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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001104659-10-002186.txt : 20100120
<SEC-HEADER>0001104659-10-002186.hdr.sgml : 20100120
<ACCEPTANCE-DATETIME>20100120110146
ACCESSION NUMBER:		0001104659-10-002186
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20100113
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100120
DATE AS OF CHANGE:		20100120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOSPITALITY PROPERTIES TRUST
		CENTRAL INDEX KEY:			0000945394
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043262075
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11527
		FILM NUMBER:		10535150

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE ST
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		6179648389

	MAIL ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a10-1941_18k.htm
<DESCRIPTION>8-K
<TEXT>

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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8&#150;K</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date
of report (Date of earliest event reported):<b> January 20,
2010 (January&nbsp;13, 2010)</b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">HOSPITALITY PROPERTIES TRUST</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact
Name of Registrant as Specified in Its Charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maryland</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State
or Other Jurisdiction of Incorporation)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1&#150;</font></b><font size="2" style="font-size:10.0pt;">  <b>11527</b></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04&#150;3262075</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission
  File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS
  Employer Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">400 Centre Street, Newton,
  Massachusetts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">02458</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address
  of Principal Executive Offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip
  Code)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">617&#150;964&#150;8389</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s
Telephone Number, Including Area Code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8&#150;K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425
  under the Securities Act (17 CFR 230.425)</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a&#150;12
  under the Exchange Act (17 CFR 240.14a&#150;12)</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre&#150;commencement communications pursuant to Rule&nbsp;14d&#150;2(b)&nbsp;under
  the Exchange Act (17 CFR 240.14d&#150;2(b))</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre&#150;commencement communications pursuant to Rule&nbsp;13e&#150;4(c)&nbsp;under
  the Exchange Act (17 CFR 240.13e&#150;4(c))</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105577\10-1941-1\task3876069\1941-1-ba.htm',USER='105577',CD='Jan 20 10:58 2010' -->


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<div>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  1.01.</font></b></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Entry
  into a Material Definitive Agreement.</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Business Management Agreement</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;13, 2010,
Hospitality Properties Trust, or the Trust, entered into an amended and
restated business management agreement with Reit Management&nbsp;&amp; Research
LLC, or Reit Management, and certain individuals who are the current or former
owners of Reit Management (Barry M. Portnoy, Gerard M. Martin and Adam D.
Portnoy), which agreement amended and restated the prior amended and restated
agreement between the Trust, Reit Management and those individuals.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the business
management agreement, the Trust continues to engage Reit Management to provide
the Trust with business management services substantially consistent with the
business management services provided to the Trust by Reit Management
historically.&#160; The fees payable by the
Trust to Reit Management under the business management agreement continue to be
determined in a manner consistent with past determinations under the prior
agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The business management
agreement provides that none of Reit Management, Barry M. Portnoy, Gerard M.
Martin or Adam D. Portnoy shall provide management services to, make
competitive direct investments in or, in the case of Barry M. Portnoy, Gerard
M. Martin and Adam D. Portnoy, serve as a director or officer of, any other
real estate investment trust which is principally engaged in the business of
ownership of hotel or travel center properties without the consent of a
majority of the Independent Trustees of the Trust.&#160; Under the business management agreement, Reit
Management is not required to present the Trust with opportunities to invest in
properties that are primarily of a type that are the investment focus of
another person or entity now or in the future managed by Reit Management.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term of the business
management agreement expires on December&nbsp;31, 2010, and automatically
renews for successive one year terms annually thereafter unless notice of
non-renewal is given by the Trust or Reit Management before the end of an
applicable term.&#160; Either party may terminate
the business management agreement upon 60 days prior written notice.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The business management
agreement includes arbitration provisions for the resolution of certain
disputes, claims and controversies and provides that neither party may assign
the business management agreement without the written consent of the other
party, except that Reit Management may assign the business management agreement
to certain successors which remain under the control of one or more persons who
controlled the operations of Reit Management immediately prior to the
assignment.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the business
management agreement described above were reviewed, approved and adopted by the
compensation committee of the board of trustees of the Trust, which is
comprised solely of Independent Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing description of
the business management agreement is not complete and is subject to and
qualified in its entirety by reference to the business management agreement, a
copy of which is attached as Exhibit&nbsp;10.1 and is incorporated herein by
reference.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Property Management Agreement</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also on January&nbsp;13,
2010, the Trust entered into an amended and restated property management
agreement with Reit Management, which agreement amended and restated the prior
property management agreement between the Trust and Reit Management.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At present, this property
management agreement applies to management services to the office building
component of one property in Baltimore, Maryland which also includes an
InterContinental Hotel.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the property management
agreement, the Trust continues to engage Reit Management to provide the Trust
and its applicable subsidiaries which own certain properties that are subject
to the agreement with property management services substantially consistent
with the property management services provided to the Trust by Reit Management
historically.&#160; The fees payable by the
Trust to Reit Management under the property management agreement continue to be
determined in a manner consistent with past determinations under the prior
agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term of the property
management agreement expires on December&nbsp;31, 2010, and automatically
renews for successive one year terms annually thereafter unless notice of
non-renewal is given by the Trust or Reit Management before the end of an
applicable term.&#160; Either party may
terminate the property management agreement upon 60 days prior written notice,
and Reit Management may terminate the property management agreement upon five
business days notice if the Trust undergoes a change of control, as determined
under the property management agreement.&#160;
</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_072703_7056"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The property management
agreement includes arbitration provisions for the resolution of certain
disputes, claims and controversies and generally restricts a party&#146;s ability to
assign the property management agreement without the written consent of the
other party, except that Reit Management may assign the property management
agreement to certain successors which remain under the control of one or more
persons who controlled the operations of Reit Management immediately prior to
the assignment and the Trust and its applicable subsidiaries may assign its
rights and obligations under the agreement to a mortgagee with respect to, or
certain successor owners of, the managed premises.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the property
management agreement described above were reviewed, approved and adopted by the
compensation committee of the board of trustees of the Trust, which is
comprised solely of Independent Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing description of
the property management agreement is not complete and is subject to and
qualified in its entirety by reference to the property management agreement, a
copy of which is attached as Exhibit&nbsp;10.2 and is incorporated herein by
reference.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Information Regarding Certain Relationships and
Related Transactions</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One of </font><font size="2" style="font-size:10.0pt;">the Trust&#146;s </font><font size="2" style="font-size:10.0pt;">Managing Trustees, Barry M. Portnoy, is the Chairman and majority owner
of Reit Management.&#160; The Trust&#146;s other
Managing Trustee, Adam D. Portnoy, owns the remainder of Reit Management and is
a director, President and Chief Executive Officer of Reit Management.&#160; Gerard M. Martin is a former owner and
current director of Reit Management.&#160; </font><font size="2" style="font-size:10.0pt;">The Trust&#146;s executive officers </font><font size="2" style="font-size:10.0pt;">are also officers of Reit Management.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust currently owns approximately
14.29% of the outstanding equity of Affiliates Insurance Company, or Affiliates
Insurance.&#160; The other shareholders of
Affiliates Insurance are Reit Management and five other companies to which Reit
Management provides management services, and all of the Trust&#146;s trustees are
also directors of Affiliates Insurance.&#160;
Reit Management provides certain management and administrative services
to Affiliates Insurance, and an affiliate of Reit Management, RMR Advisors,&nbsp;Inc.,
acts as Affiliates Insurance&#146;s investment adviser.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T</font><font size="2" style="font-size:10.0pt;">he Trust </font><font size="2" style="font-size:10.0pt;">understands that the other companies to which Reit Management provides
management services also have certain other relationships with each other,
including business and property management agreements and lease
arrangements.&#160; In addition, officers of
Reit Management serve as officers of those companies.&#160; T</font><font size="2" style="font-size:10.0pt;">he Trust </font><font size="2" style="font-size:10.0pt;">understands that further information regarding those relationships is
provided in the applicable periodic reports and proxy statements filed by those
other companies with the Securities and Exchange Commission.&#160; Barry M. Portnoy is a managing trustee or
managing director of each of the other publicly traded companies to which Reit
Management provides management services, including TravelCenters of America
LLC, or TravelCenters, a tenant of the Trust.&#160;
Adam D. Portnoy is also a managing trustee or managing director of some
of those other companies, but he is not a director of TravelCenters.&#160; In addition, </font><font size="2" style="font-size:10.0pt;">the Trust</font><font size="2" style="font-size:10.0pt;">&#146;s Independent Trustees also serve as directors or trustees of certain
of those other companies.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TravelCenters was formerly a 100% owned
subsidiary of the Trust until its spin off from the Trust in 2007.&#160; The Trust has numerous continuing
relationships with TravelCenters, including lease arrangements and other
commercial arrangements.&#160; TravelCenters
currently is the Trust&#146;s principal tenant and the Trust is a significant
shareholder of TravelCenters.&#160; Reit
Management provides management services to TravelCenters.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For further information regarding certain relationships and related
transactions with respect to the Trust, its trustees and officers, and Reit
Management, please refer to the Trust&#146;s filings with the Securities and
Exchange Commission, including the Trust&#146;s Annual Report on Form&nbsp;10-K for
the fiscal year ended December&nbsp;31, 2008 (including the sections captioned &#147;Risk
Factors&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations &#150; Related Person Transactions&#148;), Quarterly Report on Form&nbsp;10-Q
for the quarterly period ended September&nbsp;30, 2009 (including the section
captioned &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations &#150; Related Person Transaction&#148;), and Proxy Statement for
the 2009 annual meeting of shareholders of the Trust (including the section
captioned &#147;Related Person Transactions and Company Review of Such Transactions&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.03.</font></b></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments to Articles of Incorporation or Bylaws; Change
  in Fiscal Year.</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
January&nbsp;13, 2010, the board of trustees of the Trust adopted amended and
restated bylaws of the Trust which change Section&nbsp;2.14.1(b)&nbsp;of the
bylaws to provide that, in the event an annual meeting of the Trust is called
for a date that is more than 30</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_072840_5335"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">days
earlier or later than the first anniversary of the preceding year&#146;s annual
meeting, notice of shareholder nominations and proposals must be given to the
Trust no later than 5:00 p.m on the 10th day following the earlier of the day
on which: (i)&nbsp;notice of the date of the annual meeting is mailed or
otherwise made available, or (ii)&nbsp;a public announcement of the date of the
annual meeting is first made.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing description of
the Trust&#146;s amended and restated bylaws is not complete and is subject to and
qualified in its entirety by reference to the amended and restated bylaws, a
copy of which is attached as Exhibit&nbsp;3.1, and which amended and restated
bylaws are incorporated herein by reference.&#160;
In addition, a marked copy of the Trust&#146;s amended and restated bylaws
indicating changes made to the Trust&#146;s bylaws as they existed immediately prior
to the adoption of those amended and restated bylaws is attached as Exhibit&nbsp;3.2.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  9.01.</font></b></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Financial
  Statements and Exhibits.</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 70.55pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Exhibits</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Bylaws of Hospitality Properties Trust adopted January&nbsp;13, 2010</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Bylaws of Hospitality Properties Trust adopted January&nbsp;13, 2010 (marked
  copy)</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Business Management Agreement, dated as of January&nbsp;13, 2010, by and
  between Hospitality Properties Trust, Reit Management&nbsp;&amp; Research
  LLC, Barry M. Portnoy, Gerard M. Martin and Adam D. Portnoy</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Property Management Agreement, dated as of January&nbsp;13, 2010, by and
  among Reit Management&nbsp;&amp; Research LLC and Hospitality Properties
  Trust</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_072945_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">HOSPITALITY
  PROPERTIES TRUST</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark L. Kleifges</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark L. Kleifges</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 2.5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:
January&nbsp;20, 2010</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_073438_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Bylaws of Hospitality Properties Trust adopted January&nbsp;13, 2010</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Bylaws of Hospitality Properties Trust adopted January&nbsp;13, 2010 (marked
  copy)</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Business Management Agreement, dated as of January&nbsp;13, 2010, by and
  between Hospitality Properties Trust, Reit Management&nbsp;&amp; Research
  LLC, Barry M. Portnoy, Gerard M. Martin and Adam D. Portnoy</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Property Management Agreement, dated as of January&nbsp;13, 2010, by and
  among Reit Management&nbsp;&amp; Research LLC and Hospitality Properties
  Trust</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_073558_3020"></a></font></p>

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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a10-1941_1ex3d1.htm
<DESCRIPTION>EX-3.1
<TEXT>

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<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.1</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND RESTATED BYLAWS</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As Amended and Restated January&nbsp;13, 2010</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Table of Contents</font></u></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I OFFICES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Office</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Offices</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II MEETINGS OF
  SHAREHOLDERS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Place</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Meeting</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Regular or Special Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Adjourned Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scope of Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization of Shareholder Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.9.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.10.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.11.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Date</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.12.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting of Shares by Certain Holders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.13.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inspectors</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nominations and Other Proposals to be Considered at
  Meetings of Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Meetings of Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Nominations or Other
  Proposals Causing Covenant Breaches or Defaults</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Nominations or Other
  Proposals Requiring Governmental Action</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Meetings of Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.15.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Shareholder Actions by Written Consent</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.16.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting by Ballot</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.17.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposals of Business Which Are Not Proper Matters For
  Action By Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III TRUSTEES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Powers; Qualifications; Trustees Holding Over</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent Trustees and Managing Trustees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number and Tenure</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual and Regular Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.9.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.10.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Action by Written Consent of Trustees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
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</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i<a name="PB_i_080944_7672"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.11.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver of Notice</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.12.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacancies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.13.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.14.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal of Trustees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.15.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Surety Bonds</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.16.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reliance</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.17.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interested Trustee Transactions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.18.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Qualifying Shares Not Required</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.19.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Rights of Trustees, Officers, Employees and Agents</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.20.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emergency Provisions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV COMMITTEES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number; Tenure and Qualifications</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Action by Written Consent of Committees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacancies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V OFFICERS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Provisions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal and Resignation</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacancies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Operating Officer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Vice Chairman of the Board</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.9.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice Presidents</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.10.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.11.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.12.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Secretaries and Assistant Treasurers</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI CONTRACTS, LOANS,
  CHECKS AND DEPOSITS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contracts</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Checks and Drafts</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposits</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII SHARES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfers</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lost Certificates</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing of Transfer Books or Fixing of Record Date</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share Ledger</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fractional Shares; Issuance of Units</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII RESTRICTIONS ON
  TRANSFER AND OWNERSHIP OF SHARES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restrictions on Ownership</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii<a name="PB_ii_081010_536"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer of Shares</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs, Expenses and Compensation of Charitable Trustee and
  the Trust</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transactions on a National Securities Exchange</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enforcement</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Waiver</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enforceability</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX REGULATORY COMPLIANCE
  AND DISCLOSURE</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actions Requiring Regulatory Compliance Implicating the
  Trust</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compliance With Law</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation on Voting Shares or Proxies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations, Warranties and Covenants Made to
  Governmental or Regulatory Bodies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Trustees&#146; Determinations</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE X FISCAL YEAR</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal Year</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XI DIVIDENDS AND OTHER
  DISTRIBUTIONS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends and Other Distributions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XII SEAL</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seal</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Affixing Seal</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIII WAIVER OF NOTICE </font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver of Notice</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIV AMENDMENT OF BYLAWS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment of Bylaws</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XV MISCELLANEOUS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">References to Declaration of Trust</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs and Expenses</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratification</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ambiguity</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inspection of Bylaws</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election to be Subject to Part&nbsp;of Title 3, Subtitle 8</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XVI ARBITRATION</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Procedures for Arbitration of Disputes</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arbitrators</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Place of Arbitration</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discovery</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs and Expenses</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Final and Binding</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.76%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficiaries</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii<a name="PB_iii_081205_5926"></a></font></p>

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<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY
PROPERTIES TRUST<br>
AMENDED AND RESTATED BYLAWS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE I<br>
<br>
OFFICES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Principal Office</u>.&#160; The principal office of the Trust shall be
located at such place or places as the Board of Trustees may designate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Offices</u>.&#160; The Trust may have additional offices at such
places as the Board of Trustees may from time to time determine or the business
of the Trust may require.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE II<br>
<br>
MEETINGS OF SHAREHOLDERS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Place</u>.&#160; All meetings of shareholders shall be held at
the principal office of the Trust or at such other place as is designated by
the Trustees or the chairman of the board or president.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual Meeting</u>.&#160; An annual meeting of the shareholders for the
election of Trustees and the transaction of any business within the powers of
the Trust shall be held at such times as the Trustees may designate.&#160; Failure to hold an annual meeting does not
invalidate the Trust&#146;s existence or affect any otherwise valid acts of the
Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Special Meetings</u>. &#160;Special meetings of shareholders may be called
only by a majority of the Trustees then in office.&#160; If there shall be no Trustees, the officers
of the Trust shall promptly call a special meeting of the shareholders entitled
to vote for the election of successor Trustees for the purpose of electing
Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Regular or
Special Meetings</u>.&#160; Written notice
specifying the place, day and hour of any regular or special meeting, the
purposes of the meeting, to the extent required by law to be provided, and all
other matters required by law shall be given to each shareholder of record
entitled to vote, either personally or by sending a copy thereof by mail,
postage prepaid, to his or her address appearing on the books of the Trust or
theretofore given by him or her to the Trust for the purpose of notice or, if
no address appears or has been given, addressed to the place where the
principal office of the Trust is situated, or by electronic transmission,
including facsimile transmission, to any address or number of such shareholder
at which the shareholder receives electronic transmissions.&#160; If mailed, such notice shall be deemed to be
given once deposited in the U.S.&#160; mail
addressed to the shareholder at his or her post office address as it appears on
the records of the Trust, with postage thereon prepaid.&#160; It shall be the duty of the secretary to give
notice of each meeting of the shareholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Adjourned
Meetings</u>.&#160; It shall not be necessary
to give notice of the time and place of any adjourned meeting or of the
business to be transacted thereat other than by announcement at the meeting at
which such adjournment is taken.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Scope of Meetings</u>.&#160; Except as otherwise expressly set forth
elsewhere in these Bylaws, no business shall be transacted at an annual or
special meeting of shareholders except as specifically designated in the notice
or otherwise properly brought before the shareholders by or at the direction of
the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization of Shareholder
Meetings</u>.&#160; Every meeting of
shareholders shall be conducted by an individual appointed by the Board of
Trustees to be chairperson of the meeting or, in the absence of such
appointment or the absence of the appointed individual, by the chairman of the
board or, in the case of a vacancy in the office or absence of the chairman of
the board, by one of the following officers present at the meeting in the
following order: the vice chairman of the board, if there be one, the
president, the vice presidents in their order of seniority or, in the absence
of such officers, a chairperson chosen by the shareholders by the vote of
holders of shares of beneficial interest representing a majority of the votes
cast on such appointment by shareholders present in person or represented by
proxy.&#160; The secretary, an assistant
secretary or a person appointed by the Trustees or, in the absence of such
appointment, a person appointed by the chairperson of the meeting shall act as
secretary of the meeting and record the minutes of the meeting.&#160; If the secretary presides as chairperson at a
meeting of the shareholders, then the secretary shall not also act as secretary
of the meeting and record the minutes of the meeting.&#160; The order of business and all other matters
of procedure at any meeting of shareholders shall be determined by the
chairperson of the meeting.&#160; The
chairperson of the meeting may prescribe such rules, regulations and procedures
and take such action as, in the discretion of such chairperson, are appropriate
for the proper conduct of the meeting, including, without limitation: (a)&nbsp;restricting
admission to the time set for the commencement of the meeting; (b)&nbsp;limiting
attendance at the meeting to shareholders of record of the Trust, their duly
authorized proxies or other such persons as the chairperson of the meeting may
determine; (c)&nbsp;limiting participation at the meeting on any matter to
shareholders of record of the Trust entitled to vote on such matter, their duly
authorized proxies or other such persons as the chairperson of the meeting may
determine; (d)&nbsp;limiting the time allotted to questions or comments by
participants; (e)&nbsp;maintaining order and security at the meeting; (f)&nbsp;removing
any shareholder or other person who refuses to comply with meeting procedures, rules&nbsp;or
guidelines as set forth by the chairperson of the meeting; (g)&nbsp;concluding
a meeting or recessing or adjourning the meeting to a later date and time and
at a place announced at the meeting; and (h)&nbsp;complying with any state and
local laws and regulations concerning safety and security.&#160; Without limiting the generality of the powers
of the chairperson of the meeting pursuant to the foregoing provisions, the
chairperson may adjourn any meeting of shareholders for any reason deemed
necessary by the chairperson, including, without limitation, if (i)&nbsp;no
quorum is present for the transaction of the business, (ii)&nbsp;the Board of
Trustees or the chairperson of the meeting determines that adjournment is
necessary or appropriate to enable the shareholders to consider fully
information that the Board of Trustees or the chairperson of the meeting
determines has not been made sufficiently or timely available to shareholders
or (iii)&nbsp;the Board of Trustees or the chairperson of the meeting
determines that adjournment is otherwise in the best interests of the
Trust.&#160; Unless otherwise determined by
the chairperson of the meeting, meetings of shareholders </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_081240_2983"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall not be required to be
held in accordance with the general rules&nbsp;of parliamentary procedure or
any otherwise established rules&nbsp;of order.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Quorum</u>.&#160; At any meeting of shareholders, the presence
in person or by proxy of shareholders entitled to cast a majority of all the
votes entitled to be cast at such meeting shall constitute a quorum; but this
section shall not affect any requirement under any statute or the Declaration
of Trust for the vote necessary for the adoption of any measure.&#160; If, however, such quorum shall not be present
at any meeting of the shareholders, the chairperson of the meeting shall have
the power to adjourn the meeting from time to time without the Trust having to
set a new record date or provide any additional notice of such meeting, subject
to any obligation of the Trust to give notice pursuant to Section&nbsp;2.5.&#160; At such adjourned meeting at which a quorum
shall be present, any business may be transacted which might have been
transacted at the meeting as originally notified.&#160; The shareholders present, either in person or
by proxy, at a meeting of shareholders which has been duly called and convened
and at which a quorum was established may continue to transact business until
adjournment, notwithstanding the withdrawal of enough votes to leave less than
a quorum then being present at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voting</u>.&#160; At all elections of Trustees, voting by
shareholders shall be conducted under the non-cumulative method and, except as
otherwise required by the Declaration of Trust or applicable law, the election
of each Trustee shall be by the affirmative vote of the holders of shares
representing a majority of the total number of votes authorized to be cast by
shares then outstanding and entitled to vote thereon.&#160; <font style="vertical-align:baseline;">&#160;</font>For
all matters to be voted upon by shareholders other than the election of
Trustees, unless otherwise required by applicable law, by the listing
requirements of the principal exchange on which the Trust&#146;s common shares are
listed or by a specific provision of the Declaration of Trust, the vote
required for approval shall be the affirmative vote of 75% of the votes
entitled to be cast for each such matter unless such matter has been previously
approved by the Board of Trustees, in which case the vote required for approval
shall be a majority of the votes cast at a meeting of shareholders duly called
and at which a quorum is present.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Proxies</u>.&#160; A shareholder may cast the votes entitled to
be cast by him or her either in person or by proxy executed by the shareholder
or by his or her duly authorized agent in any manner permitted by law.&#160; Such proxy shall be filed with such officer
of the Trust or third party agent as the Board of Trustees shall have
designated for such purpose for verification at or prior to such meeting.&#160; Any proxy relating to the Trust&#146;s shares of
beneficial interest shall be valid until the expiration date therein or, if no
expiration is so indicated, for such period as is permitted pursuant to
Maryland law.&#160; At a meeting of
shareholders, all questions concerning the qualification of voters, the
validity of proxies, and the acceptance or rejection of votes, shall be decided
by or on behalf of the chairperson of the meeting, subject to Section&nbsp;2.13.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Record Date</u>.&#160; The Board of Trustees may fix the date for
determination of shareholders entitled to notice of and to vote at a meeting of
shareholders.&#160; If no date is fixed for
the determination of the shareholders entitled to vote at any meeting of
shareholders, only persons in whose names shares entitled to vote are recorded
on the share records of the Trust at the opening of business on the day of any
meeting of shareholders shall be entitled to vote at such meeting.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_081256_6228"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voting of Shares by Certain
Holders</u>.&#160; <font style="color:black;"><font color="black" face="Times New Roman" style="color:windowtext;">Shares
of the Trust registered in the name of a corporation, partnership, trust or
other entity, if entitled to be voted, may be voted by the president or a vice
president, a general partner or trustee thereof, as the case may be, or a proxy
appointed by any of the foregoing individuals, unless some other person who has
been appointed to vote such shares pursuant to a bylaw or a resolution of the
governing body of such corporation or other entity or pursuant to an agreement
of the partners of the partnership presents a certified copy of such bylaw,
resolution or agreement, in which case such person may vote such shares.&#160; Any trustee or other fiduciary may vote
shares registered in his or her name as such fiduciary, either in person or by
proxy.</font></font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Inspectors</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Before or at any meeting of shareholders, the chairperson of
the meeting may appoint one or more persons as inspectors for such
meeting.&#160; Such inspectors shall (i)&nbsp;ascertain
and report the number of shares of beneficial interest represented at the
meeting, in person or by proxy, and the validity and effect of proxies, (ii)&nbsp;receive
and tabulate all votes, ballots or consents, (iii)&nbsp;report such tabulation
to the chairperson of the meeting and (iv)&nbsp;perform such other acts as are
proper to conduct the election or voting at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each report of an inspector shall be in writing and signed by
him or her or by a majority of them if there is more than one inspector acting
at such meeting.&#160; If there is more than
one inspector, the report of a majority shall be the report of the
inspectors.&#160; The report of the inspector
or inspectors on the number of shares represented at the meeting and the
results of the voting shall be <u>prima</u>  <u>facie</u> evidence thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Nominations and Other
Proposals to be Considered at Meetings of Shareholders</u>.&#160; Nominations of individuals for election to
the Board of Trustees and the proposal of other business to be considered by
the shareholders at meetings of shareholders may be properly brought before the
meeting only as set forth in this Section&nbsp;2.14.&#160; All judgments and determinations made by the
Board of Trustees or the chairperson of the meeting, as applicable, under this Section&nbsp;2.14
(including, without limitation, judgments and determinations as to the
propriety of a proposed nomination or a proposal of other business for
consideration by shareholders) shall be final and binding unless determined by
a court of competent jurisdiction to have been made in bad faith.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual Meetings of Shareholders</u>.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nominations of individuals for election to the Board of
Trustees and the proposal of other business to be considered by the
shareholders at an annual meeting of shareholders may be properly brought
before the meeting (i)&nbsp;pursuant to the Trust&#146;s notice of meeting or
otherwise properly brought before the meeting by or at the direction of the
Board of Trustees or (ii)&nbsp;by any shareholder of the Trust who (A)&nbsp;has
continuously held at least $2,000 in market value, or 1%, of the Trust&#146;s shares
entitled to vote at the meeting on such election or the proposal for other
business, as the case may be, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_081304_6479"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">for at
least one year from the date such shareholder gives the notice provided for in
this Section&nbsp;2.14.1 (or, if such notice is given prior to April&nbsp;1,
2010, continuously held Trust shares since April&nbsp;1, 2009 and without
regard to the $2,000 market value, or 1%, requirement), and continuously holds
such shares through and including the time of the annual meeting (including any
adjournment or postponement thereof), (B)&nbsp;is a shareholder of record at
the time of giving the notice provided for in this Section&nbsp;2.14.1 through
and including the time of the annual meeting (including any adjournment or
postponement thereof), (C)&nbsp;is entitled to make nominations or propose
other business and to vote at the meeting on such election, or the proposal for
other business, as the case may be and (D)&nbsp;complies with the notice
procedures set forth in this Section&nbsp;2.14 as to such nomination or other
business.&#160; Section&nbsp;2.14.1(a)(ii)&nbsp;shall
be the exclusive means for a shareholder to make nominations or propose other
business before an annual meeting of shareholders, except to the extent of
matters which are required to be presented to shareholders by applicable law
which have been properly presented in accordance with the requirements of such
law.&#160; For purposes of determining
compliance with the requirement in subclause (A)&nbsp;of Section&nbsp;2.14.1(a)(ii),
the market value of the Trust&#146;s shares held by the applicable shareholder shall
be determined by multiplying the number of shares such shareholder continuously
held for that one-year period by the highest selling price of the Trust shares
as reported on the principal National Securities Exchange (for purposes of this
Section&nbsp;2.14, as defined in Section&nbsp;8.1) on which the Trust&#146;s shares
are listed for trading during the 60 calendar days before the date such notice
was submitted.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
nominations for election to the Board of Trustees or other business to be
properly brought before an annual meeting by a shareholder pursuant to Section&nbsp;2.14.1(a)(ii),
the shareholder shall have given timely notice thereof in writing to the
secretary of the Trust in accordance with this Section&nbsp;2.14 and such other
business shall otherwise be a proper matter for action by shareholders.&#160; To be timely, a shareholder&#146;s notice shall
set forth all information required under this Section&nbsp;2.14 and shall be
delivered to the secretary at the principal executive offices of the Trust not
later than 5:00&nbsp;p.m. (Eastern Time) on the 120th day nor earlier than the
150th day prior to the first anniversary of the date of the proxy statement for
the preceding year&#146;s annual meeting; provided, however, that in the event that
the annual meeting is called for a date that is more than 30 days earlier or
later than the first anniversary of the date of the preceding year&#146;s annual
meeting, notice by the shareholder to be timely shall be so delivered not later
than 5:00&nbsp;p.m. (Eastern Time) on the 10th day following the earlier of the
day on which (i)&nbsp;notice of the date of the annual meeting is mailed or
otherwise made available or (ii)&nbsp;public announcement of the date of the
annual meeting is first made by the Trust.&#160;
Neither the postponement or adjournment of an annual meeting, nor the
public announcement of such postponement or adjournment, shall commence a new
time period for the giving of a shareholder&#146;s notice as described above.&#160; No shareholder may give a notice to the
secretary described in this Section&nbsp;2.14.1(b)&nbsp;unless such shareholder
holds a certificate for all shares of beneficial interest of the Trust owned by
such shareholder during all times described in Section&nbsp;2.14.1(a), and a
copy of each such certificate held by such shareholder at the time of giving
such notice shall accompany such shareholder&#146;s notice to the secretary in order
for such notice to be effective.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_081938_2639"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A shareholder&#146;s notice shall set forth:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(A)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to each individual whom the shareholder proposes to
nominate for election or reelection as a Trustee (a &#147;Proposed Nominee&#148;) and any
Proposed Nominee Associated Person (as defined in Section&nbsp;2.14.1(d)), (1)&nbsp;the
name, age, business address and residence address of such Proposed Nominee and
the name and address of such Proposed Nominee Associated Person, (2)&nbsp;a
statement of whether such Proposed Nominee is proposed for nomination as an
Independent Trustee (as defined in Section&nbsp;3.2) or a Managing Trustee (as
defined in Section&nbsp;3.2) and a description of such Proposed Nominee&#146;s
qualifications to be an Independent Trustee or Managing Trustee, as the case
may be, and such Proposed Nominee&#146;s qualifications to be a Trustee pursuant to
the criteria set forth in Section&nbsp;3.1, (3)&nbsp;the class, series and
number of any shares of beneficial interest of the Trust that are, directly or
indirectly, beneficially owned or owned of record by such Proposed Nominee or
by such Proposed Nominee Associated Person, (4)&nbsp;the date such shares were
acquired and the investment intent of such acquisition, (5)&nbsp;a description
of all purchases and sales of securities of the Trust by such Proposed Nominee
or by such Proposed Nominee Associated Person during the previous 24 month
period, including the date of the transactions, the class, series and number of
securities involved in the transactions and the consideration involved, (6)&nbsp;a
description of all Derivative Transactions (as defined in Section&nbsp;2.14.1(d))
by such Proposed Nominee or by such Proposed Nominee Associated Person during
the previous 24 month period, including the date of the transactions and the
class, series and number of securities involved in, and the material economic
terms of, the transactions, such description to include, without limitation,
all information that such Proposed Nominee or Proposed Nominee Associated
Person would be required to report on an Insider Report (as defined in Section&nbsp;2.14.1(d))
if such Proposed Nominee or Proposed Nominee Associated Person were a Trustee
of the Trust or the beneficial owner of more than 10% of the shares of the
Trust at the time of the transactions, (7)&nbsp;any performance related fees
(other than an asset based fee) that such Proposed Nominee or such Proposed
Nominee Associated Person is entitled to based on any increase or decrease in
the value of shares of the Trust or instrument or arrangement of the type
contemplated within the definition </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_081951_2794"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">of Derivative Transaction, if any,
as of the date of such notice, including, without limitation, any such
interests held by members of such Proposed Nominee&#146;s or such Proposed Nominee
Associated Person&#146;s immediate family sharing the same household with such
Proposed Nominee or such Proposed Nominee Associated Person, (8)&nbsp;any
proportionate interest in shares of the Trust or instrument or arrangement of
the type contemplated within the definition of Derivative Transaction held,
directly or indirectly, by a general or limited partnership in which such
Proposed Nominee or such Proposed Nominee Associated Person is a general
partner or, directly or indirectly, beneficially owns an interest in a general
partner, (9)&nbsp;a description of all direct and indirect compensation and
other material monetary agreements, arrangements and understandings during the
past three years, and any other material relationships, between or among such
shareholder, Proposed Nominee Associated Person, or their respective affiliates
and associates, or others acting in concert therewith, on the one hand, and
each Proposed Nominee, or his or her respective affiliates and associates, or
others acting in concert therewith, on the other hand, including, without
limitation, all information that would be required to be disclosed pursuant to
Item 404 of Regulation S-K promulgated by the U.S. Securities and Exchange
Commission (the &#147;S.E.C.&#148;) (and any successor regulation), if the shareholder
making the nomination and any Proposed Nominee Associated Person on whose
behalf the nomination is made, or any affiliate or associate thereof or person
acting in concert therewith, were the &#147;registrant&#148; for purposes of such rule&nbsp;and
the Proposed Nominee were a director or executive officer of such registrant, (10)&nbsp;any
rights to dividends on the shares of the Trust owned beneficially by such Proposed
Nominee or such Proposed Nominee Associated Person that are separated or
separable from the underlying shares of the Trust, (11) to the extent known by
such Proposed Nominee or such Proposed Nominee Associated Person, the name and
address of any other person who owns, of record or beneficially, any shares of
beneficial interest of the Trust and who supports the Proposed Nominee for
election or reelection as a Trustee, (12) all other information relating to
such Proposed Nominee or such Proposed Nominee Associated Person that is
required to be disclosed in solicitations of proxies for election of Trustees
in an election contest (even if an election contest is not involved), or is
otherwise </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7<a name="PB_7_082024_8299"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">required, in each case, pursuant to
Section&nbsp;14 (or any successor provision) of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), and the rules&nbsp;and regulations
promulgated thereunder and (13) such Proposed Nominee&#146;s notarized written
consent to being named in the shareholder&#146;s proxy statement as a nominee and to
serving as a Trustee if elected;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(B)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to any other business that the shareholder proposes to
bring before the meeting, (1)&nbsp;a description of such business, (2)&nbsp;the
reasons for proposing such business at the meeting and any material interest in
such business of such shareholder or any Shareholder Associated Person (as
defined in Section&nbsp;2.14.1(d)), including any anticipated benefit to such
shareholder or any Shareholder Associated Person therefrom, (3)&nbsp;a
description of all agreements, arrangements and understandings between such
shareholder and Shareholder Associated Person amongst themselves or with any
other person or persons (including their names) in connection with the proposal
of such business by such shareholder and (4)&nbsp;a representation that such
shareholder intends to appear in person or by proxy at the meeting to bring the
business before the meeting;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(C)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to the shareholder giving the notice and any Shareholder
Associated Person, (1)&nbsp;the class, series and number of all shares of the
Trust that are owned of record by such shareholder or by such Shareholder
Associated Person, if any, (2)&nbsp;the class, series and number of, and the
nominee holder for, any shares of beneficial interests of the Trust that are
owned, directly or indirectly, beneficially but not of record by such
shareholder or by such Shareholder Associated Person, if any, (3)&nbsp;with
respect to the foregoing clauses (1)&nbsp;and (2), the date such shares were
acquired and the investment intent of such acquisition and (4)&nbsp;all
information relating to such shareholder and Shareholder Associated Person that
is required to be disclosed in connection with the solicitation of proxies for
election of Trustees in an election contest (even if an election contest is not
involved), or is otherwise required, in each case, pursuant to Section&nbsp;14
(or any successor provision) of the Exchange Act and the rules&nbsp;and
regulations promulgated thereunder;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8<a name="PB_8_082043_8247"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(D)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to the shareholder giving the notice and any Shareholder
Associated Person, (1)&nbsp;the name and address of such shareholder, as they
appear on the Trust&#146;s share ledger and the current name and address, if
different, of such shareholder and Shareholder Associated Person and (2)&nbsp;the
investment strategy or objective, if any, of such shareholder or Shareholder
Associated Person and a copy of the prospectus, offering memorandum or similar
document, if any, provided to investors or potential investors in such
shareholder or Shareholder Associated Person;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(E)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to the shareholder giving the notice and any Shareholder
Associated Person, (1)&nbsp;a description of all purchases and sales of
securities of the Trust by such shareholder or Shareholder Associated Person
during the previous 24 month period, including the date of the transactions,
the class, series and number of securities involved in the transactions and the
consideration involved, (2)&nbsp;a description of all Derivative Transactions
by such shareholder or Shareholder Associated Person during the previous 24
month period, including the date of the transactions and the class, series and
number of securities involved in, and the material economic terms of, the
transactions, such description to include, without limitation, all information
that such shareholder or Shareholder Associated Person would be required to
report on an Insider Report if such shareholder or Shareholder Associated
Person were a Trustee of the Trust or the beneficial owner of more than 10% of the
shares of the Trust at the time of the transactions, (3)&nbsp;any performance
related fees (other than an asset based fee) that such shareholder or
Shareholder Associated Person is entitled to based on any increase or decrease
in the value of shares of the Trust or instrument or arrangement of the type
contemplated within the definition of Derivative Transaction, if any, as of the
date of such notice, including, without limitation, any such interests held by
members of such shareholder&#146;s or Shareholder Associated Person &#145;s immediate
family sharing the same household with such shareholder or Shareholder
Associated Person, (4)&nbsp;any proportionate interest in shares of the Trust
or instrument or arrangement of the type contemplated within the definition of
Derivative Transaction held, directly or indirectly, by a general or limited
partnership in which such shareholder or Shareholder Associated Person is a
general partner or, directly or indirectly, beneficially owns an interest in a </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9<a name="PB_9_082202_5893"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">general partner and (5)&nbsp;any
rights to dividends on the shares of the Trust owned beneficially by such
shareholder or Shareholder Associated Person that are separated or separable
from the underlying shares of the Trust;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(F)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">to the extent known by the shareholder giving the notice, the
name and address of any other person who owns, beneficially or of record, any
shares of beneficial interest of the Trust and who supports the nominee for
election or reelection as a Trustee or the proposal of other business; and</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(G)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">if more than one class or series of beneficial interest in
the Trust is outstanding, the class and series of beneficial interest of the
Trust entitled to vote for such Proposed Nominee and/or shareholder&#146;s proposal,
as applicable.</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
anything in the second sentence of Section&nbsp;2.14.1(b)&nbsp;to the contrary,
in the event that the number of Trustees to be elected to the Board of Trustees
is increased and there is no public announcement of such action at least 130
days prior to the first anniversary of the date of the proxy statement for the
preceding year&#146;s annual meeting, a shareholder&#146;s notice required by this Section&nbsp;2.14.1
also shall be considered timely, but only with respect to nominees for any new
positions created by such increase, if the notice is delivered to the secretary
at the principal executive offices of the Trust not later than 5:00&nbsp;p.m.
(Eastern Time) on the 10th day immediately following the day on which such
public announcement is first made by the Trust.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
purposes of this Section&nbsp;2.14, (i)&nbsp;&#147;Shareholder Associated Person&#148; of
any shareholder shall mean (A)&nbsp;any person acting in concert with, such
shareholder, (B)&nbsp;any direct or indirect beneficial owner of shares of
beneficial interest of the Trust owned of record or beneficially by such
shareholder and (C)&nbsp;any person controlling, controlled by or under common
control with such shareholder or a Shareholder Associated Person; (ii)&nbsp;&#147;Proposed
Nominee Associated Person&#148; of any Proposed Nominee shall mean (A)&nbsp;any
person acting in concert with such Proposed Nominee, (B)&nbsp;any direct or
indirect beneficial owner of shares of beneficial interest of the Trust owned
of record or beneficially by such Proposed Nominee and (C)&nbsp;any person
controlling, controlled by or under common control with such Proposed Nominee
or a Proposed Nominee Associated Person; (iii)&nbsp;&#147;Derivative Transaction&#148; by
a person shall mean any (A)&nbsp;transaction in, or arrangement, agreement or
understanding with respect to, any option, warrant, convertible security, stock
appreciation right or similar right with an exercise, conversion or exchange
privilege, or settlement payment or mechanism related to, any security of the
Trust, or similar instrument with a value derived in whole or in part from the
value of a security of the Trust, in any such case whether or not it is subject
to settlement in a security of the Trust or otherwise or (B)&nbsp;any
transaction, arrangement, agreement or understanding which included or includes
an opportunity for such person, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10<a name="PB_10_082241_9862"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">directly or
indirectly, to profit or share in any profit derived from any increase or
decrease in the value of any security of the Trust, to mitigate any loss or
manage any risk associated with any increase or decrease in the value of any
security of the Trust or to increase or decrease the number of securities of
the Trust which such person was, is or will be entitled to vote, in any such
case whether or not it is subject to settlement in a security of the Trust or
otherwise; and (iv)&nbsp;&#147;Insider Report&#148; shall mean a statement required to be
filed pursuant to Section&nbsp;16 of the Exchange Act (or any successor
provisions) by a person who is a Trustee of the Trust or who is directly or
indirectly the beneficial owner of more than 10% of the shares of the Trust.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Shareholder Nominations or Other
Proposals Causing Covenant Breaches or Defaults</u>.&#160; At the same time as the submission of any
shareholder nomination or proposal of other business to be considered at a
shareholders meeting that, if approved and implemented by the Trust, would
cause the Trust or any subsidiary (as defined in Section&nbsp;2.14.5(c)) of the
Trust&#160; to be in breach of any covenant of
the Trust or any subsidiary of the Trust or otherwise cause a default (in any
case, with or without notice or lapse of time) in any existing debt instrument
or agreement of the Trust or any subsidiary of the Trust or other material
contract or agreement of the Trust or any subsidiary of the Trust, the
proponent shareholder or shareholders shall submit to the secretary at the
principal executive offices of the Trust (a)&nbsp;evidence satisfactory to the
Board of Trustees of the lender&#146;s or contracting party&#146;s willingness to waive
the breach of covenant or default or (b)&nbsp;a detailed plan for repayment of
the indebtedness to the lender or curing the contractual breach or default and
satisfying any resulting damage claim, specifically identifying the actions to
be taken or the source of funds, which plan must be satisfactory to the Board
of Trustees in its discretion, and evidence of the availability to the Trust of
substitute credit or contractual arrangements similar to the credit or
contractual arrangements which are implicated by the shareholder nomination or
other proposal that are at least as favorable to the Trust, as determined by
the Board of Trustees in its discretion.&#160;
As an example and not as a limitation, at the time these Bylaws are
being amended and restated, the Trust is party to a bank credit facility that
contains covenants which prohibit certain changes in the management and
policies of the Trust without the approval of the lenders; accordingly, a
shareholder nomination or proposal which implicates these covenants shall be
accompanied by a waiver of these covenants duly executed by the banks or by
evidence satisfactory to the Board of Trustees of the availability of funding
to the Trust to repay outstanding indebtedness under this credit facility and
of the availability of a new credit facility on terms as favorable to the Trust
as the existing credit facility.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Shareholder Nominations or Other
Proposals Requiring Governmental Action</u>.&#160;
If (a)&nbsp;submission of any shareholder nomination or proposal of
other business to be considered at a shareholders meeting that could not be
considered or, if approved, implemented by the Trust without the Trust, any
subsidiary of the Trust, the proponent shareholder, any Proposed Nominee of
such shareholder, any Proposed Nominee Associated Person of such Proposed
Nominee, any Shareholder Associated Person of such shareholder, the holder of
proxies or their respective affiliates or associates filing with or otherwise
notifying or obtaining the consent, approval or other action of any federal,
state, municipal or other governmental or regulatory body (a &#147;Governmental
Action&#148;) or (b)&nbsp;such shareholder&#146;s ownership of shares of the Trust or any
solicitation of proxies or votes or holding or exercising proxies by such
shareholder, any Proposed Nominee of such shareholder, any Proposed Nominee </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11<a name="PB_11_082301_9111"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Associated Person of such
Proposed Nominee, any Shareholder Associated Person of such shareholder, or
their respective affiliates or associates would require Governmental Action,
then, at the same time as the submission of any shareholder nomination or
proposal of other business to be considered at a shareholders meeting, the
proponent shareholder or shareholders shall submit to the secretary at the
principal executive offices of the Trust (x)&nbsp;evidence satisfactory to the
Board of Trustees that any and all Governmental Action has been given or
obtained, including, without limitation, such evidence as the Board of Trustees
may require so that any nominee may be determined to satisfy any suitability or
other requirements or (y)&nbsp;if such evidence was not obtainable from a
governmental or regulatory body by such time despite the shareholder&#146;s diligent
and best efforts, a detailed plan for making or obtaining the Governmental
Action prior to the election of any such Proposed Nominee or the implementation
of such proposal, which plan must be satisfactory to the Board of Trustees in
its discretion.&#160; As an example and not as
a limitation, at the time these Bylaws are being amended and restated, the
Trust holds a controlling ownership position in a company being formed and
licensed as an insurance company in the State of Indiana.&#160; The laws of the State of Indiana have certain
regulatory requirements for any person who seeks to control (as defined under
Indiana law) a company which itself controls an insurance company domiciled in
the State of Indiana, including by exercising proxies representing 10% or more
of its voting securities.&#160; Accordingly, a
shareholder who seeks to exercise proxies for a nomination or a proposal
affecting the governance of the Trust shall obtain any applicable approvals
from the Indiana insurance regulatory authorities prior to exercising such
proxies.&#160; Similarly, as a further example
and not as a limitation, at the time these Bylaws are being amended and
restated, the Trust has a controlling ownership interest in gaming businesses
located in Louisiana.&#160; Applicable
Louisiana law requires that a Trustee be approved by the Louisiana Gaming
Control Board.&#160; Such approval process
requires that any Proposed Nominee submit detailed personal history and
financial disclosures.&#160; Accordingly, a
shareholder nomination shall be accompanied by evidence that the Proposed
Nominee has been approved by the Louisiana Gaming Control Board to be a
Trustee, or if the Louisiana Gaming Control Board have not approved such an
application, then the shareholder nomination shall be accompanied by a copy of
completed personal history and financial disclosure forms of the Proposed
Nominee as submitted or to be submitted to the Louisiana Gaming Control Board
so that the Board of Trustees may determine the likelihood that the Proposed
Nominee will receive such approval.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Special Meetings of Shareholders</u>.&#160; As set forth in Section&nbsp;2.6, only
business brought before the meeting pursuant to the Trust&#146;s notice of meeting
shall be conducted at a special meeting of shareholders.&#160; Nominations of individuals for election to
the Board of Trustees only may be made at a special meeting of shareholders at
which Trustees are to be elected: (a)&nbsp;pursuant to the Trust&#146;s notice of
meeting; (b)&nbsp;otherwise properly brought before the meeting by or at the
direction of the Board of Trustees; or (c)&nbsp;provided that the Board of
Trustees has determined that Trustees shall be elected at such special meeting,
by any shareholder of the Trust who is a shareholder of record both at the time
of giving of notice provided for in this Section&nbsp;2.14.4 through and
including the time of the special meeting, who is entitled to vote at the
meeting on such election and who has complied with the notice procedures and
other requirements set forth in this Section&nbsp;2.14.4.&#160; In the event the Trust calls a special
meeting of shareholders for the purpose of electing one or more Trustees to the
Board of Trustees, any such shareholder may nominate an individual or
individuals (as the case may be) for election as a Trustee as specified in the
Trust&#146;s notice of meeting, if the shareholder satisfies </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12<a name="PB_12_082316_2270"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the holding period and
certificate requirements set forth in Section&nbsp;2.14.1(a)&nbsp;and Section&nbsp;2.14.1(b),
the shareholder&#146;s notice contains or is accompanied by the information and
documents required by Section&nbsp;2.14 and the shareholder has given timely
notice thereof in writing to the secretary of the Trust at the principal
executive offices of the Trust.&#160; To be
timely, a shareholder&#146;s notice shall be delivered to the secretary of the Trust
at the principal executive offices of the Trust not earlier than the 150th day
prior to such special meeting and not later than 5:00&nbsp;p.m. (Eastern Time)
on the later of (i)&nbsp;the 120th day prior to such special meeting or (ii)&nbsp;the
10th day following the day on which public announcement is first made of the
date of the special meeting and of the nominees proposed by the Trustees to be
elected at such meeting.&#160; Neither the
postponement or adjournment of a special meeting, nor the public announcement
of such postponement or adjournment, shall commence a new time period for the
giving of a shareholder&#146;s notice as described above.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
information submitted pursuant to this Section&nbsp;2.14 by any shareholder
proposing a nominee for election as a Trustee or any proposal for other
business at a meeting of shareholders shall be deemed by the Board of Trustees
incomplete or inaccurate, any authorized officer or the Board of Trustees or
any committee thereof may treat such information as not having been provided in
accordance with this Section&nbsp;2.14.&#160;
Any notice submitted by a shareholder pursuant to this Section&nbsp;2.14
that is deemed by the Board of Trustees inaccurate, incomplete or otherwise
fails to satisfy completely any provision of this Section&nbsp;2.14 shall be
deemed defective and shall thereby render all proposals and nominations set
forth in such notice defective.&#160; Upon
written request by the secretary of the Trust or the Board of Trustees or any
committee thereof (which may be made from time to time), any shareholder
proposing a nominee for election as a Trustee or any proposal for other
business at a meeting of shareholders shall provide, within three business days
after such request (or such other period as may be specified in such request), (i)&nbsp;written
verification, satisfactory to the secretary or any other authorized officer or
the Board of Trustees or any committee thereof, in his, her or its discretion,
to demonstrate the accuracy of any information submitted by the shareholder
pursuant to this Section&nbsp;2.14, (ii)&nbsp;written responses to information
reasonably requested by the secretary, the Board of Trustees or any committee
thereof and (iii)&nbsp;a written update, to a current date, of any information
submitted by the shareholder pursuant to this Section&nbsp;2.14 as of an
earlier date.&#160; If a shareholder fails to
provide such written verification, information or update within such period,
the secretary or any other authorized officer or the Board of Trustees may
treat the information which was previously provided and to which the
verification, request or update relates as not having been provided in
accordance with this Section&nbsp;2.14; provided, however, that no such written
verification, response or update shall cure any incompleteness, inaccuracy or
failure in any notice provided by a shareholder pursuant to this Section&nbsp;2.14.&#160; It is the responsibility of a shareholder who
wishes to make a nomination or other proposal to comply with the requirements
of Section&nbsp;2.14; nothing in this Section&nbsp;2.14.5(a)&nbsp;or otherwise
shall create any duty of the Trust, the Board of Trustees or any committee
thereof nor any officer of the Trust to inform a shareholder that the
information submitted pursuant to this Section&nbsp;2.14 by or on behalf of
such shareholder is incomplete or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13<a name="PB_13_082336_6952"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">inaccurate or not otherwise in accordance with this Section&nbsp;2.14
nor require the Trust, the Board of Trustees, any committee of the Board of
Trustees or any officer of the Trust to request clarification or updating of
information provided by any shareholder, but the Board of Trustees, a committee
thereof or the secretary acting on behalf of the Board of Trustees or a
committee, may do so in its, his or her discretion.</font></p>

