<SEC-DOCUMENT>0001144204-18-013316.txt : 20180307
<SEC-HEADER>0001144204-18-013316.hdr.sgml : 20180307
<ACCEPTANCE-DATETIME>20180307152311
ACCESSION NUMBER:		0001144204-18-013316
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20180425
FILED AS OF DATE:		20180307
DATE AS OF CHANGE:		20180307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARINGS CORPORATE INVESTORS
		CENTRAL INDEX KEY:			0000275694
		IRS NUMBER:				042483041
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02183
		FILM NUMBER:		18673165

	BUSINESS ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115
		BUSINESS PHONE:		4132261000

	MAIL ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BABSON CAPITAL CORPORATE INVESTORS
		DATE OF NAME CHANGE:	20111230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL CORPORATE INVESTORS
		DATE OF NAME CHANGE:	19920717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARINGS PARTICIPATION INVESTORS
		CENTRAL INDEX KEY:			0000831655
		IRS NUMBER:				043025730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		18673166

	BUSINESS ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115
		BUSINESS PHONE:		4132261000

	MAIL ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BABSON CAPITAL PARTICIPATION INVESTORS
		DATE OF NAME CHANGE:	20111230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL PARTICIPATION INVESTORS
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL CORPORATE INVESTORS II
		DATE OF NAME CHANGE:	19880417
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>tv487934_pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><FONT STYLE="font-size: 12pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><FONT STYLE="font-size: 10pt"><B>Information
Required in Proxy Statement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><FONT STYLE="font-size: 12pt"><B>Schedule
14A Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>Proxy Statement Pursuant
to Section 14(a) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>the Securities Exchange
Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>(Amendment No.___)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt">Filed by the Registrant&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt">Filed by a Party other than the Registrant&nbsp;
<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;Preliminary Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;Confidential, For Use of the Commission
Only (as permitted by Rule 14a-6(e)(2))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;Definitive Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;Definitive Additional Materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;Soliciting Material Pursuant to &sect;240.14a-11(c)
or &sect;240.14a-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><FONT STYLE="font-size: 16pt"><B>Barings&nbsp;Corporate
Investors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><FONT STYLE="font-size: 16pt"><B>Barings&nbsp;Participation
Investors</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: center; text-indent: 9.6pt; border-top: Black 1pt solid">(Name of Registrant
as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: center; text-indent: 9.6pt"><B>(Name of Person(s)
Filing Proxy Statement, if Other Than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>Payment of Filing Fee (Check the appropriate
box):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings"><B>&#120;</B></FONT><B>&nbsp;No
fee required.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT><B>&nbsp;Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.6pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 92%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.6pt"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT><B>&nbsp;Fee
paid previously with preliminary materials.</B></P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.6pt; text-align: center; text-indent: 9.6pt"><FONT STYLE="font-size: 12pt"><B>BARINGS
CORPORATE INVESTORS<BR>
BARINGS PARTICIPATION INVESTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.gif" ALT="" STYLE="height: 252px; width: 451px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>Notice
of Joint Annual Meeting of<BR>
Shareholders of Barings Corporate Investors </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>and
Barings Participation Investors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>Notice
of Special Meeting of </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>Shareholders
of Barings Participation Investors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>and</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0.05in"><FONT STYLE="font-size: 12pt"><B>Proxy
Statement</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wednesday, April 25, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: At 1:00 p.m.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Special Meeting: At 1:30 p.m.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Barings LLC<BR>
300 South Tryon Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sky Room, Suite 26.24<BR>
Charlotte, North Carolina 28202</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1.5pt solid; padding: 12pt 12.25pt 12pt 9.35pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Detailed information about each proposal is contained in the enclosed materials.&nbsp;&nbsp;Whether or not you plan to attend the Meetings in person, <B>your vote is important</B>.&nbsp;&nbsp;Voting is quick and easy.&nbsp;&nbsp;Please either: (i) date, fill in, and sign the enclosed proxy card(s) and mail in the enclosed return envelope which requires no postage if mailed in the United States or (ii) vote by telephone or on the internet by following the instructions in the notice(s) and proxy card(s).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.1in"><B>BARINGS CORPORATE
INVESTORS<BR>
BARINGS PARTICIPATION INVESTORS</B></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The enclosed proxy materials relate to
