Period for the Series 2054-A RVMTP Shares, the Index Rate for such Increased
Rate Period plus 2.00% plus the Applicable Spread.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Index
Rate</U>&rdquo; means, with respect to any Rate Period for the Series 2054-A RVMTP Shares, (i) the SIFMA Municipal Swap Index
made available by approximately 4:00 p.m., New York City time, as determined on the Rate Determination Date relating to such
Rate Period or (ii) except as otherwise provided in the definition of &ldquo;SIFMA Municipal Swap Index&rdquo; if such index is
not made available by 5:00 p.m., New York City time, on such date, the SIFMA Municipal Swap Index as determined on the
previous Rate Determination Date; <U>provided</U>, <U>however</U>, if the SIFMA Municipal Swap Index is less than zero (0),
the SIFMA Municipal Swap Index will be deemed to be zero (0) for purposes of the determination of &ldquo;Index Rate.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&ldquo;<U>Lock-Out Date</U>&rdquo; means the first anniversary
of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Optional Redemption
Premium</U>&rdquo; means with respect to each Series 2054-A RVMTP Share to be redeemed an amount equal to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Optional Redemption Date for such Series 2054-A RVMTP Share occurs prior to the Lock-Out Date, the product of (i) the Applicable
Spread for such RVMTP Share in effect on such Optional Redemption Date and (ii) the Liquidation Preference of such RVMTP Share
and (iii) a fraction, the numerator of which is the number of calendar days from and including the date of redemption to and excluding
the Lock-Out Date and the denominator of which is the actual number of calendar days from and including June 12, 2024 to and excluding
the Lock-Out Date; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Optional Redemption Date for such Series 2054-A RVMTP Share either occurs on or after the Lock-Out Date, zero.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate Period
Termination Date</U>&rdquo; means the date that is six (6) months prior to the then current Early Term Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Spread Adjustment</U>&rdquo;
means, (i) for the period from the Closing Date to and including the Rate Period Termination Date, 0% and (ii) for the period after
the Rate Period Termination Date, 2.00%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">Section 10. <U>Amendments to Terms of RVMTP Shares
Applicable to the Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 58.5pt">The following provisions
contained under the heading &ldquo;Terms of the RVMTP Shares&rdquo; in the RVMTP Statement are hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 58.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 58.5pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 63pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section 11. <U>Miscellaneous</U>.
For the avoidance of doubt (i) any documents to be executed or countersigned by or on behalf of the Calculation and Paying Agent
pursuant to or in connection with the Calculation and Paying Agent Agreement, including but not only with respect to the RVMTP
Shares, may be executed manually, or by facsimile, portable document format (PDF) or other electronic means; and (ii) any global
certificates for the RVMTP Shares referenced in Section 2.13 of the RVMTP Statement are deemed validly issued whether issued in
electronic or physical format.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature page follows.]</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Appendix A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 409pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
PIMCO MUNICIPAL INCOME FUND II has caused this Appendix to be signed on June 12, 2024, in its name and on its behalf by a duly
authorized officer. The Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and the said officer of
the Fund has executed this Appendix as an officer and not individually, and the obligations and rights of the Fund set forth in
this Appendix are not binding upon any such officer, or the trustees of the Fund or shareholders of the Fund, individually, but
are binding only upon the assets and property of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">PIMCO MUNICIPAL INCOME FUND II</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 40%; text-align: left; border-bottom: Black 1pt solid">/s/ Joshua D. Ratner</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD>
    <TD STYLE="text-align: left"> Joshua D. Ratner</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="text-align: left"> President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>4
<FILENAME>itemg1bii123124cefmuni.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
G.1.b.ii of Form N-CEN</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Auction
Rate Preferred Shares</U></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to November 4, 2024, the Fund had one or more series of Auction-Rate Preferred Shares (&ldquo;ARPS&rdquo;) outstanding with a
liquidation preference of $25,000 per share plus any accumulated but unpaid dividends thereon. Between November 4, 2024 and November