<p style="color:black;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Only such
individuals who are nominated in accordance with this Section&nbsp;2.14 shall
be eligible for election by shareholders as Trustees and only such business
shall be conducted at a meeting of shareholders as shall have been properly
brought before the meeting in accordance with this Section&nbsp;2.14.&#160; The chairperson of the meeting and the Board
of Trustees shall each have the power to determine whether a nomination or any
other business proposed to be brought before the meeting was made or proposed,
as the case may be, in accordance with this Section&nbsp;2.14 and, if any
proposed nomination or other business is determined not to be in compliance
with this Section&nbsp;2.14, to declare that such defective nomination or
proposal be disregarded.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
purposes of this Section&nbsp;2.14: (i)&nbsp;&#147;public announcement&#148; shall mean
disclosure in (A)&nbsp;a press release reported by the Dow Jones News Service,
Associated Press, Business Wire, PR Newswire or any other widely circulated
news or wire service or (B)&nbsp;a document publicly filed by the Trust with
the S.E.C. pursuant to the Exchange Act; and (ii)&nbsp;&#147;subsidiary&#148; shall
include, with respect to a person, any corporation, partnership, joint venture
or other entity of which such person (A)&nbsp;owns, directly or indirectly, 10%
or more of the outstanding voting securities or other interests or (B)&nbsp;has
a person designated by such person serving on, or a right, contractual or
otherwise, to designate a person, so to serve on, the board of directors (or
analogous governing body).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
the foregoing provisions of this Section&nbsp;2.14, a shareholder shall also
comply with all applicable legal requirements, including, without limitation,
applicable requirements of state law and the Exchange Act and the rules&nbsp;and
regulations thereunder, with respect to the matters set forth in this Section&nbsp;2.14.&#160; Nothing in this Section&nbsp;2.14 shall be
deemed to require that a shareholder nomination of an individual for election
to the Board of Trustees or a shareholder proposal relating to other business
be included in the Trust&#146;s proxy statement, except as may be required by law.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board
of Trustees may from time to time require any individual nominated to serve as
a Trustee to agree in writing with regard to matters of business ethics and
confidentiality while such nominee serves as a Trustee, such agreement to be on
the terms and in a form (the &#147;Agreement&#148;) determined satisfactory by the Board
of Trustees, as amended and supplemented from time to time in the discretion of
the Board of Trustees.&#160; The terms of the
Agreement may be substantially similar to the Code of Business Conduct and
Ethics of the Trust or any similar code promulgated by the Trust (the &#147;Code of
Business Conduct&#148;) or may differ from or supplement the Code of Business
Conduct.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14<a name="PB_14_082349_9801"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Determinations
required or permitted to be made under this Section&nbsp;2.14 by the Board of
Trustees may be delegated by the Board of Trustees to a committee of the Board
of Trustees, subject to applicable law.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Shareholder Actions by
Written Consent</u>.&#160; Shareholders shall
not be authorized or permitted to take any action required or permitted to be
taken at a meeting of shareholders by written consent, and may take such action
only at shareholders meeting of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voting by Ballot</u>.&#160; Voting on any question or in any election may
be voice vote unless the chairperson of the meeting or any shareholder shall
demand that voting be by ballot.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Proposals of Business Which
Are Not Proper Matters For Action By Shareholders</u>.&#160; <font face="Times New Roman">Notwithstanding
anything in these Bylaws to the contrary, subject to applicable law, any
shareholder proposal for business the subject matter or effect of which would
be within the exclusive purview of the Board of Trustees or would reasonably
likely, if considered by the shareholders or approved or implemented by the
Trust, result in an impairment of the limited liability status for the Trust&#146;s
shareholders, shall be deemed not to be a matter upon which the shareholders
are entitled to vote.&#160; The Board of
Trustees in its discretion shall be entitled to determine whether a shareholder
proposal for business is not a matter upon which the shareholders are entitled
to vote pursuant to this Section&nbsp;2.17, and its decision shall be final and
binding unless determined by a court of competent jurisdiction to have been
made in bad faith.</font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE III<br>
<br>
TRUSTEES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General Powers;
Qualifications; Trustees Holding Over</u>.&#160;
The business and affairs of the Trust shall be managed under the
direction of its Board of Trustees.&#160; A
Trustee shall be an individual at least 21 years of age who is not under legal
disability.&#160; To qualify for nomination or
election as a Trustee, an individual, at the time of nomination and election,
shall, without limitation, (a)&nbsp;have substantial expertise or experience relevant
to the business of the Trust and its subsidiaries, (b)&nbsp;not have been
convicted of a felony and (c)&nbsp;meet the qualifications of an Independent
Trustee or a Managing Trustee, each as defined in Section&nbsp;3.2, as the case
may be, depending upon the position for which such individual may be nominated
and elected.&#160; In case of failure to elect
Trustees at an annual meeting of the shareholders, the incumbent Trustees shall
hold over and continue to direct the management of the business and affairs of
the Trust until they may resign or until their successors are elected and
qualify.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Independent Trustees and
Managing Trustees</u>.&#160; A majority of the
Trustees holding office shall at all times be Independent Trustees; provided,
however, that upon a failure to comply with this requirement as a result of the
creation of a temporary vacancy which shall be filled by an Independent
Trustee, whether as a result of enlargement of the Board of Trustees or the
resignation, removal or death of a Trustee who is an Independent Trustee, such
requirement shall not be applicable.&#160; An &#147;Independent
Trustee&#148; is one who is not an employee of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15<a name="PB_15_082417_2440"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Advisor (as defined in
the Declaration of Trust), who is not involved in the Trust&#146;s day-to-day
activities, who meets the qualifications of an independent trustee under the
Declaration of Trust and who meets the qualifications of an independent
director (not including the specific independence requirements applicable only
to members of the Audit Committee of the Board of Trustees) under the
applicable rules&nbsp;of each stock exchange upon which shares of the Trust are
listed for trading and the S.E.C., as those requirements may be amended from
time to time.&#160; If the number of Trustees,
at any time, is set at less than five, at least one Trustee shall be a Managing
Trustee.&#160; So long as the number of
Trustees shall be five or greater, at least two Trustees shall be Managing
Trustees.&#160; &#147;Managing Trustees&#148; shall mean
Trustees who are not Independent Trustees and who have been employees of the
Advisor or involved in the day-to-day activities of the Trust for at least one
year prior to their election.&#160; If at any
time the Board of Trustees shall not be comprised of a majority of Independent
Trustees, the Board of Trustees shall take such actions as will cure such
condition; provided that the fact that the Board of Trustees does not have a
majority of Independent Trustees or has not taken such action at any time or
from time to time shall not affect the validity of any action taken by the
Board of Trustees.&#160; If at any time the
Board of Trustees shall not be comprised of a number of Managing Trustees as is
required under this Section&nbsp;3.2, the Board of Trustees shall take such
actions as will cure such condition; provided that the fact that the Board of
Trustees does not have the requisite number of Managing Trustees or has not
taken such action at any time or from time to time shall not affect the
validity of any action taken by the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Number and Tenure</u>.&#160; Pursuant to the Articles Supplementary
accepted for record by the State Department of Assessments and Taxation (the &#147;SDAT&#148;)
as of May&nbsp;16, 2000, the number of Trustees constituting the entire Board
of Trustees may be increased or decreased from time to time only by a vote of
the Trustees; provided however that the tenure of office of a Trustee shall not
be affected by any decrease in the number of Trustees.&#160; The number of Trustees shall be five until
increased or decreased by the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual and Regular Meetings</u>.&#160; An annual meeting of the Trustees shall be
held immediately after the annual meeting of shareholders, no notice other than
this Bylaw being necessary.&#160; The time and
place of the annual meeting of the Trustees may be changed by the Board of
Trustees.&#160; The Trustees may provide, by
resolution, the time and place, either within or without the State of Maryland,
for the holding of regular meetings of the Trustees without other notice than
such resolution.&#160; In the event any such
regular meeting is not so provided for, the meeting may be held at such time
and place as shall be specified in a notice given as hereinafter provided for
special meetings of the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Special Meetings</u>.&#160; Special meetings of the Trustees may be
called at any time by any Managing Trustee, the president or pursuant to the
request of any two Trustees then in office.&#160;
The person or persons authorized to call special meetings of the
Trustees may fix any place, either within or without the State of Maryland, as
the place for holding any special meeting of the Trustees called by them.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice</u>.&#160; Notice of any special meeting shall be given
by written notice delivered personally or by electronic mail, telephoned,
facsimile transmitted, overnight couriered (with proof of delivery) or mailed
to each Trustee at his or her business or residence address.&#160; Personally delivered, telephoned, facsimile
transmitted or electronically mailed notices </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16<a name="PB_16_082435_5340"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be given at least 24
hours prior to the meeting.&#160; Notice by
mail shall be deposited in the U.S.&#160; mail
at least 72 hours prior to the meeting.&#160;
If mailed, such notice shall be deemed to be given when deposited in the
U.S.&#160; mail properly addressed, with
postage thereon prepaid.&#160; Electronic mail
notice shall be deemed to be given upon transmission of the message to the
electronic mail address given to the Trust by the Trustee.&#160; Telephone notice shall be deemed given when
the Trustee is personally given such notice in a telephone call to which he is
a party.&#160; Facsimile transmission notice
shall be deemed given upon completion of the transmission of the message to the
number given to the Trust by the Trustee and receipt of a completed answer back
indicating receipt.&#160; If sent by overnight
courier, such notice shall be deemed given when delivered to the courier.&#160; Neither the business to be transacted at, nor
the purpose of, any annual, regular or special meeting of the Trustees need be
stated in the notice, unless specifically required by statute or these Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Quorum</u>.&#160; A majority of the Trustees shall constitute a
quorum for transaction of business at any meeting of the Trustees, provided
that, if less than a majority of such Trustees are present at a meeting, a
majority of the Trustees present may adjourn the meeting from time to time
without further notice, and provided further that if, pursuant to the
Declaration of Trust or these Bylaws, the vote of a majority of a particular
group of Trustees is required for action, a quorum for that action shall also
include a majority of such group.&#160; The
Trustees present at a meeting of the Board of Trustees which has been duly
called and convened and at which a quorum was established may continue to
transact business until adjournment, notwithstanding the withdrawal of a number
of Trustees resulting in less than a quorum then being present at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voting</u>.&#160; The action of the majority of the Trustees
present at a meeting at which a quorum is or was present shall be the action of
the Trustees, unless the concurrence of a greater proportion is required for
such action by specific provision of an applicable statute, the Declaration of
Trust or these Bylaws.&#160; If enough
Trustees have withdrawn from a meeting to leave fewer than are required to
establish a quorum, but the meeting is not adjourned, the action of the
majority of that number of Trustees necessary to constitute a quorum at such
meeting shall be the action of the Board of Trustees, unless the concurrence of
a greater proportion is required for such action by applicable law, the
Declaration of Trust or these Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Telephone Meetings</u>.&#160; Trustees may participate in a meeting by
means of a conference telephone or similar communications equipment if all
persons participating in the meeting can hear each other at the same time.&#160; Participation in a meeting by these means
shall constitute presence in person at the meeting.&#160; Such meeting shall be deemed to have been
held at a place designated by the Trustees at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Action by Written Consent of
Trustees</u>.&#160; Unless specifically
otherwise provided in the Declaration of Trust, any action required or
permitted to be taken at any meeting of the Trustees may be taken without a
meeting, if a majority of the Trustees shall individually or collectively
consent in writing to such action.&#160; Such
written consent or consents shall be filed with the records of the Trust and
shall have the same force and effect as the affirmative vote of such Trustees
at a duly held meeting of the Trustees at which a quorum was present.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17<a name="PB_17_082457_1065"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver of Notice</u>.&#160; The actions taken at any meeting of the
Trustees, however called and noticed or wherever held, shall be as valid as
though taken at a meeting duly held after regular call and notice if a quorum
is present and if, either before or after the meeting, each of the Trustees not
present waives notice, consents to the holding of such meeting or approves the
minutes thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vacancies</u>.&#160; Pursuant to the Articles Supplementary
accepted for record by the SDAT as of May&nbsp;16, 2000, if for any reason any
or all the Trustees cease to be Trustees, such event shall not terminate the
Trust or affect these Bylaws or the powers of the remaining Trustees hereunder
(even if fewer than three Trustees remain).&#160;
Any vacancy on the Board of Trustees may be filled only by a majority of
the remaining Trustees, even if the remaining Trustees do not constitute a
quorum.&#160; Any Trustee elected to fill a
vacancy, whether occurring due to an increase in size of the Board of Trustees
or by the death, resignation or removal of any Trustee, shall hold office for
the remainder of the full term of the class of Trustees in which the vacancy
occurred or was created and until a successor is elected and qualifies.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compensation</u>.&#160; The Trustees shall be entitled to receive
such reasonable compensation for their services as Trustees as the Trustees may
determine from time to time.&#160; Trustees
may be reimbursed for expenses of attendance, if any, at each annual, regular
or special meeting of the Trustees or of any committee thereof; and for their
expenses, if any, in connection with each property visit and any other service
or activity performed or engaged in as Trustees.&#160; The Trustees shall be entitled to receive
remuneration for services rendered to the Trust in any other capacity, and such
services may include, without limitation, services as an officer of the Trust,
services as an employee of the Advisor, legal, accounting or other professional
services, or services as a broker, transfer agent or underwriter, whether
performed by a Trustee or any person affiliated with a Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Removal of Trustees</u>.&#160; A Trustee may be removed at any time with or
without cause by the affirmative vote either of all the remaining Trustees or
of the holders of shares representing two-thirds of the total votes authorized
to be cast by shares then outstanding and entitled to vote thereon, voting as a
single class, at a meeting of shareholders properly called for that purpose.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Surety Bonds</u>.&#160; Unless specifically required by law, no
Trustee shall be obligated to give any bond or surety or other security for the
performance of any of his or her duties.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reliance</u>.&#160; Each Trustee, officer, employee and agent of
the Trust shall, in the performance of his or her duties with respect to the
Trust, be entitled to rely on any information, opinion, report or statement,
including any financial statement or other financial data, prepared or
presented by an officer or employee of the Trust or by the Advisor,
accountants, appraisers or other experts or consultants selected by the Board
of Trustees or officers of the Trust, regardless of whether such counsel or
expert may also be a Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Interested Trustee
Transactions</u>.&#160; Section&nbsp;2-419 of
the Maryland General Corporation Law shall be available for and apply to any
contract or other transaction </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18<a name="PB_18_082508_9995"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">between the Trust and any of
its Trustees or between the Trust and any other trust, corporation, firm or
other entity in which any of its Trustees is a trustee or director or has a
material financial interest.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Qualifying Shares Not
Required</u>.&#160; Trustees need not be
shareholders of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain Rights of Trustees,
Officers, Employees and Agents</u>.&#160; A
Trustee shall have no responsibility to devote his or her full time to the
affairs of the Trust.&#160; Any Trustee or
officer, employee or agent of the Trust, in his or her personal capacity or in
a capacity as an affiliate, employee or agent of any other person, or
otherwise, may have business interests and engage in business activities
similar or in addition to those of or relating to the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Emergency Provisions</u>.&#160; Notwithstanding any other provision in the
Declaration of Trust or these Bylaws, this Section&nbsp;3.20 shall apply during
the existence of any catastrophe, or other similar emergency condition, as a
result of which a quorum of the Board of Trustees under ARTICLE III cannot
readily be obtained (an &#147;Emergency&#148;).&#160;
During any Emergency, unless otherwise provided by the Board of
Trustees, (a)&nbsp;a meeting of the Board of Trustees may be called by any
Managing Trustee or officer of the Trust by any means feasible under the
circumstances and (b)&nbsp;notice of any meeting of the Board of Trustees
during such an Emergency may be given less than 24 hours prior to the meeting
to as many Trustees and by such means as it may be feasible at the time,
including publication, television or radio.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IV<br>
<br>
COMMITTEES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Number; Tenure and
Qualifications</u>.&#160; The Board of
Trustees shall appoint an Audit Committee, a Compensation Committee and a
Nominating and Governance Committee.&#160;
Each of these committees shall be composed of three or more Trustees, to
serve at the pleasure of the Board of Trustees.&#160;
The Board of Trustees may also appoint other committees from time to
time composed of one or more members, at least one of which shall be a Trustee,
to serve at the pleasure of the Board of Trustees.&#160; The Board of Trustees shall adopt a charter
with respect to the Audit Committee, the Compensation Committee and the
Nominating and Governance Committee, which charter shall specify the purposes,
the criteria for membership and the responsibility and duties and may specify
other matters with respect to each committee.&#160;
The Board of Trustees may also adopt a charter with respect to other
committees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Powers</u>.&#160; The Trustees may delegate any of the powers
of the Trustees to committees appointed under Section&nbsp;4.1 and composed
solely of Trustees, except as prohibited by law. &#160;In the event that a charter has been adopted
with respect to a committee composed solely of Trustees, the charter shall
constitute a delegation by the Trustees of the powers of the Board of Trustees
necessary to carry out the purposes, responsibilities and duties of a committee
provided in the charter or reasonably related to those purposes,
responsibilities and duties, to the extent permitted by law.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19<a name="PB_19_082523_6763"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Meetings</u>.&#160; Notice of committee meetings shall be given
in the same manner as notice for special meetings of the Board of
Trustees.&#160; One-third, but not less than
one, of the members of any committee shall be present in person at any meeting
of a committee in order to constitute a quorum for the transaction of business
at a meeting, and the act of a majority present at a meeting at the time of a
vote if a quorum is then present shall be the act of a committee.&#160; The Board of Trustees or, if authorized by
the Board in a committee charter or otherwise, the committee members may
designate a chairman of any committee, and the chairman or, in the absence of a
chairman, a majority of any committee may fix the time and place of its
meetings unless the Board shall otherwise provide.&#160; In the absence or disqualification of any
member of any committee, the members thereof present at any meeting and not
disqualified from voting, whether or not they constitute a quorum, may
unanimously appoint another Trustee to act at the meeting in the place of
absent or disqualified members.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each committee shall keep minutes of its
proceedings and shall periodically report its activities to the full Board of
Trustees and, except as otherwise provided by law or under the rules&nbsp;of
the S.E.C. and applicable stock exchanges on which the Trust&#146;s shares are
listed, any action by any committee shall be subject to revision and alteration
by the Board of Trustees, provided that no rights of third persons shall be
affected by any such revision or alteration.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Telephone Meetings</u>.&#160; Members of a committee may participate in a
meeting by means of a conference telephone or similar communications equipment
and participation in a meeting by these means shall constitute presence in
person at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Action by Written Consent of
Committees</u>.&#160; Any action required or
permitted to be taken at any meeting of a committee of the Trustees may be
taken without a meeting, if a consent in writing to such action is signed by a
majority of the committee and such written consent is filed with the minutes of
proceedings of such committee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vacancies</u>.&#160; Subject to the provisions hereof, the Board
of Trustees shall have the power at any time to change the membership of any
committee, to fill all vacancies, to designate alternate members to replace any
absent or disqualified member or to dissolve any such committee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE V</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">OFFICERS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General Provisions</u>.&#160; The officers of the Trust shall include a
president, a secretary and a treasurer and may include a chairman of the board,
a vice chairman of the board, a chief executive officer, a chief operating
officer, a chief financial officer, one or more vice presidents, one or more
assistant secretaries and one or more assistant treasurers.&#160; In addition, the Trustees may from time to
time appoint such other officers with such powers and duties as they shall deem
necessary or desirable.&#160; The officers of
the Trust shall be elected annually by the Trustees at the first meeting of the
Trustees held after each annual meeting of shareholders.&#160; If the election of officers shall not be held
at such meeting, such election shall be held as soon thereafter as may be
convenient.&#160; Each officer shall hold
office until his or her </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20<a name="PB_20_073103_5335"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">successor is elected and
qualifies or until his or her death, resignation or removal in the manner
hereinafter provided.&#160; Any two or more
offices, except president and vice president, may be held by the same
person.&#160; In their discretion, the
Trustees may leave unfilled any office except that of president and
secretary.&#160; Election of an officer or
agent shall not of itself create contract rights between the Trust and such
officer or agent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Removal and Resignation</u>.&#160; Any officer or agent of the Trust may be
removed by the Trustees if in their judgment the best interests of the Trust
would be served thereby, but the removal shall be without prejudice to the
contract rights, if any, of the person so removed.&#160; Any officer of the Trust may resign at any
time by giving written notice of his or her resignation to the Trustees, the
chairman of the board, the president or the secretary.&#160; Any resignation shall take effect at any time
specified therein or, if the time when it shall become effective is not
specified therein, immediately upon its receipt.&#160; The acceptance of a resignation shall not be
necessary to make it effective unless otherwise stated in the resignation.&#160; A resignation shall be without prejudice to
the contract rights, if any, of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vacancies</u>.&#160; A vacancy in any office may be filled by the
Trustees for the balance of the term.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chief Executive Officer</u>.&#160; The Trustees may designate a chief executive
officer from among the Trustees or elected officers.&#160; The chief executive officer shall have
responsibility for implementation of the policies of the Trust, as determined
by the Trustees, and for the administration of the business affairs of the
Trust.&#160; In the absence of both the
chairman and vice chairman of the board, the chief executive officer shall
preside over the meetings of the Board of Trustees at which he shall be
present.&#160; In the absence of a different
designation, the Managing Trustees, or any of them, shall function as the chief
executive officer of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chief Operating Officer</u>.&#160; The Trustees may designate a chief operating
officer from among the elected officers.&#160;
Said officer will have the responsibilities and duties as set forth by
the Trustees or the chief executive officer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chief Financial Officer</u>.&#160; The Trustees may designate a chief financial
officer from among the elected officers.&#160;
Said officer will have the responsibilities and duties as set forth by
the Trustees or the chief executive officer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chairman and Vice Chairman of the
Board</u>.&#160; The chairman of the board, if
any, and the vice chairman of the board, if any, shall perform such duties as
may be assigned to him, her or them by the Trustees.&#160; In the absence of a chairman and vice
chairman of the board or if none are appointed, the Managing Trustees, or any
of them, shall preside at meetings of the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>President</u>.&#160; The president may execute any deed, mortgage,
bond, lease, contract or other instrument, except in cases where the execution
thereof shall be expressly delegated by the Trustees or by these Bylaws to some
other officer or agent of the Trust or shall be required by law to be otherwise
executed, and in general shall perform all duties incident to </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21<a name="PB_21_073149_5796"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the office of president and
such other duties as may be prescribed by the chief executive officer or the
Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vice Presidents</u>.&#160; In the absence or unavailability of the
president, the vice president (or in the event there be more than one vice
president, any vice president) shall perform the duties of the president and
when so acting shall have all the powers of the president; and shall perform
such other duties as from time to time may be assigned to him or her by the
president, the chief executive officer or by the Trustees.&#160; The Trustees may designate one or more vice
presidents as executive vice presidents, senior vice presidents or as vice
presidents for particular areas of responsibility.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Secretary</u>.&#160; The secretary (or his or her designee) shall (a)&nbsp;keep
the minutes of the proceedings of the shareholders, the Trustees and committees
of the Trustees in one or more books provided for that purpose; (b)&nbsp;see
that all notices are duly given in accordance with the provisions of these
Bylaws or as required by law; (c)&nbsp;be custodian of the Trust records and of
the seal of the Trust, if any; (d)&nbsp;maintain a share register, showing the
ownership and transfers of ownership of all shares of the Trust, unless a
transfer agent is employed to maintain and does maintain such a share register;
and (e)&nbsp;in general perform such other duties as from time to time may be
assigned to the secretary by the chief executive officer or the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Treasurer</u>.&#160; The treasurer shall have the custody of the
funds and securities of the Trust and shall keep full and accurate accounts of
receipts and disbursements in books belonging to the Trust and shall deposit
all moneys and other valuable effects in the name and to the credit of the
Trust in such depositories as may be authorized by the Trustees.&#160; The treasurer shall also have such other
responsibilities as may be assigned to him or her by the chief executive
officer or the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.12.&#160;&#160;&#160;&#160;&#160;&#160; <u>Assistant Secretaries and Assistant
Treasurers</u>.&#160; The assistant
secretaries and assistant treasurers, in general, shall perform such duties as
shall be assigned to them by the secretary or treasurer, respectively, or by
the chief executive officer or the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VI</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CONTRACTS, LOANS, CHECKS AND DEPOSITS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Contracts</u>.&#160; The Board of Trustees may authorize any
Trustee, officer or agent (including the Advisor or any officer of the Advisor)
to enter into any contract or to execute and deliver any instrument in the name
of and on behalf of the Trust and such authority may be general or confined to
specific instances.&#160; Any agreement, deed,
mortgage, lease or other document executed by an authorized Trustee, officer or
agent shall be valid and binding upon the Trustees and upon the Trust when
authorized or ratified by action of the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Checks and Drafts</u>.&#160; All checks, drafts or other orders for the
payment of money, notes or other evidences of indebtedness issued in the name
of the Trust shall be signed by such officer or agent of the Trust in such
manner as shall from time to time be determined by the treasurer, the chief
executive officer or the Trustees.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22<a name="PB_22_073256_2897"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Deposits</u>.&#160; All funds of the Trust not otherwise employed
shall be deposited from time to time to the credit of the Trust in such banks,
trust companies or other depositories as the treasurer, the chief executive
officer or the Trustees may designate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VII</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SHARES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certificates</u>.&#160; Ownership of shares of any class of shares of
beneficial ownership of the Trust shall be evidenced by certificates, or at the
election of a shareholder in book entry form.&#160;
Unless otherwise determined by the Board of Trustees, any such
certificates shall be signed by the chief executive officer, the president or a
vice president and countersigned by the secretary or an assistant secretary or
the treasurer or an assistant treasurer and may be sealed with the seal, if
any, of the Trust.&#160; The signatures may be
either manual or facsimile.&#160; Certificates
shall be consecutively numbered and if the Trust shall from time to time issue
several classes of shares, each class may have its own number series.&#160; A certificate is valid and may be issued
whether or not an officer who signed it is still an officer when it is issued.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfers</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Shares of
the Trust shall be transferable in the manner provided by applicable law, the
Declaration of Trust and these Bylaws.&#160;
Certificates shall be treated as negotiable and title thereto and to the
shares they represent shall be transferred, as described in Sections 5.2 and
5.6 of the Declaration of Trust.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust
shall be entitled to treat the holder of record of any share or shares as the
holder in fact thereof and, accordingly, shall not be bound to recognize any
equitable or other claim to or interest in such share or shares on the part of
any other person, whether or not it shall have express or other notice thereof,
except as otherwise provided in these Bylaws or by the laws of the State of
Maryland.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Lost Certificates</u>.&#160; For shares evidenced by certificates, any
officer designated by the Trustees may direct a new certificate to be issued in
place of any certificate previously issued by the Trust alleged to have been
lost, stolen or destroyed upon the making of an affidavit of that fact by the
person claiming the certificate to be lost, stolen or destroyed.&#160; When authorizing the issuance of a new
certificate, an officer designated by the Trustees may, in such officer&#146;s
discretion and as a condition precedent to the issuance thereof, require the
owner of such lost, stolen or destroyed certificate or the owner&#146;s legal representative
to advertise the same in such manner as he shall require and/or to give bond,
with sufficient surety, to the Trust to indemnify it against any loss or claim
which may arise as a result of the issuance of a new certificate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Closing of Transfer Books or Fixing
of Record Date</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustees may set, in advance, a record date for the purpose of determining
shareholders entitled to notice of or to vote at any meeting of shareholders or
</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23<a name="PB_23_073357_3020"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">determining
shareholders entitled to receive payment of any dividend or the allotment of
any other rights, or in order to make a determination of shareholders for any
other proper purpose.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">In lieu of fixing a record date, the
Trustees may provide that the share transfer books shall be closed for a stated
period but not longer than 20 days.&#160; If
the share transfer books are closed for the purpose of determining shareholders
entitled to notice of or to vote at a meeting of shareholders, such books shall
be closed for at least 10 days before the date of such meeting.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">If no record date is fixed and the share
transfer books are not closed for the determination of shareholders</font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">, (i)&nbsp;the record date for the determination of
shareholders entitled to notice of or to vote at a meeting of shareholders
shall be at the close of business on the day on which the notice of meeting is
mailed or the 30th day before the meeting, whichever is the closer date to the
meeting; and (ii)&nbsp;the record date for the determination of shareholders
entitled to receive payment of a dividend or an allotment of any other rights
shall be the close of business on the day on which the resolution of the
Trustees, declaring the dividend or allotment of rights, is adopted.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; When a
determination of shareholders entitled to vote at any meeting of shareholders
has been made as provided in this section, such determination shall apply to
any adjournment thereof unless the Board of Trustees shall set a new record
date with respect thereto.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Share Ledger</u>.&#160; The Trust shall maintain at its principal
office or at the office of its counsel, accountants or transfer agent a share
ledger containing the name and address of each shareholder and the number of
shares of each class held by such shareholder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fractional Shares; Issuance of
Units</u>.&#160; The Trustees may issue
fractional shares or provide for the issuance of scrip, as described in Section&nbsp;5.3
of the Declaration of Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VIII</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">RESTRICTIONS ON TRANSFER AND OWNERSHIP OF SHARES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160; For the purpose of this ARTICLE VIII, the
following terms shall have the following meanings:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Beneficial Ownership&#148; shall
mean ownership of Shares by a Person, whether the interest in Shares is held
directly or indirectly (including by a nominee), and shall include, but not be
limited to, interests that would be treated as owned through the application of
Section&nbsp;544 of the Code, as modified by Section&nbsp;856(h)(1)(B)&nbsp;of
the Code.&#160; The terms &#147;Beneficial Owner&#148;, &#147;Beneficially
Owns&#148; and &#147;Beneficially Owned&#148; shall have the correlative meanings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Charitable Beneficiary&#148;
shall mean one or more beneficiaries of the Charitable Trust as determined
pursuant to Section&nbsp;8.3(g), provided that each such organization shall be
described in</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24<a name="PB_24_073604_7748"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sections 501(c)(3), 170(b)(1)(A)&nbsp;(other
than clause (vii)&nbsp;or (viii)&nbsp;thereof) and 170(c)(2)&nbsp;of the Code
and contributions to each such organization shall be eligible for deduction
under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Charitable Trust&#148; shall
mean any trust provided for in Section&nbsp;8.2(a)(ii)&nbsp;and Section&nbsp;8.3(a).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Charitable Trustee&#148; shall
mean each Person, unaffiliated with the Trust and a Prohibited Owner, that is
appointed by the Trust from time to time to serve as a trustee of a Charitable
Trust as provided by Section&nbsp;8.3(a).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Code&#148; shall mean the
Internal Revenue Code of 1986, as amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Common Shares&#148; shall mean
the common shares of beneficial interest designated as such in the Declaration
of Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Constructive Ownership&#148;
shall mean ownership of Shares by a Person, whether the interest in Shares is
held directly or indirectly (including by a nominee), and shall include any
interests that would be treated as owned through the application of Section&nbsp;318(a)&nbsp;of
the Code, as modified by Section&nbsp;856(d)(5)&nbsp;of the Code or treated as
beneficially owned under Rule&nbsp;13d-3 under the Exchange Act.&#160; The terms &#147;Constructive Owner&#148;, &#147;Constructively
Owns&#148; and &#147;Constructively Owned&#148; shall have the correlative meanings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excepted Holder&#148; shall mean
a shareholder of the Trust for whom an Excepted Holder Limit is created by the
Board of Trustees pursuant to Section&nbsp;8.2(e)(i)&nbsp;and shall include the
Excepted Persons (as defined in the Declaration of Trust).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excepted Holder Limit&#148;
shall mean, provided that and only so long as the affected Excepted Holder
complies with all of the requirements established by the Board of Trustees
pursuant to Section&nbsp;8.2(e), the percentage limit established by the Board
of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Market Price&#148; with respect
to Shares on any date shall mean the last sale price for such Shares, regular
way, or, in case no such sale takes place on such day, the average of the
closing bid and asked prices, regular way, for such Shares, in either case as
reported on the principal consolidated transaction reporting system with
respect to such Shares, or if such Shares are not listed or admitted to trading
on any National Securities Exchange, the last sale price in the over the
counter market, or if no trading price is available for such Shares, the fair
market value of such Shares as determined in good faith by the Board of
Trustees.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;National Securities
Exchange&#148; means an exchange registered with the S.E.C. under Section&nbsp;6(a)&nbsp;of
the Exchange Act, as amended, supplemented or restated from time to time, and
any successor to such statute.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Ownership Limit&#148; shall mean
(a)&nbsp;with respect to Common Shares, 9.8% (in value or number of shares,
whichever is more restrictive) of the Common Shares outstanding at the time of
determination and (b)&nbsp;with respect to any other class or series of Shares,
9.8% (in value or number of shares, whichever is more restrictive) of the
Shares of such class or series outstanding at the time of determination.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25<a name="PB_25_073632_7608"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Person&#148; shall mean and
include individuals, corporations, limited partnerships, general partnerships,
joint stock companies or associations, joint ventures, associations, companies,
trusts, banks, trust companies, land trusts, business trusts and other entities
and governments and agencies and political subdivisions thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prohibited Owner&#148; shall
mean any Person who, but for the provisions of Section&nbsp;8.2(a), would
Beneficially Own or Constructively Own Shares in excess of the Ownership Limit,
and if appropriate in the context, shall also mean any Person who would have
been the holder of record in the books of the Trust or the Trust&#146;s transfer
agent of Shares that the Prohibited Owner would have so owned.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;REIT&#148; shall mean a &#147;real
estate investment trust&#148; within the meaning of Section&nbsp;856 of the Code.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Shares&#148; shall mean the
shares of beneficial interest of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Transfer&#148; shall mean any
issuance, sale, transfer, gift, assignment, devise or other disposition, as
well as any other event (or any agreement to take any such actions or cause any
such events) that causes any Person to acquire Beneficial Ownership or
Constructive Ownership of Shares or the right to vote or receive distributions on
Shares, including, without limitation, (a)&nbsp;any change in the capital
structure of the Trust which has the effect of increasing the total equity
interest of any Person in the Trust, (b)&nbsp;a change in the relationship
between two or more Persons which causes a change in ownership of Shares by
application of Section&nbsp;318(a)&nbsp;of the Code, as modified by Section&nbsp;856(d)(5)&nbsp;of
the Code, (c)&nbsp;the grant or exercise of any option or warrant (or any
disposition of any option or warrant, or any event that causes any option or
warrant not theretofore exercisable to become exercisable), pledge, security
interest or similar right to acquire Shares, (d)&nbsp;any disposition of any
securities or rights convertible into or exchangeable for Shares or any
interest in Shares or any exercise of any such conversion or exchange right,
and (e)&nbsp;transfers of interests in other entities that result in changes in
Beneficial Ownership or Constructive Ownership of Shares, in each case, whether
voluntary or involuntary, whether owned of record or Beneficially Owned or
Constructively Owned, and whether by operation of law or otherwise.&#160; The terms &#147;Transferring&#148; and &#147;Transferred&#148;
shall have the correlative meanings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Restrictions on Ownership.</u></font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ownership
Limitations</u>.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Basic Restrictions</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; (A)&nbsp;No Person, other than an Excepted
Holder, shall Beneficially Own or Constructively Own Shares in excess of the
Ownership Limit, (B)&nbsp;no Excepted Holder shall Beneficially Own or
Constructively Own Shares in excess of the Excepted Holder Limit for such
Excepted Holder, (C)&nbsp;no Person shall Beneficially Own or Constructively
Own Shares to the extent that such Beneficial Ownership or Constructive
Ownership of Shares would result in the Trust being &#147;closely held&#148; within the
meaning of Section&nbsp;856(h)&nbsp;of the Code (without regard to whether the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26<a name="PB_26_073654_8146"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">ownership interest is held during
the last half of a taxable year), or otherwise failing to qualify as a REIT
(including, without limitation, Beneficial Ownership or Constructive Ownership
that would result in the Trust owning (actually or Constructively) an interest
in a tenant that is described in Section&nbsp;856(d)(2)(B)&nbsp;of the Code if
the income derived by the Trust from such tenant would cause the Trust to fail to
satisfy any of the gross income requirements of Section&nbsp;856(c)&nbsp;of the
Code or (D)&nbsp;subject to Section&nbsp;8.5, notwithstanding any other
provisions contained herein, any Transfer of Shares (whether or not such
Transfer is the result of a transaction entered into through the facilities of
a National Securities Exchange or automated inter-dealer quotation system)
that, if effective, would result in Shares being beneficially owned by less
than 100 Persons (determined under the principles of Section&nbsp;856(a)(5)&nbsp;of
the Code) shall be void ab initio, and the intended transferee shall acquire no
rights in such Shares.</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Transfer in Trust or Voided Transfer</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; If any Transfer of
Shares occurs (whether or not such Transfer is the result of a transaction
entered into through the facilities of a National Securities Exchange or
automated inter-dealer quotation system) which, if effective, would result in
any Person Beneficially Owning or Constructively Owning Shares in violation of Section&nbsp;8.2(a)(i)(A),
Section&nbsp;8.2(a)(i)(B)&nbsp;or Section&nbsp;8.2(a)(i)(C), as applicable,
then the Board of Trustees shall be authorized and empowered to deem (and if so
deemed, such action and result shall be deemed to occur and the officers of the
Trust shall be authorized to take such actions in the name and on behalf of the
Trust authorized by the Board of Trustees to effectuate the same): (A)&nbsp;that
number of Shares the Beneficial Ownership or Constructive Ownership of which
otherwise would cause such Person to violate Section&nbsp;8.2(a)(i)(A), Section&nbsp;8.2(a)(i)(B)&nbsp;or
Section&nbsp;8.2(a)(i)(C)&nbsp;(rounded upward to the nearest whole share, and
such excess shares, including as so rounded, the &#147;Excess Shares&#148;) to be
automatically transferred to a Charitable Trust or Charitable Trusts for the
benefit of a Charitable Beneficiary, as described in Section&nbsp;8.3,
effective as of the close of business on the business day prior to the date of
such determination of such Transfer or at such other time determined by the
Board of Trustees, and such Person shall acquire no rights in the Excess
Shares; or (B)&nbsp;to the fullest extent permitted by law, the Transfer of
Excess Shares to be void ab initio, in which case, the intended transferee
shall acquire no rights in the Excess Shares.</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Cooperation</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; The shareholder that would otherwise qualify
as a Prohibited Owner absent the application of the provisions of Section&nbsp;8.2(a)(ii)&nbsp;shall
use best efforts and take all actions </font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27<a name="PB_27_073720_7091"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">necessary or requested by the Trust
to cooperate with effecting the actions taken by the Board of Trustees pursuant
to Section&nbsp;8.2(a)(ii), including, without limitation, informing the Trust
where any Excess Shares may be held and instructing its agents to cooperate in
the prompt implementation and effectuation of the actions so taken by the Board
of Trustees.</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Remedies
for Breach</u>.&#160; If the Board of Trustees
or any duly authorized committee thereof shall at any time determine that a
Transfer or other event has taken place that results in a violation of Section&nbsp;8.2(a)(i)&nbsp;or
that a Person intends to acquire or has attempted to acquire Beneficial
Ownership or Constructive Ownership of any Shares in violation of Section&nbsp;8.2(a)(i)&nbsp;(whether
or not such violation is intended), the Board of Trustees or a committee thereof
may take such action as it deems advisable to refuse to give effect to or to
prevent such Transfer or other event, including, without limitation, causing
the Trust to redeem Shares, refusing to give effect to such Transfer on the
books of the Trust or the Trust&#146;s transfer agent or instituting proceedings to
enjoin such Transfer or other event and such Person shall be liable, without
limitation, for all costs incurred in connection therewith and pursuant to Section&nbsp;15.2,
including the costs and expenses of the Charitable Trustee.&#160; This Section&nbsp;8.2(b)&nbsp;shall not in
any way limit the provisions of Section&nbsp;8.2(a)(ii).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice
of Restricted Transfer</u>.&#160; Any Person
who acquires or attempts or intends to acquire Beneficial Ownership or
Constructive Ownership of Shares that will or may violate Section&nbsp;8.2(a)(i),
or any Person who would have owned Excess Shares, shall immediately give
written notice to the Trust of such event, or in the case of such a proposed or
attempted transaction, give at least 15 days prior written notice, and shall
provide to the Trust such other information as the Trust may request.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Owners
Required to Provide Information</u>.&#160;
Every shareholder of five percent or more of the Shares of any series or
class outstanding at the time of determination, within 30 days after the end of
each taxable year and also within three business days after a request from the
Trust, shall give written notice to the Trust stating the name and address of
such owner, the number of Shares Beneficially Owned, and a description of the
manner in which such Shares are held; provided that a shareholder who holds
Shares as nominee for another Person, which other Person is required to include
in gross income the distributions received on such Shares (an &#147;Actual Owner&#148;),
shall give written notice to the Trust stating the name and address of such
Actual Owner and the number of Shares of such Actual Owner with respect to
which the shareholder is nominee.&#160; Each
such shareholder and each Actual Owner shall provide to the Trust such
additional information as the Trust may request in order to determine the Trust&#146;s
status as a REIT, to determine the Trust&#146;s compliance with other applicable
laws or requirements of any governmental authority or to ensure compliance with
the Ownership Limit.&#160; Each Person who is
a Beneficial Owner or Constructive Owner of Shares and each Person (including
the shareholder) who is holding Shares for a Beneficial Owner or Constructive
Owner shall provide to the Trust such information as the Trust may request, in
good faith, in order to determine the Trust&#146;s status as a REIT, to determine
the Trust&#146;s compliance with other applicable laws or requirements of any
governmental authority and to comply with </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28<a name="PB_28_073748_455"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">requirements
of any taxing authority or other governmental authority or to determine such
compliance.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exceptions</u>.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The Board of Trustees, in its sole discretion, may grant to
any Person who makes a request therefor (a &#147;Requesting Person&#148;) an exception to
the Ownership Limit (or one or more elements thereof) with respect to the
ownership of any series or class of Shares, subject to the following conditions
and limitations: (A)&nbsp;the Board of Trustees shall have determined, in its
discretion, that: (1)&nbsp;the Beneficial Ownership or Constructive Ownership
of Shares by such shareholder in excess of the Ownership Limit would not
violate Section&nbsp;8.2(a)(i)(C), (2)&nbsp;the Requesting Person does not and
will not own, actually or Constructively, an interest in a tenant of the Trust
(or a tenant of any entity owned or controlled by the Trust) that would cause
the Trust to own, actually or Constructively, more than a 9.8% interest (as set
forth in Section&nbsp;856(d)(2)(B)&nbsp;of the Code) in such tenant, (3)&nbsp;the
Requesting Person&#146;s ownership of Shares in excess of the Ownership Limit
pursuant to the exception requested hereunder (together with the ownership of
Shares by all other Persons as permitted under this ARTICLE VIII, taking into
account any previously granted exceptions pursuant hereto) would not cause a
default under the terms of any contract to which the Trust or any of its
subsidiaries is a party or reasonably expects to become a party and (4)&nbsp;the
Requesting Person&#146;s ownership of Shares in excess of the Ownership Limit pursuant
to the exception requested hereunder (together with the ownership of Shares by
all other Persons as permitted under this ARTICLE VIII, taking into account any
previously granted exceptions pursuant hereto) is in the best interests of the
Trust; and (B)(1)&nbsp;prior to granting any exception pursuant to this Section&nbsp;8.2(e)(i),
the Board of Trustees may require a ruling from the Internal Revenue Service,
or an opinion of counsel, in either case in form and substance satisfactory to
the Board of Trustees in their sole discretion, as they may deem necessary or
advisable in order to determine or ensure the Trust&#146;s status as a REIT and (2)&nbsp;such
Requesting Person provides to the Board of Trustees, for the benefit of the
Trust, such representations and undertakings, if any, as the Board of Trustees
may, in its discretion, determine to be necessary in order for it to make the
determination that the conditions set forth in Section&nbsp;8.2(e)(i)(A)&nbsp;have
been and/or will continue to be satisfied (including, without </font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29<a name="PB_29_073812_4141"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">limitation, an agreement as to a
reduced Ownership Limit or Excepted Holder Limit for such Requesting Person
with respect to the Constructive Ownership of one or more other classes or
series of Shares not subject to the exception), and such Requesting Person
agrees that any violation of such representations and undertakings or any
attempted violation thereof will give rise to the application of the remedies
set forth in Section&nbsp;8.2(a)(ii)&nbsp;and Section&nbsp;8.2(b)&nbsp;with
respect to Shares held in excess of the Ownership Limit or the Excepted Holder
Limit (as may be applicable) with respect to such Requesting Person (determined
without regard to the exception granted such Requesting Person under this Section&nbsp;8.2(e)(i)).
&#160;If a member of the Board of Trustees
requests that the Board of Trustees grant an exception pursuant to this Section&nbsp;8.2(e)&nbsp;with
respect to such member, or with respect to any other Person if such member of
the Board of Trustees would be considered to be the Beneficial Owner or
Constructive Owner of Shares owned by such other Person, such member of the
Board of Trustees shall not participate in the decision of the Board of
Trustees as to whether to grant any such exception.</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">In determining whether to grant any exemption pursuant to Section&nbsp;8.2(e)(i),
the Board of Trustees may, but need not, consider, among other factors, (A)&nbsp;the
general reputation and moral character of the Requesting Person, (B)&nbsp;whether
ownership of Shares would be direct or through ownership attribution, (C)&nbsp;whether
the Requesting Person&#146;s ownership of Shares would interfere with the conduct of
the Trust&#146;s business, including, without limitation, the Trust&#146;s ability to
acquire additional properties or additional investments in issuers currently
invested in by the Trust or other issuers, (D)&nbsp;whether granting an
exemption for the Requesting Person would adversely affect any of the Trust&#146;s
existing contractual arrangements, (E)&nbsp;whether the Requesting Person to
whom the exception would apply has been approved as an owner of the Trust by
all regulatory or other governmental authorities (including Louisiana or other
state gaming regulatory authorities) who have jurisdiction over the Trust and (F)&nbsp;whether
the Requesting Person to whom the exemption would apply is attempting to change
control of the Trust or affect its policies in a way which the Board of
Trustees, in its discretion, considers adverse to the best interest of the
Trust or the shareholders.&#160; Nothing in
this Section&nbsp;8.2(e)(ii)&nbsp;shall be interpreted to mean that the Board
of Trustees may not act in its discretion in making any determination under Section&nbsp;8.2(e)(i).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30<a name="PB_30_073839_8627"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">An underwriter or initial purchaser that participates in a
public offering or a private placement of Shares (or securities convertible
into or exchangeable for Shares) may Beneficially Own or Constructively Own
Shares (or securities convertible into or exchangeable for Shares) in excess of
the Ownership Limit, but only to the extent necessary to facilitate such public
offering or private placement as determined by the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfer of Shares.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ownership
in Trust</u>.&#160; Upon any purported
Transfer or other event described in Section&nbsp;8.2(a)(ii)&nbsp;that results
in a transfer of Shares to a Charitable Trust, such Shares shall be deemed to
have been transferred to the Charitable Trustee as trustee or trustees, as
applicable, of a Charitable Trust for the exclusive benefit of one or more
Charitable Beneficiaries (except to the extent otherwise provided in Section&nbsp;8.3(e)).&#160; Such transfer to the Charitable Trustee shall
be deemed to be effective as of the time provided in Section&nbsp;8.2(a)(ii).&#160; Any Charitable Trustee shall be appointed by
the Trust and shall be a Person unaffiliated with the Trust and any Prohibited
Owner.&#160; Each Charitable Beneficiary shall
be designated by the Trust as provided in Section&nbsp;8.3(g).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Status
of Shares Held by a Charitable Trustee</u>.&#160;
Shares held by a Charitable Trustee shall be issued and outstanding
Shares of the Trust.&#160; The Prohibited
Owner shall:</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">have no rights in the Shares held by the Charitable Trustee;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">not benefit economically from ownership of any Shares held in
trust by the Charitable Trustee (except to the extent otherwise provided in Section&nbsp;8.3(e));</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">have no rights to dividends or other distributions;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iv)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">not possess any rights to vote or other rights attributable
to the Shares held in the Charitable Trust; and</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(v)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">have no claim, cause of action or other recourse whatsoever
against the purported transferor of such Shares.</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Dividend
and Voting Rights</u>.&#160; The Charitable
Trustee shall have all voting rights and rights to dividends or other
distributions with respect to Shares held in the Charitable Trust, which rights
shall be exercised for the exclusive benefit of the Charitable Beneficiary
(except to the extent otherwise provided in Section&nbsp;8.3(e)).&#160; Any dividend or other distribution paid with
respect to any Shares which constituted Excess Shares at such time and prior to
Shares having been transferred to the Charitable Trustee shall be paid to the
Charitable Trustee by the Prohibited Owner upon demand and any dividend or other
distribution authorized but unpaid with respect to such Shares shall be paid
when due to the Charitable Trustee.&#160; Any
dividends or distributions so paid to the </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31<a name="PB_31_074123_9621"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Charitable
Trustee shall be held in trust for the Charitable Beneficiary.&#160; The Prohibited Owner shall have no voting
rights with respect to Shares held in the Charitable Trust and, effective as of
the date that Shares have been transferred to the Charitable Trustee, the
Charitable Trustee shall have the authority (at the Charitable Trustee&#146;s
discretion) (i)&nbsp;to rescind as void any vote cast by a Prohibited Owner
with respect to such Shares at any time such Shares constituted Excess Shares
with respect to such Prohibited Owner and (ii)&nbsp;to recast such vote in
accordance with the desires of the Charitable Trustee acting for the benefit of
the Charitable Beneficiary; provided, however, that if the Trust has already
taken irreversible action, then the Charitable Trustee shall not have the power
to rescind and recast such vote.&#160;
Notwithstanding the provisions of this ARTICLE VIII, until the Shares
have been transferred into a Charitable Trust, the Trust shall be entitled to
rely on its stock transfer and other shareholder records for purposes of
preparing lists of shareholders entitled to vote at meetings, determining the
validity and authority of proxies, and otherwise conducting votes of
shareholders.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Rights
upon Liquidation</u>.&#160; Upon any voluntary
or involuntary liquidation, dissolution or winding up of or any distribution of
the assets of the Trust, the Charitable Trustee shall be entitled to receive,
ratably with each other holder of Shares of the class or series of Shares that
is held in the Charitable Trust, that portion of the assets of the Trust
available for distribution to the holders of such class or series (determined
based upon the ratio that the number of Shares of such class or series of
Shares held by the Charitable Trustee bears to the total number of Shares of
such class or series of Shares then outstanding).&#160; The Charitable Trustee shall distribute any
such assets received in respect of the Shares held in the Charitable Trust in
any liquidation, dissolution or winding up or distribution of the assets of the
Trust, in accordance with Section&nbsp;8.3(e).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Sale
of Shares by Charitable Trustee</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.<font face="Times New Roman">&#160; Unless otherwise directed by the Board of
Trustees, within 20 days of receiving notice from the Trust that Shares have
been transferred to the Charitable Trust, or soon thereafter as practicable, the
Charitable Trustee shall sell the Shares held in the Charitable Trust (together
with the right to receive dividends or other distributions with respect to such
Shares as to any Shares transferred to the Charitable Trustee as a result of
the operation of Section&nbsp;8.2(a)(ii)) to a Person, designated by the
Charitable Trustee, whose ownership of the Shares will not violate the
ownership limitations set forth in Section&nbsp;8.2(a)(i).&#160; Upon such sale, the interest of the
Charitable Beneficiary in the Shares sold shall terminate and the Charitable
Trustee shall distribute the net proceeds of the sale to the Prohibited Owner
and to the Charitable Beneficiary as provided in this Section&nbsp;8.3(e).</font></font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">A Prohibited Owner shall
receive the lesser of (A)&nbsp;the net price paid by the Prohibited Owner for
the Shares or, if the Prohibited Owner did not give value for the Shares in
connection with the event causing the Shares to be held in the Charitable Trust
(for example, in the case of a gift, devise or other such transaction), the
Market Price of the Shares on the day of the event causing the Shares to be
held in the Charitable Trust, less the costs, expenses and compensation of the
Charitable Trustee and the Trust as provided in Section&nbsp;8.4 and (B)&nbsp;the
net sales proceeds received by the Charitable Trustee from the sale or other
disposition of the Shares held in the Charitable Trust.&#160; Any net</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32<a name="PB_32_074154_8715"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">sales proceeds in excess of the
amount payable to the Prohibited Owner shall be paid to the Charitable
Beneficiary, less the costs, expenses and compensation of the Charitable
Trustee and the Trust as provided in Section&nbsp;8.4.&#160; If such Shares are sold by a Prohibited
Owner, then (A)&nbsp;such Shares shall be deemed to have been sold on behalf of
the Charitable Trust and (B)&nbsp;to the extent that the Prohibited Owner
received an amount for such Shares that exceeds the amount that such Prohibited
Owner was entitled to receive pursuant to this Section&nbsp;8.3(e), such excess
shall be paid promptly to the Charitable Trustee upon demand.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Trust&#146;s
Purchase Right in Excess Shares</u>.&#160;
Notwithstanding any transfer of Excess Shares to a Charitable Trust
pursuant to this ARTICLE VIII, Excess Shares shall be deemed to have been
offered for sale to the Trust, or its designee, at a price per Share equal to
the lesser of (i)&nbsp;the price per Share in the transaction that resulted in
such Shares becoming Excess Shares (or, if the Prohibited Owner did not give
value for such Shares, such as in the case of a devise, gift or other such
transaction, the Market Price per such Share on the day of the event causing
the Shares to become Excess Shares) and (ii)&nbsp;the Market Price per such
Share on the date the Trust, or its designee, accepts such offer, in each case
of clauses (i)&nbsp;and (ii)&nbsp;of this sentence, less the costs, expenses
and compensation of the Charitable Trustee, if any, and the Trust as provided
in Section&nbsp;8.4.&#160; The Trust shall
have the right to accept such offer until the Charitable Trustee, if any, has
sold the Shares held in the Charitable Trust, if any, pursuant to Section&nbsp;8.3(e).&#160; Upon such a sale to the Trust, if a
Charitable Trust has been established pursuant to this ARTICLE VIII, the
interest of the Charitable Beneficiary in the Shares sold shall terminate and
the Charitable Trustee shall distribute the net proceeds of the sale to the
Prohibited Owner and the Charitable Beneficiary as provided in Section&nbsp;8.3(e).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Designation
of Charitable Beneficiaries</u>.&#160; By
written notice to the Charitable Trustee, the Trust shall designate from time
to time one or more nonprofit organizations to be the Charitable Beneficiary of
the interest in the Charitable Trust such that (i)&nbsp;Shares held in the
Charitable Trust would not violate the restrictions set forth in Section&nbsp;8.2(a)(i)&nbsp;in
the hands of such Charitable Beneficiary and (ii)&nbsp;contributions to each
such organization shall be eligible for deduction under each of Sections
170(b)(1)(A), 2055 and 2522 of the Code.&#160;
The Charitable Beneficiary shall not obtain any enforceable right to the
Charitable Trust or any of its trust corpus until so designated and thereafter
any such rights remain subject to the provisions of this ARTICLE VIII,
including, without limitation, Section&nbsp;8.3(h).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Retroactive
Changes</u>.&#160; Notwithstanding any other
provisions of this ARTICLE VIII, the Board of Trustees is authorized and
empowered to retroactively amend, alter or repeal any rights which the
Charitable Trust, the Charitable Trustee or the Charitable Beneficiary may have
under this ARTICLE VIII, including, without limitation, granting retroactive
Excepted Holder status to any otherwise Prohibited Owner, with the effect of
any transfer of Excess Shares to a Charitable Trust being fully and
retroactively revoked; provided, however, that the Board of Trustees shall not
have the authority or power to retroactively amend, alter or repeal any
obligations to pay amounts incurred prior to such time and owed or payable to
the Charitable Trustee pursuant to Section&nbsp;8.4.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33<a name="PB_33_074212_563"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Costs, Expenses and Compensation of
Charitable Trustee and the Trust</u>.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Charitable Trustee shall be indemnified by the Trust or from the proceeds from
the sale of Shares held in the Charitable Trust, as further provided in this ARTICLE
VIII, for its costs and expenses reasonably incurred in connection with
conducting its duties and satisfying its obligations pursuant to this ARTICLE
VIII.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Charitable Trustee shall be entitled to receive reasonable compensation for
services provided by the Charitable Trustee in connection with serving as a
Charitable Trustee, the amount and form of which shall be determined by
agreement of the Board of Trustees and the Charitable Trustee.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Costs,
expenses and compensation payable to the Charitable Trustee pursuant to Section&nbsp;8.4(a)&nbsp;and
Section&nbsp;8.4(b)&nbsp;may be funded from the Charitable Trust or by the
Trust.&#160; The Trust shall be entitled to
reimbursement on a first priority basis (after payment in full of amounts
payable to the Charitable Trustee pursuant to Section&nbsp;8.4(a)&nbsp;and Section&nbsp;8.4(b))
from the Charitable Trust for any such amounts funded by the Trust.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Costs and
expenses incurred by the Trust in the process of enforcing the ownership
limitation set forth in Section&nbsp;8.2(a)(i), in addition to reimbursement of
costs, expenses and compensation of the Charitable Trustee which have been
funded by the Trust, may be collected from the Charitable Trust; provided,
however, that the ability of the Trust to fund its costs from the Charitable Trust
shall not relieve the Prohibited Owner from his or her obligation to reimburse
the Trust for costs under Section&nbsp;15.2 of these Bylaws, except to the
extent the Trust has in fact been previously paid from the Charitable Trust;
nor will the possibility of the Trust receiving payment from the Charitable
Trust create a marshalling obligation which would require the Trust to
reimburse itself from the Charitable Trust before enforcing the Trust&#146;s claims
under Section&nbsp;15.2 or otherwise.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transactions on a National
Securities Exchange</u>.&#160; Nothing in this
ARTICLE VIII shall preclude the settlement of any transaction entered into
through the facilities of a National Securities Exchange or any automated
inter-dealer quotation system.&#160; The fact
that the settlement of any transaction takes place shall not negate the effect
of any other provision of this ARTICLE VIII and any transferee in such a
transaction shall be subject to all of the provisions and limitations set forth
in this ARTICLE VIII.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Enforcement</u>.&#160; The Trust is authorized specifically to seek
equitable relief, including injunctive relief, to enforce the provisions of
this ARTICLE VIII.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Non-Waiver</u>.&#160; No delay or failure on the part of the Trust
or the Board of Trustees in exercising any right hereunder shall operate as a
waiver of any right of the Trust or the Board of Trustees, as the case may be,
except to the extent specifically waived in writing.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34<a name="PB_34_074316_9497"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Enforceability</u>.&#160; If any of the restrictions on transfer of
Shares contained in this ARTICLE VIII are determined to be void, invalid or
unenforceable by any court of competent jurisdiction, then, to the fullest
extent permitted by law, the Prohibited Owner may be deemed, at the option of
the Trust, to have acted as an agent of the Trust in acquiring such Shares and
to hold such Shares on behalf of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IX</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">REGULATORY COMPLIANCE AND DISCLOSURE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Actions Requiring Regulatory
Compliance Implicating the Trust</u>.&#160; If
any shareholder (whether individually or constituting a group, as determined by
the Board of Trustees), by virtue of such shareholder&#146;s ownership interest in
the Trust or actions taken by the shareholder affecting the Trust, triggers the
application of any requirement or regulation of any federal, state, municipal
or other governmental or regulatory body on the Trust or any subsidiary (for
purposes of this ARTICLE IX, as defined in Section&nbsp;2.14.5(c)) of the Trust
or any of their respective businesses, assets or operations, including, without
limitation, any obligations to make or obtain a Governmental Action (as defined
in Section&nbsp;2.14.3), such shareholder shall promptly take all actions
necessary and fully cooperate with the Trust to ensure that such requirements
or regulations are satisfied without restricting, imposing additional
obligations on or in any way limiting the business, assets, operations or
prospects of the Trust or any subsidiary of the Trust.&#160; If the shareholder fails or is otherwise
unable to promptly take such actions so to cause satisfaction of such
requirements or regulations, the shareholder shall promptly divest a sufficient
number of shares of the Trust necessary to cause the application of such
requirement or regulation to not apply to the Trust or any subsidiary of the
Trust.&#160; If the shareholder fails to cause
such satisfaction or divest itself of such sufficient number of shares of the
Trust by not later than the 10th day after triggering such requirement or regulation
referred to in this Section&nbsp;9.1, then any shares of the Trust beneficially
owned by such shareholder at and in excess of the level triggering the
application of such requirement or regulation shall, to the fullest extent
permitted by law, be deemed to constitute shares held in violation of the
ownership limitations set forth in ARTICLE VIII and be subject to the
provisions of ARTICLE VIII and any actions triggering the application of such a
requirement or regulation may be deemed by the Trust to be of no force or
effect.&#160; Moreover, if the shareholder who
triggers the application of any regulation or requirement fails to satisfy the
requirements or regulations or to take curative actions within such 10 day
period, the Trust may take all other actions which the Board of Trustees deems
appropriate to require compliance or to preserve the value of the Trust&#146;s
assets; and the Trust may charge the offending shareholder for the Trust&#146;s
costs and expenses as well as any damages which may result to the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As an example and not as a
limitation, at the time these Bylaws are being amended and restated, the Trust
holds a controlling interest in gaming businesses in Louisiana.&#160; Louisiana law provides that any person who owns
five percent or more of gaming businesses in Louisiana shall provide detailed
personal history and financial information and be approved by the Louisiana
Gaming Control Board.&#160; Accordingly, if a
shareholder acquires five percent or more of the Trust and refuses to provide
the Trust with information required to be submitted to the Louisiana Gaming
Control Board or if the Louisiana Gaming Control Board decline to approve such
a</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35<a name="PB_35_074948_3641"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shareholder&#146;s ownership of the Trust, then,
in either event, shares of the Trust owned by such a shareholder necessary to
reduce its ownership to less than five percent of the Trust may be deemed
shares held in violation of the ownership limitation in ARTICLE VIII and shall
be subject to the provisions of ARTICLE VIII.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a further example and not
as a limitation, at the time these Bylaws are being amended and restated, the
Trust holds a controlling ownership position in a company being formed and
licensed as an insurance company in the State of Indiana.&#160; The laws of the State of Indiana have certain
regulatory requirements for any person who seeks to control (as defined under
Indiana law) a company which itself controls an insurance company domiciled in
the State of Indiana, including by exercising proxies representing 10% or more
of the Trust&#146;s voting securities.&#160;
Accordingly, if a shareholder seeks to exercise proxies for a matter to
be voted upon at a meeting of the Trust&#146;s shareholders without having obtained
any applicable approvals from the Indiana insurance regulatory authorities,
such proxies representing 10% or more of the Trust&#146;s voting securities will,
subject to Section&nbsp;9.3, be void and of no further force or effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance With Law</u>.&#160; Shareholders shall comply with all applicable
requirements of federal and state laws, including all rules&nbsp;and
regulations promulgated thereunder, in connection with such shareholder&#146;s
ownership interest in the Trust and all other laws which apply to the Trust or
any subsidiary of the Trust or their respective businesses, assets or
operations and which require action or inaction on the part of the shareholder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation on Voting Shares or
Proxies</u>.&#160; Without limiting the
provisions of Section&nbsp;9.1, if a shareholder (whether individually or
constituting a group, as determined by the Board of Trustees), by virtue of
such shareholder&#146;s ownership interest in the Trust or its receipt or exercise
of proxies to vote shares owned by other shareholders, would not be permitted
to vote the shareholder&#146;s shares of the Trust or proxies for shares of the
Trust in excess of a certain amount pursuant to applicable law (including by
way of example, applicable state insurance regulations) but the Board of
Trustees determines that the excess shares or shares represented by the excess
proxies are necessary to obtain a quorum, then such shareholder shall not be
entitled to vote any such excess shares or proxies, and instead such excess
shares or proxies may, to the fullest extent permitted by law, be voted by the
Advisor (or by another person designated by the Trustees) in proportion to the
total shares otherwise voted on such matter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations,
Warranties and Covenants Made to Governmental or Regulatory Bodies</u>.&#160; To the fullest extent permitted by law, any representation,
warranty or covenant made by a shareholder with any governmental or regulatory
body in connection with such shareholder&#146;s interest in the Trust or any
subsidiary of the Trust shall be deemed to be simultaneously made to, for the
benefit of and enforceable by, the Trust and any applicable subsidiary of the
Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Board of Trustees&#146; Determinations</u>.&#160; The Board of Trustees shall be empowered to
make all determinations regarding the interpretation, application, enforcement
and compliance with any matters referred to or contemplated by this ARTICLE IX.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36<a name="PB_36_075025_5250"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE X</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">FISCAL YEAR</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fiscal Year</u>.&#160; The fiscal year of the Trust shall be the
calendar year.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XI</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">DIVIDENDS AND OTHER DISTRIBUTIONS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Dividends and Other Distributions</u>.&#160; Dividends and other distributions upon the
shares of beneficial interest of the Trust may be authorized and declared by
the Trustees.&#160; Dividends and other
distributions may be paid in cash, property or shares of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XII</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SEAL</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Seal</u>.&#160; The Trustees may authorize the adoption of a
seal by the Trust.&#160; The Trustees may
authorize one or more duplicate seals.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Affixing Seal</u>.&#160; Whenever the Trust is permitted or required
to affix its seal to a document, it shall be sufficient to meet the
requirements of any law, rule&nbsp;or regulation relating to a seal to place
the word &#147;(SEAL)&#148; adjacent to the signature of the person authorized to execute
the document on behalf of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XIII</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">WAIVER OF NOTICE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver of Notice</u>.&#160; Whenever any notice is required to be given
pursuant to the Declaration of Trust, these Bylaws or applicable law, a waiver
thereof in writing, signed by the person or persons entitled to such notice, or
a waiver by electronic transmission by the person or persons entitled to such
notice, whether before or after the time stated therein, shall be deemed
equivalent to the giving of such notice.&#160;
Neither the business to be transacted at nor the purpose of any meeting
need be set forth in the waiver of notice or waiver by electronic transmission,
unless specifically required by statute.&#160;
The attendance of any person at any meeting shall constitute a waiver of
notice of such meeting, except where such person attends a meeting for the
express purpose of objecting to the transaction of any business on the ground
that the meeting is not lawfully called or convened.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37<a name="PB_37_075111_7672"></a></font></p>