the 2018 Joint Annual Meeting of Shareholders (the &#8220;Annual Meeting&#8221;) of Barings Corporate Investors (&#8220;MCI&#8221;)
and Barings Participation Investors (&#8220;MPV&#8221; and, together with MCI, each is referred to separately as the &#8220;Trust&#8221;
and collectively as the &#8220;Trusts&#8221;) and a Special Meeting of Shareholders of MPV (the &#8220;Special Meeting&#8221; and,
together with the Annual Meeting, the &#8220;Meetings&#8221;). The Meetings will be held in the Sky Room of Barings LLC, 300 South
Tryon Street, Suite 26.24, Charlotte, North Carolina 28202 on Wednesday, April 25, 2018. The Annual Meeting will be held at 1:00
p.m., Eastern Time, and relates to Proposal 1, which applies to both Trusts. The Special Meeting will be held at 1:30 p.m., Eastern
Time, and relates to Proposals 2 and 3, which apply to only MPV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notices and a Proxy Statement regarding
the Meetings, proxy card(s) for your vote at the Meetings, and a postage prepaid envelope in which to return your proxy card(s)
are enclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Whether or not you plan to attend the
Meeting(s) in person, we earnestly request you vote your shares by returning the enclosed proxy card(s) or by voting by telephone
or on the internet. We ask that you vote promptly in order to avoid the additional expense of further solicitation. </B>If you
later find that you can be present in person, you may, if you wish, revoke your proxy then and vote your shares in person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I look forward to your attendance at the Meetings because it
will provide us with an opportunity to inform you about the progress of the Trusts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6in; text-align: left">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6in; text-align: left"><IMG SRC="image_002.gif" ALT="" STYLE="height: 61px; width: 207px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6in; text-align: left">Clifford M. Noreen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6in; text-align: left">Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6in; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IMPORTANT INFORMATION TO HELP YOU UNDERSTAND
AND PROVIDE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VOTING INSTRUCTIONS ON THE PROPOSALS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">The following Q&amp;A is provided to assist
you in understanding the proposals. Each of the proposals is described in greater detail in the enclosed Proxy Statement. Please
read the full text of the Proxy Statement. Your voting instructions are important.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>What proposals am I being asked to vote on?
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Shareholders of MCI are being asked to vote
on Proposal 1 below. Shareholders of MPV are being asked to vote on all three proposals below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 12%; text-align: left">PROPOSAL 1:</TD><TD STYLE="text-align: justify; width: 83%">To elect two Trustees to serve on the Board
of Trustees;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 12%; text-align: left">PROPOSAL 2:</TD><TD STYLE="text-align: justify; width: 83%">To eliminate MPV&#8217;s fundamental investment
restriction concerning the Trust&#8217;s maximum level of investment in non-investment grade securities; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 12%; text-align: left">PROPOSAL 3:</TD><TD STYLE="text-align: justify; width: 83%">To eliminate MPV&#8217;s fundamental investment
restriction prohibiting investment by the Trust in debt securities rated below B or determined by Barings LLC (&#8220;Barings&#8221;)
to be of comparable quality at the time of acquisition.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>How do the Trustees recommend that I vote?
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">The Trustees recommend that shareholders vote
in favor of the election of each of Edward P. Grace, III and Clifford M. Noreen, and FOR each of the other proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>PROPOSAL 1.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>TO ELECT TWO TRUSTEES
TO SERVE ON THE BOARD OF TRUSTEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>What are shareholders being asked to do?
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Shareholders are being asked to consider the
re-election of two of the current Trustees, Edward P. Grace, III and Clifford M. Noreen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Will a majority of the Trustees be independent
of Barings LLC? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Yes. Following the Annual Meeting, five of seven
members of each Trust&#8217;s Board will be &#8220;Independent Trustees.&#8221; Two Trustees will be considered &#8220;interested
persons&#8221; of each Trust under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), which is the federal
statute that governs the management and administration of registered investment companies, such as the Trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>PROPOSALS 2 AND 3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>TO ELIMINATE CERTAIN
OF MPV&#8217;S FUNDAMENTAL </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>INVESTMENT RESTRICTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>What are shareholders being asked to do?
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Barings is proposing to eliminate MPV&#8217;s
fundamental investment restriction concerning the Trust&#8217;s maximum level of investment in non-investment grade securities
(Proposal 2). Barings is also proposing to eliminate MPV&#8217;s fundamental investment restriction prohibiting investment by the
Trust in debt securities rated below B or determined by Barings to be of comparable quality at the time of acquisition (Proposal
3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>What is the purpose of these proposed changes?