8, 2024, the Fund redeemed all of its then-outstanding ARPS at the liquidation preference. As of the end of the reporting period,
the Fund does not have any ARPS outstanding. The Amended and Restated Bylaws of the Fund (the &ldquo;Bylaws&rdquo;) were amended
and restated as of November 11, 2024 to remove provisions related to the ARPS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Series
2054 RVMTP Shares</U></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 17, 2024, the Fund issued a single series of Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054 (the
&ldquo;Series 2054 RVMTP Shares&rdquo;). The Fund&rsquo;s Bylaws were amended and restated as of April 17, 2024 to include provisions
related to the Series 2054 RVMTP Shares.<SUP>1</SUP> The Series 2054 RVMTP Shares have a par value of $0.00001 per share and&nbsp;liquidation
preference of $100,000 per share. The Series 2054 RVMTP Shares have various rights that were approved by the Board of Trustees
of the Fund without the approval of common shareholders, which are specified in the&nbsp;Fund&rsquo;s Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund is permitted to have outstanding more than
one series of preferred shares of beneficial interest, including without limitation the Series 2054 RVMTP Shares, as long as no
single series has priority over another series as to the distribution of assets of the Fund or the payment of dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
rights, terms and conditions of the Series 2054 RVMTP Shares are summarized below:&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series
2054 RVMTP Shares Dividends</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
dividend rate paid on the Series 2054 RVMTP Shares is determined over the course of the Rate Period. The dividends per share&nbsp;for
the Series 2054 RVMTP Shares for a given Rate Period are dependent on the Series 2054 RVMTP&nbsp;Share dividend rate (the &ldquo;RVMTP
Share Dividend Rate&rdquo;) for that Rate&nbsp;Period. The Series 2054 RVMTP Share Dividend Rate for the Series 2054 RVMTP Shares
is equal to the greater of (i) the sum of a specified &ldquo;Index&nbsp;Rate&rdquo;<SUP>2</SUP>&nbsp;plus an &ldquo;Applicable
Spread&rdquo;<SUP>3</SUP>&nbsp;for the Rate Period plus the &ldquo;Failed&nbsp;Remarketing Spread&rdquo;<SUP>4</SUP>, if any,
and (ii) </FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1
</SUP>As part of the April 17, 2024 amendments to the Fund&rsquo;s Bylaws, a Statement Establishing and Fixing the Rights and
Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares dated April 17, 2024 (the &ldquo;Series 2054 Statement
of Rights&rdquo;) establishing the Series 2054 RVMTP Shares was executed and attached as Exhibit 2 to the Bylaws.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>2
</SUP>The Index Rate is determined by reference to a weekly, high-grade index comprised of seven-day, tax-exempt variable rate
demand notes, generally the Securities Industry and Financial Markets Association Municipal Swap Index.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3
</SUP>The Applicable Spread for a Rate Period is a&nbsp;percentage per annum that is based on the long term rating most recently
assigned by&nbsp;the applicable ratings agency to the Series 2054 RVMTP Shares.&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the sum of (a) the product of the Index&nbsp;Rate multiplied by the &ldquo;Applicable Multiplier&rdquo;<SUP>5</SUP>&nbsp;for
such Rate Period plus&nbsp;(b) 1.30% plus (c) the Failed Remarketing Spread, if any. The dividend per RVMTP&nbsp;Share for the
Rate Period is then determined as described in the table&nbsp;below.<SUP>6</SUP></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
    Rate</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rate
    Period Fraction</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series
    2054 RVMTP Shares Liquidation Preference</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of days in the Rate Period (or a part thereof)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    Rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Divided
    by</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    per RVMTP Share</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    number of days in the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is required to maintain certain asset coverage requirements with respect to its Series 2054 RVMTP Shares under the terms
of the Bylaws, which are summarized below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Fund&rsquo;s governing&nbsp;documents and the 1940 Act, the Fund is required to maintain certain asset&nbsp;coverage
with respect to all outstanding senior securities of the Fund which&nbsp;are stocks for purposes of the 1940 Act, including the
Series 2054 RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, the Fund is not permitted to issue preferred shares&nbsp;unless, immediately after such issuance, the value of the
Fund&rsquo;s total net&nbsp;assets (as defined below) is at least 200% of the liquidation value of any&nbsp;outstanding preferred
shares and the newly issued preferred shares plus the&nbsp;aggregate amount of any senior securities of the Fund representing&nbsp;indebtedness