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<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XIV</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">AMENDMENT OF BYLAWS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment of Bylaws</u>.&#160; Except for any change for which these Bylaws
requires approval by more than a majority vote of the Trustees, these Bylaws
may be amended or repealed or new or additional Bylaws may be adopted only by
the vote or written consent of a majority of the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XV</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">MISCELLANEOUS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>References to Declaration of Trust</u>.&#160; All references to the Declaration of Trust
shall include any amendments thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Costs and Expenses</u>.&#160; In addition to, and as further clarification
of each shareholder&#146;s obligation to indemnify and hold the Trust harmless from
and against all costs, expenses, penalties, fines and other amounts, including,
without limitation, attorneys&#146; and other professional fees, whether third party
or internal, arising from such shareholder&#146;s violation of any provision of the
Declaration of Trust or these Bylaws pursuant to Section&nbsp;8.8 of the
Declaration of Trust, to the fullest extent permitted by law, each shareholder
will be liable to the Trust (and any subsidiaries or affiliates thereof) for,
and indemnify and hold harmless the Trust (and any subsidiaries or affiliates
thereof) from and against, all costs, expenses, penalties, fines or other
amounts, including, without limitation, reasonable attorneys&#146; and other
professional fees, whether third party or internal, arising from such
shareholder&#146;s breach of or failure to fully comply with any covenant, condition
or provision of these Bylaws or the Declaration of Trust (including Section&nbsp;2.14
of these Bylaws) or any action by or against the Trust (or any subsidiaries or
affiliates thereof) in which such shareholder is not the prevailing party, and
shall pay such amounts to such indemnitee on demand, together with interest on such
amounts, which interest will accrue at the lesser of the Trust&#146;s highest
marginal borrowing rate, per annum compounded, and the maximum amount permitted
by law, from the date such costs or the like are incurred until the receipt of
payment.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ratification</u>.&#160; The Board of Trustees or the shareholders may
ratify and make binding on the Trust any action or inaction by the Trust or its
officers to the extent that the Board of Trustees or the shareholders could
have originally authorized the matter.&#160;
Moreover, any action or inaction questioned in any shareholder&#146;s
derivative proceeding or any other proceeding on the ground of lack of
authority, defective or irregular execution, adverse interest of a Trustee,
officer or shareholder, non-disclosure, miscomputation, the application of
improper principles or practices of accounting, or otherwise, may be ratified,
before or after judgment, by the Board of Trustees or by the shareholders and,
if so ratified, shall have the same force and effect as if the questioned
action or inaction had been originally duly authorized, and such ratification
shall be binding upon the Trust and its shareholders and shall constitute a bar
to any claim or execution of any judgment in respect of such questioned action
or inaction.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38<a name="PB_38_075138_536"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ambiguity</u>.&#160; In the case of an ambiguity in the
application of any provision of these Bylaws or any definition contained in
these Bylaws, the Board of Trustees shall have the sole power to determine the
application of such provisions with respect to any situation based on the facts
known to it and such determination shall be final and binding unless determined
by a court of competent jurisdiction to have been made in bad faith.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Inspection of Bylaws</u>.&#160; The Trustees shall keep at the principal
office for the transaction of business of the Trust the original or a copy of
the Bylaws as amended or otherwise altered to date, certified by the secretary,
which shall be open to inspection by the shareholders at all reasonable times
during office hours.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Election to be Subject to Part&nbsp;of
Title 3, Subtitle 8.&#160; </u>Notwithstanding
any other provision contained in the Declaration of Trust or these Bylaws, the
Trust hereby elects to be subject to Section&nbsp;3-804(b)&nbsp;and (c)&nbsp;of
Title 3, Subtitle 8 of the Maryland General Corporation Law (or any successor
statute).&#160; This Section&nbsp;15.6 only
may be repealed, in whole or in part, by a subsequent amendment to these
Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XVI</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARBITRATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Procedures for Arbitration of
Disputes</u>.&#160; Any disputes, claims or
controversies brought by or on behalf of any shareholder of the Trust (which,
for purposes of this ARTICLE XVI, shall mean any shareholder of record or any
beneficial owner of shares of the Trust, or any former shareholder of record or
beneficial owner of shares of the Trust), either on his, her or its own behalf,
on behalf of the Trust or on behalf of any series or class of shares of the
Trust or shareholders of the Trust against the Trust or any Trustee, officer,
manager (including Reit Management&nbsp;&amp; Research LLC or its successor),
agent or employee of the Trust, including disputes, claims or controversies
relating to the meaning, interpretation, effect, validity, performance or
enforcement of the Declaration of Trust or these Bylaws (all of which are
referred to as &#147;Disputes&#148;) or relating in any way to such a Dispute or Disputes
shall, on the demand of any party to such Dispute, be resolved through binding
and final arbitration in accordance with the Commercial Arbitration Rules&nbsp;(the
&#147;Rules&#148;) of the American Arbitration Association (&#147;AAA&#148;) then in effect, except
as those Rules&nbsp;may be modified in this ARTICLE XVI.&#160; For the avoidance of doubt, and not as a
limitation, Disputes are intended to include derivative actions against
Trustees, officers or managers of the Trust and class actions by shareholders
against those individuals or entities and the Trust.&#160; For the avoidance of doubt, a Dispute shall
include a Dispute made derivatively on behalf of one party against another
party.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Arbitrators</u>.&#160; There shall be three arbitrators.&#160; If there are only two parties to the Dispute,
each party shall select one arbitrator within 15 days after receipt by
respondent of a copy of the demand for arbitration.&#160; Such arbitrators may be affiliated or
interested persons of such parties.&#160; If
either party fails to timely select an arbitrator, the other party to the
Dispute shall select the second arbitrator who shall be neutral and impartial
and shall not be affiliated with or an interested person of either party. If
there are more than two parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, shall each select, by the vote </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39<a name="PB_39_075232_5926"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of a majority of the
claimants or the respondents, as the case may be, one arbitrator. Such
arbitrators may be affiliated or interested persons of the claimants or the
respondents, as the case may be.&#160; If
either all claimants or all respondents fail to timely select an arbitrator
then such arbitrator (who shall be neutral, impartial and unaffiliated with any
party) shall be appointed by the AAA.&#160;
The two arbitrators so appointed shall jointly appoint the third and
presiding arbitrator (who shall be neutral, impartial and unaffiliated with any
party) within 15 days of the appointment of the second arbitrator.&#160; If the third arbitrator has not been
appointed within the time limit specified herein, then the AAA shall provide a
list of proposed arbitrators in accordance with the Rules, and the arbitrator
shall be appointed by the AAA in accordance with a listing, striking and
ranking procedure, with each party having a limited number of strikes,
excluding strikes for cause.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Place of Arbitration</u>. The place
of arbitration shall be Boston, Massachusetts unless otherwise agreed by the
parties.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Discovery</u>.&#160; There shall be only limited documentary
discovery of documents directly related to the issues in dispute, as may be
ordered by the arbitrators.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Awards</u>.&#160; In rendering an award or decision (the &#147;Award&#148;),
the arbitrators shall be required to follow the laws of the State of
Maryland.&#160; Any arbitration proceedings or
Award rendered hereunder and the validity, effect and interpretation of this
arbitration agreement shall be governed by the Federal Arbitration Act, 9
U.S.C. &#167;1 et seq.&#160; The Award shall be in
writing and may, but shall not be required to, briefly state the findings of
fact and conclusions of law on which it is based.&#160; Any monetary award shall be made and payable
in U.S. dollars free of any tax, deduction or offset.&#160; The party against which the Award assesses a
monetary obligation shall pay that obligation on or before the 30th day following
the date of the Award or such other date as the Award may provide.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Costs and Expenses</u>. Except as
otherwise set forth in the Declaration of Trust or these Bylaws, including Section&nbsp;15.2
of these Bylaws, or as otherwise agreed between the parties, each party
involved in a Dispute shall bear its own costs and expenses (including
attorneys&#146; fees), and the arbitrators shall not render an award that would
include shifting of any such costs or expenses (including attorneys&#146; fees) or,
in a derivative case or class action, award any portion of the Trust&#146;s award to
the claimant or the claimant&#146;s attorneys.&#160;
Each party (or, if there are more than two parties to the Dispute, all
claimants, on the one hand, and all respondents, on the other hand, respectively)
shall bear the costs and expenses of its (or their) selected arbitrator and the
parties (or, if there are more than two parties to the Dispute, all claimants,
on the one hand, and all respondents, on the other hand) shall equally bear the
costs and expenses of the third appointed arbitrator.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Final and Binding</u>.&#160; An Award shall be final and binding upon the
parties thereto and shall be the sole and exclusive remedy between such parties
relating to the Dispute, including any claims, counterclaims, issues or
accounting presented to the arbitrators.&#160;
Judgment upon the Award may be entered in any court having
jurisdiction.&#160; To the fullest extent
permitted by law, no application or appeal to any court of competent
jurisdiction may be made in connection with any question of law arising in the
course of arbitration or with respect to any award made except for actions
relating to enforcement of this agreement to arbitrate or any </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40<a name="PB_40_075302_4688"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">arbitral award issued
hereunder and except for actions seeking interim or other provisional relief in
aid of arbitration proceedings in any court of competent jurisdiction.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Beneficiaries</u>.&#160; This ARTICLE XVI is intended to benefit and
be enforceable by the shareholders, Trustees, officers, managers (including
Reit Management&nbsp;&amp; Research LLC or its successor), agents or employees
of the Trust and the Trust and shall be binding on the shareholders of the
Trust and the Trust, as applicable, and shall be in addition to, and not in
substitution for, any other rights to indemnification or contribution that such
individuals or entities may have by contract or otherwise.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41<a name="PB_41_075327_6228"></a></font></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.2</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND RESTATED BYLAWS</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As Amended and Restated <strike>November&nbsp;__</strike><u>January&nbsp;13</u>, <strike>2009</strike><u>2010</u></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1<a name="PB_1_080719_7056"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Table of Contents</font></u></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I
  OFFICES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Office</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional
  Offices</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II MEETINGS OF
  SHAREHOLDERS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Place</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual
  Meeting</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special
  Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice
  of Regular or Special Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice
  of Adjourned Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scope
  of Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization
  of Shareholder Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.9.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.10.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.11.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record
  Date</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.12.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting
  of Shares by Certain Holders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.13.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inspectors</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nominations
  and Other Proposals to be Considered at Meetings of Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Meetings of
  Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Nominations or
  Other Proposals Causing Covenant Breaches or Defaults</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Nominations or
  Other Proposals Requiring Governmental Action</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Meetings of
  Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.15.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
  Shareholder Actions by Written Consent</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.16.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting
  by Ballot</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.17.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposals
  of Business Which Are Not Proper Matters For Action By Shareholders</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III TRUSTEES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General
  Powers; Qualifications; Trustees Holding Over</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent
  Trustees and Managing Trustees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number
  and Tenure</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual
  and Regular Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special
  Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.9.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone
  Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.10.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Action
  by Written Consent of Trustees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i<a name="PB_i_081318_5335"></a></font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.11.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver
  of Notice</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.12.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacancies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.13.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.14.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal
  of Trustees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.15.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Surety
  Bonds</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.16.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reliance</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.17.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interested
  Trustee Transactions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.18.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Qualifying
  Shares Not Required</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.19.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain
  Rights of Trustees, Officers, Employees and Agents</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.20.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emergency
  Provisions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV COMMITTEES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number;
  Tenure and Qualifications</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone
  Meetings</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Action
  by Written Consent of Committees</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacancies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V OFFICERS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General
  Provisions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal
  and Resignation</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacancies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Operating Officer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman
  and Vice Chairman of the Board</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.9.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice
  Presidents</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.10.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.11.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.12.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant
  Secretaries and Assistant Treasurers</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI CONTRACTS,
  LOANS, CHECKS AND DEPOSITS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contracts</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Checks
  and Drafts</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposits</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII SHARES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfers</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lost
  Certificates</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing
  of Transfer Books or Fixing of Record Date</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share
  Ledger</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fractional
  Shares; Issuance of Units</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII RESTRICTIONS
  ON TRANSFER AND OWNERSHIP OF SHARES</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restrictions
  on Ownership</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii<a name="PB_ii_081341_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer
  of Shares</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs,
  Expenses and Compensation of Charitable Trustee and the Trust</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transactions
  on a National Securities Exchange</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enforcement</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Waiver</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enforceability</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX REGULATORY
  COMPLIANCE AND DISCLOSURE</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actions
  Requiring Regulatory Compliance Implicating the Trust</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compliance
  With Law</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation
  on Voting Shares or Proxies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations,
  Warranties and Covenants Made to Governmental or Regulatory Bodies</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board
  of Trustees&#146; Determinations</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE X FISCAL YEAR</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal
  Year</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XI DIVIDENDS AND
  OTHER DISTRIBUTIONS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends
  and Other Distributions</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XII SEAL</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seal</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Affixing
  Seal</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIII WAIVER OF
  NOTICE</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver
  of Notice</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIV AMENDMENT OF
  BYLAWS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment
  of Bylaws</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XV MISCELLANEOUS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">References
  to Declaration of Trust</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs
  and Expenses</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratification</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ambiguity</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inspection
  of Bylaws</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election
  to be Subject to Part&nbsp;of Title 3, Subtitle 8</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XVI ARBITRATION</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.1.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Procedures
  for Arbitration of Disputes</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.2.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arbitrators</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.3.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Place
  of Arbitration</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.4.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discovery</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.5.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.6.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs
  and Expenses</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.7.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Final
  and Binding</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.8.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficiaries</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii<a name="PB_iii_081357_2897"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND RESTATED BYLAWS</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE I</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">OFFICES</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Principal Office</font></u><font size="2" style="font-size:10.0pt;">.&#160; The principal office of the
Trust shall be located at such place or places as the Board of Trustees may designate.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Additional Offices</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trust may have additional
offices at such places as the Board of Trustees may from time to time determine
or the business of the Trust may require.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE II</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">MEETINGS OF SHAREHOLDERS</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Place</font></u><font size="2" style="font-size:10.0pt;">.&#160; All meetings of shareholders
shall be held at the principal office of the Trust or at such other place as is
designated by the Trustees or the chairman of the board or president.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Annual Meeting</font></u><font size="2" style="font-size:10.0pt;">.&#160; An annual meeting of the
shareholders for the election of Trustees and the transaction of any business
within the powers of the Trust shall be held at such times as the Trustees may
designate.&#160; Failure to hold an annual
meeting does not invalidate the Trust&#146;s existence or affect any otherwise valid
acts of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Special Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Special meetings of
shareholders may be called only by a majority of the Trustees then in
office.&#160; If there shall be no Trustees,
the officers of the Trust shall promptly call a special meeting of the shareholders
entitled to vote for the election of successor Trustees for the purpose of
electing Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Notice of Regular or Special
Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Written notice specifying the place, day and
hour of any regular or special meeting, the purposes of the meeting, to the
extent required by law to be provided, and all other matters required by law
shall be given to each shareholder of record entitled to vote, either
personally or by sending a copy thereof by mail, postage prepaid, to his or her
address appearing on the books of the Trust or theretofore given by him or her
to the Trust for the purpose of notice or, if no address appears or has been
given, addressed to the place where the principal office of the Trust is
situated, or by electronic transmission, including facsimile transmission, to
any address or number of such shareholder at which the shareholder receives
electronic transmissions.&#160; If mailed,
such notice shall be deemed to be given once deposited in the U.S.&#160; mail addressed to the shareholder at his or
her post office address as it appears on the records of the Trust, with postage
thereon prepaid.&#160; It shall be the duty of
the secretary to give notice of each meeting of the shareholders.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Notice of Adjourned Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; It shall not be necessary to
give notice of the time and place of any adjourned meeting or of the business
to be transacted thereat other than by announcement at the meeting at which
such adjournment is taken.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Scope of Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Except as otherwise expressly
set forth elsewhere in these Bylaws, no business shall be transacted at an
annual or special meeting of shareholders except as specifically designated in
the notice or otherwise properly brought before the shareholders by or at the
direction of the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.7.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Organization of Shareholder
Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Every meeting of shareholders shall be
conducted by an individual appointed by the Board of Trustees to be chairperson
of the meeting or, in the absence of such appointment or the absence of the
appointed individual, by the chairman of the board or, in the case of a vacancy
in the office or absence of the chairman of the board, by one of the following
officers present at the meeting in the following order: the vice chairman of
the board, if there be one, the president, the vice presidents in their order
of seniority or, in the absence of such officers, a chairperson chosen by the
shareholders by the vote of holders of shares of beneficial interest
representing a majority of the votes cast on such appointment by shareholders
present in person or represented by proxy.&#160;
The secretary, an assistant secretary or a person appointed by the
Trustees or, in the absence of such appointment, a person appointed by the
chairperson of the meeting shall act as secretary of the meeting and record the
minutes of the meeting.&#160; If the secretary
presides as chairperson at a meeting of the shareholders, then the secretary
shall not also act as secretary of the meeting and record the minutes of the
meeting.&#160; The order of business and all
other matters of procedure at any meeting of shareholders shall be determined
by the chairperson of the meeting.&#160; The
chairperson of the meeting may prescribe such rules, regulations and procedures
and take such action as, in the discretion of such chairperson, are appropriate
for the proper conduct of the meeting, including, without limitation: (a)&nbsp;restricting
admission to the time set for the commencement of the meeting; (b)&nbsp;limiting
attendance at the meeting to shareholders of record of the Trust, their duly
authorized proxies or other such persons as the chairperson of the meeting may
determine; (c)&nbsp;limiting participation at the meeting on any matter to
shareholders of record of the Trust entitled to vote on such matter, their duly
authorized proxies or other such persons as the chairperson of the meeting may
determine; (d)&nbsp;limiting the time allotted to questions or comments by
participants; (e)&nbsp;maintaining order and security at the meeting; (f)&nbsp;removing
any shareholder or other person who refuses to comply with meeting procedures, rules&nbsp;or
guidelines as set forth by the chairperson of the meeting; (g)&nbsp;concluding
a meeting or recessing or adjourning the meeting to a later date and time and
at a place announced at the meeting; and (h)&nbsp;complying with any state and
local laws and regulations concerning safety and security.&#160; Without limiting the generality of the powers
of the chairperson of the meeting pursuant to the foregoing provisions, the
chairperson may adjourn any meeting of shareholders for any reason deemed
necessary by the chairperson, including, without limitation, if (i)&nbsp;no
quorum is present for the transaction of the business, (ii)&nbsp;the Board of
Trustees or the chairperson of the meeting determines that adjournment is
necessary or appropriate to enable the shareholders to consider fully
information that the Board of Trustees or the chairperson of the meeting
determines has not been made sufficiently or timely available to shareholders
or (iii)&nbsp;the Board of Trustees or the chairperson of the meeting
determines that adjournment is otherwise in the best interests of the
Trust.&#160; Unless otherwise determined by
the chairperson of the meeting, meetings of shareholders shall not be required
to be held in accordance with the general rules&nbsp;of parliamentary procedure
or any otherwise established rules&nbsp;of order.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_081746_3020"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.8.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Quorum</font></u><font size="2" style="font-size:10.0pt;">.&#160; At any meeting of shareholders,
the presence in person or by proxy of shareholders entitled to cast a majority
of all the votes entitled to be cast at such meeting shall constitute a quorum;
but this section shall not affect any requirement under any statute or the
Declaration of Trust for the vote necessary for the adoption of any measure.&#160; If, however, such quorum shall not be present
at any meeting of the shareholders, the chairperson of the meeting shall have
the power to adjourn the meeting from time to time without the Trust having to
set a new record date or provide any additional notice of such meeting, subject
to any obligation of the Trust to give notice pursuant to Section&nbsp;2.5.&#160; At such adjourned meeting at which a quorum
shall be present, any business may be transacted which might have been
transacted at the meeting as originally notified. &#160;The shareholders present, either in person or
by proxy, at a meeting of shareholders which has been duly called and convened
and at which a quorum was established may continue to transact business until
adjournment, notwithstanding the withdrawal of enough votes to leave less than
a quorum then being present at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.9.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Voting</font></u><font size="2" style="font-size:10.0pt;">.&#160; At all elections of Trustees,
voting by shareholders shall be conducted under the non-cumulative method and,
except as otherwise required by the Declaration of Trust or applicable law, the
election of each Trustee shall be by the affirmative vote of the holders of
shares representing a majority of the total number of votes authorized to be
cast by shares then outstanding and entitled to vote thereon.&#160; <font style="letter-spacing:0pt;vertical-align:super;"><font face="Times New Roman" style="vertical-align:baseline;">&#160;</font></font>For all matters to be
voted upon by shareholders other than the election of Trustees, unless
otherwise required by applicable law, by the listing requirements of the
principal exchange on which the Trust&#146;s common shares are listed or by a
specific provision of the Declaration of Trust, the vote required for approval
shall be the affirmative vote of 75% of the votes entitled to be cast for each
such matter unless such matter has been previously approved by the Board of
Trustees, in which case the vote required for approval shall be a majority of
the votes cast at a meeting of shareholders duly called and at which a quorum
is present.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.10.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Proxies</font></u><font size="2" style="font-size:10.0pt;">.&#160; A shareholder may cast the
votes entitled to be cast by him or her either in person or by proxy executed
by the shareholder or by his or her duly authorized agent in any manner
permitted by law.&#160; Such proxy shall be
filed with such officer of the Trust or third party agent as the Board of
Trustees shall have designated for such purpose for verification at or prior to
such meeting.&#160; Any proxy relating to the
Trust&#146;s shares of beneficial interest shall be valid until the expiration date
therein or, if no expiration is so indicated, for such period as is permitted
pursuant to Maryland law.&#160; At a meeting
of shareholders, all questions concerning the qualification of voters, the
validity of proxies, and the acceptance or rejection of votes, shall be decided
by or on behalf of the chairperson of the meeting, subject to Section&nbsp;2.13.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.11.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Record Date</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Board of Trustees may fix
the date for determination of shareholders entitled to notice of and to vote at
a meeting of shareholders.&#160; If no date is
fixed for the determination of the shareholders entitled to vote at any meeting
of shareholders, only persons in whose names shares entitled to vote are
recorded on the share records of the Trust at the opening of business on the
day of any meeting of shareholders shall be entitled to vote at such meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.12.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Voting of Shares by Certain
Holders</font></u><font size="2" style="font-size:10.0pt;">.&#160; <font style="color:black;letter-spacing:0pt;"><font color="black" face="Times New Roman" style="color:windowtext;">Shares of the Trust registered in the name of a corporation,
partnership, trust or other entity, if entitled to be voted, may be voted by
the president or a vice president, a general partner or trustee thereof, as the
case may be, or a</font></font></font></p>