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eliminating both of these investment restrictions will offer
MPV additional investment flexibility and will align MPV&#8217;s investment strategies and restrictions with those of MCI, which
does not have such restrictions. While eliminating these fundamental investment restrictions will subject MPV to the risks of non-investment
grade securities (also known as &#8220;junk bonds&#8221;) to a greater extent, Barings believes that the additional investment
flexibility would be in the best interests of shareholders of MPV. In addition, the proposed changes would align MPV&#8217;s investment
strategies and restrictions with those of MCI, which has outperformed MPV for the one-, five- ten- and twenty-year periods ended
December 31, 2017. Past performance is no guarantee of future results.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.1in"><B>BARINGS
CORPORATE INVESTORS<BR>
BARINGS PARTICIPATION INVESTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1500 Main Street, P.O. Box 15189</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Springfield, MA 01115-5189</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Joint Annual Meeting of Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>To the Shareholders of Barings Corporate Investors and Barings
Participation Investors:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Annual Meeting of Shareholders (the
&#8220;Annual Meeting&#8221;) of Barings Corporate Investors (&#8220;MCI&#8221;) and Barings Participation Investors (&#8220;MPV&#8221;
and, together with MCI, each is referred to separately as the &#8220;Trust&#8221; and collectively as the &#8220;Trusts&#8221;)
will be held in the Sky Room of Barings LLC, 300 South Tryon Street, Suite 26.24, Charlotte, North Carolina 28202, on Wednesday,
April 25, 2018, at 1:00 p.m., Eastern Time, for the following purpose:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -87.75pt">PROPOSAL
1:&#9;to elect as Trustees Edward P. Grace, III and Clifford M. Noreen for three-year terms, or until their respective successors
are duly elected and qualified <B>(to be voted upon by the shareholders of each Trust, voting separately by Trust)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -87.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders may also be asked to transact
such other business as may properly come before the Annual Meeting or any adjournment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>The Board
recommends that you vote in favor of the election of each of Edward P. Grace, III and Clifford M. Noreen.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Trusts&#8217; Annual Meetings
are held together for convenience in order to hear common presentations, each Trust&#8217;s shareholders take action independently
of the other. Holders of record of the shares of beneficial interest of each Trust at the close of business on February 28, 2018
are entitled to vote at the Annual Meeting or any adjournment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Detailed information about Proposal 1 is
contained in the enclosed materials. The Q&amp;A is provided to assist you in understanding the Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Y<B>our vote is important</B>. Voting is
quick and easy. If you attend the Annual Meeting, you may vote your shares in person. Whether or not you intend to attend the Annual
Meeting in person, you may vote in any of the following ways:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>Internet: </I>Have your proxy card(s) available. Vote on the internet by accessing the website
address on your proxy card(s). Enter your control number from your proxy card(s). Follow the instructions found on the website;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Telephone:</I> Have your proxy card(s) available. Vote by telephone by calling the telephone
number on your proxy card(s). Follow the instructions; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>Mail: </I>Vote, sign and return your proxy card(s) in the enclosed postage-paid envelope.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please be sure to vote each proxy card
you receive. <B>Every vote counts.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">By order of the Boards of Trustees,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 55px; width: 173px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">Janice
M. Bishop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">Vice President, Secretary
and Chief Legal Officer</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 28, 2018</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Please vote your proxy by telephone,
on the internet or complete, date, and sign the proxy card(s) for the shares held by you and return the proxy card(s) in the envelope
provided so that your vote can be recorded. It is important that you vote your proxy promptly, regardless of the size of your holdings,
so that a quorum may be assured.</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.1in"><B>BARINGS
PARTICIPATION INVESTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1500 Main Street, P.O. Box 15189</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Springfield, MA 01115-5189</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Special Meeting of Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>To the Shareholders of Barings Participation Investors:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Special Meeting of Shareholders (the
&#8220;Special Meeting&#8221;) of Barings Participation Investors (&#8220;MPV&#8221; or the &#8220;Trust&#8221;) will be held in
the Sky Room of Barings LLC, 300 South Tryon Street, Suite 26.24, Charlotte, North Carolina 28202, on Wednesday, April 25, 2018,