(<I>i.e.,</I>&nbsp;such liquidation value plus the aggregate amount of&nbsp;senior securities representing indebtedness may not
exceed 50% of the&nbsp;Fund&rsquo;s total net assets). In addition, the Fund is not permitted to declare or&nbsp;pay common share
dividends unless immediately thereafter the Fund has a&nbsp;minimum asset coverage ratio of 200% with respect to all outstanding&nbsp;senior
securities of the Fund which are stocks for purposes of the 1940 Act&nbsp;after deducting the amount of such common share dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, under the terms of the Series 2054 RVMTP Shares, the Fund must maintain an &ldquo;asset coverage,&rdquo; as defined
for purposes of Section&nbsp;18(h) of the 1940 Act, of at least 208% with</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>4
</SUP>In connection with a failed remarketing related to an Early Term Redemption, the Failed Remarketing Spread is (i) for so
long as two or more Failed Remarketings have not occurred, 0%, and (ii) following the second occurrence of a Failed Remarketing,
0.15% multiplied by the number of Failed Remarketings that have occurred after the first Failed Remarketing. A &ldquo;Failed Remarketing&rdquo;
will occur if any Series 2054 RVMTP Shares subject to a Mandatory Tender Event due to the Fund designating a Special Terms Period
have not been either retained by the holders or successfully remarketed by the Mandatory Tender Date (each as defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>5
</SUP>The Applicable Multiplier&nbsp;for a Rate Period is a percentage that is based on the long term rating most recently&nbsp;assigned
by the applicable ratings agency to the RVMTP Shares.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>6
</SUP>An increased Series 2054 RVMTP Share Dividend Rate could be&nbsp;triggered by the Fund&rsquo;s failure to comply with certain
requirements relating to the Series 2054 RVMTP Shares, certain actions taken by the applicable ratings agency or&nbsp;certain
determinations regarding the tax status of the Series 2054 RVMTP Shares&nbsp;made by a court or other applicable governmental
authority. The Series 2054 RVMTP Share Dividend&nbsp;Rate will in no event exceed 15% per year.</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"> respect to all outstanding preferred shares (or such
other asset coverage as may in the future be specified in or&nbsp;under the 1940 Act or by rule, regulation or order of the SEC
as the minimum asset coverage for senior securities which are shares of stock of a&nbsp;closed-end investment company).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Bylaws,&nbsp;without the prior written consent of the holders of&nbsp;Series 2054 RVMTP Shares, the Fund&rsquo;s
Effective Leverage Ratio may not exceed 47%&nbsp;(or 48% solely by reason of fluctuations in the market value of the Fund&rsquo;s&nbsp;portfolio
securities) as of the close of business on any business day. If the&nbsp;Fund fails to comply with any additional requirements
relating to the&nbsp;calculation of the Effective Leverage Ratio requirement applicable to the Series 2054 RVMTP Shares and, in
any such case, such failure is not&nbsp;cured as of the close of business on the date that is ten business days&nbsp;following
the business day on which such non-compliance is first&nbsp;determined (the &ldquo;Effective Leverage Ratio Cure Date&rdquo;),
the Fund shall&nbsp;cause the Effective Leverage Ratio to not exceed 47% (or 48% solely&nbsp;by reason of fluctuations in the
market value of the Fund&rsquo;s portfolio&nbsp;securities), by (i) not later than the close of business on the business day&nbsp;next
following the Effective Leverage Ratio Cure Date, engaging in transactions involving or relating to any floating rate securities
not owned&nbsp;by the Fund and/or any inverse floating rate securities owned by the Fund,&nbsp;including the purchase, sale or
retirement thereof, (ii) to the extent&nbsp;permitted by law, not later than the close of business on the second&nbsp;business
day next following the Effective Leverage Ratio Cure Date, causing&nbsp;a notice of redemption to be issued for the redemption
of a sufficient&nbsp;number of Preferred Shares, in accordance with the terms of the Preferred&nbsp;Shares, or (iii) engaging
in any combination, in the Fund&rsquo;s discretion, of the&nbsp;actions contemplated by clauses (i) and (ii).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any voluntary or involuntary&nbsp;liquidation, dissolution or winding up of the affairs of the Fund, holders of&nbsp;Series
2054 RVMTP Shares are entitled to receive a preferential&nbsp;liquidating distribution (equal the original purchase price per
share of&nbsp;$100,000 plus accumulated and unpaid dividends thereon, whether or not&nbsp;earned or declared) before any distribution
of assets is made to Common&nbsp;Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mandatory
Redemptions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series 2054 RVMTP Shares are subject to a&nbsp;mandatory term redemption date of April 17, 2054, subject to the Fund&rsquo;s right
to extend the term with the consent of&nbsp;the holders of the Series 2054 RVMTP Shares (the &ldquo;Series 2054 RVMTP Share Term