<p align="center" style="color:black;letter-spacing:0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="color:black;letter-spacing:0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;letter-spacing:0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">proxy
appointed by any of the foregoing individuals, unless some other person who has
been appointed to vote such shares pursuant to a bylaw or a resolution of the
governing body of such corporation or other entity or pursuant to an agreement
of the partners of the partnership presents a certified copy of such bylaw,
resolution or agreement, in which case such person may vote such shares.&#160; Any trustee or other fiduciary may vote
shares registered in his or her name as such fiduciary, either in person or by
proxy.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.13.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Inspectors</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Before
or at any meeting of shareholders, the chairperson of the meeting may appoint
one or more persons as inspectors for such meeting.&#160; Such inspectors shall (i)&nbsp;ascertain and
report the number of shares of beneficial interest represented at the meeting,
in person or by proxy, and the validity and effect of proxies, (ii)&nbsp;receive
and tabulate all votes, ballots or consents, (iii)&nbsp;report such tabulation
to the chairperson of the meeting and (iv)&nbsp;perform such other acts as are
proper to conduct the election or voting at the meeting.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Each
report of an inspector shall be in writing and signed by him or her or by a
majority of them if there is more than one inspector acting at such
meeting.&#160; If there is more than one
inspector, the report of a majority shall be the report of the inspectors.&#160; The report of the inspector or inspectors on
the number of shares represented at the meeting and the results of the voting
shall be <u>prima</u>&nbsp;<u>facie</u> evidence thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Nominations and Other
Proposals to be Considered at Meetings of Shareholders</font></u><font size="2" style="font-size:10.0pt;">.&#160; Nominations of individuals for
election to the Board of Trustees and the proposal of other business to be
considered by the shareholders at meetings of shareholders may be properly
brought before the meeting only as set forth in this Section&nbsp;2.14.&#160; All judgments and determinations made by the
Board of Trustees or the chairperson of the meeting, as applicable, under this Section&nbsp;2.14
(including, without limitation, judgments and determinations as to the
propriety of a proposed nomination or a proposal of other business for
consideration by shareholders) shall be final and binding unless determined by
a court of competent jurisdiction to have been made in bad faith.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Annual Meetings of
Shareholders.</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Nominations
of individuals for election to the Board of Trustees and the proposal of other
business to be considered by the shareholders at an annual meeting of
shareholders may be properly brought before the meeting (i)&nbsp;pursuant to
the Trust&#146;s notice of meeting or otherwise properly brought before the meeting
by or at the direction of the Board of Trustees or (ii)&nbsp;by any shareholder
of the Trust who (A)&nbsp;has continuously held at least $2,000 in market value,
or 1%, of the Trust&#146;s shares entitled to vote at the meeting on such election
or the proposal for other business, as the case may be, for at least one year
from the date such shareholder gives the notice provided for in this Section&nbsp;2.14.1
(or, if such notice is given prior to April&nbsp;1, 2010, continuously held
Trust shares since April&nbsp;1, 2009 and without regard to the $2,000 market
value, or 1%,</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_082057_141"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">requirement),
and continuously holds such shares through and including the time of the annual
meeting (including any adjournment or postponement thereof), (B)&nbsp;is a
shareholder of record at the time of giving the notice provided for in this Section&nbsp;2.14.1
through and including the time of the annual meeting (including any adjournment
or postponement thereof), (C)&nbsp;is entitled to make nominations or propose
other business and to vote at the meeting on such election, or the proposal for
other business, as the case may be and (D)&nbsp;complies with the notice
procedures set forth in this Section&nbsp;2.14 as to such nomination or other
business.&#160; Section&nbsp;2.14.1(a)(ii)&nbsp;shall
be the exclusive means for a shareholder to make nominations or propose other
business before an annual meeting of shareholders, except to the extent of matters
which are required to be presented to shareholders by applicable law which have
been properly presented in accordance with the requirements of such law.&#160; For purposes of determining compliance with
the requirement in subclause (A)&nbsp;of Section&nbsp;2.14.1(a)(ii), the market
value of the Trust&#146;s shares held by the applicable shareholder shall be
determined by multiplying the number of shares such shareholder continuously
held for that one-year period by the highest selling price of the Trust shares
as reported on the principal National Securities Exchange (for purposes of this
Section&nbsp;2.14, as defined in Section&nbsp;8.1) on which the Trust&#146;s shares
are listed for trading during the 60 calendar days before the date such notice
was submitted.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">For
nominations for election to the Board of Trustees or other business to be
properly brought before an annual meeting by a shareholder pursuant to Section&nbsp;2.14.1(a)(ii),
the shareholder shall have given timely notice thereof in writing to the
secretary of the Trust in accordance with this Section&nbsp;2.14 and such other
business shall otherwise be a proper matter for action by shareholders.&#160; To be timely, a shareholder&#146;s notice shall
set forth all information required under this Section&nbsp;2.14 and shall be
delivered to the secretary at the principal executive offices of the Trust not
later than 5:00&nbsp;p.m. (Eastern Time) on the 120th day nor earlier than the
150th day prior to the first anniversary of the date of the proxy statement for
the preceding year&#146;s annual meeting; provided, however, that in the event that
the <strike>date of the proxy statement for the </strike>annual meeting<u> is called for a date that</u> is more than 30
days earlier <u>or later </u>than the first
anniversary of the date of<strike> the proxy statement for</strike> the preceding year&#146;s
annual meeting, notice by the shareholder to be timely shall be so delivered
not later than 5:00&nbsp;p.m. (Eastern Time) on the 10th day following the
earlier of the day on which (i)&nbsp;notice of the <u>date of the </u>annual meeting is mailed or otherwise made available or (ii)&nbsp;public
announcement of the date of <strike>such</strike><u>the
annual</u> meeting is first made by the Trust.<strike>&#160; Notwithstanding the foregoing sentence, with
respect to the annual meeting to be held in calendar year 2009, to be timely, a
shareholder&#146;s notice shall be delivered to the secretary at the principal
executive offices of the Trust not later than 5:00&nbsp;p.m. (Eastern Time) on December&nbsp;31,
2008 nor earlier than December&nbsp;1, 2008.</strike>&#160; Neither the postponement or adjournment of an
annual meeting, nor the public announcement of such postponement or
adjournment, shall commence a new time period for the giving of a shareholder&#146;s
notice as described above.&#160; No
shareholder may give a notice to the secretary described in this Section&nbsp;2.14.1(b)&nbsp;unless
such shareholder holds a certificate for all shares of beneficial interest of
the Trust owned by such shareholder during all times described in Section&nbsp;2.14.1(a),
and a copy of each such certificate held by such shareholder at the time of
giving such notice shall accompany such shareholder&#146;s notice to the secretary
in order for such notice to be effective.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_082116_7608"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A shareholder&#146;s
notice shall set forth:</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(A)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to each individual whom the shareholder proposes to
nominate for election or reelection as a Trustee (a &#147;Proposed Nominee&#148;) and any
Proposed Nominee Associated Person (as defined in Section&nbsp;2.14.1(d)), (1)&nbsp;the
name, age, business address and residence address of such Proposed Nominee and
the name and address of such Proposed Nominee Associated Person, (2)&nbsp;a
statement of whether such Proposed Nominee is proposed for nomination as an
Independent Trustee (as defined in Section&nbsp;3.2) or a Managing Trustee (as
defined in Section&nbsp;3.2) and a description of such Proposed Nominee&#146;s
qualifications to be an Independent Trustee or Managing Trustee, as the case
may be, and such Proposed Nominee&#146;s qualifications to be a Trustee pursuant to
the criteria set forth in Section&nbsp;3.1, (3)&nbsp;the class, series and
number of any shares of beneficial interest of the Trust that are, directly or
indirectly, beneficially owned or owned of record by such Proposed Nominee or
by such Proposed Nominee Associated Person, (4)&nbsp;the date such shares were
acquired and the investment intent of such acquisition, (5)&nbsp;a description
of all purchases and sales of securities of the Trust by such Proposed Nominee
or by such Proposed Nominee Associated Person during the previous 24 month
period, including the date of the transactions, the class, series and number of
securities involved in the transactions and the consideration involved, (6)&nbsp;a
description of all Derivative Transactions (as defined in Section&nbsp;2.14.1(d))
by such Proposed Nominee or by such Proposed Nominee Associated Person during
the previous 24 month period, including the date of the transactions and the
class, series and number of securities involved in, and the material economic
terms of, the transactions, such description to include, without limitation,
all information that such Proposed Nominee or Proposed Nominee Associated
Person would be required to report on an Insider Report (as defined in Section&nbsp;2.14.1(d))
if such Proposed Nominee or Proposed Nominee Associated Person were a Trustee
of the Trust or the beneficial owner of more than 10% of the shares of the
Trust at the time of the transactions, (7)&nbsp;any performance related fees
(other than an asset based fee) that such Proposed Nominee or such Proposed
Nominee Associated Person is entitled to based on any increase or decrease in
the value of shares of the Trust or instrument or arrangement of the type
contemplated within the definition of Derivative Transaction, if any, as of the
date of such</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_093640_7056"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">notice, including, without
limitation, any such interests held by members of such Proposed Nominee&#146;s or
such Proposed Nominee Associated Person&#146;s immediate family sharing the same
household with such Proposed Nominee or such Proposed Nominee Associated
Person, (8)&nbsp;any proportionate interest in shares of the Trust or
instrument or arrangement of the type contemplated within the definition of
Derivative Transaction held, directly or indirectly, by a general or limited
partnership in which such Proposed Nominee or such Proposed Nominee Associated
Person is a general partner or, directly or indirectly, beneficially owns an
interest in a general partner, (9)&nbsp;a description of all direct and
indirect compensation and other material monetary agreements, arrangements and
understandings during the past three years, and any other material
relationships, between or among such shareholder, Proposed Nominee Associated
Person, or their respective affiliates and associates, or others acting in
concert therewith, on the one hand, and each Proposed Nominee, or his or her
respective affiliates and associates, or others acting in concert therewith, on
the other hand, including, without limitation, all information that would be
required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by
the U.S. Securities and Exchange Commission (the &#147;S.E.C.&#148;) (and any successor
regulation), if the shareholder making the nomination and any Proposed Nominee
Associated Person on whose behalf the nomination is made, or any affiliate or
associate thereof or person acting in concert therewith, were the &#147;registrant&#148;
for purposes of such rule&nbsp;and the Proposed Nominee were a director or
executive officer of such registrant, (10)&nbsp;any rights to dividends on the
shares of the Trust owned beneficially by such Proposed Nominee or such
Proposed Nominee Associated Person that are separated or separable from the
underlying shares of the Trust, (11) to the extent known by such Proposed Nominee
or such Proposed Nominee Associated Person, the name and address of any other
person who owns, of record or beneficially, any shares of beneficial interest
of the Trust and who supports the Proposed Nominee for election or reelection
as a Trustee, (12) all other information relating to such Proposed Nominee or
such Proposed Nominee Associated Person that is required to be disclosed in
solicitations of proxies for election of Trustees in an election contest (even
if an election contest is not involved), or is otherwise required, in each
case, pursuant to Section&nbsp;14 (or any successor provision) of the
Securities Exchange Act of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7<a name="PB_7_093751_5335"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">1934, as amended (the &#147;Exchange Act&#148;),
and the rules&nbsp;and regulations promulgated thereunder and (13) such
Proposed Nominee&#146;s notarized written consent to being named in the shareholder&#146;s
proxy statement as a nominee and to serving as a Trustee if elected;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(B)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to any other business that the shareholder proposes to
bring before the meeting, (1)&nbsp;a description of such business, (2)&nbsp;the
reasons for proposing such business at the meeting and any material interest in
such business of such shareholder or any Shareholder Associated Person (as
defined in Section&nbsp;2.14.1(d)), including any anticipated benefit to such
shareholder or any Shareholder Associated Person therefrom, (3)&nbsp;a
description of all agreements, arrangements and understandings between such
shareholder and Shareholder Associated Person amongst themselves or with any
other person or persons (including their names) in connection with the proposal
of such business by such shareholder and (4)&nbsp;a representation that such
shareholder intends to appear in person or by proxy at the meeting to bring the
business before the meeting;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(C)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to the shareholder giving the notice and any Shareholder
Associated Person, (1)&nbsp;the class, series and number of all shares of the
Trust that are owned of record by such shareholder or by such Shareholder
Associated Person, if any, (2)&nbsp;the class, series and number of, and the
nominee holder for, any shares of beneficial interests of the Trust that are
owned, directly or indirectly, beneficially but not of record by such
shareholder or by such Shareholder Associated Person, if any, (3)&nbsp;with
respect to the foregoing clauses (1)&nbsp;and (2), the date such shares were
acquired and the investment intent of such acquisition and (4)&nbsp;all
information relating to such shareholder and Shareholder Associated Person that
is required to be disclosed in connection with the solicitation of proxies for
election of Trustees in an election contest (even if an election contest is not
involved), or is otherwise required, in each case, pursuant to Section&nbsp;14
(or any successor provision) of the Exchange Act and the rules&nbsp;and
regulations promulgated thereunder;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(D)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to the shareholder giving the notice and any Shareholder
Associated Person, (1)&nbsp;the name and address of such</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8<a name="PB_8_093810_5796"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">shareholder, as they appear on the
Trust&#146;s share ledger and the current name and address, if different, of such
shareholder and Shareholder Associated Person and (2)&nbsp;the investment
strategy or objective, if any, of such shareholder or Shareholder Associated
Person and a copy of the prospectus, offering memorandum or similar document,
if any, provided to investors or potential investors in such shareholder or
Shareholder Associated Person;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(E)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">as to the shareholder giving the notice and any Shareholder
Associated Person, (1)&nbsp;a description of all purchases and sales of
securities of the Trust by such shareholder or Shareholder Associated Person
during the previous 24 month period, including the date of the transactions,
the class, series and number of securities involved in the transactions and the
consideration involved, (2)&nbsp;a description of all Derivative Transactions
by such shareholder or Shareholder Associated Person during the previous 24
month period, including the date of the transactions and the class, series and
number of securities involved in, and the material economic terms of, the
transactions, such description to include, without limitation, all information
that such shareholder or Shareholder Associated Person would be required to
report on an Insider Report if such shareholder or Shareholder Associated
Person were a Trustee of the Trust or the beneficial owner of more than 10% of
the shares of the Trust at the time of the transactions, (3)&nbsp;any
performance related fees (other than an asset based fee) that such shareholder
or Shareholder Associated Person is entitled to based on any increase or
decrease in the value of shares of the Trust or instrument or arrangement of
the type contemplated within the definition of Derivative Transaction, if any,
as of the date of such notice, including, without limitation, any such
interests held by members of such shareholder&#146;s or Shareholder Associated
Person &#145;s immediate family sharing the same household with such shareholder or
Shareholder Associated Person, (4)&nbsp;any proportionate interest in shares of
the Trust or instrument or arrangement of the type contemplated within the
definition of Derivative Transaction held, directly or indirectly, by a general
or limited partnership in which such shareholder or Shareholder Associated
Person is a general partner or, directly or indirectly, beneficially owns an
interest in a general partner and (5)&nbsp;any rights to dividends on the
shares of the Trust owned beneficially by such shareholder or Shareholder
Associated Person that are</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9<a name="PB_9_093857_2897"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">separated or separable from the
underlying shares of the Trust;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(F)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">to the extent known by the shareholder giving the notice, the
name and address of any other person who owns, beneficially or of record, any
shares of beneficial interest of the Trust and who supports the nominee for
election or reelection as a Trustee or the proposal of other business; and</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(G)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">if more than one class or series of beneficial interest in
the Trust is outstanding, the class and series of beneficial interest of the
Trust entitled to vote for such Proposed Nominee and/or shareholder&#146;s proposal,
as applicable.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Notwithstanding
anything in the second sentence of Section&nbsp;2.14.1(b)&nbsp;to the contrary,
in the event that the number of Trustees to be elected to the Board of Trustees
is increased and there is no public announcement of such action at least 130
days prior to the first anniversary of the date of the proxy statement for the
preceding year&#146;s annual meeting, a shareholder&#146;s notice required by this Section&nbsp;2.14.1
also shall be considered timely, but only with respect to nominees for any new
positions created by such increase, if the notice is delivered to the secretary
at the principal executive offices of the Trust not later than 5:00&nbsp;p.m.
(Eastern Time) on the 10th day immediately following the day on which such
public announcement is first made by the Trust.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">For
purposes of this Section&nbsp;2.14, (i)&nbsp;&#147;Shareholder Associated Person&#148; of
any shareholder shall mean (A)&nbsp;any person acting in concert with, such
shareholder, (B)&nbsp;any direct or indirect beneficial owner of shares of
beneficial interest of the Trust owned of record or beneficially by such
shareholder and (C)&nbsp;any person controlling, controlled by or under common
control with such shareholder or a Shareholder Associated Person; (ii)&nbsp;&#147;Proposed
Nominee Associated Person&#148; of any Proposed Nominee shall mean (A)&nbsp;any
person acting in concert with such Proposed Nominee, (B)&nbsp;any direct or
indirect beneficial owner of shares of beneficial interest of the Trust owned
of record or beneficially by such Proposed Nominee and (C)&nbsp;any person
controlling, controlled by or under common control with such Proposed Nominee
or a Proposed Nominee Associated Person; (iii)&nbsp;&#147;Derivative Transaction&#148; by
a person shall mean any (A)&nbsp;transaction in, or arrangement, agreement or
understanding with respect to, any option, warrant, convertible security, stock
appreciation right or similar right with an exercise, conversion or exchange
privilege, or settlement payment or mechanism related to, any security of the
Trust, or similar instrument with a value derived in whole or in part from the
value of a security of the Trust, in any such case whether or not it is subject
to settlement in a security of the Trust or otherwise or (B)&nbsp;any
transaction, arrangement, agreement or understanding which included or includes
an opportunity for such person, directly or indirectly, to profit or share in
any profit derived from any increase or decrease in the value of any security
of the Trust, to mitigate any loss or manage any risk associated with any
increase or decrease in the value of any security of the Trust or to increase
or decrease the number of securities of the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10<a name="PB_10_094003_3020"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Trust which
such person was, is or will be entitled to vote, in any such case whether or
not it is subject to settlement in a security of the Trust or otherwise; and (iv)&nbsp;&#147;Insider
Report&#148; shall mean a statement required to be filed pursuant to Section&nbsp;16
of the Exchange Act (or any successor provisions) by a person who is a Trustee
of the Trust or who is directly or indirectly the beneficial owner of more than
10% of the shares of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Shareholder Nominations or
Other Proposals Causing Covenant Breaches or Defaults</font></u><font size="2" style="font-size:10.0pt;">.&#160; At the same time as the
submission of any shareholder nomination or proposal of other business to be
considered at a shareholders meeting that, if approved and implemented by the
Trust, would cause the Trust or any subsidiary (as defined in Section&nbsp;2.14.5(c))
of the Trust to be in breach of any covenant of the Trust or any subsidiary of
the Trust or otherwise cause a default (in any case, with or without notice or
lapse of time) in any existing debt instrument or agreement of the Trust or any
subsidiary of the Trust or other material contract or agreement of the Trust or
any subsidiary of the Trust, the proponent shareholder or shareholders shall
submit to the secretary at the principal executive offices of the Trust (a)&nbsp;evidence
satisfactory to the Board of Trustees of the lender&#146;s or contracting party&#146;s
willingness to waive the breach of covenant or default or (b)&nbsp;a detailed
plan for repayment of the indebtedness to the lender or curing the contractual
breach or default and satisfying any resulting damage claim, specifically identifying
the actions to be taken or the source of funds, which plan must be satisfactory
to the Board of Trustees in its discretion, and evidence of the availability to
the Trust of substitute credit or contractual arrangements similar to the
credit or contractual arrangements which are implicated by the shareholder
nomination or other proposal that are at least as favorable to the Trust, as
determined by the Board of Trustees in its discretion.&#160; As an example and not as a limitation, at the
time these Bylaws are being amended and restated, the Trust is party to a bank
credit facility that contains covenants which prohibit certain changes in the
management and policies of the Trust without the approval of the lenders;
accordingly, a shareholder nomination or proposal which implicates these
covenants shall be accompanied by a waiver of these covenants duly executed by
the banks or by evidence satisfactory to the Board of Trustees of the
availability of funding to the Trust to repay outstanding indebtedness under
this credit facility and of the availability of a new credit facility on terms
as favorable to the Trust as the existing credit facility.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Shareholder Nominations or
Other Proposals Requiring Governmental Action</font></u><font size="2" style="font-size:10.0pt;">.&#160; If (a)&nbsp;submission of any shareholder
nomination or proposal of other business to be considered at a shareholders
meeting that could not be considered or, if approved, implemented by the Trust
without the Trust, any subsidiary of the Trust, the proponent shareholder, any
Proposed Nominee of such shareholder, any Proposed Nominee Associated Person of
such Proposed Nominee, any Shareholder Associated Person of such shareholder,
the holder of proxies or their respective affiliates or associates filing with
or otherwise notifying or obtaining the consent, approval or other action of
any federal, state, municipal or other governmental or regulatory body (a &#147;Governmental
Action&#148;) or (b)&nbsp;such shareholder&#146;s ownership of shares of the Trust or any
solicitation of proxies or votes or holding or exercising proxies by such
shareholder, any Proposed Nominee of such shareholder, any Proposed Nominee
Associated Person of such Proposed Nominee, any Shareholder Associated Person
of such shareholder, or their respective affiliates or associates would require
Governmental Action, then, at the same time as the submission of any
shareholder nomination or proposal of other business to be considered at a
shareholders meeting, the proponent shareholder or shareholders shall submit to
the secretary at the principal executive offices of the Trust (x)&nbsp;evidence
satisfactory to the Board of Trustees that</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11<a name="PB_11_094315_7748"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any
and all Governmental Action has been given or obtained, including, without
limitation, such evidence as the Board of Trustees may require so that any
nominee may be determined to satisfy any suitability or other requirements or (y)&nbsp;if
such evidence was not obtainable from a governmental or regulatory body by such
time despite the shareholder&#146;s diligent and best efforts, a detailed plan for
making or obtaining the Governmental Action prior to the election of any such
Proposed Nominee or the implementation of such proposal, which plan must be
satisfactory to the Board of Trustees in its discretion.&#160; As an example and not as a limitation, at the
time these Bylaws are being amended and restated, the Trust holds a controlling
ownership position in a company being formed and licensed as an insurance
company in the State of Indiana.&#160; The
laws of the State of Indiana have certain regulatory requirements for any
person who seeks to control (as defined under Indiana law) a company which
itself controls an insurance company domiciled in the State of Indiana,
including by exercising proxies representing 10% or more of its voting
securities.&#160; Accordingly, a shareholder
who seeks to exercise proxies for a nomination or a proposal affecting the
governance of the Trust shall obtain any applicable approvals from the Indiana
insurance regulatory authorities prior to exercising such proxies.&#160; Similarly, as a further example and not as a
limitation, at the time these Bylaws are being amended and restated, the Trust
has a controlling ownership interest in gaming businesses located in Louisiana.&#160; Applicable Louisiana law requires that a
Trustee be approved by the Louisiana Gaming Control Board.&#160; Such approval process requires that any
Proposed Nominee submit detailed personal history and financial
disclosures.&#160; Accordingly, a shareholder
nomination shall be accompanied by evidence that the Proposed Nominee has been
approved by the Louisiana Gaming Control Board to be a Trustee, or if the
Louisiana Gaming Control Board have not approved such an application, then the
shareholder nomination shall be accompanied by a copy of completed personal
history and financial disclosure forms of the Proposed Nominee as submitted or
to be submitted to the Louisiana Gaming Control Board so that the Board of
Trustees may determine the likelihood that the Proposed Nominee will receive
such approval.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Special Meetings of
Shareholders</font></u><font size="2" style="font-size:10.0pt;">.&#160; As set forth in Section&nbsp;2.6, only
business brought before the meeting pursuant to the Trust&#146;s notice of meeting
shall be conducted at a special meeting of shareholders.&#160; Nominations of individuals for election to
the Board of Trustees only may be made at a special meeting of shareholders at
which Trustees are to be elected: (a)&nbsp;pursuant to the Trust&#146;s notice of
meeting; (b)&nbsp;otherwise properly brought before the meeting by or at the
direction of the Board of Trustees; or (c)&nbsp;provided that the Board of
Trustees has determined that Trustees shall be elected at such special meeting,
by any shareholder of the Trust who is a shareholder of record both at the time
of giving of notice provided for in this Section&nbsp;2.14.4 through and
including the time of the special meeting, who is entitled to vote at the
meeting on such election and who has complied with the notice procedures and
other requirements set forth in this Section&nbsp;2.14.4.&#160; In the event the Trust calls a special
meeting of shareholders for the purpose of electing one or more Trustees to the
Board of Trustees, any such shareholder may nominate an individual or
individuals (as the case may be) for election as a Trustee as specified in the
Trust&#146;s notice of meeting, if the shareholder satisfies the holding period and
certificate requirements set forth in Section&nbsp;2.14.1(a)&nbsp;and Section&nbsp;2.14.1(b),
the shareholder&#146;s notice contains or is accompanied by the information and
documents required by Section&nbsp;2.14 and the shareholder has given timely
notice thereof in writing to the secretary of the Trust at the principal
executive offices of the Trust.&#160; To be
timely, a shareholder&#146;s notice shall be delivered to the secretary of the Trust
at the principal executive offices of the Trust not earlier than the 150th day
prior to such special meeting and not later than 5:00&nbsp;p.m. (Eastern Time)
on the later of (i)&nbsp;the 120th day prior to such</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12<a name="PB_12_094353_141"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">special
meeting or (ii)&nbsp;the 10th day following the day on which public
announcement is first made of the date of the special meeting and of the
nominees proposed by the Trustees to be elected at such meeting.&#160; Neither the postponement or adjournment of a
special meeting, nor the public announcement of such postponement or
adjournment, shall commence a new time period for the giving of a shareholder&#146;s
notice as described above.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:65.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14.5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">General</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="color:black;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:58.3pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">If
information submitted pursuant to this Section&nbsp;2.14 by any shareholder
proposing a nominee for election as a Trustee or any proposal for other
business at a meeting of shareholders shall be deemed by the Board of Trustees
incomplete or inaccurate, any authorized officer or the Board of Trustees or
any committee thereof may treat such information as not having been provided in
accordance with this Section&nbsp;2.14.&#160;
Any notice submitted by a shareholder pursuant to this Section&nbsp;2.14
that is deemed by the Board of Trustees inaccurate, incomplete or otherwise
fails to satisfy completely any provision of this Section&nbsp;2.14 shall be
deemed defective and shall thereby render all proposals and nominations set
forth in such notice defective.&#160; Upon
written request by the secretary of the Trust or the Board of Trustees or any
committee thereof (which may be made from time to time), any shareholder
proposing a nominee for election as a Trustee or any proposal for other
business at a meeting of shareholders shall provide, within three business days
after such request (or such other period as may be specified in such request), (i)&nbsp;written
verification, satisfactory to the secretary or any other authorized officer or
the Board of Trustees or any committee thereof, in his, her or its discretion,
to demonstrate the accuracy of any information submitted by the shareholder
pursuant to this Section&nbsp;2.14, (ii)&nbsp;written responses to information
reasonably requested by the secretary, the Board of Trustees or any committee
thereof and (iii)&nbsp;a written update, to a current date, of any information
submitted by the shareholder pursuant to this Section&nbsp;2.14 as of an
earlier date.&#160; If a shareholder fails to
provide such written verification, information or update within such period,
the secretary or any other authorized officer or the Board of Trustees may
treat the information which was previously provided and to which the
verification, request or update relates as not having been provided in
accordance with this Section&nbsp;2.14; provided, however, that no such written
verification, response or update shall cure any incompleteness, inaccuracy or
failure in any notice provided by a shareholder pursuant to this Section&nbsp;2.14.&#160; It is the responsibility of a shareholder who
wishes to make a nomination or other proposal to comply with the requirements
of Section&nbsp;2.14; nothing in this Section&nbsp;2.14.5(a)&nbsp;or otherwise
shall create any duty of the Trust, the Board of Trustees or any committee
thereof nor any officer of the Trust to inform a shareholder that the
information submitted pursuant to this Section&nbsp;2.14 by or on behalf of
such shareholder is incomplete or inaccurate or not otherwise in accordance
with this Section&nbsp;2.14 nor require the Trust, the Board of Trustees, any
committee of the Board of Trustees or any officer of the Trust to request
clarification or updating of information provided by any shareholder, but the
Board of Trustees, a committee thereof or the secretary acting on behalf of the
Board of Trustees or a committee, may do so in its, his or her discretion.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Only
such individuals who are nominated in accordance with this Section&nbsp;2.14
shall be eligible for election by shareholders as Trustees and only such</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13<a name="PB_13_094535_7608"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">business
shall be conducted at a meeting of shareholders as shall have been properly
brought before the meeting in accordance with this Section&nbsp;2.14.&#160; The chairperson of the meeting and the Board
of Trustees shall each have the power to determine whether a nomination or any
other business proposed to be brought before the meeting was made or proposed,
as the case may be, in accordance with this Section&nbsp;2.14 and, if any
proposed nomination or other business is determined not to be in compliance
with this Section&nbsp;2.14, to declare that such defective nomination or
proposal be disregarded.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">For
purposes of this Section&nbsp;2.14: (i)&nbsp;&#147;public announcement&#148; shall mean
disclosure in (A)&nbsp;a press release reported by the Dow Jones News Service,
Associated Press, Business Wire, PR Newswire or any other widely circulated
news or wire service or (B)&nbsp;a document publicly filed by the Trust with
the S.E.C. pursuant to the Exchange Act; and (ii)&nbsp;&#147;subsidiary&#148; shall
include, with respect to a person, any corporation, partnership, joint venture
or other entity of which such person (A)&nbsp;owns, directly or indirectly, 10%
or more of the outstanding voting securities or other interests or (B)&nbsp;has
a person designated by such person serving on, or a right, contractual or
otherwise, to designate a person, so to serve on, the board of directors (or
analogous governing body).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Notwithstanding
the foregoing provisions of this Section&nbsp;2.14, a shareholder shall also
comply with all applicable legal requirements, including, without limitation,
applicable requirements of state law and the Exchange Act and the rules&nbsp;and
regulations thereunder, with respect to the matters set forth in this Section&nbsp;2.14.&#160; Nothing in this Section&nbsp;2.14 shall be
deemed to require that a shareholder nomination of an individual for election
to the Board of Trustees or a shareholder proposal relating to other business
be included in the Trust&#146;s proxy statement, except as may be required by law.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The
Board of Trustees may from time to time require any individual nominated to
serve as a Trustee to agree in writing with regard to matters of business
ethics and confidentiality while such nominee serves as a Trustee, such
agreement to be on the terms and in a form (the &#147;Agreement&#148;) determined
satisfactory by the Board of Trustees, as amended and supplemented from time to
time in the discretion of the Board of Trustees.&#160; The terms of the Agreement may be
substantially similar to the Code of Business Conduct and Ethics of the Trust
or any similar code promulgated by the Trust (the &#147;Code of Business Conduct&#148;)
or may differ from or supplement the Code of Business Conduct.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:58.3pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)</font><font size="1" color="black" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Determinations
required or permitted to be made under this Section&nbsp;2.14 by the Board of
Trustees may be delegated by the Board of Trustees to a committee of the Board
of Trustees, subject to applicable law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.15.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">No Shareholder Actions by
Written Consent</font></u><font size="2" style="font-size:10.0pt;">.&#160; Shareholders shall not be authorized or
permitted to take any action required or permitted to be taken at a meeting of
shareholders by written consent, and may take such action only at shareholders
meeting of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.16.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Voting by Ballot</font></u><font size="2" style="font-size:10.0pt;">.&#160; Voting on any question or in
any election may be voice vote unless the chairperson of the meeting or any
shareholder shall demand that voting be by ballot.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14<a name="PB_14_094638_8146"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.17.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Proposals of Business Which
Are Not Proper Matters For Action By Shareholders</font></u><font size="2" style="font-size:10.0pt;">.&#160; <font style="letter-spacing:0pt;"><font face="Times New Roman">Notwithstanding
anything in these Bylaws to the contrary, subject to applicable law, any
shareholder proposal for business the subject matter or effect of which would
be within the exclusive purview of the Board of Trustees or would reasonably
likely, if considered by the shareholders or approved or implemented by the
Trust, result in an impairment of the limited liability status for the Trust&#146;s
shareholders, shall be deemed not to be a matter upon which the shareholders
are entitled to vote.&#160; The Board of
Trustees in its discretion shall be entitled to determine whether a shareholder
proposal for business is not a matter upon which the shareholders are entitled
to vote pursuant to this Section&nbsp;2.17, and its decision shall be final and
binding unless determined by a court of competent jurisdiction to have been
made in bad faith.</font></font></font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
III</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">TRUSTEES</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">General Powers;
Qualifications; Trustees Holding Over</font></u><font size="2" style="font-size:10.0pt;">.&#160; The business and affairs of the Trust shall
be managed under the direction of its Board of Trustees.&#160; A Trustee shall be an individual at least 21
years of age who is not under legal disability.&#160;
To qualify for nomination or election as a Trustee, an individual, at
the time of nomination and election, shall, without limitation, (a)&nbsp;have
substantial expertise or experience relevant to the business of the Trust and
its subsidiaries, (b)&nbsp;not have been convicted of a felony and (c)&nbsp;meet
the qualifications of an Independent Trustee or a Managing Trustee, each as defined
in Section&nbsp;3.2, as the case may be, depending upon the position for which
such individual may be nominated and elected.&#160;
In case of failure to elect Trustees at an annual meeting of the
shareholders, the incumbent Trustees shall hold over and continue to direct the
management of the business and affairs of the Trust until they may resign or
until their successors are elected and qualify.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Independent Trustees and
Managing Trustees</font></u><font size="2" style="font-size:10.0pt;">.&#160; A majority of the Trustees holding office
shall at all times be Independent Trustees; provided, however, that upon a
failure to comply with this requirement as a result of the creation of a
temporary vacancy which shall be filled by an Independent Trustee, whether as a
result of enlargement of the Board of Trustees or the resignation, removal or
death of a Trustee who is an Independent Trustee, such requirement shall not be
applicable.&#160; An &#147;Independent Trustee&#148; is
one who is not an employee of the Advisor (as defined in the Declaration of
Trust), who is not involved in the Trust&#146;s day-to-day activities, who meets the
qualifications of an independent trustee under the Declaration of Trust and who
meets the qualifications of an independent director (not including the specific
independence requirements applicable only to members of the Audit Committee of
the Board of Trustees) under the applicable rules&nbsp;of each stock exchange
upon which shares of the Trust are listed for trading and the S.E.C., as those
requirements may be amended from time to time.&#160;
If the number of Trustees, at any time, is set at less than five, at
least one Trustee shall be a Managing Trustee.&#160;
So long as the number of Trustees shall be five or greater, at least two
Trustees shall be Managing Trustees.&#160; &#147;Managing
Trustees&#148; shall mean Trustees who are not Independent Trustees and who have
been employees of the Advisor or involved in the day-to-day activities of the
Trust for at least one year prior to their election.&#160; If at any time the Board of Trustees shall
not be comprised of a majority of Independent Trustees, the Board of Trustees
shall take such actions as will cure such condition; provided that the fact
that the Board of Trustees does not have a majority</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15<a name="PB_15_094740_7091"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
Independent Trustees or has not taken such action at any time or from time to
time shall not affect the validity of any action taken by the Board of
Trustees.&#160; If at any time the Board of
Trustees shall not be comprised of a number of Managing Trustees as is required
under this Section&nbsp;3.2, the Board of Trustees shall take such actions as
will cure such condition; provided that the fact that the Board of Trustees
does not have the requisite number of Managing Trustees or has not taken such
action at any time or from time to time shall not affect the validity of any
action taken by the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Number and Tenure</font></u><font size="2" style="font-size:10.0pt;">.&#160; Pursuant to the Articles
Supplementary accepted for record by the State Department of Assessments and
Taxation (the &#147;SDAT&#148;) as of May&nbsp;16, 2000, the number of Trustees
constituting the entire Board of Trustees may be increased or decreased from
time to time only by a vote of the Trustees; provided however that the tenure
of office of a Trustee shall not be affected by any decrease in the number of
Trustees.&#160; The number of Trustees shall
be five until increased or decreased by the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Annual and Regular Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; An annual meeting of the
Trustees shall be held immediately after the annual meeting of shareholders, no
notice other than this Bylaw being necessary.&#160;
The time and place of the annual meeting of the Trustees may be changed
by the Board of Trustees.&#160; The Trustees
may provide, by resolution, the time and place, either within or without the
State of Maryland, for the holding of regular meetings of the Trustees without
other notice than such resolution.&#160; In
the event any such regular meeting is not so provided for, the meeting may be
held at such time and place as shall be specified in a notice given as
hereinafter provided for special meetings of the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Special Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Special meetings of the
Trustees may be called at any time by any Managing Trustee, the president or
pursuant to the request of any two Trustees then in office.&#160; The person or persons authorized to call
special meetings of the Trustees may fix any place, either within or without
the State of Maryland, as the place for holding any special meeting of the
Trustees called by them.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Notice</font></u><font size="2" style="font-size:10.0pt;">.&#160; Notice of any special meeting
shall be given by written notice delivered personally or by electronic mail,
telephoned, facsimile transmitted, overnight couriered (with proof of delivery)
or mailed to each Trustee at his or her business or residence address.&#160; Personally delivered, telephoned, facsimile
transmitted or electronically mailed notices shall be given at least 24 hours
prior to the meeting.&#160; Notice by mail
shall be deposited in the U.S.&#160; mail at
least 72 hours prior to the meeting.&#160; If
mailed, such notice shall be deemed to be given when deposited in the U.S.&#160; mail properly addressed, with postage thereon
prepaid.&#160; Electronic mail notice shall be
deemed to be given upon transmission of the message to the electronic mail
address given to the Trust by the Trustee.&#160;
Telephone notice shall be deemed given when the Trustee is personally
given such notice in a telephone call to which he is a party.&#160; Facsimile transmission notice shall be deemed
given upon completion of the transmission of the message to the number given to
the Trust by the Trustee and receipt of a completed answer back indicating
receipt.&#160; If sent by overnight courier,
such notice shall be deemed given when delivered to the courier.&#160; Neither the business to be transacted at, nor
the purpose of, any annual, regular or special meeting of the Trustees need be
stated in the notice, unless specifically required by statute or these Bylaws.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16<a name="PB_16_094801_455"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Quorum</font></u><font size="2" style="font-size:10.0pt;">.&#160; A majority of the Trustees
shall constitute a quorum for transaction of business at any meeting of the
Trustees, provided that, if less than a majority of such Trustees are present
at a meeting, a majority of the Trustees present may adjourn the meeting from
time to time without further notice, and provided further that if, pursuant to
the Declaration of Trust or these Bylaws, the vote of a majority of a
particular group of Trustees is required for action, a quorum for that action shall
also include a majority of such group.&#160;
The Trustees present at a meeting of the Board of Trustees which has
been duly called and convened and at which a quorum was established may
continue to transact business until adjournment, notwithstanding the withdrawal
of a number of Trustees resulting in less than a quorum then being present at
the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Voting</font></u><font size="2" style="font-size:10.0pt;">.&#160; The action of the majority of
the Trustees present at a meeting at which a quorum is or was present shall be
the action of the Trustees, unless the concurrence of a greater proportion is
required for such action by specific provision of an applicable statute, the
Declaration of Trust or these Bylaws.&#160; If
enough Trustees have withdrawn from a meeting to leave fewer than are required
to establish a quorum, but the meeting is not adjourned, the action of the
majority of that number of Trustees necessary to constitute a quorum at such
meeting shall be the action of the Board of Trustees, unless the concurrence of
a greater proportion is required for such action by applicable law, the
Declaration of Trust or these Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Telephone
Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Trustees may participate in a meeting by
means of a conference telephone or similar communications equipment if all
persons participating in the meeting can hear each other at the same time.&#160; Participation in a meeting by these means
shall constitute presence in person at the meeting.&#160; Such meeting shall be deemed to have been
held at a place designated by the Trustees at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Action by
Written Consent of Trustees</font></u><font size="2" style="font-size:10.0pt;">.&#160; Unless specifically otherwise provided in the
Declaration of Trust, any action required or permitted to be taken at any
meeting of the Trustees may be taken without a meeting, if a majority of the
Trustees shall individually or collectively consent in writing to such
action.&#160; Such written consent or consents
shall be filed with the records of the Trust and shall have the same force and
effect as the affirmative vote of such Trustees at a duly held meeting of the
Trustees at which a quorum was present.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Waiver of
Notice</font></u><font size="2" style="font-size:10.0pt;">.&#160; The
actions taken at any meeting of the Trustees, however called and noticed or
wherever held, shall be as valid as though taken at a meeting duly held after
regular call and notice if a quorum is present and if, either before or after
the meeting, each of the Trustees not present waives notice, consents to the
holding of such meeting or approves the minutes thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Vacancies</font></u><font size="2" style="font-size:10.0pt;">.&#160; Pursuant to the Articles
Supplementary accepted for record by the SDAT as of May&nbsp;16, 2000, if for
any reason any or all the Trustees cease to be Trustees, such event shall not
terminate the Trust or affect these Bylaws or the powers of the remaining
Trustees hereunder (even if fewer than three Trustees remain).&#160; Any vacancy on the Board of Trustees may be
filled only by a majority of the remaining Trustees, even if the remaining
Trustees do not constitute a quorum.&#160; Any
Trustee elected to fill a vacancy, whether occurring due to an increase in size
of the Board of Trustees or by the death, resignation or removal of any</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17<a name="PB_17_083625_7056"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee,
shall hold office for the remainder of the full term of the class of Trustees
in which the vacancy occurred or was created and until a successor is elected
and qualifies.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Compensation</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trustees shall be entitled
to receive such reasonable compensation for their services as Trustees as the
Trustees may determine from time to time.&#160;
Trustees may be reimbursed for expenses of attendance, if any, at each
annual, regular or special meeting of the Trustees or of any committee thereof;
and for their expenses, if any, in connection with each property visit and any
other service or activity performed or engaged in as Trustees.&#160; The Trustees shall be entitled to receive
remuneration for services rendered to the Trust in any other capacity, and such
services may include, without limitation, services as an officer of the Trust,
services as an employee of the Advisor, legal, accounting or other professional
services, or services as a broker, transfer agent or underwriter, whether
performed by a Trustee or any person affiliated with a Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Removal of
Trustees</font></u><font size="2" style="font-size:10.0pt;">.&#160; A Trustee may be removed at any time with or
without cause by the affirmative vote either of all the remaining Trustees or
of the holders of shares representing two-thirds of the total votes authorized
to be cast by shares then outstanding and entitled to vote thereon, voting as a
single class, at a meeting of shareholders properly called for that purpose.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Surety Bonds</font></u><font size="2" style="font-size:10.0pt;">.&#160; Unless specifically required by
law, no Trustee shall be obligated to give any bond or surety or other security
for the performance of any of his or her duties.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.16.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Reliance</font></u><font size="2" style="font-size:10.0pt;">.&#160; Each Trustee, officer, employee
and agent of the Trust shall, in the performance of his or her duties with
respect to the Trust, be entitled to rely on any information, opinion, report
or statement, including any financial statement or other financial data,
prepared or presented by an officer or employee of the Trust or by the Advisor,
accountants, appraisers or other experts or consultants selected by the Board
of Trustees or officers of the Trust, regardless of whether such counsel or
expert may also be a Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.17.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Interested
Trustee Transactions</font></u><font size="2" style="font-size:10.0pt;">.&#160; Section&nbsp;2-419 of the Maryland General
Corporation Law shall be available for and apply to any contract or other
transaction between the Trust and any of its Trustees or between the Trust and
any other trust, corporation, firm or other entity in which any of its Trustees
is a trustee or director or has a material financial interest.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.18.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Qualifying
Shares Not Required</font></u><font size="2" style="font-size:10.0pt;">.&#160; Trustees need not be shareholders of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.19.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Certain Rights
of Trustees, Officers, Employees and Agents</font></u><font size="2" style="font-size:10.0pt;">.&#160; A Trustee shall have no responsibility to
devote his or her full time to the affairs of the Trust.&#160; Any Trustee or officer, employee or agent of
the Trust, in his or her personal capacity or in a capacity as an affiliate,
employee or agent of any other person, or otherwise, may have business
interests and engage in business activities similar or in addition to those of
or relating to the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.20.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Emergency
Provisions</font></u><font size="2" style="font-size:10.0pt;">.&#160; Notwithstanding any other provision in the
Declaration of Trust or these Bylaws, this Section&nbsp;3.20 shall apply during
the existence of any</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18<a name="PB_18_083705_5796"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">catastrophe,
or other similar emergency condition, as a result of which a quorum of the
Board of Trustees under ARTICLE III cannot readily be obtained (an &#147;Emergency&#148;).&#160; During any Emergency, unless otherwise
provided by the Board of Trustees, (a)&nbsp;a meeting of the Board of Trustees
may be called by any Managing Trustee or officer of the Trust by any means
feasible under the circumstances and (b)&nbsp;notice of any meeting of the
Board of Trustees during such an Emergency may be given less than 24 hours
prior to the meeting to as many Trustees and by such means as it may be
feasible at the time, including publication, television or radio.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IV</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">COMMITTEES</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Number; Tenure
and Qualifications</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Board of Trustees shall appoint an Audit
Committee, a Compensation Committee and a Nominating and Governance
Committee.&#160; Each of these committees
shall be composed of three or more Trustees, to serve at the pleasure of the
Board of Trustees.&#160; The Board of Trustees
may also appoint other committees from time to time composed of one or more
members, at least one of which shall be a Trustee, to serve at the pleasure of
the Board of Trustees.&#160; The Board of
Trustees shall adopt a charter with respect to the Audit Committee, the
Compensation Committee and the Nominating and Governance Committee, which
charter shall specify the purposes, the criteria for membership and the
responsibility and duties and may specify other matters with respect to each
committee.&#160; The Board of Trustees may
also adopt a charter with respect to other committees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Powers</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trustees may delegate any
of the powers of the Trustees to committees appointed under Section&nbsp;4.1
and composed solely of Trustees, except as prohibited by law.&#160; In the event that a charter has been adopted
with respect to a committee composed solely of Trustees, the charter shall
constitute a delegation by the Trustees of the powers of the Board of Trustees
necessary to carry out the purposes, responsibilities and duties of a committee
provided in the charter or reasonably related to those purposes, responsibilities
and duties, to the extent permitted by law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Notice of committee meetings
shall be given in the same manner as notice for special meetings of the Board
of Trustees.&#160; One-third, but not less
than one, of the members of any committee shall be present in person at any
meeting of a committee in order to constitute a quorum for the transaction of
business at a meeting, and the act of a majority present at a meeting at the
time of a vote if a quorum is then present shall be the act of a
committee.&#160; The Board of Trustees or, if
authorized by the Board in a committee charter or otherwise, the committee
members may designate a chairman of any committee, and the chairman or, in the
absence of a chairman, a majority of any committee may fix the time and place
of its meetings unless the Board shall otherwise provide.&#160; In the absence or disqualification of any
member of any committee, the members thereof present at any meeting and not
disqualified from voting, whether or not they constitute a quorum, may
unanimously appoint another Trustee to act at the meeting in the place of
absent or disqualified members.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each
committee shall keep minutes of its proceedings and shall periodically report
its activities to the full Board of Trustees and, except as otherwise provided
by law or under the rules</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19<a name="PB_19_083744_2897"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the S.E.C. and applicable stock exchanges on which
the Trust&#146;s shares are listed, any action by any committee shall be subject to
revision and alteration by the Board of Trustees, provided that no rights of
third persons shall be affected by any such revision or alteration.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Telephone
Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#160; Members of a committee may participate in a
meeting by means of a conference telephone or similar communications equipment
and participation in a meeting by these means shall constitute presence in
person at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Action by
Written Consent of Committees</font></u><font size="2" style="font-size:10.0pt;">.&#160; Any action required or permitted to be taken
at any meeting of a committee of the Trustees may be taken without a meeting,
if a consent in writing to such action is signed by a majority of the committee
and such written consent is filed with the minutes of proceedings of such
committee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Vacancies</font></u><font size="2" style="font-size:10.0pt;">.&#160; Subject to the provisions
hereof, the Board of Trustees shall have the power at any time to change the
membership of any committee, to fill all vacancies, to designate alternate
members to replace any absent or disqualified member or to dissolve any such
committee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE V</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">OFFICERS</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">General
Provisions</font></u><font size="2" style="font-size:10.0pt;">.&#160; The officers of the Trust shall include a
president, a secretary and a treasurer and may include a chairman of the board,
a vice chairman of the board, a chief executive officer, a chief operating
officer, a chief financial officer, one or more vice presidents, one or more
assistant secretaries and one or more assistant treasurers.&#160; In addition, the Trustees may from time to
time appoint such other officers with such powers and duties as they shall deem
necessary or desirable.&#160; The officers of
the Trust shall be elected annually by the Trustees at the first meeting of the
Trustees held after each annual meeting of shareholders.&#160; If the election of officers shall not be held
at such meeting, such election shall be held as soon thereafter as may be
convenient.&#160; Each officer shall hold
office until his or her successor is elected and qualifies or until his or her
death, resignation or removal in the manner hereinafter provided.&#160; Any two or more offices, except president and
vice president, may be held by the same person.&#160;
In their discretion, the Trustees may leave unfilled any office except
that of president and secretary.&#160;
Election of an officer or agent shall not of itself create contract
rights between the Trust and such officer or agent.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Removal and
Resignation</font></u><font size="2" style="font-size:10.0pt;">.&#160; Any officer or agent of the Trust may be
removed by the Trustees if in their judgment the best interests of the Trust
would be served thereby, but the removal shall be without prejudice to the
contract rights, if any, of the person so removed.&#160; Any officer of the Trust may resign at any
time by giving written notice of his or her resignation to the Trustees, the
chairman of the board, the president or the secretary.&#160; Any resignation shall take effect at any time
specified therein or, if the time when it shall become effective is not
specified therein, immediately upon its receipt.&#160; The acceptance of a resignation shall not be
necessary to make it effective unless otherwise stated in the resignation.&#160; A resignation shall be without prejudice to
the contract rights, if any, of the Trust.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20<a name="PB_20_083808_3020"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Vacancies</font></u><font size="2" style="font-size:10.0pt;">.&#160; A vacancy in any office may be
filled by the Trustees for the balance of the term.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Chief Executive
Officer</font></u><font size="2" style="font-size:10.0pt;">.&#160; The
Trustees may designate a chief executive officer from among the Trustees or
elected officers.&#160; The chief executive
officer shall have responsibility for implementation of the policies of the
Trust, as determined by the Trustees, and for the administration of the
business affairs of the Trust.&#160; In the
absence of both the chairman and vice chairman of the board, the chief
executive officer shall preside over the meetings of the Board of Trustees at
which he shall be present.&#160; In the
absence of a different designation, the Managing Trustees, or any of them,
shall function as the chief executive officer of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Chief Operating
Officer</font></u><font size="2" style="font-size:10.0pt;">.&#160; The
Trustees may designate a chief operating officer from among the elected
officers.&#160; Said officer will have the
responsibilities and duties as set forth by the Trustees or the chief executive
officer.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Chief Financial
Officer</font></u><font size="2" style="font-size:10.0pt;">.&#160; The
Trustees may designate a chief financial officer from among the elected
officers.&#160; Said officer will have the
responsibilities and duties as set forth by the Trustees or the chief executive
officer.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Chairman and
Vice Chairman of the Board</font></u><font size="2" style="font-size:10.0pt;">.&#160; The chairman of the board, if any, and the
vice chairman of the board, if any, shall perform such duties as may be
assigned to him, her or them by the Trustees.&#160;
In the absence of a chairman and vice chairman of the board or if none
are appointed, the Managing Trustees, or any of them, shall preside at meetings
of the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">President</font></u><font size="2" style="font-size:10.0pt;">.&#160; The president may execute any
deed, mortgage, bond, lease, contract or other instrument, except in cases
where the execution thereof shall be expressly delegated by the Trustees or by
these Bylaws to some other officer or agent of the Trust or shall be required
by law to be otherwise executed, and in general shall perform all duties
incident to the office of president and such other duties as may be prescribed
by the chief executive officer or the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Vice Presidents</font></u><font size="2" style="font-size:10.0pt;">.&#160; In the absence or
unavailability of the president, the vice president (or in the event there be
more than one vice president, any vice president) shall perform the duties of
the president and when so acting shall have all the powers of the president;
and shall perform such other duties as from time to time may be assigned to him
or her by the president, the chief executive officer or by the Trustees.&#160; The Trustees may designate one or more vice
presidents as executive vice presidents, senior vice presidents or as vice
presidents for particular areas of responsibility.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Secretary</font></u><font size="2" style="font-size:10.0pt;">.&#160; The secretary (or his or her
designee) shall (a)&nbsp;keep the minutes of the proceedings of the
shareholders, the Trustees and committees of the Trustees in one or more books
provided for that purpose; (b)&nbsp;see that all notices are duly given in
accordance with the provisions of these Bylaws or as required by law; (c)&nbsp;be
custodian of the Trust records and of the seal of the Trust, if any; (d)&nbsp;maintain
a share register, showing the ownership and transfers of ownership of all
shares of the Trust, unless a transfer agent is employed to maintain and does</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21<a name="PB_21_083900_7748"></a></font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">maintain
such a share register; and (e)&nbsp;in general perform such other duties as
from time to time may be assigned to the secretary by the chief executive
officer or the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Treasurer</font></u><font size="2" style="font-size:10.0pt;">.&#160; The treasurer shall have the
custody of the funds and securities of the Trust and shall keep full and
accurate accounts of receipts and disbursements in books belonging to the Trust
and shall deposit all moneys and other valuable effects in the name and to the
credit of the Trust in such depositories as may be authorized by the Trustees.&#160; The treasurer shall also have such other
responsibilities as may be assigned to him or her by the chief executive
officer or the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Assistant
Secretaries and Assistant Treasurers</font></u><font size="2" style="font-size:10.0pt;">.&#160; The assistant secretaries and assistant
treasurers, in general, shall perform such duties as shall be assigned to them
by the secretary or treasurer, respectively, or by the chief executive officer
or the Trustees.</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VI</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">CONTRACTS,
LOANS, CHECKS AND DEPOSITS</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Contracts</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Board of Trustees may authorize
any Trustee, officer or agent (including the Advisor or any officer of the
Advisor) to enter into any contract or to execute and deliver any instrument in
the name of and on behalf of the Trust and such authority may be general or
confined to specific instances.&#160; Any
agreement, deed, mortgage, lease or other document executed by an authorized
Trustee, officer or agent shall be valid and binding upon the Trustees and upon
the Trust when authorized or ratified by action of the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Checks and
Drafts</font></u><font size="2" style="font-size:10.0pt;">.&#160; All
checks, drafts or other orders for the payment of money, notes or other
evidences of indebtedness issued in the name of the Trust shall be signed by
such officer or agent of the Trust in such manner as shall from time to time be
determined by the treasurer, the chief executive officer or the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Deposits</font></u><font size="2" style="font-size:10.0pt;">.&#160; All funds of the Trust not
otherwise employed shall be deposited from time to time to the credit of the
Trust in such banks, trust companies or other depositories as the treasurer,
the chief executive officer or the Trustees may designate.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VII</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">SHARES</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Certificates</font></u><font size="2" style="font-size:10.0pt;">.&#160; Ownership of shares of any
class of shares of beneficial ownership of the Trust shall be evidenced by
certificates, or at the election of a shareholder in book entry form.&#160; Unless otherwise determined by the Board of
Trustees, any such certificates shall be signed by the chief executive officer,
the president or a vice president and countersigned by the secretary or an
assistant secretary or the treasurer or an assistant treasurer and may be
sealed with the seal, if any, of the Trust.&#160;
The signatures may be either manual or facsimile.&#160; Certificates shall be consecutively numbered
and if the Trust shall from time to time issue several</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22<a name="PB_22_084039_8146"></a></font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">classes
of shares, each class may have its own number series.&#160; A certificate is valid and may be issued
whether or not an officer who signed it is still an officer when it is issued.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Transfers</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Shares of the Trust shall be transferable in the manner
provided by applicable law, the Declaration of Trust and these Bylaws.&#160; Certificates shall be treated as negotiable
and title thereto and to the shares they represent shall be transferred, as
described in Sections 5.2 and 5.6 of the Declaration of Trust.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The Trust shall be entitled to treat the holder of record of
any share or shares as the holder in fact thereof and, accordingly, shall not
be bound to recognize any equitable or other claim to or interest in such share
or shares on the part of any other person, whether or not it shall have express
or other notice thereof, except as otherwise provided in these Bylaws or by the
laws of the State of Maryland.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Lost
Certificates</font></u><font size="2" style="font-size:10.0pt;">.&#160; For shares evidenced by certificates, any
officer designated by the Trustees may direct a new certificate to be issued in
place of any certificate previously issued by the Trust alleged to have been
lost, stolen or destroyed upon the making of an affidavit of that fact by the
person claiming the certificate to be lost, stolen or destroyed.&#160; When authorizing the issuance of a new
certificate, an officer designated by the Trustees may, in such officer&#146;s
discretion and as a condition precedent to the issuance thereof, require the
owner of such lost, stolen or destroyed certificate or the owner&#146;s legal
representative to advertise the same in such manner as he shall require and/or
to give bond, with sufficient surety, to the Trust to indemnify it against any
loss or claim which may arise as a result of the issuance of a new certificate.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Closing of
Transfer Books or Fixing of Record Date</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The Trustees may set, in advance, a record date for the
purpose of determining shareholders entitled to notice of or to vote at any
meeting of shareholders or determining shareholders entitled to receive payment
of any dividend or the allotment of any other rights, or in order to make a
determination of shareholders for any other proper purpose.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">In lieu of fixing a record date, the Trustees may provide
that the share transfer books shall be closed for a stated period but not
longer than 20 days.&#160; If the share
transfer books are closed for the purpose of determining shareholders entitled
to notice of or to vote at a meeting of shareholders, such books shall be
closed for at least 10 days before the date of such meeting.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">If no record date is fixed and the share transfer books are
not closed for the determination of shareholders, (i)&nbsp;the record date for
the determination of shareholders entitled to notice of or to vote at a meeting
of shareholders shall be at the close of business on the day on which the
notice of meeting is mailed or the 30th day before the meeting, whichever is
the closer date to the meeting; and (ii)&nbsp;the record date for the
determination of shareholders entitled to receive payment of a dividend or an
allotment of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23<a name="PB_23_084107_7091"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">any other
rights shall be the close of business on the day on which the resolution of the
Trustees, declaring the dividend or allotment of rights, is adopted.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">When a determination of shareholders entitled to vote at any
meeting of shareholders has been made as provided in this section, such
determination shall apply to any adjournment thereof unless the Board of
Trustees shall set a new record date with respect thereto.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Share Ledger</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trust shall maintain at its
principal office or at the office of its counsel, accountants or transfer agent
a share ledger containing the name and address of each shareholder and the
number of shares of each class held by such shareholder.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Fractional
Shares; Issuance of Units</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trustees may issue fractional shares or
provide for the issuance of scrip, as described in Section&nbsp;5.3 of the
Declaration of Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VIII<br>
<br>
RESTRICTIONS ON TRANSFER AND OWNERSHIP OF SHARES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Definitions</font></u><font size="2" style="font-size:10.0pt;">.&#160; For the purpose of this ARTICLE
VIII, the following terms shall have the following meanings:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Beneficial Ownership&#148; shall mean ownership of Shares
by a Person, whether the interest in Shares is held directly or indirectly
(including by a nominee), and shall include, but not be limited to, interests
that would be treated as owned through the application of Section&nbsp;544 of
the Code, as modified by Section&nbsp;856(h)(1)(B)&nbsp;of the Code.&#160; The terms &#147;Beneficial Owner&#148;, &#147;Beneficially
Owns&#148; and &#147;Beneficially Owned&#148; shall have the correlative meanings.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Charitable Beneficiary&#148; shall mean one or more
beneficiaries of the Charitable Trust as determined pursuant to Section&nbsp;8.3(g),
provided that each such organization shall be described in Sections 501(c)(3),
170(b)(1)(A)&nbsp;(other than clause (vii)&nbsp;or (viii)&nbsp;thereof) and
170(c)(2)&nbsp;of the Code and contributions to each such organization shall be
eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of
the Code.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Charitable Trust&#148; shall mean any trust provided for
in Section&nbsp;8.2(a)(ii)&nbsp;and Section&nbsp;8.3(a).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Charitable Trustee&#148; shall mean each Person,
unaffiliated with the Trust and a Prohibited Owner, that is appointed by the
Trust from time to time to serve as a trustee of a Charitable Trust as provided
by Section&nbsp;8.3(a).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Code&#148; shall mean the Internal Revenue Code of 1986,
as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Common Shares&#148; shall mean the common shares of
beneficial interest designated as such in the Declaration of Trust.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24<a name="PB_24_084534_455"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Constructive Ownership&#148; shall mean ownership of
Shares by a Person, whether the interest in Shares is held directly or
indirectly (including by a nominee), and shall include any interests that would
be treated as owned through the application of Section&nbsp;318(a)&nbsp;of the
Code, as modified by Section&nbsp;856(d)(5)&nbsp;of the Code or treated as
beneficially owned under Rule&nbsp;13d-3 under the Exchange Act.&#160; The terms &#147;Constructive Owner&#148;, &#147;Constructively
Owns&#148; and &#147;Constructively Owned&#148; shall have the correlative meanings.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excepted Holder&#148; shall mean a shareholder of the
Trust for whom an Excepted Holder Limit is created by the Board of Trustees
pursuant to Section&nbsp;8.2(e)(i)&nbsp;and shall include the Excepted Persons
(as defined in the Declaration of Trust).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Excepted Holder Limit&#148; shall mean, provided that and
only so long as the affected Excepted Holder complies with all of the
requirements established by the Board of Trustees pursuant to Section&nbsp;8.2(e),
the percentage limit established by the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Market Price&#148; with respect to Shares on any date
shall mean the last sale price for such Shares, regular way, or, in case no such
sale takes place on such day, the average of the closing bid and asked prices,
regular way, for such Shares, in either case as reported on the principal
consolidated transaction reporting system with respect to such Shares, or if
such Shares are not listed or admitted to trading on any National Securities
Exchange, the last sale price in the over the counter market, or if no trading
price is available for such Shares, the fair market value of such Shares as
determined in good faith by the Board of Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;National Securities Exchange&#148; means an exchange
registered with the S.E.C. under Section&nbsp;6(a)&nbsp;of the Exchange Act, as
amended, supplemented or restated from time to time, and any successor to such
statute.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Ownership Limit&#148; shall mean (a)&nbsp;with respect to
Common Shares, 9.8% (in value or number of shares, whichever is more
restrictive) of the Common Shares outstanding at the time of determination and (b)&nbsp;with
respect to any other class or series of Shares, 9.8% (in value or number of
shares, whichever is more restrictive) of the Shares of such class or series
outstanding at the time of determination.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Person&#148; shall mean and include individuals,
corporations, limited partnerships, general partnerships, joint stock companies
or associations, joint ventures, associations, companies, trusts, banks, trust
companies, land trusts, business trusts and other entities and governments and
agencies and political subdivisions thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prohibited Owner&#148; shall mean any Person who, but for
the provisions of Section&nbsp;8.2(a), would Beneficially Own or Constructively
Own Shares in excess of the Ownership Limit, and if appropriate in the context,
shall also mean any Person who would have been the holder of record in the
books of the Trust or the Trust&#146;s transfer agent of Shares that the Prohibited
Owner would have so owned.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;REIT&#148; shall mean a &#147;real estate investment trust&#148;
within the meaning of Section&nbsp;856 of the Code.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Shares&#148; shall mean the shares of beneficial interest
of the Trust.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25<a name="PB_25_084541_4141"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Transfer&#148;
shall mean any issuance, sale, transfer, gift, assignment, devise or other
disposition, as well as any other event (or any agreement to take any such
actions or cause any such events) that causes any Person to acquire Beneficial
Ownership or Constructive Ownership of Shares or the right to vote or receive
distributions on Shares, including, without limitation, (a)&nbsp;any change in
the capital structure of the Trust which has the effect of increasing the total
equity interest of any Person in the Trust, (b)&nbsp;a change in the
relationship between two or more Persons which causes a change in ownership of
Shares by application of Section&nbsp;318(a)&nbsp;of the Code, as modified by Section&nbsp;856(d)(5)&nbsp;of
the Code, (c)&nbsp;the grant or exercise of any option or warrant (or any
disposition of any option or warrant, or any event that causes any option or
warrant not theretofore exercisable to become exercisable), pledge, security
interest or similar right to acquire Shares, (d)&nbsp;any disposition of any
securities or rights convertible into or exchangeable for Shares or any
interest in Shares or any exercise of any such conversion or exchange right,
and (e)&nbsp;transfers of interests in other entities that result in changes in
Beneficial Ownership or Constructive Ownership of Shares, in each case, whether
voluntary or involuntary, whether owned of record or Beneficially Owned or
Constructively Owned, and whether by operation of law or otherwise.&#160; The terms &#147;Transferring&#148; and &#147;Transferred&#148;
shall have the correlative meanings.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Restrictions on
Ownership.</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Ownership Limitations</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Basic Restrictions</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; (A)&nbsp;No Person, other than an Excepted
Holder, shall Beneficially Own or Constructively Own Shares in excess of the
Ownership Limit, (B)&nbsp;no Excepted Holder shall Beneficially Own or
Constructively Own Shares in excess of the Excepted Holder Limit for such
Excepted Holder, (C)&nbsp;no Person shall Beneficially Own or Constructively
Own Shares to the extent that such Beneficial Ownership or Constructive
Ownership of Shares would result in the Trust being &#147;closely held&#148; within the
meaning of Section&nbsp;856(h)&nbsp;of the Code (without regard to whether the
ownership interest is held during the last half of a taxable year), or
otherwise failing to qualify as a REIT (including, without limitation,
Beneficial Ownership or Constructive Ownership that would result in the Trust
owning (actually or Constructively) an interest in a tenant that is described
in Section&nbsp;856(d)(2)(B)&nbsp;of the Code if the income derived by the
Trust from such tenant would cause the Trust to fail to satisfy any of the
gross income requirements of Section&nbsp;856(c)&nbsp;of the Code or (D)&nbsp;subject
to Section&nbsp;8.5, notwithstanding any other provisions contained herein, any
Transfer of Shares (whether or not such Transfer is the result of a transaction
entered into through the facilities of a National Securities Exchange or
automated inter-dealer quotation system) that, if effective, would result in
Shares being beneficially owned by less than 100 Persons (determined under the
principles of Section&nbsp;856(a)(5)&nbsp;of the Code) shall be void ab initio,
and the intended transferee shall acquire no rights in such Shares.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26<a name="PB_26_084946_8627"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Transfer in Trust or Voided Transfer</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; If any Transfer of
Shares occurs (whether or not such Transfer is the result of a transaction
entered into through the facilities of a National Securities Exchange or
automated inter-dealer quotation system) which, if effective, would result in
any Person Beneficially Owning or Constructively Owning Shares in violation of Section&nbsp;8.2(a)(i)(A),
Section&nbsp;8.2(a)(i)(B)&nbsp;or Section&nbsp;8.2(a)(i)(C), as applicable,
then the Board of Trustees shall be authorized and empowered to deem (and if so
deemed, such action and result shall be deemed to occur and the officers of the
Trust shall be authorized to take such actions in the name and on behalf of the
Trust authorized by the Board of Trustees to effectuate the same): (A)&nbsp;that
number of Shares the Beneficial Ownership or Constructive Ownership of which
otherwise would cause such Person to violate Section&nbsp;8.2(a)(i)(A), Section&nbsp;8.2(a)(i)(B)&nbsp;or
Section&nbsp;8.2(a)(i)(C)&nbsp;(rounded upward to the nearest whole share, and
such excess shares, including as so rounded, the &#147;Excess Shares&#148;) to be
automatically transferred to a Charitable Trust or Charitable Trusts for the
benefit of a Charitable Beneficiary, as described in Section&nbsp;8.3,
effective as of the close of business on the business day prior to the date of
such determination of such Transfer or at such other time determined by the
Board of Trustees, and such Person shall acquire no rights in the Excess
Shares; or (B)&nbsp;to the fullest extent permitted by law, the Transfer of
Excess Shares to be void ab initio, in which case, the intended transferee
shall acquire no rights in the Excess Shares.</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Cooperation</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; The shareholder that would otherwise qualify
as a Prohibited Owner absent the application of the provisions of Section&nbsp;8.2(a)(ii)&nbsp;shall
use best efforts and take all actions necessary or requested by the Trust to
cooperate with effecting the actions taken by the Board of Trustees pursuant to
Section&nbsp;8.2(a)(ii), including, without limitation, informing the Trust
where any Excess Shares may be held and instructing its agents to cooperate in
the prompt implementation and effectuation of the actions so taken by the Board
of Trustees.</font></p>