at 1:30 p.m., Eastern Time, for the following purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 12%; text-align: left">PROPOSAL 2:</TD><TD STYLE="text-align: justify; width: 83%">to eliminate MPV&#8217;s fundamental investment restriction
concerning the Trust&#8217;s maximum level of investment in non-investment grade securities <B>(to be voted upon by the shareholders
of MPV)</B>; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -87.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 12%; text-align: left">PROPOSAL 3:</TD><TD STYLE="text-align: justify; width: 83%">to eliminate MPV&#8217;s fundamental investment restriction
prohibiting investment by the Trust in debt securities rated below B or determined by Barings LLC to be of comparable quality
at the time of acquisition <B>(to be voted upon by the shareholders of MPV)</B>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -87.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders may also be asked to transact
such other business as may properly come before the Special Meeting or any adjournment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>The Board
recommends that you vote &#8220;FOR&#8221; Proposals 2 and 3.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of record of the shares of beneficial
interest of MPV at the close of business on February 28, 2018 are entitled to vote at the Special Meeting or any adjournment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Detailed information about Proposals 2
and 3 is contained in the enclosed materials. The Q&amp;A is provided to assist you in understanding the Proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Y<B>our vote is important</B>. Voting is
quick and easy. If you attend the Special Meeting, you may vote your shares in person. Whether or not you intend to attend the
Special Meeting in person, you may vote in any of the following ways:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>Internet: </I>Have your proxy card(s) available. Vote on the internet by accessing the website
address on your proxy card(s). Enter your control number from your proxy card(s). Follow the instructions found on the website;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Telephone:</I> Have your proxy card(s) available. Vote by telephone by calling the telephone
number on your proxy card(s). Follow the instructions; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>Mail: </I>Vote, sign and return your proxy card(s) in the enclosed postage-paid envelope.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please be sure to vote each proxy card
you receive. <B>Every vote counts.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">By order of the Boards of Trustees,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 55px; width: 173px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">Janice
M. Bishop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.5in; text-align: left">Vice President, Secretary
and Chief Legal Officer</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 28, 2018</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Please vote your proxy by telephone,
on the internet or complete, date, and sign the proxy card(s) for the shares held by you and return the proxy card(s) in the envelope
provided so that your vote can be recorded. It is important that you vote your proxy promptly, regardless of the size of your holdings,
so that a quorum may be assured.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.1in"><B>BARINGS
CORPORATE INVESTORS<BR>
BARINGS PARTICIPATION INVESTORS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Joint Proxy Statement (the &#8220;Proxy
Statement&#8221;) is furnished in connection with the solicitation of proxies by the Board of Trustees of Barings Corporate Investors
(&#8220;MCI&#8221;) and Barings Participation Investors (&#8220;MPV&#8221; and, together with MCI, each is referred to separately
as the &#8220;Trust&#8221; and collectively as the &#8220;Trusts&#8221;) for use at the Trusts&#8217; Annual Meeting of Shareholders
(the &#8220;Annual Meeting&#8221;) and a Special Meeting of Shareholders (the &#8220;Special Meeting&#8221; and, together with
the Annual Meeting, the &#8220;Meetings&#8221;) of MPV, to be held in the Sky Room of Barings LLC (&#8220;Barings&#8221;), 300
South Tryon Street, Suite 26.24, Charlotte, North Carolina 28202, on Wednesday, April 25, 2018. The Annual Meeting will be held
at 1:00 p.m., Eastern Time. The Special Meeting will be held at 1:30 p.m., Eastern Time. Unless otherwise indicated, all information
in this Proxy Statement applies separately to each Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Proxy Statement and the accompanying
letter to shareholders from the Chairman of the Board of Trustees, Notices of Annual Meeting and Special Meeting of Shareholders,
and proxy card(s) are being mailed on or about March 28, 2018, to shareholders of record on February 28, 2018, the &#8220;record
date.&#8221; Each Trust&#8217;s principal business address is c/o Barings, 1500 Main Street, P.O. Box 15189, Springfield, Massachusetts
01115-5189.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of the shares of beneficial interest
of each Trust (&#8220;shares&#8221;) of record at the close of business on February 28, 2018 will be entitled to one vote per share
on all business at the Meetings and any adjournments thereof. There were 19,975,363 shares of MCI outstanding and 10,476,418 shares
of MPV outstanding on the record date. The Trusts, to the best of their knowledge, are not aware of any beneficial owner of more
than 5% of the outstanding shares of each Trust. However, Massachusetts Mutual Life Insurance Company (&#8220;MassMutual&#8221;),
the ultimate parent company of Barings, may be deemed a beneficial owner of more than 5% of the outstanding shares of MCI by reason
of it owning a $30,000,000 Senior Fixed Rate Convertible Note due November 15, 2027 (the &#8220;MCI Note&#8221;) issued by MCI.