Redemption&nbsp;Date&rdquo;). There is no assurance that the term of the Series 2054 RVMTP Shares will be extended.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a &ldquo;Mandatory&nbsp;Tender Event&rdquo; will occur on each date that is (i) 20 business days before&nbsp;each five-year
anniversary since the date of original issue of the Series 2054 RVMTP Shares, (ii) the date the Fund delivers a notice designating
a Special Terms&nbsp;Period, and (iii) 20 business days before the end of a Special Terms Period&nbsp;(provided that no subsequent
Terms Period is designated). If any Series 2054 RVMTP Shares subject to a Mandatory Tender Event upon a five-year anniversary&nbsp;of
the date of original issue of the Series 2054 RVMTP Shares or upon&nbsp;the end of a Special Terms Period (each, a &ldquo;Series
2054 RVMTP Share Early Term&nbsp;Redemption Date&rdquo;) have not been either retained by the holders or&nbsp;remarketed by the</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Mandatory Tender Date, the Fund will redeem such&nbsp;Series 2054 RVMTP Shares on the Series 2054 RVMTP&nbsp;Share Early Term
Redemption Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series 2054 RVMTP Shares are also subject to mandatory&nbsp;redemption by the Fund, in whole or in part, in certain circumstances,
such&nbsp;as the failure by the Fund to comply with asset coverage and/or effective&nbsp;leverage ratio requirements described
above (and the failure to cure any&nbsp;such failure within the applicable cure period) or certain actions taken by&nbsp;the applicable
ratings agency.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
least&nbsp;six months prior to the Series 2054 RVMTP&nbsp;Share Term Redemption Date, the Fund will maintain segregated assets
of a&nbsp;minimum credit rating quality with a market value equal to at least 110%&nbsp;of the redemption price of all outstanding
Series 2054 RVMTP Shares&nbsp;to be redeemed until the redemption of all such outstanding Series 2054 RVMTP Shares, as applicable.
The Fund will include certain liquid and/or&nbsp;highly rated assets in an amount equal to 20% of such segregated assets&nbsp;with
five months remaining to the Redemption Date, which amount will&nbsp;increase monthly by 20% and reach 100% with one month remaining
to&nbsp;the Redemption Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
Redemptions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may redeem, in whole or from time to time in part, the outstanding Series 2054 RVMTP Shares at a redemption price per share
equal to (i) the liquidation preference of the Series 2054 RVMTP Shares, as applicable, plus (ii) an amount equal to all unpaid
dividends and other distributions on such Series 2054 RVMTP Shares, as applicable, accumulated from and including the date of
issuance to (but excluding) the date of redemption (whether or not earned or declared by the Fund, but without interest thereon)
plus (iii) any applicable optional redemption premium. An optional redemption premium means, with respect to the Series 2054 RVMTP
Shares, the premium payable by the Fund upon the redemption of the Series 2054 RVMTP Shares at the option of the Fund, as set
forth in the Appendix to the Series 2054 Statement of Rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting
Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, Preferred Shares (including, without&nbsp;limitation, the Series 2054 RVMTP Shares) are required to be&nbsp;voting
shares and to have equal voting rights with Common Shares. Except&nbsp;as otherwise indicated in the Prospectus or this Statement
of Additional&nbsp;Information, and except as otherwise required by applicable law, Preferred&nbsp;Shares vote together with Common
Shareholders as a single class.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, holders of Preferred Shares, including Series 2054 RVMTP Shares, voting as a separate class, are entitled to elect two
of the Fund&rsquo;s&nbsp;trustees. The remaining trustees are elected by Common Shareholders and&nbsp;Preferred Shareholders,
voting together as a single class. In the unlikely&nbsp;event that two full years of accrued dividends are unpaid on the Preferred&nbsp;Shares,
the holders of all outstanding Preferred Shares, voting as a separate class, are entitled to elect a majority of the Fund&rsquo;s
trustees until all dividends in arrears with respect to the Preferred Shares have been paid or declared and set apart for payment.
In order for the Fund to take certain actions or enter into certain transactions, a separate class vote of Preferred Shareholders
is</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">required, in addition to the single class vote of the holders of Preferred Shares and Common Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Series
2051 RVMTP Shares</U></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to June 12, 2024, the Fund had outstanding shares of Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051 (the
&ldquo;Series 2051 RVMTP Shares&rdquo;) with a liquidation preference of $100,000 per share, plus accumulated but unpaid dividends
thereon. On June 12, 2024, the Fund called all of its outstanding Series 2051 RVMTP Shares for redemption at the liquidation preference.