<p style="color:black;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.4in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Remedies for Breach</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; If the Board of Trustees or any duly
authorized committee thereof shall at any time determine that a Transfer or
other event has taken place that results in a violation of Section&nbsp;8.2(a)(i)&nbsp;or
that a Person intends to acquire or has attempted to acquire Beneficial
Ownership or Constructive Ownership of any Shares in violation of Section&nbsp;8.2(a)(i)&nbsp;(whether
or not such violation is intended), the Board of Trustees or a committee
thereof may take such action as it deems advisable to refuse to give effect to
or to prevent such Transfer or other event, including, without limitation,
causing the Trust to redeem Shares, refusing to give effect to such Transfer on
the books of the Trust or the Trust&#146;s transfer agent or instituting proceedings
to enjoin such Transfer or other event and such Person shall be liable, without
limitation, for all costs incurred in connection therewith and pursuant to Section&nbsp;15.2,
including the costs and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27<a name="PB_27_085014_7906"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">expenses of
the Charitable Trustee.&#160; This Section&nbsp;8.2(b)&nbsp;shall
not in any way limit the provisions of Section&nbsp;8.2(a)(ii).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Notice of Restricted Transfer</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; Any Person who acquires or attempts or
intends to acquire Beneficial Ownership or Constructive Ownership of Shares
that will or may violate Section&nbsp;8.2(a)(i), or any Person who would have
owned Excess Shares, shall immediately give written notice to the Trust of such
event, or in the case of such a proposed or attempted transaction, give at
least 15 days prior written notice, and shall provide to the Trust such other
information as the Trust may request.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Owners Required to Provide Information</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; Every shareholder of
five percent or more of the Shares of any series or class outstanding at the
time of determination, within 30 days after the end of each taxable year and
also within three business days after a request from the Trust, shall give
written notice to the Trust stating the name and address of such owner, the
number of Shares Beneficially Owned, and a description of the manner in which
such Shares are held; provided that a shareholder who holds Shares as nominee
for another Person, which other Person is required to include in gross income
the distributions received on such Shares (an &#147;Actual Owner&#148;), shall give
written notice to the Trust stating the name and address of such Actual Owner
and the number of Shares of such Actual Owner with respect to which the
shareholder is nominee.&#160; Each such
shareholder and each Actual Owner shall provide to the Trust such additional
information as the Trust may request in order to determine the Trust&#146;s status
as a REIT, to determine the Trust&#146;s compliance with other applicable laws or
requirements of any governmental authority or to ensure compliance with the
Ownership Limit.&#160; Each Person who is a
Beneficial Owner or Constructive Owner of Shares and each Person (including the
shareholder) who is holding Shares for a Beneficial Owner or Constructive Owner
shall provide to the Trust such information as the Trust may request, in good
faith, in order to determine the Trust&#146;s status as a REIT, to determine the
Trust&#146;s compliance with other applicable laws or requirements of any
governmental authority and to comply with requirements of any taxing authority
or other governmental authority or to determine such compliance.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Exceptions</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The Board of Trustees, in its sole discretion, may grant to
any Person who makes a request therefor (a &#147;Requesting Person&#148;) an exception to
the Ownership Limit (or one or more elements thereof) with respect to the
ownership of any series or class of Shares, subject to the following conditions
and limitations: (A)&nbsp;the Board of Trustees shall have determined, in its
discretion, that: (1)&nbsp;the Beneficial Ownership or Constructive Ownership
of Shares by such shareholder in excess of the Ownership Limit would not
violate Section&nbsp;8.2(a)(i)(C), (2)&nbsp;the Requesting Person does not and
will not own, actually or Constructively, an interest in a tenant of the Trust
(or a tenant of any entity owned or controlled by the Trust) that would cause
the Trust to own, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28<a name="PB_28_085052_3736"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">actually or Constructively, more
than a 9.8% interest (as set forth in Section&nbsp;856(d)(2)(B)&nbsp;of the
Code) in such tenant, (3)&nbsp;the Requesting Person&#146;s ownership of Shares in
excess of the Ownership Limit pursuant to the exception requested hereunder
(together with the ownership of Shares by all other Persons as permitted under
this ARTICLE VIII, taking into account any previously granted exceptions
pursuant hereto) would not cause a default under the terms of any contract to
which the Trust or any of its subsidiaries is a party or reasonably expects to
become a party and (4)&nbsp;the Requesting Person&#146;s ownership of Shares in
excess of the Ownership Limit pursuant to the exception requested hereunder
(together with the ownership of Shares by all other Persons as permitted under
this ARTICLE VIII, taking into account any previously granted exceptions
pursuant hereto) is in the best interests of the Trust; and (B)(1)&nbsp;prior
to granting any exception pursuant to this Section&nbsp;8.2(e)(i), the Board of
Trustees may require a ruling from the Internal Revenue Service, or an opinion
of counsel, in either case in form and substance satisfactory to the Board of
Trustees in their sole discretion, as they may deem necessary or advisable in
order to determine or ensure the Trust&#146;s status as a REIT and (2)&nbsp;such
Requesting Person provides to the Board of Trustees, for the benefit of the
Trust, such representations and undertakings, if any, as the Board of Trustees
may, in its discretion, determine to be necessary in order for it to make the
determination that the conditions set forth in Section&nbsp;8.2(e)(i)(A)&nbsp;have
been and/or will continue to be satisfied (including, without limitation, an
agreement as to a reduced Ownership Limit or Excepted Holder Limit for such
Requesting Person with respect to the Constructive Ownership of one or more
other classes or series of Shares not subject to the exception), and such
Requesting Person agrees that any violation of such representations and
undertakings or any attempted violation thereof will give rise to the
application of the remedies set forth in Section&nbsp;8.2(a)(ii)&nbsp;and Section&nbsp;8.2(b)&nbsp;with
respect to Shares held in excess of the Ownership Limit or the Excepted Holder
Limit (as may be applicable) with respect to such Requesting Person (determined
without regard to the exception granted such Requesting Person under this Section&nbsp;8.2(e)(i)).&#160; If a member of the Board of Trustees requests
that the Board of Trustees grant an exception pursuant to this Section&nbsp;8.2(e)&nbsp;with
respect to such member, or with respect to any other Person if such member of
the Board of Trustees would be considered to be the Beneficial Owner or
Constructive </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29<a name="PB_29_085110_9621"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Owner of Shares owned by such other
Person, such member of the Board of Trustees shall not participate in the
decision of the Board of Trustees as to whether to grant any such exception.</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">In determining whether to grant any exemption pursuant to Section&nbsp;8.2(e)(i),
the Board of Trustees may, but need not, consider, among other factors, (A)&nbsp;the
general reputation and moral character of the Requesting Person, (B)&nbsp;whether
ownership of Shares would be direct or through ownership attribution, (C)&nbsp;whether
the Requesting Person&#146;s ownership of Shares would interfere with the conduct of
the Trust&#146;s business, including, without limitation, the Trust&#146;s ability to
acquire additional properties or additional investments in issuers currently
invested in by the Trust or other issuers, (D)&nbsp;whether granting an
exemption for the Requesting Person would adversely affect any of the Trust&#146;s
existing contractual arrangements, (E)&nbsp;whether the Requesting Person to
whom the exception would apply has been approved as an owner of the Trust by
all regulatory or other governmental authorities (including Louisiana or other
state gaming regulatory authorities) who have jurisdiction over the Trust and (F)&nbsp;whether
the Requesting Person to whom the exemption would apply is attempting to change
control of the Trust or affect its policies in a way which the Board of
Trustees, in its discretion, considers adverse to the best interest of the
Trust or the shareholders.&#160; Nothing in
this Section&nbsp;8.2(e)(ii)&nbsp;shall be interpreted to mean that the Board
of Trustees may not act in its discretion in making any determination under Section&nbsp;8.2(e)(i).</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">An underwriter or initial purchaser that participates in a
public offering or a private placement of Shares (or securities convertible
into or exchangeable for Shares) may Beneficially Own or Constructively Own
Shares (or securities convertible into or exchangeable for Shares) in excess of
the Ownership Limit, but only to the extent necessary to facilitate such public
offering or private placement as determined by the Board of Trustees.</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Transfer of
Shares.</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Ownership in Trust</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; Upon any purported Transfer or other event described
in Section&nbsp;8.2(a)(ii)&nbsp;that results in a transfer of Shares to a
Charitable Trust, such Shares shall be deemed to have been transferred to the
Charitable Trustee as trustee or trustees, as applicable, of a Charitable Trust
for the exclusive benefit of one or more Charitable Beneficiaries (except to
the extent otherwise provided in Section&nbsp;8.3(e)).&#160; Such </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30<a name="PB_30_085143_8715"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">transfer to
the Charitable Trustee shall be deemed to be effective as of the time provided
in Section&nbsp;8.2(a)(ii).&#160; Any
Charitable Trustee shall be appointed by the Trust and shall be a Person
unaffiliated with the Trust and any Prohibited Owner.&#160; Each Charitable Beneficiary shall be
designated by the Trust as provided in Section&nbsp;8.3(g).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Status of Shares Held by a Charitable Trustee</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; Shares held by a
Charitable Trustee shall be issued and outstanding Shares of the Trust.&#160; The Prohibited Owner shall:</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">have no rights in the Shares held by the Charitable Trustee;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">not benefit economically from ownership of any Shares held in
trust by the Charitable Trustee (except to the extent otherwise provided in Section&nbsp;8.3(e));</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iii)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">have no rights to dividends or other distributions;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(iv)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">not possess any rights to vote or other rights attributable to
the Shares held in the Charitable Trust; and</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(v)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">have no claim, cause of action or other recourse whatsoever
against the purported transferor of such Shares.</font></p>