Similarly, MassMutual may be deemed a beneficial owner of more than 5% of the outstanding shares of MPV by reason of it owning
a $15,000,000 Senior Fixed Rate Convertible Note due December 13, 2023 issued by MPV (the &#8220;MPV Note and, together with &#8220;MCI
Note,&#8221; each a &#8220;Note&#8221; and collectively the &#8220;Notes&#8221;). MassMutual, at its option, can convert the principal
amount of each Note into shares. The dollar amount of principal would be converted into an equivalent dollar amount of shares based
upon the average price of the shares for ten business days prior to the notice of conversion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trusts have engaged Broadridge Financial
Solutions, Inc. (&#8220;Broadridge&#8221;) to provide shareholder meeting services, including vote solicitation, tabulation and
tracking. Until you have voted your shares, you may receive phone calls from Broadridge urging you to vote your shares. Should
you have any questions about this Proxy Statement, please contact the proxy solicitor of Broadridge by calling (toll-free) 1-833-501-4710.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Notice regarding the availability
of Proxy Materials for the Meetings to be held on Wednesday, April 25, 2018. The Joint Proxy Statement is available on https://www.proxyvote.com
or on each Trust&#8217;s website under Documents at www.barings.com/mci and www.barings.com/mpv. </B></P>

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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Trustees (the &#8220;Board&#8221;),
which oversees each Trust, provides broad supervision over the affairs of each Trust. Those Trustees who are not &#8220;interested
persons&#8221; (as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) of each Trust or of
Barings are referred to as &#8220;Independent Trustees&#8221; throughout this Proxy Statement. Barings is responsible for the investment
management of each Trust&#8217;s assets and for providing a variety of other administrative services to each Trust. The officers
of each Trust are responsible for its operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of each Trust is currently comprised
of seven Trustees with terms expiring in 2018, 2019 and 2020. The terms Edward P. Grace, III and Clifford M. Noreen expire this
year. Each Trust&#8217;s Nominating Committee nominated Mr. Grace as an Independent Trustee and Clifford M. Noreen as an Interested
Trustee for re-election to the Board for three-year terms. Messrs. Grace and Noreen have been nominated for election as Trustees
of the class whose term will expires at the 2021 annual meeting of shareholders (or special meeting in lieu thereof) to hold office
until his successor is duly elected and qualified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>Information Concerning Trustees,
Nominees for Trustee and Officers of each Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set forth below after the name of each
nominee for Trustee and for each Trustee whose term will continue after the Annual Meeting, is his or her present office with each
Trust, age, term of office and length of such term served, principal occupation during the past five years, certain of the Trustee&#8217;s
other directorships, and certain other information required to be disclosed in this Proxy Statement. Also, set forth below is a
list of each Trust&#8217;s officers (&#8220;Officers&#8221;) along with his or her position with the Trust, term of office and
length of such term served, and principal occupation or employment for the past five years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the following Trustee tables,
the term &#8220;Fund Complex&#8221; includes the Trusts, Barings Funds Trust, Barings Global Short Duration High Yield Fund, MassMutual
Premier Funds, MML Series Investment Funds, MML Series Investment Funds II and MassMutual Select Funds.</P>

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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name (Age), Address</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With the</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trust(s)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office Term and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Served</B></P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupations</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>in Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Directorships Held by Director</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Clifford M. Noreen* (60)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.55pt">Trustee,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.55pt">Chairman / Nominee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.45pt">Term expires 2018;
        Trustee since 2009</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Deputy Chief Investment Officer and Managing
        Director (since 2016), MassMutual; President (2008-2016), Vice Chairman (2007-2008), Member of the Board of Managers (2006-2016),
        Managing Director (2000-2016), Barings; President (2005-2009), Vice President (1993-2005) of the Trusts.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">President (since 2009), Senior Vice President
        (1996-2009), HYP Management LLC (LLC Manager); Member of the Board of Managers (since 2008), Jefferies Finance LLC (finance company);
        Chairman and Chief Executive Officer (since 2009), Member of the Board of Managers (since 2007), MMC Equipment Finance LLC; Chairman
        (since 2009), Trustee (since 2005), President (2005-2009), CI Subsidiary Trust and PI Subsidiary Trust; Member of the Investment
        Committee (since 1999), Diocese of Springfield; Member of the Investment Committee (since 2015), Baystate Health Systems; Member
        of the Board of Managers (2011-2016), Wood Creek Capital Management, LLC (investment advisory firm); Director (2005-2013), MassMutual
        Corporate Value Limited (investment company); Director (2005-2013), MassMutual Corporate Value Partners Limited (investment company).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Mr. Noreen is classified as an &#8220;interested person&#8221;
of each Trust and Barings (as defined by the 1940 Act), because of his position as an Officer of each Trust and his former position
as President of Barings.</P>