As of the end of the reporting period, the Fund does not have any Series 2051 RVMTP Shares outstanding.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Series
2054-A RVMTP Shares</U></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 12, 2024, the Fund issued a single series of Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054-A (the
&ldquo;Series 2054-A RVMTP Shares&rdquo;). The Fund&rsquo;s Bylaws were amended and restated as of June 12, 2024 to include provisions
related to the Series 2054-A RVMTP Shares.<SUP>7</SUP> The Series 2054-A RVMTP Shares have a par value of $0.00001 per share
and&nbsp;liquidation preference of $100,000 per share. The Series 2054-A RVMTP Shares have various rights that were approved by
the Board of Trustees of the Fund without the approval of common shareholders, which are specified in the&nbsp;Fund&rsquo;s Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, the Fund is permitted to have outstanding more than one series of preferred shares of beneficial interest, including
without limitation the Series 2054-A RVMTP Shares, as long as no single series has priority over another series as to the distribution
of assets of the Fund or the payment of dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
rights, terms and conditions of the Series 2054-A RVMTP Shares are summarized below:&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series
2054-A RVMTP Shares Dividends</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
dividend rate paid on the Series 2054-A RVMTP Shares is determined over the course of the Rate Period. The dividends per share&nbsp;for
the Series 2054-A RVMTP Shares for a given Rate Period are dependent on the Series 2054-A RVMTP&nbsp;Share dividend rate (the
&ldquo;Series 2054-A RVMTP Share Dividend Rate&rdquo;) for that Rate&nbsp;Period. The Series 2054-A RVMTP Share Dividend Rate
for the Series 2054-A RVMTP Shares is equal to the sum of a specified &ldquo;Index&nbsp;Rate&rdquo;<SUP>8</SUP>&nbsp;plus an
&ldquo;Applicable Spread&rdquo;<SUP>9</SUP>&nbsp;for the Rate Period plus the &ldquo;Failed&nbsp;Remarketing</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>7</SUP>As
part of the June 12, 2024 amendments to the Fund&rsquo;s Bylaws, a Statement Establishing and Fixing the Rights and Preferences
of Remarketable Variable Rate MuniFund Term Preferred Shares dated June 12, 2024 (the &ldquo;Series 2054-A Statement of Rights&rdquo;)
establishing the Series 2054-A RVMTP Shares was executed and attached as Exhibit 3 to the Bylaws.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>8
</SUP>The Index Rate is determined by reference to a weekly, high-grade index comprised of seven-day, tax-exempt variable rate
demand notes, generally the Securities Industry and Financial Markets Association Municipal Swap Index.&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Spread&rdquo;<SUP>10</SUP>,
if any. The dividend per Series 2054-A RVMTP&nbsp;Share for the Rate Period is then determined as described in the table&nbsp;below.<SUP>11</SUP></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
    Rate</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rate
    Period Fraction</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series
    2054-A RVMTP Shares</B><BR>
    <B>Liquidation Preference</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of days in the Rate Period (or a part thereof)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    Rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Divided
    by</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    per Series 2054-A RVMTP Share</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    number of days in the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is required to maintain certain asset coverage requirements with respect to its Series 2054-A RVMTP Shares under the terms
of the Bylaws, which are summarized below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Fund&rsquo;s governing&nbsp;documents and the 1940 Act, the Fund is required to maintain certain asset&nbsp;coverage
with respect to all outstanding senior securities of the Fund which&nbsp;are stocks for purposes of the 1940 Act, including the
Series 2054-A RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, the Fund is not permitted to issue preferred shares&nbsp;unless, immediately after such issuance, the value of the
Fund&rsquo;s total net&nbsp;assets (as defined below) is at least 200% of the liquidation value of any&nbsp;outstanding preferred
shares and the newly issued preferred shares plus the&nbsp;aggregate amount of any senior securities of the Fund representing&nbsp;indebtedness
(<I>i.e.,</I>&nbsp;such liquidation value plus the aggregate amount of&nbsp;senior securities representing indebtedness may not
exceed 50% of the&nbsp;Fund&rsquo;s total net assets). In addition, the Fund is not permitted to declare or&nbsp;pay common share