<p style="color:black;margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Dividend and Voting Rights</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; The Charitable Trustee shall have all voting
rights and rights to dividends or other distributions with respect to Shares
held in the Charitable Trust, which rights shall be exercised for the exclusive
benefit of the Charitable Beneficiary (except to the extent otherwise provided
in Section&nbsp;8.3(e)).&#160; Any dividend or
other distribution paid with respect to any Shares which constituted Excess
Shares at such time and prior to Shares having been transferred to the
Charitable Trustee shall be paid to the Charitable Trustee by the Prohibited
Owner upon demand and any dividend or other distribution authorized but unpaid
with respect to such Shares shall be paid when due to the Charitable
Trustee.&#160; Any dividends or distributions
so paid to the Charitable Trustee shall be held in trust for the Charitable
Beneficiary.&#160; The Prohibited Owner shall
have no voting rights with respect to Shares held in the Charitable Trust and,
effective as of the date that Shares have been transferred to the Charitable
Trustee, the Charitable Trustee shall have the authority (at the Charitable Trustee&#146;s
discretion) (i)&nbsp;to rescind as void any vote cast by a Prohibited Owner
with respect to such Shares at any time such Shares constituted Excess Shares
with respect to such Prohibited Owner and (ii)&nbsp;to recast such vote in
accordance with the desires of the Charitable Trustee acting for the benefit of
the Charitable Beneficiary; provided, however, that if the Trust has already
taken irreversible action, then the Charitable Trustee shall not have the power
to rescind and recast such vote.&#160;
Notwithstanding the provisions of this ARTICLE VIII, until the Shares
have been transferred into a Charitable Trust, the Trust shall be entitled to
rely on its stock transfer and other shareholder records for purposes of
preparing lists of shareholders entitled to vote at meetings, determining the
validity and authority of proxies, and otherwise conducting votes of
shareholders.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31<a name="PB_31_085207_563"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Rights upon Liquidation</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; Upon any voluntary or involuntary
liquidation, dissolution or winding up of or any distribution of the assets of
the Trust, the Charitable Trustee shall be entitled to receive, ratably with
each other holder of Shares of the class or series of Shares that is held in
the Charitable Trust, that portion of the assets of the Trust available for
distribution to the holders of such class or series (determined based upon the
ratio that the number of Shares of such class or series of Shares held by the
Charitable Trustee bears to the total number of Shares of such class or series
of Shares then outstanding).&#160; The
Charitable Trustee shall distribute any such assets received in respect of the
Shares held in the Charitable Trust in any liquidation, dissolution or winding
up or distribution of the assets of the Trust, in accordance with Section&nbsp;8.3(e).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font style="letter-spacing:0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font></font><font style="letter-spacing:0pt;"><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Sale of Shares by Charitable Trustee</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.<font style="letter-spacing:0pt;"><font face="Times New Roman">&#160;
Unless otherwise directed by the Board of Trustees, within 20 days of
receiving notice from the Trust that Shares have been transferred to the
Charitable Trust, or soon thereafter as practicable, the Charitable Trustee
shall sell the Shares held in the Charitable Trust (together with the right to
receive dividends or other distributions with respect to such Shares as to any
Shares transferred to the Charitable Trustee as a result of the operation of Section&nbsp;8.2(a)(ii))
to a Person, designated by the Charitable Trustee, whose ownership of the
Shares will not violate the ownership limitations set forth in Section&nbsp;8.2(a)(i).&#160; Upon such sale, the interest of the
Charitable Beneficiary in the Shares sold shall terminate and the Charitable
Trustee shall distribute the net proceeds of the sale to the Prohibited Owner
and to the Charitable Beneficiary as provided in this Section&nbsp;8.3(e).</font></font></font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;letter-spacing:0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">A Prohibited Owner shall
receive the lesser of (A)&nbsp;the net price paid by the Prohibited Owner for
the Shares or, if the Prohibited Owner did not give value for the Shares in
connection with the event causing the Shares to be held in the Charitable Trust
(for example, in the case of a gift, devise or other such transaction), the
Market Price of the Shares on the day of the event causing the Shares to be
held in the Charitable Trust, less the costs, expenses and compensation of the
Charitable Trustee and the Trust as provided in Section&nbsp;8.4 and (B)&nbsp;the
net sales proceeds received by the Charitable Trustee from the sale or other
disposition of the Shares held in the Charitable Trust.&#160; Any net sales proceeds in excess of the
amount payable to the Prohibited Owner shall be paid to the Charitable
Beneficiary, less the costs, expenses and compensation of the Charitable
Trustee and the Trust as provided in Section&nbsp;8.4.&#160; If such Shares are sold by a Prohibited
Owner, then (A)&nbsp;such Shares shall be deemed to have been sold on behalf of
the Charitable Trust and (B)&nbsp;to the extent that the Prohibited Owner
received an amount for such Shares that exceeds the amount that such Prohibited
Owner was entitled to receive pursuant to this Section&nbsp;8.3(e), such excess
shall be paid promptly to the Charitable Trustee upon demand.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Trust&#146;s Purchase Right in Excess Shares</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; Notwithstanding any
transfer of Excess Shares to a Charitable Trust pursuant to this ARTICLE VIII,
Excess Shares shall be deemed to have been offered for sale to the Trust, or
its designee, at a price per Share equal to the lesser of (i)&nbsp;the price
per Share in the transaction that resulted in such Shares becoming Excess
Shares (or, if the Prohibited Owner did not give value for such Shares, such as
in the case of a devise, gift or other such transaction, the Market Price per
such Share on the day of the event causing the Shares to become Excess Shares)
and (ii)&nbsp;the Market Price per such Share on the date the Trust, or its
designee, accepts such offer, in </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32<a name="PB_32_085258_9497"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">each case
of clauses (i)&nbsp;and (ii)&nbsp;of this sentence, less the costs, expenses
and compensation of the Charitable Trustee, if any, and the Trust as provided
in Section&nbsp;8.4.&#160; The Trust shall
have the right to accept such offer until the Charitable Trustee, if any, has
sold the Shares held in the Charitable Trust, if any, pursuant to Section&nbsp;8.3(e).&#160; Upon such a sale to the Trust, if a
Charitable Trust has been established pursuant to this ARTICLE VIII, the
interest of the Charitable Beneficiary in the Shares sold shall terminate and
the Charitable Trustee shall distribute the net proceeds of the sale to the
Prohibited Owner and the Charitable Beneficiary as provided in Section&nbsp;8.3(e).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Designation of Charitable Beneficiaries</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; By written notice to
the Charitable Trustee, the Trust shall designate from time to time one or more
nonprofit organizations to be the Charitable Beneficiary of the interest in the
Charitable Trust such that (i)&nbsp;Shares held in the Charitable Trust would
not violate the restrictions set forth in Section&nbsp;8.2(a)(i)&nbsp;in the
hands of such Charitable Beneficiary and (ii)&nbsp;contributions to each such
organization shall be eligible for deduction under each of Sections
170(b)(1)(A), 2055 and 2522 of the Code.&#160;
The Charitable Beneficiary shall not obtain any enforceable right to the
Charitable Trust or any of its trust corpus until so designated and thereafter
any such rights remain subject to the provisions of this ARTICLE VIII,
including, without limitation, Section&nbsp;8.3(h).</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Retroactive Changes</font></u><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">.&#160; Notwithstanding any other provisions of this
ARTICLE VIII, the Board of Trustees is authorized and empowered to
retroactively amend, alter or repeal any rights which the Charitable Trust, the
Charitable Trustee or the Charitable Beneficiary may have under this ARTICLE
VIII, including, without limitation, granting retroactive Excepted Holder
status to any otherwise Prohibited Owner, with the effect of any transfer of
Excess Shares to a Charitable Trust being fully and retroactively revoked;
provided, however, that the Board of Trustees shall not have the authority or
power to retroactively amend, alter or repeal any obligations to pay amounts
incurred prior to such time and owed or payable to the Charitable Trustee
pursuant to Section&nbsp;8.4.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Costs, Expenses
and Compensation of Charitable Trustee and the Trust</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The Charitable Trustee shall be indemnified by the Trust or
from the proceeds from the sale of Shares held in the Charitable Trust, as
further provided in this ARTICLE VIII, for its costs and expenses reasonably
incurred in connection with conducting its duties and satisfying its
obligations pursuant to this ARTICLE VIII.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The Charitable Trustee shall be entitled to receive
reasonable compensation for services provided by the Charitable Trustee in
connection with serving as a Charitable Trustee, the amount and form of which
shall be determined by agreement of the Board of Trustees and the Charitable
Trustee.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Costs, expenses and compensation payable to the Charitable
Trustee pursuant to Section&nbsp;8.4(a)&nbsp;and Section&nbsp;8.4(b)&nbsp;may
be funded from the Charitable Trust or by the Trust.&#160; The Trust shall be entitled to reimbursement
on a first priority basis (after payment in full of amounts payable to the
Charitable Trustee pursuant to Section&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33<a name="PB_33_085338_3641"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8.4(a)&nbsp;and
Section&nbsp;8.4(b)) from the Charitable Trust for any such amounts funded by
the Trust.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.9in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Costs and expenses incurred by the Trust in the process of
enforcing the ownership limitation set forth in Section&nbsp;8.2(a)(i), in
addition to reimbursement of costs, expenses and compensation of the Charitable
Trustee which have been funded by the Trust, may be collected from the
Charitable Trust; provided, however, that the ability of the Trust to fund its
costs from the Charitable Trust shall not relieve the Prohibited Owner from his
or her obligation to reimburse the Trust for costs under Section&nbsp;15.2 of
these Bylaws, except to the extent the Trust has in fact been previously paid
from the Charitable Trust; nor will the possibility of the Trust receiving
payment from the Charitable Trust create a marshalling obligation which would
require the Trust to reimburse itself from the Charitable Trust before
enforcing the Trust&#146;s claims under Section&nbsp;15.2 or otherwise.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.1in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Transactions on
a National Securities Exchange</font></u><font size="2" style="font-size:10.0pt;">.&#160; Nothing in this ARTICLE VIII shall preclude
the settlement of any transaction entered into through the facilities of a
National Securities Exchange or any automated inter-dealer quotation system.&#160; The fact that the settlement of any
transaction takes place shall not negate the effect of any other provision of
this ARTICLE VIII and any transferee in such a transaction shall be subject to
all of the provisions and limitations set forth in this ARTICLE VIII.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Enforcement</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trust is authorized
specifically to seek equitable relief, including injunctive relief, to enforce
the provisions of this ARTICLE VIII.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Non-Waiver</font></u><font size="2" style="font-size:10.0pt;">.&#160; No delay or failure on the part
of the Trust or the Board of Trustees in exercising any right hereunder shall
operate as a waiver of any right of the Trust or the Board of Trustees, as the
case may be, except to the extent specifically waived in writing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Enforceability</font></u><font size="2" style="font-size:10.0pt;">.&#160; If any of the restrictions on
transfer of Shares contained in this ARTICLE VIII are determined to be void,
invalid or unenforceable by any court of competent jurisdiction, then, to the
fullest extent permitted by law, the Prohibited Owner may be deemed, at the
option of the Trust, to have acted as an agent of the Trust in acquiring such
Shares and to hold such Shares on behalf of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IX<br>
<br>
REGULATORY COMPLIANCE AND DISCLOSURE</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Actions
Requiring Regulatory Compliance Implicating the Trust</font></u><font size="2" style="font-size:10.0pt;">.&#160; If any shareholder (whether
individually or constituting a group, as determined by the Board of Trustees),
by virtue of such shareholder&#146;s ownership interest in the Trust or actions
taken by the shareholder affecting the Trust, triggers the application of any
requirement or regulation of any federal, state, municipal or other
governmental or regulatory body on the Trust or any subsidiary (for purposes of
this ARTICLE IX, as defined in Section&nbsp;2.14.5(c)) of the Trust or any of
their respective businesses, assets or operations, including, without
limitation, any obligations to make</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34<a name="PB_34_085432_5250"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or
obtain a Governmental Action (as defined in Section&nbsp;2.14.3), such
shareholder shall promptly take all actions necessary and fully cooperate with
the Trust to ensure that such requirements or regulations are satisfied without
restricting, imposing additional obligations on or in any way limiting the
business, assets, operations or prospects of the Trust or any subsidiary of the
Trust.&#160; If the shareholder fails or is
otherwise unable to promptly take such actions so to cause satisfaction of such
requirements or regulations, the shareholder shall promptly divest a sufficient
number of shares of the Trust necessary to cause the application of such requirement
or regulation to not apply to the Trust or any subsidiary of the Trust.&#160; If the shareholder fails to cause such
satisfaction or divest itself of such sufficient number of shares of the Trust
by not later than the 10th day after triggering such requirement or regulation
referred to in this Section&nbsp;9.1, then any shares of the Trust beneficially
owned by such shareholder at and in excess of the level triggering the
application of such requirement or regulation shall, to the fullest extent
permitted by law, be deemed to constitute shares held in violation of the
ownership limitations set forth in ARTICLE VIII and be subject to the
provisions of ARTICLE VIII and any actions triggering the application of such a
requirement or regulation may be deemed by the Trust to be of no force or
effect.&#160; Moreover, if the shareholder who
triggers the application of any regulation or requirement fails to satisfy the
requirements or regulations or to take curative actions within such 10 day
period, the Trust may take all other actions which the Board of Trustees deems
appropriate to require compliance or to preserve the value of the Trust&#146;s
assets; and the Trust may charge the offending shareholder for the Trust&#146;s
costs and expenses as well as any damages which may result to the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
an example and not as a limitation, at the time these Bylaws are being amended
and restated, the Trust holds a controlling interest in gaming businesses in
Louisiana.&#160; Louisiana law provides that
any person who owns five percent or more of gaming businesses in Louisiana
shall provide detailed personal history and financial information and be
approved by the Louisiana Gaming Control Board.&#160;
Accordingly, if a shareholder acquires five percent or more of the Trust
and refuses to provide the Trust with information required to be submitted to
the Louisiana Gaming Control Board or if the Louisiana Gaming Control Board
decline to approve such a shareholder&#146;s ownership of the Trust, then, in either
event, shares of the Trust owned by such a shareholder necessary to reduce its
ownership to less than five percent of the Trust may be deemed shares held in
violation of the ownership limitation in ARTICLE VIII and shall be subject to
the provisions of ARTICLE VIII.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a
further example and not as a limitation, at the time these Bylaws are being
amended and restated, the Trust holds a controlling ownership position in a
company being formed and licensed as an insurance company in the State of
Indiana.&#160; The laws of the State of
Indiana have certain regulatory requirements for any person who seeks to
control (as defined under Indiana law) a company which itself controls an
insurance company domiciled in the State of Indiana, including by exercising
proxies representing 10% or more of the Trust&#146;s voting securities.&#160; Accordingly, if a shareholder seeks to
exercise proxies for a matter to be voted upon at a meeting of the Trust&#146;s</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">shareholders without having obtained any applicable approvals from the
Indiana insurance regulatory authorities, such proxies representing 10% or more
of the Trust&#146;s voting securities will, subject to Section&nbsp;9.3, be void and
of no further force or effect.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Compliance With
Law</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Shareholders shall comply with all applicable requirements of federal
and state laws, including all rules&nbsp;and regulations promulgated</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35<a name="PB_35_085541_7672"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thereunder,
in connection with such shareholder&#146;s ownership interest in the Trust and all
other laws which apply to the Trust or any subsidiary of the Trust or their respective
businesses, assets or operations and which require action or inaction on the
part of the shareholder.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Limitation on
Voting Shares or Proxies</font></u><font size="2" style="font-size:10.0pt;">.&#160; Without limiting the provisions of Section&nbsp;9.1,
if a shareholder (whether individually or constituting a group, as determined
by the Board of Trustees), by virtue of such shareholder&#146;s ownership interest
in the Trust or its receipt or exercise of proxies to vote shares owned by
other shareholders, would not be permitted to vote the shareholder&#146;s shares of
the Trust or proxies for shares of the Trust in excess of a certain amount
pursuant to applicable law (including by way of example, applicable state
insurance regulations) but the Board of Trustees determines that the excess
shares or shares represented by the excess proxies are necessary to obtain a
quorum, then such shareholder shall not be entitled to vote any such excess
shares or proxies, and instead such excess shares or proxies may, to the
fullest extent permitted by law, be voted by the Advisor (or by another person
designated by the Trustees) in proportion to the total shares otherwise voted
on such matter.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Representations,
Warranties and Covenants Made to Governmental or Regulatory Bodies</font></u><font size="2" style="font-size:10.0pt;">.&#160; To the fullest extent permitted by law, any
representation, warranty or covenant made by a shareholder with any
governmental or regulatory body in connection with such shareholder&#146;s interest
in the Trust or any subsidiary of the Trust shall be deemed to be
simultaneously made to, for the benefit of and enforceable by, the Trust and
any applicable subsidiary of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Board of
Trustees&#146; Determinations</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Board of Trustees shall be empowered to
make all determinations regarding the interpretation, application, enforcement
and compliance with any matters referred to or contemplated by this ARTICLE IX.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE X</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">FISCAL
YEAR</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Fiscal Year</font></u><font size="2" style="font-size:10.0pt;">.&#160; The fiscal year of the Trust
shall be the calendar year.</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XI</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">DIVIDENDS
AND OTHER DISTRIBUTIONS</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Dividends and
Other Distributions</font></u><font size="2" style="font-size:10.0pt;">.&#160; Dividends and other distributions upon the
shares of beneficial interest of the Trust may be authorized and declared by
the Trustees.&#160; Dividends and other
distributions may be paid in cash, property or shares of the Trust.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36<a name="PB_36_085558_536"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XII</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">SEAL</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Seal</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trustees may authorize the
adoption of a seal by the Trust.&#160; The
Trustees may authorize one or more duplicate seals.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Affixing Seal</font></u><font size="2" style="font-size:10.0pt;">.&#160; Whenever the Trust is permitted
or required to affix its seal to a document, it shall be sufficient to meet the
requirements of any law, rule&nbsp;or regulation relating to a seal to place
the word &#147;(SEAL)&#148; adjacent to the signature of the person authorized to execute
the document on behalf of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XIII</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">WAIVER OF
NOTICE</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Waiver of
Notice</font></u><font size="2" style="font-size:10.0pt;">.&#160;
Whenever any notice is required to be given pursuant to the Declaration
of Trust, these Bylaws or applicable law, a waiver thereof in writing, signed
by the person or persons entitled to such notice, or a waiver by electronic
transmission by the person or persons entitled to such notice, whether before
or after the time stated therein, shall be deemed equivalent to the giving of
such notice.&#160; Neither the business to be
transacted at nor the purpose of any meeting need be set forth in the waiver of
notice or waiver by electronic transmission, unless specifically required by
statute.&#160; The attendance of any person at
any meeting shall constitute a waiver of notice of such meeting, except where
such person attends a meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully
called or convened.</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XIV</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">AMENDMENT
OF BYLAWS</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Amendment of
Bylaws</font></u><font size="2" style="font-size:10.0pt;">.&#160; Except
for any change for which these Bylaws requires approval by more than a majority
vote of the Trustees, these Bylaws may be amended or repealed or new or
additional Bylaws may be adopted only by the vote or written consent of a
majority of the Trustees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XV</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">MISCELLANEOUS</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">References to
Declaration of Trust</font></u><font size="2" style="font-size:10.0pt;">.&#160; All references to the Declaration of Trust
shall include any amendments thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Costs and
Expenses</font></u><font size="2" style="font-size:10.0pt;">.&#160; In addition to, and as further clarification
of each shareholder&#146;s obligation to indemnify and hold the Trust harmless from
and against all costs,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37<a name="PB_37_090002_4688"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">expenses,
penalties, fines and other amounts, including, without limitation, attorneys&#146;
and other professional fees, whether third party or internal, arising from such
shareholder&#146;s violation of any provision of the Declaration of Trust or these
Bylaws pursuant to Section&nbsp;8.8 of the Declaration of Trust, to the fullest
extent permitted by law, each shareholder will be liable to the Trust (and any
subsidiaries or affiliates thereof) for, and indemnify and hold harmless the
Trust (and any subsidiaries or affiliates thereof) from and against, all costs,
expenses, penalties, fines or other amounts, including, without limitation,
reasonable attorneys&#146; and other professional fees, whether third party or
internal, arising from such shareholder&#146;s breach of or failure to fully comply
with any covenant, condition or provision of these Bylaws or the Declaration of
Trust (including Section&nbsp;2.14 of these Bylaws) or any action by or against
the Trust (or any subsidiaries or affiliates thereof) in which such shareholder
is not the prevailing party, and shall pay such amounts to such indemnitee on
demand, together with interest on such amounts, which interest will accrue at
the lesser of the Trust&#146;s highest marginal borrowing rate, per annum
compounded, and the maximum amount permitted by law, from the date such costs
or the like are incurred until the receipt of payment.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Ratification</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Board of Trustees or the
shareholders may ratify and make binding on the Trust any action or inaction by
the Trust or its officers to the extent that the Board of Trustees or the
shareholders could have originally authorized the matter.&#160; Moreover, any action or inaction questioned
in any shareholder&#146;s derivative proceeding or any other proceeding on the
ground of lack of authority, defective or irregular execution, adverse interest
of a Trustee, officer or shareholder, non-disclosure, miscomputation, the
application of improper principles or practices of accounting, or otherwise,
may be ratified, before or after judgment, by the Board of Trustees or by the
shareholders and, if so ratified, shall have the same force and effect as if
the questioned action or inaction had been originally duly authorized, and such
ratification shall be binding upon the Trust and its shareholders and shall
constitute a bar to any claim or execution of any judgment in respect of such
questioned action or inaction.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Ambiguity</font></u><font size="2" style="font-size:10.0pt;">.&#160; In the case of an ambiguity in
the application of any provision of these Bylaws or any definition contained in
these Bylaws, the Board of Trustees shall have the sole power to determine the
application of such provisions with respect to any situation based on the facts
known to it and such determination shall be final and binding unless determined
by a court of competent jurisdiction to have been made in bad faith.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Inspection of
Bylaws</font></u><font size="2" style="font-size:10.0pt;">.&#160; The
Trustees shall keep at the principal office for the transaction of business of
the Trust the original or a copy of the Bylaws as amended or otherwise altered
to date, certified by the secretary, which shall be open to inspection by the
shareholders at all reasonable times during office hours.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Election to be
Subject to Part&nbsp;of Title 3, Subtitle 8.&#160;
</font></u><font size="2" style="font-size:10.0pt;">Notwithstanding any other provision contained
in the Declaration of Trust or these Bylaws, the Trust hereby elects to be
subject to Section&nbsp;3-804(b)&nbsp;and (c)&nbsp;of Title 3, Subtitle 8 of
the Maryland General Corporation Law (or any successor statute).&#160; This Section&nbsp;15.6 only may be repealed,
in whole or in part, by a subsequent amendment to these Bylaws.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38<a name="PB_38_090034_6228"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XVI</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
<br>
ARBITRATION</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Procedures for
Arbitration of Disputes</font></u><font size="2" style="font-size:10.0pt;">.&#160; Any disputes, claims or controversies brought
by or on behalf of any shareholder of the Trust (which, for purposes of this
ARTICLE XVI, shall mean any shareholder of record or any beneficial owner of
shares of the Trust, or any former shareholder of record or beneficial owner of
shares of the Trust), either on his, her or its own behalf, on behalf of the
Trust or on behalf of any series or class of shares of the Trust or
shareholders of the Trust against the Trust or any Trustee, officer, manager
(including Reit Management&nbsp;&amp; Research LLC or its successor), agent or
employee of the Trust, including disputes, claims or controversies relating to
the meaning, interpretation, effect, validity, performance or enforcement of
the Declaration of Trust or these Bylaws (all of which are referred to as &#147;Disputes&#148;)
or relating in any way to such a Dispute or Disputes shall, on the demand of
any party to such Dispute, be resolved through binding and final arbitration in
accordance with the Commercial Arbitration Rules&nbsp;(the &#147;Rules&#148;) of the
American Arbitration Association (&#147;AAA&#148;) then in effect, except as those Rules&nbsp;may
be modified in this ARTICLE XVI.&#160; For the
avoidance of doubt, and not as a limitation, Disputes are intended to include
derivative actions against Trustees, officers or managers of the Trust and
class actions by shareholders against those individuals or entities and the
Trust.&#160; For the avoidance of doubt, a
Dispute shall include a Dispute made derivatively on behalf of one party
against another party.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Arbitrators</font></u><font size="2" style="font-size:10.0pt;">.&#160; There shall be three
arbitrators.&#160; If there are only two
parties to the Dispute, each party shall select one arbitrator within 15 days
after receipt by respondent of a copy of the demand for arbitration.&#160; Such arbitrators may be affiliated or
interested persons of such parties.&#160; If
either party fails to timely select an arbitrator, the other party to the
Dispute shall select the second arbitrator who shall be neutral and impartial
and shall not be affiliated with or an interested person of either party. If
there are more than two parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, shall each select, by the vote of a
majority of the claimants or the respondents, as the case may be, one
arbitrator. Such arbitrators may be affiliated or interested persons of the
claimants or the respondents, as the case may be.&#160; If either all claimants or all respondents
fail to timely select an arbitrator then such arbitrator (who shall be neutral,
impartial and unaffiliated with any party) shall be appointed by the AAA.&#160; The two arbitrators so appointed shall
jointly appoint the third and presiding arbitrator (who shall be neutral,
impartial and unaffiliated with any party) within 15 days of the appointment of
the second arbitrator.&#160; If the third
arbitrator has not been appointed within the time limit specified herein, then
the AAA shall provide a list of proposed arbitrators in accordance with the
Rules, and the arbitrator shall be appointed by the AAA in accordance with a
listing, striking and ranking procedure, with each party having a limited
number of strikes, excluding strikes for cause.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section</font><font size="2" style="font-size:10.0pt;">&nbsp;16.3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Place of
Arbitration</font></u><font size="2" style="font-size:10.0pt;">.&#160; The place of arbitration shall be Boston,
Massachusetts unless otherwise agreed by the parties.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section</font><font size="2" style="font-size:10.0pt;">&nbsp;16.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Discovery</font></u><font size="2" style="font-size:10.0pt;">.&#160; There shall be only limited
documentary discovery of documents directly related to the issues in dispute,
as may be ordered by the arbitrators.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39<a name="PB_39_090444_6479"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Awards</font></u><font size="2" style="font-size:10.0pt;">.&#160; In rendering an award or
decision (the &#147;Award&#148;), the arbitrators shall be required to follow the laws of
the State of Maryland.&#160; Any arbitration
proceedings or Award rendered hereunder and the validity, effect and interpretation
of this arbitration agreement shall be governed by the Federal Arbitration Act,
9 U.S.C. &#167;1 et seq.&#160; The Award shall be
in writing and may, but shall not be required to, briefly state the findings of
fact and conclusions of law on which it is based. &#160;Any monetary award shall be made and payable
in U.S. dollars free of any tax, deduction or offset.&#160; The party against which the Award assesses a
monetary obligation shall pay that obligation on or before the 30th day
following the date of the Award or such other date as the Award may provide.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Costs and
Expenses</font></u><font size="2" style="font-size:10.0pt;">.&#160; Except as otherwise set forth in the
Declaration of Trust or these Bylaws, including Section&nbsp;15.2 of these
Bylaws, or as otherwise agreed between the parties, each party involved in a
Dispute shall bear its own costs and expenses (including attorneys&#146; fees), and
the arbitrators shall not render an award that would include shifting of any
such costs or expenses (including attorneys&#146; fees) or, in a derivative case or
class action, award any portion of the Trust&#146;s award to the claimant or the
claimant&#146;s attorneys.&#160; Each party (or, if
there are more than two parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, respectively) shall bear the costs and
expenses of its (or their) selected arbitrator and the parties (or, if there
are more than two parties to the Dispute, all claimants, on the one hand, and
all respondents, on the other hand) shall equally bear the costs and expenses
of the third appointed arbitrator.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Final and
Binding</font></u><font size="2" style="font-size:10.0pt;">.&#160; An
Award shall be final and binding upon the parties thereto and shall be the sole
and exclusive remedy between such parties relating to the Dispute, including
any claims, counterclaims, issues or accounting presented to the
arbitrators.&#160; Judgment upon the Award may
be entered in any court having jurisdiction.&#160;
To the fullest extent permitted by law, no application or appeal to any
court of competent jurisdiction may be made in connection with any question of
law arising in the course of arbitration or with respect to any award made
except for actions relating to enforcement of this agreement to arbitrate or
any arbitral award issued hereunder and except for actions seeking interim or
other provisional relief in aid of arbitration proceedings in any court of
competent jurisdiction.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:58.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Beneficiaries</font></u><font size="2" style="font-size:10.0pt;">.&#160; This ARTICLE XVI is intended to
benefit and be enforceable by the shareholders, Trustees, officers, managers
(including Reit Management&nbsp;&amp; Research LLC or its successor), agents or
employees of the Trust and the Trust and shall be binding on the shareholders
of the Trust and the Trust, as applicable, and shall be in addition to, and not
in substitution for, any other rights to indemnification or contribution that
such individuals or entities may have by contract or otherwise.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40<a name="PB_40_090455_2639"></a></font></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED
AND RESTATED BUSINESS MANAGEMENT AGREEMENT</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS AMENDED AND RESTATED BUSINESS MANAGEMENT AGREEMENT (this &#147;Agreement&#148;)
is entered into as of January&nbsp;13, 2010, by and between Hospitality
Properties Trust, a Maryland real estate investment trust (the &#147;Company&#148;), Reit
Management&nbsp;&amp; Research LLC, a Delaware limited liability company&#160; (the &#147;Manager&#148;), and, solely with respect to Section&nbsp;15
of this Agreement with respect to certain non-competition covenants, Barry M.
Portnoy, Gerard M. Martin and Adam D. Portnoy.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company and the Manager are parties to an Amended and
Restated Advisory Agreement, dated as of January&nbsp;1, 2006 (as amended, the &#147;Original
Agreement&#148;), and Barry M. Portnoy, Gerard M. Martin and Adam D. Portnoy are
parties to the Original Agreement solely with respect to certain covenants in Section&nbsp;15
thereof; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the parties to the Original Agreement wish to amend and
restate the Original Agreement as hereinafter provided;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the mutual agreements herein set
forth, the parties hereto agree that the Original Agreement is hereby amended
and restated to read in its entirety as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Engagement</u>.&#160;
Subject to the terms and conditions hereinafter set forth, the Company
hereby continues to engage the Manager to provide the management and real
estate investment services contemplated by this Agreement with respect to the
Company&#146;s business and real estate investments, and the Manager hereby accepts
such continued engagement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General Duties of the Manager</u>.&#160; The Manager shall use its reasonable best
efforts to present to the Company a continuing and suitable real estate
investment program consistent with the real estate investment policies and
objectives of the Company.&#160; Subject to
the supervision of the Company&#146;s Board of Trustees (the &#147;Trustees&#148;), the
Manager shall:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; provide
research and economic and statistical data in connection with the Company&#146;s
real estate investments and recommend changes in the Company&#146;s real estate investment
policies when appropriate;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&nbsp;investigate
and evaluate investments in, or acquisitions or dispositions of, real estate
and related interests, and financing and refinancing opportunities, (ii)&nbsp;make
recommendations concerning specific investments to the Trustees, and (iii)&nbsp;evaluate
and negotiate contracts with respect to the foregoing, in each case, on behalf
of the Company and in the furtherance of the Company&#146;s real estate financing
objectives;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; investigate,
evaluate and negotiate the prosecution and negotiation of any claims of the
Company in connection with its real estate investments;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; administer
bookkeeping and accounting functions as are required for the management and
operation of the Company, contract for audits and prepare or cause to be
prepared such reports and filings as may be required by any governmental
authority in connection with the ordinary conduct of the Company&#146;s business,
and otherwise advise and assist the Company with its compliance with applicable
legal and regulatory requirements, including without limitation, periodic
reports, returns or statements required under the Securities Exchange Act of
1934, as amended, the Internal Revenue Code of 1986, as amended (said Code, as
in effect from time to time, together with any regulations and rulings
thereunder, being hereinafter referred to as the &#147;Internal Revenue Code&#148;), the
securities and tax statutes of any jurisdiction in which the Company is
obligated to file such reports, or the rules&nbsp;and regulations promulgated under
any of the foregoing;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; advise and
assist in the preparation and filing of all offering documents (public and
private), and all registration statements, prospectuses or other documents
filed with the Securities and Exchange Commission (the &#147;SEC&#148;) or any state (it
being understood that the Company shall be responsible for the content of any
and all of its offering documents and SEC filings (including without limitation
those filings referred to in Section&nbsp;2(d)&nbsp;hereof), and the Manager
shall not be held liable for any costs or liabilities arising out of any
misstatements or omissions in the Company&#146;s offering documents or SEC filings,
whether or not material, and the Company shall promptly indemnify the Manager
from such costs and liabilities);</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; retain
counsel, consultants and other third party professionals on behalf of the
Company;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; provide
internal audit services as hereinafter provided;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; advise and
assist with the Company&#146;s risk management and oversight function;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the
extent not covered above, advise and assist the Company in the review and
negotiation of the Company&#146;s contracts and agreements, coordination and
supervision of all third party legal services and oversight of processing of
claims by or against the Company;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; advise and
assist the Company with respect to the Company&#146;s public relations, preparation
of marketing materials, internet website and investor relations services;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; provide
office space, office equipment and the use of accounting or computing equipment
when required;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_073847_7748"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; advise
and assist with respect to: the design, operation and maintenance of network
infrastructure, including telephone and data transmission lines, voice mail,
facsimile machines, cellular phones, pager, etc.; and local area network and
wide area network communications support; and</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; provide
personnel necessary for the performance of the foregoing services.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In performing its services under this Agreement, the Manager may
utilize facilities, personnel and support services of various of its
affiliates.&#160; The Manager shall be
responsible for paying such affiliates for their personnel and support services
and facilities out of its own funds unless otherwise approved by a majority
vote of the Independent Trustees (the &#147;Independent Trustees&#148;), as defined in
the Company&#146;s Bylaws, as in effect from time to time (the &#147;Bylaws&#148;).&#160; Notwithstanding the foregoing, fees, costs
and expenses of any third party which is not an affiliate of the Manager retained
as permitted hereunder are to be paid by the Company.&#160; Without limiting the foregoing sentence, any
such fees, costs or expenses referred to in the immediately preceding sentence
which may be paid by the Manager shall be reimbursed to the Manager by the
Company promptly following submission to the Company of a statement of any such
fees, costs or expenses by the Manager.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything herein, it is understood and agreed that the
duties of, and services to be provided by, the Manager pursuant to this
Agreement shall not include any investment management or related services with
respect to any assets of the Company as the Company may wish to allocate from
time to time to investments in &#147;securities&#148; (as defined in the Investment
Advisers Act of 1940, as amended).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In performing its services hereunder with respect to the Company, the
Manager shall adhere to, and shall require its officers and employees in the
course of providing such services to the Company to adhere to, the Company&#146;s
Code of Business Conduct and Ethics, as in effect from time to time.&#160; In addition, the Manager shall make available
to its officers and employees providing such services to the Company the
procedures for the receipt, retention and treatment of complaints regarding accounting,
internal accounting controls or auditing matters relating to the Company and
for the confidential, anonymous submission by such officers and employees of
concerns regarding questionable accounting or auditing matters relating to the
Company, as set forth in the Company&#146;s Procedures for Handling Concerns or
Complaints about Accounting, Internal Accounting Controls or Auditing Matters,
as in effect from time to time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Bank Accounts</u>.&#160;
The Manager shall establish and maintain one or more bank accounts in
its own name or, at the direction of the Trustees, in the name of the Company,
and shall collect and deposit into such account or accounts and disburse
therefrom any monies on behalf of the Company, provided that no funds in any
such account shall be commingled with any funds of the Manager or any other
person or entity.&#160; The Manager shall from
time to time, or at any time requested by the Trustees, render an appropriate
accounting of such collections and payments to the Trustees and to the auditors
of the Company.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_073857_141"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Records</u>.&#160;
The Manager shall maintain appropriate books of account and records
relating to this Agreement, which books of account and records shall be
available for inspection by representatives of the Company upon reasonable
notice during ordinary business hours.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Information Furnished to Manager</u>.&#160; The Trustees shall at all times keep the
Manager fully informed with regard to the real estate investment policies of
the Company, the capitalization policy of the Company, and generally the
Trustees&#146; then-current intentions as to the future of the Company.&#160; In particular, the Trustees shall notify the
Manager promptly of their intention to sell or otherwise dispose of any of the
Company&#146;s real estate investments or to make any new real estate
investment.&#160; The Company shall furnish
the Manager with such information with regard to its affairs as the Manager may
from time to time reasonably request.&#160;
The Company shall retain legal counsel and accountants to provide such
legal and accounting advice and services as the Manager or the Trustees shall
deem necessary or appropriate to adequately perform the functions of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>REIT Qualification; Compliance with Law and
Organizational Documents</u>.&#160; Anything
else in this Agreement to the contrary notwithstanding, the Manager shall
refrain from any action (including, without limitation, the furnishing or
rendering of services to tenants of property or managing real property) which,
in its judgment made in good faith, or in the judgment of the Trustees as
transmitted to the Manager in writing, would (a)&nbsp;adversely affect the
qualification of the Company as a real estate investment trust as defined and
limited in the Internal Revenue Code or which would make the Company subject to
the Investment Company Act of 1940,&#160; as
amended (the &#147;1940 Act&#148;), (b)&nbsp;violate any law or rule, regulation or
statement of policy of any governmental body or agency having jurisdiction over
the Company or over its securities, or (c)&nbsp;not be permitted by the Company&#146;s
Declaration of Trust, as in effect from time to time (the &#147;Declaration of Trust&#148;),
or Bylaws, except if such action shall be ordered by the Trustees, in which
event the Manager shall promptly notify the Trustees of the Manager&#146;s judgment
that such action would adversely affect such qualification, make the Company
subject to the 1940 Act or violate any such law, rule, regulation or policy, or
the Declaration of Trust or Bylaws and shall refrain from taking such action
pending further clarification or instructions from the Trustees.&#160; In addition, the Manager shall take such
affirmative steps which, in its judgment made in good faith, or in the judgment
of the Trustees as transmitted to the Manager in writing, would prevent or cure
any action described in (a), (b)&nbsp;or (c)&nbsp;above.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Self-Dealing</u>.&#160;
Neither the Manager nor any affiliate of the Manager shall sell any
property or assets to the Company or purchase any property or assets from the
Company, directly or indirectly, except as approved by a majority of the
Independent Trustees (or otherwise pursuant to the Declaration of Trust or
Bylaws).&#160; In addition, except as
otherwise provided in Sections 2, 10 or 11 hereof, or except as approved by a
majority of the Independent Trustees, neither the Manager nor any affiliate of
the Manager shall receive any commission or other remuneration, directly or
indirectly, in connection with the activities of the Company or any joint
venture or partnership in which the Company is a party.&#160; Except for compensation received by the
Manager pursuant to Section&nbsp;10 hereof, all commissions or other
remuneration received by the Manager or an affiliate of the Manager and not
approved by the Independent Trustees under </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_073910_7608"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sections 2, 10 or 11 hereof
or this Section&nbsp;7 shall be reported to the Company annually within ninety
(90) days following the end of the Company&#146;s fiscal year.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon request of any trustee
of the Company, the Manager shall from time to time promptly furnish the
Company with information on a confidential basis as to any real estate
investments within the Company&#146;s real estate investment policies made by the
Manager for its own account.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Partnership or Joint Venture</u>.&#160; The Company and the Manager are not partners
or joint venturers with each other and neither the terms of this Agreement nor
the fact that the Company and the Manager have joint interests in any one or
more investments, ownership or other interests in any one or more entities or
may have common officers or employees or a tenancy relationship shall be
construed so as to make them such partners or joint venturers or impose any
liability as such on either of them.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fidelity Bond</u>.&#160;
The Manager shall not be required to obtain or maintain a fidelity bond
in connection with the performance of its services hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compensation</u>.&#160;
The Manager shall be paid, for the services rendered by it to the
Company pursuant to this Agreement, an annual management fee (the &#147;Management
Fee&#148;) equal to 0.70% of the Average Invested Capital (as defined below)
computed as of the last day of the Company&#146;s fiscal year up to $250,000,000,
and 0.50% of the Average Invested Capital equal to or exceeding
$250,000,000.&#160; In addition, the Manager
shall be paid an annual incentive fee (the &#147;Incentive Fee&#148;), consisting of a
number of shares of the Company&#146;s Common Shares of Beneficial Interest (&#147;Common
Shares&#148;) with a value (determined as provided below) equal to 15% of the amount
by which Cash Available for Distribution (as defined below) for such fiscal
year exceeds Cash Available for Distribution for the fiscal year immediately
prior to such fiscal year, but in no event shall the Incentive Fee payable in
respect of any year exceed $.02 multiplied by the weighted average number of
Common Shares outstanding during such year.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of the Incentive Fee
shall be made by, issuance of Common Shares, under the Company&#146;s Incentive
Share Award Plan then in effect or otherwise.&#160;
The number of Common Shares to be issued in payment of the Incentive Fee
shall be the whole number of shares (disregarding any fraction) equal to the
value of the Incentive Fee, as provided above, divided by the average closing
price of the Common Shares on the New York Stock Exchange during the month of December&nbsp;in
the year for which the computation is made.&#160;
(The Management Fee and Incentive Fee are hereinafter collectively
referred to as the &#147;Fees.&#148;)</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this Agreement:&#160; (a)&nbsp;&#147;Average
Invested Capital&#148; of the Company shall mean the daily weighted average of the
total historical cost of the consolidated assets of the Company invested,
directly or indirectly, in equity interests in and loans secured by real estate
and personal property owned in connection with such real estate (collectively, &#147;Properties&#148;)
(including acquisition related costs and costs which may be allocated to
intangibles or are unallocated), before reserves for depreciation,
amortization, impairment charges or bad debts or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_073921_8146"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other similar noncash reserves, computed by
taking the weighted average of such values; and (b)&nbsp;&#147;Cash Available for
Distribution&#148; shall mean, for any period, the net income of the Company, before
real estate depreciation, amortization and other non-cash or non-recurring
items, less the amount, if any, included in the calculation thereof which
represents rental income recognized by the Company in respect of amounts which,
pursuant to leasing arrangements relating to any of the Properties, the Company
is required to escrow or reserve for renovations and refurbishments.&#160; Calculation of Average Invested Capital and
of Cash Available for Distribution to Shareholders shall be made annually by
the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the Company and the Manager otherwise agree, the Management Fee
shall be computed and payable within thirty (30) days following the end of each
fiscal month by the Company, and the Incentive Fee shall be computed and
payable within thirty (30) days following the public availability of the
Company&#146;s annual audited financial statements for each fiscal year.&#160; Such computations shall be based upon the
Company&#146;s monthly or annual financial statements, as the case may be, and shall
be in reasonable detail.&#160; A copy of such
computations shall promptly be delivered to the Manager accompanied by payment
of the Fees shown thereon to be due and payable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The payment of the aggregate annual Fees payable for any fiscal year
shall be subject to adjustment as of the end of each fiscal year.&#160; On or before the 30th day after public
availability of the Company&#146;s annual audited financial statements for each
fiscal year, the Company shall deliver to the Manager an Officer&#146;s Certificate
(a &#147;Certificate&#148;) reasonably acceptable to the Manager and certified by an
authorized officer of the Company setting forth (i)&nbsp;the Average Invested
Capital and Cash Available for Distribution for the Company&#146;s fiscal year ended
upon the immediately preceding December&nbsp;31, and (ii)&nbsp;the Company&#146;s
computation of the Fees payable for said fiscal year.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the aggregate annual Fees payable for said fiscal year as shown in
such Certificate exceed the aggregate amounts previously paid with respect
thereto by the Company, the Company shall include its check for such deficit
and deliver the same to the Manager with such Certificate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the aggregate annual Fees payable for said fiscal year as shown in
such Certificate are less than the aggregate amounts previously paid with
respect thereto by the Company, the Company shall specify in such Certificate
whether the Manager should (i)&nbsp;remit its check to the Company an amount
equal to such difference or (ii)&nbsp;grant the Company a credit against the
Fees next coming due in the amount of such difference until such amount has
been fully paid or otherwise discharged.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_073938_7091"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Services</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Manager shall provide to the Company an internal audit function meeting
applicable requirements of the New York Stock Exchange and the Securities and
Exchange Commission and otherwise in scope approved by the&#160; Audit Committee of the Board of Trustees of
the Company. As additional compensation payable pursuant to Section&nbsp;10 to
the Manager for such additional services, the Company agrees to reimburse the
Manager, within 30 days of the receipt of the invoice therefor, for a pro rata
share (as agreed to by the Independent Trustees from time to time) of the
following costs of the Manager:</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; employment expenses of the Manager&#146;s
internal audit manager and other employees of the Manager actively engaged in
providing internal audit services, including but not limited to salary, wages,
payroll taxes and the cost of employee benefit plans; and</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the reasonable travel and other
out-of-pocket expenses of the Manager relating to the activities of the Manager&#146;s
internal audit manager and other of the Manager&#146;s employees actively engaged in
providing internal audit services and the reasonable third party expenses which
the Manager incurs in connection with its provision of internal audit services.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If, and to
the extent that, the Company shall request the Manager to render services on
behalf of the Company other than those required to be rendered by the Manager
in accordance with the terms of this Agreement, such additional services shall
be compensated separately on terms to be agreed upon between the Manager and
the Company from time to time.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Expenses of the
Manager</font></u><font size="2" style="font-size:10.0pt;">.&#160; Without regard to and without
limiting the compensation received by the Manager from the Company pursuant to
this Agreement and except to the extent provided by Sections 2, 10 or 11, the
Manager shall bear the following expenses incurred in connection with the
performance of its duties under this Agreement:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; employment
expenses of the personnel employed by the Manager, including, but not limited
to, salaries, wages, payroll taxes and the cost of employee benefit plans;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; fees and
travel and other expenses paid to directors, officers and employees of the
Manager, except fees and travel and other expenses of such persons who are
trustees or officers of the Company incurred in their capacities as trustees or
officers of the Company;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7<a name="PB_7_073958_455"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; rent,
telephone, utilities, office furniture, equipment and machinery and other
office expenses of the Manager, except to the extent such expenses relate
solely to an office maintained by the Company separate from the office of the
Manager; and</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; miscellaneous
administrative expenses relating to performance by the Manager of its
obligations hereunder.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Expenses of the
Company</font></u><font size="2" style="font-size:10.0pt;">. Except as expressly otherwise provided in this Agreement, the Company
shall pay all its expenses not payable by the Manager, and, without limiting
the generality of the foregoing, it is specifically agreed that the following
expenses of the Company shall be paid by the Company and shall not be paid by
the Manager:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the cost
of borrowed money;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; taxes on
income and taxes and assessments on real property and personal property, if
any, and all other taxes applicable to the Company;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; legal,
auditing, accounting, underwriting, brokerage, listing, reporting, registration
and other fees, and printing, engraving and other expenses and taxes incurred
in connection with the issuance, distribution, transfer, trading, registration
and stock exchange listing of the Company&#146;s securities, including transfer
agent&#146;s, registrar&#146;s and indenture trustee&#146;s fees and charges;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; expenses
of organizing, restructuring, reorganizing or terminating the Company, or of
revising, amending, converting or modifying the Company&#146;s organizational
documents;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; fees and
travel and other expenses paid to trustees and officers of the Company in their
capacities as such (but not in their capacities as officers or employees of the
Manager) and fees and travel and other expenses paid to advisors, contractors,
mortgage servicers, consultants, and other agents and independent contractors
employed by or on behalf of the Company;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; expenses
directly connected with the investigation, acquisition, disposition or
ownership of real estate interests or other property (including third party
property diligence costs, appraisal reporting, the costs of foreclosure,
insurance premiums, legal services, brokerage and sales commissions,
maintenance, repair, improvement and local management of property), other than
expenses with respect thereto of employees of the Manager, to the extent that
such expenses are to be borne by the Manager pursuant to Section&nbsp;12 above;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8<a name="PB_8_074013_4141"></a></font></p>