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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name (Age), Address</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With the</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trust(s)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office Term and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Served</B></P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupations</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>in Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Directorships Held by Director</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert E. Joyal* (73)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Term expires 2019; Trustee since 2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-top: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Retired (since 2003); President (2001-2003),
        Barings; President (1993-2003) of the Trusts.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 6pt; text-align: center; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD>
    <TD STYLE="padding: 6pt 5pt 2.05pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee (since 2003), MassMutual Select Funds (open-end investment company advised by MassMutual); Trustee (since 2003), MML Series Investment Funds (open-end investment company advised by MassMutual); Trustee (since 2012), MML Series Investment Funds II (open-end investment company advised by MassMutual); Trustee (since 2012), MassMutual Premier Funds (open-end investment company advised by MassMutual); Director (since 2013), Leucadia National Corporation (holding company owning businesses ranging from insurance to telecommunications); Director (2012-2017), Ormat Technologies, Inc. (geothermal energy company); Director (2013-2016), Baring Asset Management (Korea) Limited (company that engages in asset management, business administration and investment management); Director (2006-2014), Jefferies Group, Inc. (financial services).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Mr. Joyal retired as President of Barings in June 2003. In addition and as noted above, Mr. Joyal
is a Director of Leucadia National Corporation, which is the parent company of Jefferies Finance, LLC, and a former Director of
Jefferies Group, Inc., which has a wholly-owned broker-dealer subsidiary that may execute portfolio transactions and/or engage
in principal transactions with the Trusts, other investment companies advised by Barings or any other advisory accounts over which
Barings has brokerage placement discretion. Accordingly, the Trusts have determined to classify Mr. Joyal as an &#8220;interested
person&#8221; of the Trusts and Barings (as defined by the 1940 Act).</TD></TR></TABLE>

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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name (Age), Address</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With the</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trust(s)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office Term and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Served</B></P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupations</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>in Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Directorships Held by Director</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.9pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 1.3pt; text-align: center; font-size: 10pt; text-indent: 1.3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Michael H. Brown (60)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.9pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3pt; text-align: center; text-indent: 1.3pt">Term expires
        2020; Trustee since 2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Private Investor; Managing Director (1994-2005),
        Morgan Stanley.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5pt 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Independent Director (2006-2014), Invicta
        Holdings LLC and its subsidiaries (derivative trading company owned indirectly by MassMutual).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Barbara M. Ginader (61)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.9pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3pt; text-align: center; text-indent: 1.3pt">Term expires
        2020; Trustee since 2013</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3pt; text-align: center; text-indent: 1.3pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Retired (since 2017); Managing Director
        and General Partner (1993-2017), Boston Ventures Management (private equity firm).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5pt 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding: 6pt 5pt 10pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Board of Overseers (2013), MSPCA-Angell Memorial Hospital; Member of the Grants Committee (2012-2017), IECA Foundation; Managing Director (1993-2017), Boston Ventures V, L.P. (private equity fund); Managing Director (1993-2016), Boston Ventures VI, L.P. (private equity fund).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Edward P. Grace III (67)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee /</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nominee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3pt; text-align: center; text-indent: 1.3pt">Term
expires 2018; Trustee since 2012</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">President (since 1997), Phelps
Grace International, Inc. (investment management); Managing Director (since 1998), Grace Venture Partners LP (venture capital
fund); Senior Advisor (2011-2017), Angelo Gordon &amp; Co. (investment adviser).</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5pt 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Director (since 2012), Benihana, Inc. (restaurant
        chain); Director (since 2011), Firebirds Wood Fired Holding Corporation (restaurant chain); Director (since 1998), Shawmut Design