dividends unless immediately thereafter the Fund has a&nbsp;minimum asset coverage ratio of 200% with respect to all outstanding&nbsp;senior
securities of the Fund which are stocks for purposes of the 1940 Act&nbsp;after deducting the amount of such common share dividends.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>9
</SUP>The Applicable Spread for a Rate Period is a&nbsp;percentage per annum that is based on the long term rating most recently
assigned by&nbsp;the applicable ratings agency to the Series 2054-A RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>10
</SUP>In connection with a failed remarketing related to an Early Term Redemption, the Failed Remarketing Spread is (i) for so
long as two or more Failed Remarketings have not occurred, 0%, and (ii) following the second occurrence of a Failed Remarketing,
0.25% multiplied by the number of Failed Remarketings that have occurred after the first Failed Remarketing. A &ldquo;Failed Remarketing&rdquo;
will occur if any RVMTP Shares subject to a Mandatory Tender Event due to the Fund designating a Special Terms Period have not
been either retained by the holders or successfully remarketed by the Mandatory Tender Date (each as defined below).&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>11
</SUP>An increased Series 2054-A RVMTP Share Dividend Rate could be&nbsp;triggered by the Fund&rsquo;s failure to comply with
certain requirements relating to the Series 2054-A RVMTP Shares, certain actions taken by the applicable ratings agency or&nbsp;certain
determinations regarding the tax status of the Series 2054-A RVMTP Shares&nbsp;made by a court or other applicable governmental
authority. The Series 2054-A RVMTP Share Dividend&nbsp;Rate will in no event exceed 15% per year.</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, under the terms of the Series 2054-A RVMTP Shares, the Fund must maintain an &ldquo;asset coverage,&rdquo; as defined
for purposes of Section&nbsp;18(h) of the 1940 Act, of at least 208% with respect to all outstanding preferred shares (or such
other asset coverage as may in the future be specified in or&nbsp;under the 1940 Act or by rule, regulation or order of the SEC
as the minimum asset coverage for senior securities which are shares of stock of a&nbsp;closed-end investment company).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Bylaws,&nbsp;without the prior written consent of the holders of&nbsp;Series 2054-A RVMTP Shares, the Fund&rsquo;s
Effective Leverage Ratio may not exceed 47%&nbsp;(or 48% solely by reason of fluctuations in the market value of the Fund&rsquo;s&nbsp;portfolio
securities) as of the close of business on any business day. If the&nbsp;Fund fails to comply with any additional requirements
relating to the&nbsp;calculation of the Effective Leverage Ratio requirement applicable to the Series 2054-A RVMTP Shares and,
in any such case, such failure is not&nbsp;cured as of the close of business on the date that is ten business days&nbsp;following
the business day on which such non-compliance is first&nbsp;determined (the &ldquo;Effective Leverage Ratio Cure Date&rdquo;),
the Fund shall&nbsp;cause the Effective Leverage Ratio to not exceed 47% (or 48% solely&nbsp;by reason of fluctuations in the
market value of the Fund&rsquo;s portfolio&nbsp;securities), by (i) not later than the close of business on the business day&nbsp;next
following the Effective Leverage Ratio Cure Date, engaging in transactions involving or relating to any floating rate securities
not owned&nbsp;by the Fund and/or any inverse floating rate securities owned by the Fund,&nbsp;including the purchase, sale or
retirement thereof, (ii) to the extent&nbsp;permitted by law, not later than the close of business on the second&nbsp;business
day next following the Effective Leverage Ratio Cure Date, causing&nbsp;a notice of redemption to be issued for the redemption
of a sufficient&nbsp;number of Preferred Shares, in accordance with the terms of the Preferred&nbsp;Shares, or (iii) engaging
in any combination, in the Fund&rsquo;s discretion, of the&nbsp;actions contemplated by clauses (i) and (ii).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any voluntary or involuntary&nbsp;liquidation, dissolution or winding up of the affairs of the Fund, holders of&nbsp;Series
2054-A RVMTP Shares are entitled to receive a preferential&nbsp;liquidating distribution (equal the original purchase price per
share of&nbsp;$100,000 plus accumulated and unpaid dividends thereon, whether or not&nbsp;earned or declared) before any distribution
of assets is made to Common&nbsp;Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mandatory
Redemptions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series 2054-A RVMTP Shares are subject to a&nbsp;mandatory term redemption date of June 12, 2054, subject to the Fund&rsquo;s
right to extend the term with the consent of&nbsp;the holders of the Series 2054-A RVMTP Shares (the &ldquo;Series 2054-A RVMTP