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</div>
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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all
insurance costs incurred in connection with the Company (including officer and
trustee liability insurance) or in connection with any officer and trustee
indemnity agreement to which the Company is a party;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; expenses
connected with payments of dividends or interest or contributions in cash or
any other form made or caused to be made by the Trustees to holders of
securities of the Company;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all
expenses connected with communications to holders of securities of the Company
and other bookkeeping and clerical work necessary to maintaining relations with
holders of securities, including the cost of preparing, printing, posting,
distributing and mailing certificates for securities and proxy solicitation
materials and reports to holders of the Company&#146;s securities;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; legal,
accounting and auditing fees and expenses, other than those described in
subsection (c)&nbsp;above;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; filing and
recording fees for regulatory or governmental filings, approvals and notices to
the extent not otherwise covered by any of the foregoing items of this Section&nbsp;13;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; expenses
relating to any office or office facilities maintained by the Company separate
from the office of the Manager; and</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the costs
and expenses of all equity award or compensation plans or arrangements
established by the Company, including the value of awards made by the Company
to the Manager or its employees, if any.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Limits of
Manager Responsibility; Indemnification; Company Remedies</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Manager assumes no responsibility other
than to render the services described herein in good faith and shall not be
responsible for any action of the Trustees in following or declining to follow
any advice or recommendation of the Manager.&#160;
The Manager, its shareholders, directors, officers, employees and
affiliates will not be liable to the Company, its shareholders, or others,
except by reason of acts constituting bad faith, willful or wanton misconduct
or gross negligence in the performance of its obligations hereunder.&#160; The Company shall reimburse, indemnify and
hold harmless the Manager, its shareholders, directors, officers and employees
and its affiliates for and from any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever (including,
without limitation, all reasonable attorneys&#146;, accountants&#146; and experts&#146; fees
and expenses) in respect of or arising from any acts or omissions of the
Manager with respect to the provision of services by it or performance of its
obligations in connection with this Agreement or performance of other matters
pursuant to specific instruction by the Trustees, except to the extent such
provision or performance was in willful bad faith or grossly </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9<a name="PB_9_074025_8627"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">negligent.&#160; Without limiting the foregoing, the Company
shall promptly advance expenses incurred by the indemnitees referred to in this
section for matters referred to in this section, upon request for such
advancement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Activities of the Manager and its Shareholders</u>.&#160; None of the Manager, Barry M. Portnoy, Gerard
M. Martin nor Adam D. Portnoy shall, without the consent of the Independent
Trustees, (a)&nbsp;provide management services to, or serve as a director or
officer of, any other real estate investment trust which is principally engaged
in the business of ownership of hotel or travel center properties or (b)&nbsp;make
direct investments in hotel or travel center facilities.&#160; Nothing herein shall prevent the Manager from
engaging in other activities or businesses or from acting as Manager to any
other person or entity (including other real estate investment trusts) provided
that no such activity shall conflict with the Manager&#146;s obligations under the
immediately preceding sentence; provided, further, however, that the Manager
shall notify the Company in writing in the event that it does so act as a
manager to another real estate investment trust.&#160; The Company acknowledges that the Manager
manages real estate investment trusts and other entities (including, as of the
date of this Agreement, HRPT Properties Trust, Senior Housing Properties Trust,
Government Properties Income Trust, Five Star Quality Care,&nbsp;Inc. and
TravelCenters of America LLC) and that the Manager shall be free from any
obligation to present to the Company any particular investment opportunity
which comes to the Manager and that the Manager is not required to present the
Company with opportunities to invest in properties that are primarily of a type
that are the investment focus of another person or entity now or in the future
managed by the Manager.&#160; The Company
acknowledges and agrees that the Manager has certain interests that may be
divergent from those of the Company.&#160; The
parties agree that these relationships and interests shall not affect either
party&#146;s rights and obligations under this Agreement.&#160; Without limiting the foregoing provisions,
the Manager agrees, upon the request of any trustee of the Company, to disclose
certain real estate investment information concerning the Manager or certain of
its affiliates; provided, however, that such disclosure shall be required only
if it does not constitute a breach of any fiduciary duty or obligation of the
Manager, and the Company shall be required to keep such information
confidential.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors, officers, employees and agents of the Manager or of its
affiliates may serve as trustees, officers, employees, agents, nominees or
signatories of the Company.&#160; When
executing documents or otherwise acting in such capacities for the Company, such
persons shall use their respective titles in the Company.&#160; Such persons shall receive no compensation
from the Company for their services to the Company in any such capacities,
except that the Company may make awards to the employees of the Manager and others
under the Company&#146;s Incentive Share Award Plan then in effect or any equity
plan adopted by the Company from time to time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Term, Termination</u>.&#160;
This Agreement shall continue in force and effect until December&nbsp;31,
2010, and shall be automatically renewed for successive one year terms annually
thereafter unless notice of non-renewal is given by the Company or the Manager
before the end of the term.&#160; It is
expected that the terms and conditions may be reviewed by the Independent
Trustees of the Compensation Committee of the Board of Trustees of the Company
at least annually.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10<a name="PB_10_074039_7906"></a></font></p>

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<div>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other provision of this Agreement to the contrary,
this Agreement may be terminated by either party hereto upon sixty (60) days&#146;
written notice to the other party, pursuant to, in the case of a termination by
the Company, a majority vote of the Independent Trustees or, in the case of a
termination by the Manager, by a majority vote of the directors of the Manager.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;17 hereof shall govern the rights, liabilities and
obligations of the parties upon termination of this Agreement; and, except as
provided in Sections 14 and 17, a termination shall be without further
liability of either party to the other, other than for breach or violation of
this Agreement prior to termination.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Action Upon Termination</u>.&#160; From and after the effective date of any
termination of this Agreement pursuant to Section&nbsp;16 hereof, the Manager
shall be entitled to no compensation for services rendered hereunder for the
then-current term of this Agreement, but shall be paid, on a pro rata basis,
all compensation due for services performed prior to the effective date of such
termination.&#160; Upon such termination, the
Manager immediately shall:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; pay over
to the Company all monies collected and held for the account of the Company by
it pursuant to this Agreement, after deducting therefrom any accrued Fees and
reimbursements for its expenses to which it is then entitled;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; deliver to
the Trustees a full and complete accounting, including a statement showing all
sums collected by it and a statement of all sums held by it for the period
commencing with the date following the date of its last accounting to the
Trustees; and</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; deliver to
the Trustees all property and documents of the Company then in its custody or
possession.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of Fees paid to the Manager upon termination shall be
subject to adjustment pursuant to the following mechanism.&#160; On or before the 30th day after public
availability of the Company&#146;s annual audited financial statements for the
fiscal year in which termination occurs, the Company shall deliver to the
Manager a Certificate reasonably acceptable to the Manager and certified by an
authorized officer of the Company setting forth (i)&nbsp;the Average Invested
Capital and Cash Available for Distribution for the Company&#146;s fiscal year ended
upon the immediately preceding December&nbsp;31, and (ii)&nbsp;the Company&#146;s
computation of the Fees payable upon the date of termination.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the annual Fees owed upon termination as shown in such Certificate
exceed the Fees paid by the Company upon termination, the Company shall include
its check for such deficit and deliver the same to the Advisor with such
Certificate.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11<a name="PB_11_074204_3736"></a></font></p>