        and Construction (construction management and general contracting firm); Director (2010-2017), Larkburger, Inc. (restaurant chain).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name (Age), Address</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With the</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trust(s)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office Term and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Served</B></P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupations</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>in Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Directorships Held by Director</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 1.3pt; text-align: center; font-size: 10pt; text-indent: 1.3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Susan B. Sweeney (65) </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3pt; text-align: center; text-indent: 1.3pt">Term expires
        2019; Trustee since 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Retired (since 2014); Senior Vice President
        and Chief Investment Officer (2010-2014), Selective Insurance Company of America; Senior Managing Director (2008-2010), Ironwood
        Capital.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 6pt; text-align: center; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trustee (since 2009), MassMutual Select
        Funds (open-end investment company advised by MassMutual); Trustee (since 2009), MML Series Investment Funds (open-end investment
        company advised by MassMutual); Trustee (since 2012), MML Series Investment Funds II (open-end investment company advised by MassMutual);
        Trustee (since 2012), MassMutual Premier Funds (open-end investment company advised by MassMutual).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maleyne M. Syracuse (61)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3pt; text-align: center; text-indent: 1.3pt">Term expires
        2020; Trustee since 2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Private Investor; Managing Director (2000-2007),
        JP Morgan Securities, Inc. (investment banking); Managing Director (1999-2000), Deutsche Bank Securities; Managing Director (1981-1999),
        Bankers Trust/BT Securities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-bottom: 2.05pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Board of Directors (since 1998) and President of the Board (since 2002), Peters Valley School of Craft (non-profit arts organization); Member of the Board of Directors (since 2014) and Treasurer (since 2017), Charles Lawrence Keith &amp; Clara Miller Foundation (non-profit philanthropic foundation); Member of the Board of Directors (since 2015) and Treasurer of the Board (since 2016), Greater Pike Community Foundation (non-profit philanthropic foundation).</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OFFICERS OF THE TRUSTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name (Age), Address</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With the</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trust(s)</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; text-indent: 1.7pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Office Term* </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>and Length of </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time Served</B></FONT></TD>
    <TD STYLE="width: 54%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupations(s) During Past 5 Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; text-indent: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert M. Shettle (50)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; text-align: center; font-size: 10pt; padding-bottom: 20pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2016</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President (2015-2016) of the Trusts; Managing Director
        (since 2006), Director (1998-2006), Barings; President (since 2016), Vice President (2005-2016), CI Subsidiary Trust and PI Subsidiary
        Trust.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>James M. Roy (55)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vice President and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Since 2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Treasurer (2003-2005), Associate Treasurer
        (1999-2003) of the Trusts; Managing Director (since 2005), Director (2000-2005), Barings; Trustee (since 2005), Treasurer (since
        2005), Controller (2003-2005), CI Subsidiary Trust and PI Subsidiary Trust.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Janice M. Bishop (53)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vice President, Secretary and Chief Legal
        Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Since 2015</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5pt; text-align: justify; font-size: 10pt; padding-bottom: 20pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associate Secretary (2008-2015) of the Trusts; Vice President, Secretary and Chief Legal Officer (since 2013), Barings Funds Trust (open-end investment company advised by Barings); Vice President, Secretary and Chief Legal Officer (since 2012), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Senior Counsel and Managing Director (since 2014), Counsel (2007-2014), Barings; Vice President and Secretary (since 2015), Assistant Secretary (2008-2015), CI Subsidiary Trust and PI Subsidiary Trust.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Melissa M. LaGrant (44)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Compliance Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Since 2006</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5pt; text-align: justify; font-size: 10pt; padding-bottom: 20pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director (since 2006), Barings; Chief Compliance Officer (since 2013), Barings Finance LLC; Chief Compliance Officer (since 2013), Barings Funds Trust (open-end investment company advised by Barings); Chief Compliance Officer (since 2012), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Christopher Hanscom (35)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Treasurer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Since 2017</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Associate Director (since 2015), Analyst (2005-2015), Barings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sean Feeley (50)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 20pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Since 2011</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5pt; text-align: justify; font-size: 10pt; padding-bottom: 20pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director (since 2003), Barings; President (since 2017), Vice President (2012-2017), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Vice President (since 2011), CI Subsidiary Trust and PI Subsidiary Trust.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Kristin Goodchild (32)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street<BR>