Share Term Redemption&nbsp;Date&rdquo;). There is no assurance that the term of the Series 2054-A RVMTP&nbsp;Shares will be extended.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a &ldquo;Mandatory&nbsp;Tender Event&rdquo; will occur on each date that is (i) 20 business days before&nbsp;each forty-two-month
anniversary since the date of original issue of the Series 2054-A RVMTP Shares, (ii) the date the Fund delivers a notice designating
a Special Terms&nbsp;Period, and (iii) 20 business days before the end of a Special Terms Period&nbsp;(provided that no subsequent
Terms Period is designated). If any Series 2054-A RVMTP&nbsp;Shares subject to a Mandatory Tender Event upon a forty-two-month
anniversary&nbsp;of the date of original issue of the Series</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2054-A RVMTP Shares or upon&nbsp;the end of a Special Terms Period
(each, a &ldquo;Series 2054-A RVMTP Share Early Term&nbsp;Redemption Date&rdquo;) have not been either retained by the holders
or&nbsp;remarketed by the Mandatory Tender Date, the Fund will redeem such&nbsp;Series 2054-A RVMTP Shares on the Series 2054-A
RVMTP&nbsp;Share Early Term Redemption Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series 2054-A RVMTP Shares are also subject to mandatory&nbsp;redemption by the Fund, in whole or in part, in certain circumstances,
such&nbsp;as the failure by the Fund to comply with asset coverage and/or effective&nbsp;leverage ratio requirements described
above (and the failure to cure any&nbsp;such failure within the applicable cure period) or certain actions taken by&nbsp;the applicable
ratings agency.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
least&nbsp;six months prior to the Series 2054-A RVMTP&nbsp;Share Term Redemption Date, the Fund will maintain segregated assets
of a&nbsp;minimum credit rating quality with a market value equal to at least 110%&nbsp;of the redemption price of all outstanding
Series 2054-A RVMTP Shares&nbsp;to be redeemed until the redemption of all such outstanding Series 2054-A RVMTP Shares, as applicable.
The Fund will include certain liquid and/or&nbsp;highly rated assets in an amount equal to 20% of such segregated assets&nbsp;with
five months remaining to the Redemption Date, which amount will&nbsp;increase monthly by 20% and reach 100% with one month remaining
to&nbsp;the Redemption Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
Redemptions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may redeem, in whole or from time to time in part, the outstanding Series 2054-A RVMTP Shares at a redemption price per share
equal to (i) the liquidation preference of the Series 2054-A RVMTP Shares, as applicable, plus (ii) an amount equal to all unpaid
dividends and other distributions on such Series 2054-A RVMTP Shares, as applicable, accumulated from and including the date of
issuance to (but excluding) the date of redemption (whether or not earned or declared by the Fund, but without interest thereon)
plus (iii) any applicable optional redemption premium. An optional redemption premium means, with respect to the Series 2054-A
RVMTP Shares, the premium payable by the Fund upon the redemption of the Series 2054-A RVMTP Shares at the option of the Fund,
as set forth in Appendix A to the Series 2054-A Statement of Rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting
Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, Preferred Shares (including, without&nbsp;limitation, the Series 2054-A RVMTP Shares) are required to be&nbsp;voting
shares and to have equal voting rights with Common Shares. Except&nbsp;as otherwise indicated in the Prospectus or this Statement
of Additional&nbsp;Information, and except as otherwise required by applicable law, Preferred&nbsp;Shares vote together with Common
Shareholders as a single class.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, holders of Preferred Shares, including Series 2054-A RVMTP&nbsp;Shares, voting as a separate class, are entitled to
elect two of the Fund&rsquo;s&nbsp;trustees. The remaining trustees are elected by Common Shareholders and&nbsp;Preferred Shareholders,
voting together as a single class. In the unlikely&nbsp;event that two full years of accrued dividends are unpaid on the Preferred&nbsp;Shares,
the holders of all outstanding Preferred Shares, voting as a separate class, are entitled to elect a majority of the Fund&rsquo;s
trustees until all dividends in arrears with respect to the Preferred Shares have been paid or declared and set apart for payment.
In order for the Fund to take certain</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">actions or enter into certain transactions, a separate class vote of Preferred Shareholders
is required, in addition to the single class vote of the holders of Preferred Shares and Common Shares.</FONT></P>

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

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

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