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<div>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Annual Fees owed upon termination as shown in such Certificate
are less than the Fees paid by the Company upon termination, the Manager shall
remit to the Company its check in an amount equal to such difference.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Trustee Action</u>. Wherever action on the part of the
Trustees is contemplated by this Agreement, action by a majority of the Trustees,
including a majority of the Independent Trustees, shall constitute the action
provided for herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>TRUSTEES AND SHAREHOLDERS NOT LIABLE</u>.&#160; THE DECLARATION OF TRUST, A COPY OF WHICH,
TOGETHER WITH ALL AMENDMENTS, IS DULY FILED IN THE OFFICE OF THE DEPARTMENT OF
ASSESSMENTS AND TAXATION OF THE STATE OF MARYLAND PROVIDES THAT THE NAME
HOSPITALITY PROPERTIES TRUST REFERS TO THE TRUSTEES COLLECTIVELY AS TRUSTEES,
BUT NOT INDIVIDUALLY OR PERSONALLY.&#160; NO
TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD
TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR
CLAIM AGAINST, THE COMPANY.&#160; ALL PERSONS
DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE
COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>.&#160; Any
notice, report or other communication required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given when
delivered in person, upon confirmation of receipt when transmitted by facsimile
transmission, on the next business day if transmitted by a nationally
recognized overnight courier or on the third business day following mailing by
first class mail, postage prepaid, in each case as follows (or at such other
United States address or facsimile number for a party as shall be specified by
like notice):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
to the Company:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality
Properties Trust<br>
400 Centre Street<br>
Newton, MA 02458<br>
Attention: President<br>
Facsimile No.:&#160; (617) 969-5730</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
to the Manager:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reit
Management&nbsp;&amp; Research LLC<br>
400 Centre Street<br>
Newton, MA 02458<br>
Attention: President<br>
Facsimile No.:&#160; (617) 928-1305</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12<a name="PB_12_074220_9621"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendments</u>.&#160;
This Agreement shall not be amended, changed, modified, terminated, or
discharged in whole or in part except by an instrument in writing signed by
each of the parties hereto, or by their respective successors or assigns, or
otherwise as provided herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Assignment</u>.&#160;
Neither party may assign this Agreement or its rights hereunder or
delegate its duties hereunder without the written consent of the other party,
except in the case of an assignment or delegation by the Manager to a
corporation, partnership, limited liability company, association, trust, or
other successor entity which may take over the property and carry on the
affairs of the Manager and which remains under the control of one or more
persons who controlled the operations of the Manager immediately prior to such
assignment or delegation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Third Party Beneficiary</u>.&#160; Except as otherwise provided in Section&nbsp;26(i),
no person or entity other than the parties hereto and their successors and
permitted assigns is intended to be a beneficiary of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns</u>.&#160; This Agreement shall be binding upon any
successors or permitted assigns of the parties hereto as provided herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>. The provisions of this Agreement
shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Arbitration</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
disputes, claims or controversies between the parties (i)&nbsp;arising out of
or relating to this Agreement or the provision of services by the Manager
pursuant to this Agreement, or (ii)&nbsp;brought by or on behalf of any
shareholder of the Company (which, for purposes of this Section&nbsp;26, shall
mean any shareholder of record or any beneficial owner of shares of the
Company, or any former shareholder of record or beneficial owner of shares of
the Company), either on his, her or its own behalf, on behalf of the Company or
on behalf of any series or class of shares of the Company or shareholders of
the Company against the Company or any trustee, officer, manager (including
Reit Management&nbsp;&amp; Research LLC or its successor), agent or employee of
the Company, including disputes, claims or controversies relating to the
meaning, interpretation, effect, validity, performance or enforcement of this
Agreement, the Declaration of Trust or the Bylaws (all of which are referred to
as &#147;Disputes&#148;), or relating in any way to such a Dispute or Disputes shall, on
the demand of any party to such Dispute be resolved through binding and final
arbitration in accordance with the Commercial Arbitration Rules&nbsp;(the &#147;Rules&#148;)
of the American Arbitration Association (&#147;AAA&#148;) then in effect, except as those
Rules&nbsp;may be modified in this Section&nbsp;26.&#160; For the avoidance of doubt, and not as a
limitation, Disputes are intended to include derivative actions against
trustees, officers or managers of the Company and class actions by a shareholder
against those individuals or entities and the Company.&#160; For the avoidance of doubt, a Dispute shall
include a Dispute made derivatively on behalf of one party against another
party.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13<a name="PB_13_074233_8715"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
shall be three arbitrators.&#160; If there are
only two parties to the Dispute, each party shall select one arbitrator within
15 days after receipt by respondent of a copy of the demand for arbitration.&#160; Such arbitrators may be affiliated or
interested persons of such parties.&#160; If
either party fails to timely select an arbitrator, the other party to the
Dispute shall select the second arbitrator who shall be neutral and impartial
and shall not be affiliated with or an interested person of either party.&#160; If there are more than two parties to the
Dispute, all claimants, on the one hand, and all respondents, on the other
hand, shall each select, by the vote of a majority of the claimants or the
respondents, as the case may be, one arbitrator.&#160; Such arbitrators may be affiliated or
interested persons of the claimants or the respondents, as the case may
be.&#160; If either all claimants or all
respondents fail to timely select an arbitrator then such arbitrator (who shall
be neutral, impartial and unaffiliated with any party) shall be appointed by
the parties who have appointed the first arbitrator.&#160; The two arbitrators so appointed shall
jointly appoint the third and presiding arbitrator (who shall be neutral,
impartial and unaffiliated with any party) within 15 days of the appointment of
the second arbitrator.&#160; If the third
arbitrator has not been appointed within the time limit specified herein, then
the AAA shall provide a list of proposed arbitrators in accordance with the
Rules, and the arbitrator shall be appointed by the AAA in accordance with a
listing, striking and ranking procedure, with each party having a limited
number of strikes, excluding strikes for cause.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The place
of arbitration shall be Boston, Massachusetts unless otherwise agreed by the
parties.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
shall be only limited documentary discovery of documents directly related to
the issues in dispute, as may be ordered by the arbitrators.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
rendering an award or decision (the &#147;Award&#148;), the arbitrators shall be required
to follow the laws of The Commonwealth of Massachusetts.&#160; Any arbitration proceedings or Award rendered
hereunder and the validity, effect and interpretation of this arbitration
agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. &#167;1 et
seq.&#160; The Award shall be in writing and
may, but shall not be required to, briefly state the findings of fact and
conclusions of law on which it is based</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except to
the extent expressly provided by this Agreement or as otherwise agreed by the
parties, each party involved in a Dispute shall bear its own costs and expenses
(including attorneys&#146; fees), and the arbitrators shall not render an award that
would include shifting of any such costs or expenses (including attorneys&#146;
fees) or, in a derivative case or class action, award any portion of the
Company&#146;s award to the claimant or the claimant&#146;s attorneys.&#160; Each party (or, if there are more than two
parties to the Dispute, all claimants, on the one hand, and all respondents, on
the other hand, respectively) shall bear the costs and expenses of its (or
their) selected arbitrator and the parties (or, if there are more than two
parties to the Dispute, all claimants, on the one hand, and all respondents, on
the other hand) shall equally bear the costs and expenses of the third
appointed arbitrator.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14<a name="PB_14_074245_563"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An Award
shall be final and binding upon the parties thereto and shall be the sole and
exclusive remedy between such parties relating to the Dispute, including any
claims, counterclaims, issues or accounting presented to the arbitrators.&#160; Judgment upon the Award may be entered in any
court having jurisdiction.&#160; To the
fullest extent permitted by law, no application or appeal to any court of
competent jurisdiction may be made in connection with any question of law
arising in the course of arbitration or with respect to any award made except
for actions relating to enforcement of this agreement to arbitrate or any
arbitral award issued hereunder and except for actions seeking interim or other
provisional relief in aid of arbitration proceedings in any court of competent
jurisdiction.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
monetary award shall be made and payable in U.S. dollars free of any tax,
deduction or offset.&#160; Each party against
which the Award assesses a monetary obligation shall pay that obligation on or
before the 30th day following the date of the Award or such other date as the
Award may provide.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Section&nbsp;26
is intended to benefit and be enforceable by the shareholders, directors,
officers, managers (including the Manager or its successor), agents or
employees of the Company and the Company and shall be binding on the
shareholders of the Company and the Company, as applicable, and shall be in
addition to, and not in substitution for, any other rights to indemnification
or contribution that such individuals or entities may have by contract or
otherwise.</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consent to Jurisdiction and Forum</u>.&#160; This Section&nbsp;27 is subject to, and shall
not in any way limit the application of, Section&nbsp;26; in case of any
conflict between this Section&nbsp;27 and Section&nbsp;26, Section&nbsp;26
shall govern.&#160; The exclusive jurisdiction
and venue in any action brought by any party hereto pursuant to this Agreement
shall lie in any federal or state court located in Boston, Massachusetts.&#160; By execution and delivery of this Agreement,
each party hereto irrevocably submits to the jurisdiction of such courts for
itself and in respect of its property with respect to such action. The parties
irrevocably agree that venue would be proper in such court, and hereby waive
any objection that such court is an improper or inconvenient forum for the
resolution of such action.&#160; The parties
further agree and consent to the service of any process required by any such
court by delivery of a copy thereof in accordance with Section&nbsp;20 and that
any such delivery shall constitute valid and lawful service of process against
it, without necessity for service by any other means provided by statute or rule&nbsp;of
court.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Captions</u>. The captions included herein have been
inserted for ease of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>. This Agreement constitutes the
entire agreement of the parties hereto with respect to the subject matter
hereof and supersedes and cancels any pre-existing agreements with respect to
such subject matter.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15<a name="PB_15_074254_9497"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&#160;
If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired, unless the provisions
held invalid, illegal or unenforceable shall substantially impair the benefits
of the remaining provisions hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Survival</u>.&#160;
The provisions of Sections 2 (limited to the obligation of the Company
to indemnify the Manager for matters provided thereunder), 14, 15 (limited to
the obligations of the Company to keep information provided to the Company by
the Manager confidential as provided in the last proviso in such Section), 16
(limited to the last paragraph of such Section), 17, 19, 20, 23, 24, 25, 26,
27, 30 and 31 of this Agreement shall survive the termination hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Agreements</u>.&#160;
The parties hereto are also parties to an Amended and Restated Property
Management Agreement, dated as of the date hereof, as in effect from time to
time (the &#147;Property Management Agreement&#148;).&#160;
The parties agree that this Agreement does not include or otherwise
address the rights and obligations of the parties under the Property Management
Agreement and that the Property Management Agreement provides for its own
separate rights and obligations of the parties thereto, including, without
limitation separate compensation payable by the Company and the other Owners
(as defined in the Property Management Agreement) to the Manager thereunder for
services to be provided by the Manager pursuant to the Property Management
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature Page&nbsp;To Follow.]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16<a name="PB_16_074306_3641"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties hereto have caused this Amended and
Restated Business Management Agreement to be executed by their duly authorized
officers, under seal, as of the day and year first above written.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY
  PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  John G. Murray</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
  G. Murray</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief Operating Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REIT
  MANAGEMENT&nbsp;&amp; RESEARCH LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  John C. Popeo</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John C. Popeo</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President
  and Treasurer</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOLELY AS TO SECTION&nbsp;15
  HEREOF:</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Barry M. Portnoy</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barry M. Portnoy</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Gerard M. Martin</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gerard M. Martin</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Adam D. Portnoy</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam D. Portnoy</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17<a name="PB_17_074858_5250"></a></font></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND RESTATED PROPERTY
MANAGEMENT AGREEMENT</font></u></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS AMENDED AND RESTATED PROPERTY</font></b><u><font size="2" style="font-size:10.0pt;">  </font></u><b><font size="2" style="font-size:10.0pt;font-weight:bold;">MANAGEMENT
AGREEMENT</font></b><font size="2" style="font-size:10.0pt;"> (this &#147;<font style="text-decoration:underline;"><u>Agreement</u></font>&#148;)
is made and entered into as of January&nbsp;13, 2010, by and among Reit
Management&nbsp;&amp; Research LLC, a Delaware limited liability company (&#147;<font style="text-decoration:underline;"><u>Managing Agent</u></font>&#148;), and Hospitality Properties
Trust, a Maryland real estate investment trust (the &#147;<u>Company</u>&#148;), on
behalf of itself and those of its subsidiaries as may from time to time own
properties subject to this Agreement (each, an &#147;<font style="text-decoration:underline;"><u>Owner</u></font>&#148;
and, collectively, &#147;<font style="text-decoration:underline;"><u>Owners</u></font>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">W</font></u></b><font size="2" style="font-size:10.0pt;">&nbsp;<u>I</u>&nbsp;<u>T</u>&nbsp;<u>N</u>&nbsp;<u>E</u>&nbsp;<u>S</u>&nbsp;<u>S</u>&nbsp;<u>E</u>&nbsp;<u>T</u>&nbsp;<u>H</u>&nbsp;:</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, Owners and Managing Agent are parties to a Master
Management Agreement, dated as of January&nbsp;1, 2006 (as amended, the &#147;<u>Original
Agreement</u>&#148;), pursuant to which Owners have engaged Managing Agent to manage
certain of the office and other properties which are not hospitality or travel
center properties (such types of properties, the &#147;<u>Properties</u>&#148;) from time
to time subject to this Agreement (the &#147;<font style="text-decoration:underline;"><u>Managed
Premises</u></font>&#148;); and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, Owners and Managing Agent wish to amend and
restate the Original Agreement as hereinafter provided;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font style="font-weight:bold;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE</font></b></font><font size="2" style="font-size:10.0pt;">, in consideration of the premises and the
agreements herein contained, Owners and Managing Agent hereby agree that the
Original Agreement is hereby amended and restated to read in its entirety as
follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Engagement</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; Subject to the terms and conditions
hereinafter set forth, Owners hereby continue to engage Managing Agent to
provide the property management and administrative services with respect to the
Managed Premises contemplated by this Agreement.&#160; Managing Agent hereby accepts such continued
engagement as managing agent and agrees to devote such time, attention and
effort as may be appropriate to operate and manage the Managed Premises in a
diligent, orderly and efficient manner.&#160;
Managing Agent may subcontract out some or all of its obligations
hereunder to third party managers; <u>provided</u>, <u>however</u>, that, in
any such event, Managing Agent shall be and remain primarily liable to Owners
for performance hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything to the contrary set forth in this Agreement,
the services to be provided by Managing Agent hereunder shall exclude all
services (including, without limitation, any garage management or cafeteria
management services) whose performance by a manager to any Owner could give
rise to an Owner&#146;s receipt of &#147;impermissible tenant service income&#148; as defined
in &#167;856(d)(7)&nbsp;of the Internal Revenue Code of 1986 (as amended or
superseded hereafter) or could in any other way jeopardize an Owner&#146;s federal
or state tax qualification as a real estate </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1<a name="PB_1_090710_2794"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">investment trust.&#160; Managing Agent shall not perform any such
service and if, in the event Managing Agent shall inadvertently perform any such
service, no compensation therefor shall be paid or payable hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">General
Parameters</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; Any or all
services may be performed or goods purchased by Managing Agent under
arrangements jointly with or for other properties owned or managed by Managing Agent
and the costs shall be reasonably apportioned.&#160;
Managing Agent may employ personnel who are assigned to work exclusively
at the Managed Premises or partly at the Managed Premises and other buildings
owned and/or managed by Managing Agent.&#160;
Wages, benefits and other related costs of centralized accounting
personnel and employees employed by Managing Agent and assigned to work
exclusively or partly at the Managed Premises shall be fairly apportioned and
reimbursed, pro rata, by Owners in addition to the Fee and Construction
Supervision Fee (each as defined in <u>Section&nbsp;6</u>).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Duties</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; Without limitation, Managing Agent agrees to
perform the following specific duties:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To seek tenants for the Managed Premises in accordance with
market rents and to negotiate leases including renewals thereof and to lease
space to tenants, at rentals, and for periods of occupancy all on market
terms.&#160; To employ appropriate means in
order that the availability of rental space is made known to potential tenants,
including, but not limited to, the employment of brokers.&#160; The brokerage and legal expenses of
negotiating such leases and leasing such space shall be paid by the applicable
Owner.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To collect all rents and other income from the Managed
Premises and to give receipts therefor, both on behalf of Owners, and deposit
such funds in such banks and such accounts as are named, from time to time, by
Owners, in agency accounts for and under the name of Owners.&#160; Managing Agent shall be empowered to sign
disbursement checks on these accounts.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To make contracts for and to supervise any repairs and/or
alterations to the Managed Premises, including tenant improvements and
decoration of rental space on reasonable commercial terms.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">For Owners&#146; account and at its expense, to hire, supervise
and discharge employees as required for the efficient operation and maintenance
of the Managed Premises.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To obtain, at Owners&#146; expense, appropriate insurance for the
Managed Premises protecting Owners and Managing Agent while acting on behalf of
Owners against all normally insurable risks relating to the Managed Premises
and complying with </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_090729_8299"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">the requirements of Owners&#146;
mortgagee, if any, and to cause the same to be provided and maintained by all
tenants with respect to the Managed Premises to the extent required by the
terms of such tenants&#146; leases.&#160;
Notwithstanding the foregoing, Owners may determine to purchase
insurance directly for their own account.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To promptly notify the applicable Owner&#146;s insurance carriers,
as required by the applicable policies, of any casualty or injury to person or
property at the Managed Premises, and complete customary reports in connection
therewith.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To procure seasonably all supplies and other materials
necessary for the proper operation of the Managed Premises, at Owners&#146; expense.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To pay promptly from rental receipts, other income derived
from the Managed Premises, or other monies made available by Owners for such
purpose, all costs incurred in the operation of the Managed Premises which are
expenses of Owners hereunder, including wages or other payments for services
rendered, invoices for supplies or other items furnished in relation to the
Managed Premises, and pay over forthwith the balance of such rental receipts,
income and monies to Owners or as Owners shall from time to time direct.&#160; (In the event that the sum of the expenses to
operate and the compensation due Managing Agent exceed gross receipts in any
month and no excess funds from prior months are available for payment of such
excess, Owners shall pay promptly the amount of the deficiency thereof to
Managing Agent upon receipt of statements therefor.)</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To keep Owners apprised of any material developments in the
operation of the Managed Premises.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(j)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To establish reasonable rules&nbsp;and regulations for
tenants of the Managed Premises.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(k)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">On behalf of and in the name of Owner, to institute or
defend, as the case may be, any and all legal actions or proceedings relating
to operation of the Managed Premises.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(l)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To maintain the books and records of Owners reflecting the
management and operation of the Managed Premises, making available for
reasonable inspection and examination by Owners or its representatives, all
books, records and other financial data relating to the Managed Premises.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_090746_8247"></a></font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(m)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To prepare and deliver seasonably to tenants of the Managed
Premises such statements of expenses or other information as shall be required
on the landlord&#146;s part to be delivered to such tenants for computation of rent,
additional rent, or any other reason.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(n)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To aid, assist and cooperate with Owners in matters relating
to taxes and assessments and insurance loss adjustments, notify Owners of any
tax increase or special assessments relating to the Managed Premises and to
enter into contracts for tax abatements services.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(o)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To provide such emergency services as may be required for the
efficient management and operation of the Managed Premises on a 24-hour basis.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(p)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To enter into contracts on commercially reasonable terms for
utilities (including, without limitation, water, fuel, electricity and
telephone) and for building services (including, without limitation, cleaning
of windows, common areas and tenant space, ash, rubbish and garbage hauling,
snow plowing, landscaping, carpet cleaning and vermin extermination), and for
other services as are appropriate to first class office space.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(q)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To seek market terms for all items purchased or services contracted
by it under this Agreement.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(r)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To take such action generally consistent with the provisions
of this Agreement as Owners might with respect to the Managed Premises if
personally present.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(s)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">To, from time to time, or at any time requested by the Board
of Trustees of the Company (the &#147;<u>Trustees</u>&#148;), make reports of its
performance of the foregoing services to the Company.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Authority</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; Owners give to Managing Agent the authority
and powers to perform the foregoing duties on behalf of Owners and authorize
Managing Agent to incur such reasonable expenses, specifically contemplated in <u>Section&nbsp;2</u>,
on behalf of Owners as are necessary in the performance of those duties.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Special
Authority of Managing Agent</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; In addition to, and not in limitation of, the
duties and authority of Managing Agent contained herein, Managing Agent shall
perform the following duties:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_090755_5893"></a></font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Terminate tenancies and sign and serve in the name of Owners
such notices therefor as may be required for the proper management of the
Managed Premises.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">At Owners&#146; expense, institute and prosecute actions to evict
tenants and recover possession of rental space, and recover rents and other
sums due; and when expedient, settle, compromise and release such actions or
suits or reinstate such tenancies.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Compensation</font></u></b><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">In consideration of the services to be rendered by Managing
Agent hereunder, Owners agree to pay and Managing Agent agrees to accept as its
sole compensation (i)&nbsp;a management fee (the &#147;<font style="text-decoration:underline;"><u>Fee</u></font>&#148;)
equal to three percent (3%) of the gross collected rents actually received by
Owners from the Managed Premises, such gross rents to include all fixed rents,
percentage rents, additional rents, operating expense and tax escalations, and
any other charges paid to Owners in connection with occupancy of the Managed
Premises, but excluding any amounts collected from tenants to reimburse Owners
for the cost of capital improvements or for expenses incurred in curing any
tenant default or in enforcing any remedy against any tenant; and (ii)&nbsp;a
construction supervision fee (the &#147;<font style="text-decoration:underline;"><u>Construction
Supervision Fee</u></font>&#148;) in connection with all interior and exterior
construction renovation or repair activities at the Managed Premises,
including, without limitation, all tenant and capital improvements in, on or
about the Managed Premises, undertaken during the term of this Agreement, other
than ordinary maintenance and repair, equal to five percent (5%) of the cost of
such construction which shall include the costs of all related professional
services and the cost of general conditions.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Unless otherwise agreed, the Fee shall be due and payable
monthly, in arrears based on a reasonable annual estimate or budget with an
annual reconciliation within thirty (30) days after the end of each calendar
year.&#160; The Construction Supervision Fee
shall be due and payable periodically, as agreed by Managing Agent and Owners,
based on actual costs incurred to date.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Notwithstanding anything herein to the contrary, Owners shall
reimburse Managing Agent for reasonable travel expenses incurred when traveling
to and from the Managed Premises while performing its duties in accordance with
this Agreement; <font style="text-decoration:underline;"><u>provided</u></font>, <font style="text-decoration:underline;"><u>however</u></font>, that, reasonable travel expenses shall
not include expenses incurred for travel to and from the Managed Premises by
personnel assigned to work exclusively at the Managed Premises.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Managing Agent shall be entitled to no other additional
compensation, whether in the form of commission, bonus or the like for its
services under this Agreement.&#160; Except as
otherwise specifically provided herein with respect to payment by Owners of
legal fees, accounting fees, salaries, wages, fees and charges of parties hired
</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_090806_9862"></a></font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">by Managing Agent on behalf of
Owners to perform operating and maintenance functions in the Managed Premises,
and the like, if Managing Agent hires third parties to perform services
required to be performed hereunder by Managing Agent without additional charge
to Owners, Managing Agent shall (except to the extent the same are reasonably
attributable to an emergency at the Managed Premises) be responsible for the
charges of such third parties.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Term
of Agreement</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; This
Agreement shall continue in force and effect until December&nbsp;31, 2010, and
shall be automatically renewed for successive one year terms annually
thereafter unless notice of non-renewal is given by the Company, on behalf of
itself and Owners,&#160; or Managing Agent
before the end of the term.&#160; It is
expected that the terms and conditions may be reviewed by the Independent
Trustees as defined in the Company&#146;s Bylaws, as amended as of the date hereof
(the &#147;<u>Independent Trustees</u>&#148;), of the Compensation Committee of the Board
of Trustees of the Company at least annually.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other
provision of this Agreement to the contrary, this Agreement, or any extension
thereof, may be terminated (a)&nbsp;by either the Company, on behalf of itself
and the Owners, or Managing Agent upon sixty (60) days&#146; written notice to the
other party, which termination, if by the Company, must be approved by a
majority vote of the Independent Trustees of the Compensation Committee of the
Board of Trustees of the Company, or if by Managing Agent, must be approved by
a majority vote of the directors of Managing Agent; and (b)&nbsp;by Managing
Agent upon five (5)&nbsp;business days written notice to the Company if there
is a Change of Control.&#160; This Agreement
may be terminated with respect to less than all of the properties comprising
the Managed Premises to accommodate any sale of some properties comprising the
Managed Premises with Managing Agent&#146;s consent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this
Agreement, a &#147;<u>Change of Control</u>&#148; shall mean:&#160; (a)&nbsp;the acquisition by any person or
entity, or two or more persons or entities acting in concert, of beneficial
ownership (such term, for purposes of this <u>Section&nbsp;7</u>, having the
meaning provided such term in Rule&nbsp;13d-3 under the Securities Exchange Act
of 1934, as amended) of 9.8% or more, or rights, options or warrants to acquire
9.8% or more, or any combination thereof, of the Company&#146;s outstanding common
shares of beneficial interest or other voting interests of the Company,
including voting proxies for such shares, or the power to direct the management
and policies of the Company, directly or indirectly (excluding Managing Agent
and its affiliates and persons or entities that beneficially own 9.8% or more
of the Company&#146;s outstanding common shares of beneficial interest as of
immediately prior to the execution and delivery of this Agreement by the
parties hereto); (b)&nbsp;the merger or consolidation of the Company with or
into any other entity (other than the merger or consolidation of any entity
into the Company that does not result in a Change in Control of the Company
under clauses (a), (c), or (d)&nbsp;of this definition); (c)&nbsp;any one or
more sales or conveyances to any person or entity of all or any material
portion of the assets (including capital stock or other equity interests) or
business of the Company and its subsidiaries taken as a whole; or (d)&nbsp;the
cessation, for any reason, of the individuals who at the beginning of any 36
consecutive month period constituted the Trustees (together with any new
trustees whose election by the Trustees or whose nomination for election by the
shareholders of the Company</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_090824_9111"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">was approved by a vote of a majority of the trustees
then still in office who were either trustees at the beginning of any such
period or whose election or nomination for election was previously so approved)
to constitute a majority of the Trustees then in office; provided, however, a
Change of Control of the Company shall not include the acquisition by any
person or entity, or two or more persons or entities acting in concert, of
beneficial ownership of 9.8% or more of the Company&#146;s outstanding common shares
of beneficial interest or other voting interests of the Company if such
acquisition is approved by the Trustees in accordance with the Company&#146;s
organizational documents and if such acquisition is otherwise in compliance
with applicable law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8</font></u><font size="2" style="font-size:10.0pt;"> hereof shall
govern the rights, liabilities and obligations of the parties upon termination
of this Agreement; and, except as provided in <u>Section&nbsp;8</u>, such
termination shall be without further liability of either party to the other,
other than for breach or violation of this Agreement prior to termination.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Termination
or Expiration</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; Upon
termination or expiration of this Agreement with respect to any of the Managed
Premises for any reason whatsoever, Managing Agent shall as soon as practicable
turn over to Owners all books, papers, funds, records, keys and other items
relating to the management and operation of such Managed Premises, including,
without limitation, all leases in the possession of Managing Agent and shall
render to Owners a final accounting with respect thereto through the date of
termination.&#160; Owners shall be obligated
to pay all compensation for services rendered by Managing Agent hereunder prior
and up to the effective time of such termination, including, without
limitation, any Fees and Construction Supervision Fees, and shall pay and
reimburse to Managing Agent all expenses and costs incurred by Managing Agent
prior and up to the effective time of such termination which are otherwise
payable or reimbursable to Managing Agent pursuant to the terms of this
Agreement.&#160; The amount of such fees paid
as compensation pursuant to the foregoing sentence shall be subject to
adjustment in accordance with the annual reconciliation contemplated by <u>Section&nbsp;6(b)</u>&nbsp;and
consistent with past practices in performing such reconciliation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Assignment
of Rights and Obligations</font></u></b><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Without Owners&#146; prior written consent, Managing Agent shall
not sell, transfer, assign or otherwise dispose of or mortgage, hypothecate or
otherwise encumber or permit or suffer any encumbrance of all or any part of
its rights and obligations hereunder, and any transfer, encumbrance or other
disposition of an interest herein made or attempted in violation of this
paragraph shall be void and ineffective, and shall not be binding upon
Owners.&#160; Notwithstanding the foregoing,
Managing Agent may assign its rights and delegate its obligations under this
Agreement to any successor in interest who shall acquire substantially all the
assets of Managing Agent and substantially all of the personnel that are
utilized by Managing Agent to perform services under this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7<a name="PB_7_090840_2270"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Owners, without Managing Agent&#146;s consent, may assign its
rights and obligations hereunder to any mortgagee with respect to, or successor
Owners of, the Managed Premises, but not otherwise.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Consistent with the foregoing paragraphs (a)&nbsp;and (b),
the terms &#147;Owners&#148; and &#147;Managing Agent&#148; as used in this Agreement shall mean
the original parties hereto and their respective mortgagees, successors,
assigns, heirs and legal representatives.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Indemnification
and Insurance</font></u></b><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Owners agree to defend, indemnify and hold harmless Managing
Agent from and against all costs, claims, expenses and liabilities (including
reasonable attorneys&#146; fees) arising out of Managing Agent&#146;s performance of its
duties in accordance with this Agreement including, without limitation, injury
or damage to persons or property occurring in, on or about the Managed Premises
and violations or alleged violations of any law, ordinance, regulation or order
of any governmental authority regarding the Managed Premises except any injury,
damage or violation resulting from Managing Agent&#146;s fraud, gross negligence or
willful misconduct in the performance of its duties hereunder.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Owners and Managing Agent shall maintain such commercially
reasonable insurance as shall from time to time be mutually agreed by Owners
and Managing Agent.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Notices</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; Any notice, report or other communication
required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when delivered in person, upon confirmation of
receipt when transmitted by facsimile transmission, on the next business day if
transmitted by a nationally recognized overnight courier or on the third
business day following mailing by first class mail, postage prepaid, in each
case as follows (or at such other United States address or facsimile number for
a party as shall be specified by like notice):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
to the Company or the Owners:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality
Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts 02458<br>
Attention:&#160; President <br>
Facsimile No.:&#160; (617) 969-5730</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8<a name="PB_8_090951_6952"></a></font></p>

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<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
to Managing Agent:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reit
Management&nbsp;&amp; Research LLC<br>
400 Centre Street<br>
Newton, Massachusetts 02458<br>
Attention:&#160; President <br>
Facsimile No.:&#160; (617) 928-1305</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Limitation
of Liability</font></u></b><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Neither Owners nor Managing Agent shall be personally liable
hereunder, all such liability being limited in the case of Owners to the
interest of Owners in the Managed Premises and in the case of Managing Agent,
to its interest hereunder.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The Declarations of Trust establishing certain Owners, a copy
of each, together with all amendments thereto (the &#147;<font style="text-decoration:underline;"><u>Declarations</u></font>&#148;),
are duly filed with the Department of Assessments and Taxation of the State of
Maryland, provide that the names of such Owners refers to the trustees under
such Declarations collectively as trustees, but not individually or
personally.&#160; No trustee, officer,
shareholder, employee or agent of such Owners shall be held to any personal
liability, jointly or severally, for any obligation of, or claim against, such
Owners.&#160; All persons and entities dealing
with such Owners, in any way, shall look only to the respective assets of such
Owners for the payment of any sum or the performance of any obligation of such
Owners.&#160; In any event, all liability of
such Owners hereunder is limited to the interest of such Owners in the Managed
Premises and, in the case of Managing Agent, to its interest hereunder.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Additional
Properties</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; Unless
Owners and Managing Agent otherwise agree in writing, all Properties from time
to time acquired by Owners or their affiliates shall automatically become
subject to this Agreement without amendment hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Modification
of Agreement</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; This
Agreement may not be modified, altered or amended in any manner except by an
amendment in writing, duly executed by the parties hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Independent
Contractor</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; This
Agreement is not one of general agency by Managing Agent for Owners, but one
with Managing Agent engaged as an independent contractor.&#160; Nothing in this Agreement is intended to
create a joint venture, partnership, tenancy-in-common or other similar
relationship between Owners and Managing Agent for any purposes whatsoever,
and, without limiting the generality of the foregoing, neither the terms of
this Agreement nor the fact that Owners and Managing Agent have joint interests
in any one or more investments, ownership or other interests in any one or more
entities or may have common </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9<a name="PB_9_091118_9801"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">officers or employees or a
tenancy relationship shall be construed so as to make them such partners or
joint venturers or impose any liability as such on either of them.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Law
Governing</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; This
Agreement shall be governed by and in accordance with the laws of The
Commonwealth of Massachusetts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:bold;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successors
and Assigns</font></u></b></font><font size="2" style="font-size:10.0pt;">.&#160; This
Agreement shall be binding upon any successors or permitted assigns of the
parties hereto as provided herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">No
Third Party Beneficiary</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b><font size="2" style="font-size:10.0pt;">&#160; Except as otherwise provided in <u>Section&nbsp;21(i)</u>,
no person or entity other than the parties hereto and their successors and
permitted assigns is intended to be a beneficiary of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Severability</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If any one or
more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions hereof shall not be in any
way impaired, unless the provisions held invalid, illegal or unenforceable
shall substantially impair the benefits of the remaining provisions hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Survival</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b><font size="2" style="font-size:10.0pt;">&#160; The provisions of <u>Sections</u>  <u>6</u>, <u>8</u>,
<u>10</u>, <u>11</u>, <u>12</u>, <u>16</u>, <u>18</u>, <u>19</u>, <u>20</u>, <u>21</u>
and <u>22</u> of this Agreement shall survive the termination hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Arbitration</font></u></b><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(a)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Any disputes, claims or controversies between the parties (i)&nbsp;arising
out of or relating to this Agreement or the provision of services by Managing
Agent pursuant to this Agreement, or (ii)&nbsp;brought by or on behalf of any
shareholder of the Owners (which, for purposes of this <u>Section&nbsp;21</u>,
shall mean any shareholder of record or any beneficial owner of shares of the
Owners, or any former shareholder of record or beneficial owner of shares of
the Owners), either on his, her or its own behalf, on behalf of the Owners or
on behalf of any series or class of shares of the Owners or shareholders of the
Owners against the Owners or any trustee, officer, manager (including Reit
Management&nbsp;&amp; Research LLC or its successor), agent or employee of the
Owners, including disputes, claims or controversies relating to the meaning,
interpretation, effect, validity, performance or enforcement of this Agreement
or the Declarations of Trust or the Bylaws of the Owners (all of which are
referred to as &#147;<u>Disputes</u>&#148;), or relating in any way to such a Dispute or
Disputes shall, on the demand of any party to such Dispute be resolved through
binding and final arbitration in accordance with the Commercial Arbitration Rules&nbsp;(the
&#147;<u>Rules</u>&#148;) of the American Arbitration Association (&#147;<u>AAA</u>&#148;) then in
effect, except as those Rules&nbsp;may be modified in this <u>Section&nbsp;21</u>.&#160; For the avoidance of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10<a name="PB_10_091130_2440"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.15pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">doubt, and not as a
limitation, Disputes are intended to include derivative actions against
trustees, officers or managers of the Owners and class actions by a shareholder
against those individuals or entities and the Owners.&#160; For the avoidance of doubt, a Dispute shall
include a Dispute made derivatively on behalf of one party against another
party.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">There shall be three arbitrators.&#160; If there are only two parties to the Dispute
(with, for purposes of this <u>Section&nbsp;21</u>, any and all Owners involved
in the Dispute treated as one party), each party shall select one arbitrator
within 15 days after receipt by respondent of a copy of the demand for
arbitration.&#160; Such arbitrators may be
affiliated or interested persons of such parties.&#160; If either party fails to timely select an
arbitrator, the other party to the Dispute shall select the second arbitrator
who shall be neutral and impartial and shall not be affiliated with or an
interested person of either party.&#160; If
there are more than two parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, shall each select, by the vote of a
majority of the claimants or the respondents, as the case may be, one
arbitrator.&#160; Such arbitrators may be
affiliated or interested persons of the claimants or the respondents, as the
case may be.&#160; If either all claimants or
all respondents fail to timely select an arbitrator then such arbitrator (who
shall be neutral, impartial and unaffiliated with any party) shall be appointed
by the parties who have appointed the first arbitrator.&#160; The two arbitrators so appointed shall
jointly appoint the third and presiding arbitrator (who shall be neutral,
impartial and unaffiliated with any party) within 15 days of the appointment of
the second arbitrator.&#160; If the third
arbitrator has not been appointed within the time limit specified herein, then
the AAA shall provide a list of proposed arbitrators in accordance with the
Rules, and the arbitrator shall be appointed by the AAA in accordance with a
listing, striking and ranking procedure, with each party having a limited
number of strikes, excluding strikes for cause.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(c)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">The place of arbitration shall be Boston, Massachusetts
unless otherwise agreed by the parties.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(d)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">There shall be only limited documentary discovery of
documents directly related to the issues in dispute, as may be ordered by the
arbitrators.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(e)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">In rendering an award or decision (the &#147;<u>Award</u>&#148;), the
arbitrators shall be required to follow the laws of The Commonwealth of
Massachusetts.&#160; Any arbitration
proceedings or Award rendered hereunder and the validity, effect and
interpretation of this arbitration agreement shall be governed by the Federal
Arbitration Act, 9 U.S.C. &#167;1 et seq.&#160; The
Award shall be in writing and may, but shall not be required to, briefly state
the findings of fact and conclusions of law on which it is based.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(f)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Except to the extent expressly provided by this Agreement or
as otherwise agreed by the parties, each party involved in a Dispute shall bear
its own costs and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11<a name="PB_11_091140_5340"></a></font></p>

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<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.15pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">expenses (including
attorneys&#146; fees), and the arbitrators shall not render an award that would
include shifting of any such costs or expenses (including attorneys&#146; fees) or,
in a derivative case or class action, award any portion of the Owners&#146; award to
the claimant or the claimant&#146;s attorneys.&#160;
Each party (or, if there are more than two parties to the Dispute, all
claimants, on the one hand, and all respondents, on the other hand,
respectively) shall bear the costs and expenses of its (or their) selected
arbitrator and the parties (or, if there are more than two parties to the
Dispute, all claimants, on the one hand, and all respondents, on the other
hand) shall equally bear the costs and expenses of the third appointed
arbitrator.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(g)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">An Award shall be final and binding upon the parties thereto
and shall be the sole and exclusive remedy between such parties relating to the
Dispute, including any claims, counterclaims, issues or accounting presented to
the arbitrators.&#160; Judgment upon the Award
may be entered in any court having jurisdiction.&#160; To the fullest extent permitted by law, no
application or appeal to any court of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration or
with respect to any award made except for actions relating to enforcement of this
agreement to arbitrate or any arbitral award issued hereunder and except for
actions seeking interim or other provisional relief in aid of arbitration
proceedings in any court of competent jurisdiction.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(h)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Any monetary award shall be made and payable in U.S. dollars
free of any tax, deduction or offset.&#160;
Each party against which the Award assesses a monetary obligation shall
pay that obligation on or before the 30th day following the date of the Award
or such other date as the Award may provide.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(i)</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">This <u>Section&nbsp;21</u> is intended to benefit and be
enforceable by the shareholders, directors, officers, managers (including
Managing Agent or its successor), agents or employees of the Owners and the
Owners and shall be binding on the shareholders of the Owners and the Owners,
as applicable, and shall be in addition to, and not in substitution for, any
other rights to indemnification or contribution that such individuals or
entities may have by contract or otherwise.</font></p>

<p style="color:black;margin:0in 0in .0001pt 38.5pt;text-indent:33.5pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Consent
to Jurisdiction and Forum</font></u></b><font size="2" style="font-size:10.0pt;">.&#160; This <u>Section&nbsp;22</u> is subject to,
and shall not in any way limit the application of, <u>Section&nbsp;21</u>; in
case of any conflict between this <u>Section&nbsp;22</u> and <u>Section&nbsp;21</u>,
<u>Section&nbsp;21</u> shall govern.&#160; The
exclusive jurisdiction and venue in any action brought by any party hereto
pursuant to this Agreement shall lie in any federal or state court located in
Boston, Massachusetts.&#160; By execution and
delivery of this Agreement, each party hereto irrevocably submits to the
jurisdiction of such courts for itself and in respect of its property with
respect to such action. The parties irrevocably agree that venue would be
proper in such court, and hereby waive any objection that such court is an
improper or inconvenient forum for the resolution of such action.&#160; The parties further agree and consent to the
service of any process required by any such court by delivery of a copy thereof
in accordance with <u>Section&nbsp;11</u>  </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12<a name="PB_12_091148_1065"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and that any such delivery
shall constitute valid and lawful service of process against it, without
necessity for service by any other means provided by statute or rule&nbsp;of
court.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:bold;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire
Agreement</font></u></b></font><font size="2" style="font-size:10.0pt;">.&#160; This
Agreement constitutes the entire agreement of the parties hereto with respect
to the subject matter hereof and supersedes and cancels any pre-existing
agreements with respect to such subject matter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Other
Agreements</font></u></b><font size="2" style="font-size:10.0pt;">.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company and
Managing Agent are also parties to a Business Management Agreement, dated as of
the date hereof, as in effect from time to time (the &#147;<u>Business Management
Agreement</u>&#148;).&#160; The parties agree that
this Agreement does not include or otherwise address the rights and obligations
of the parties under the Business Management Agreement and that the Business
Management Agreement provides for its own separate rights and obligations of
the parties thereto, including without limitation separate compensation payable
by the Company to Managing Agent thereunder for services to be provided by the
Managing Agent pursuant to the Business Management Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature Page&nbsp;To
Follow.]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13<a name="PB_13_091249_9995"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b><font size="2" style="font-size:10.0pt;">, the parties hereto have
executed this Amended and Restated Property Management Agreement as a sealed
instrument as of the date above first written.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MANAGING
  AGENT:</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REIT
  MANAGEMENT&nbsp;&amp; RESEARCH LLC</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  John C. Popeo</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:
  John C. Popeo</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:
  Executive Vice President and Treasurer</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OWNERS:</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">HOSPITALITY
  PROPERTIES TRUST, on its own behalf and on behalf of its subsidiaries</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John G. Murray</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: John G. Murray</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President and Chief
  Operating Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14<a name="PB_14_091825_6763"></a></font></p>

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