        P.O. Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; text-align: center; font-size: 10pt; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associate Secretary</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5pt; text-align: center; font-size: 10pt; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2015</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: justify; font-size: 10pt; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counsel (since 2016), Senior Paralegal (2013-2016), Paralegal (2010-2012), Legal Analyst (2008-2009), Barings; Assistant Secretary (since 2015), Barings Funds Trust (open-end investment company advised by Barings; Assistant Secretary (since 2015), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Assistant Secretary (since 2015), CI Subsidiary Trust and PI Subsidiary Trust.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Officers hold their position with the Trusts until a successor has been duly elected and qualified. Officers are generally
elected annually by the Board of each Trust. The officers were last elected on July 19, 2017.</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following provides an overview of the
considerations that led the Board to conclude that each individual serving as a Trustee or nominee for Trustee of each Trust should
so serve. The current members of the Board have joined the Board at different points in time since 2003. Generally, no one factor
was decisive in the original selection of an individual to join the Board. Among the attributes common to all Trustees is their
ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with each Trust&#8217;s
investment adviser, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties
as Trustees. In recommending the election or appointment of the current Board members as Trustees, the Nominating Committee generally
considered (i) the educational, business and professional experience of each individual; (ii) the individual&#8217;s record of
service as a director or trustee of public or private organizations; and (iii) how the individual&#8217;s skills, experience and
attributes would contribute to an appropriate mix of relevant skills and experience on the Board. The Nominating Committee also
considered that during their service as members of the Board of Trustees of each Trust, the Trustees have demonstrated a high level
of diligence and commitment to the interests of the Trusts&#8217; shareholders and the ability to work effectively and collegially
with other members of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes each Trustee&#8217;s
or nominee for Trustee&#8217;s professional experience and additional considerations that contributed to the Board&#8217;s conclusion
that each individual should serve on the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Brown </B>&#8211; Mr. Brown brings
over 25 years of experience in investment banking and the financial advisory industry to each Board. Mr. Brown previously worked
as an investment banker with Morgan Stanley. Additionally, he also served as a Director of Invicta Holdings LLC, Invicta Advisors
LLC, Invicta Capital LLC and Invicta Credit LLC, a group of companies involved in writing and selling credit protection in the
credit derivatives market on tranches of corporate, residential mortgage-backed securities and commercial mortgage-backed securities
exposure. Mr. Brown hold an undergraduate degree and M.B.A. from the University of Texas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ms. Ginader </B>&#8211; Ms. Ginader
brings over 28 years of experience in merchant banking, corporate finance, mergers and acquisitions, restructuring and private
equity, primarily focused in the media, entertainment and communications industries, to each Board. She previously served as a
Managing Director and General Partner of Boston Ventures Management, Inc. (private equity firm), a Managing Director of Bears Stearns
&amp; Co. Inc. and Chemical Bank and Assistant Vice President of First National Bank of Boston. She previously served as a Member
of the Board of Overseers of Angell Memorial Hospital, Member of the Grants Committee of IECA Foundation, Director of two private
equity funds, Boston Ventures VI L.P. and Boston Ventures V L.P., Special Advisor to and President of the Board of the Foundation
of Codman Academy Public Charter School, and as Director of several other non-profit organizations. Ms. Ginader holds a B.A. from
Cedar Crest College and a M.B.A from Harvard Graduate School of Business Administration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Grace </B>&#8211; Mr. Grace brings
substantial executive, operations, board, private investor and private equity experience to each Board. Mr. Grace is President
of Phelps Grace International, Inc. and Managing Director of Grace Venture Partners, LP. He previously served as a Senior Advisor
in the Private Equity Group of Angelo Gordon &amp; Co. He currently serves as Director of Benihana Inc., Firebirds Wood Fired Holding
Corporation and Shawmut Design and Construction, Inc. Mr. Grace is Founder and former Chairman, President and Chief Executive Officer
of The Capital Grille and Bugaboo Creek Steak House. He sold these chains and was formerly Director and Vice Chairman of the combined
companies, RARE Hospitality International, Inc. He has served as Director of numerous other private and public companies, including
Larkburger, Inc., Not Your Average Joe&#8217;s, Inc., Boston Restaurant Associates, Inc., Logan&#8217;s Roadhouse, Inc., The Gemesis
Corporation and Claim Jumper Restaurants. Mr. Grace also served as Trustee and Chairman of the Executive and Investment Committees
of Johnson &amp; Wales University and Trustee and Vice Chairman of the Investment Committee of Bryant University. Mr. Grace holds
a B.A. from the University of Vermont, a Doctor of Business Administration, Honoris Causa from Johnson &amp; Wales University and
a Masters Professional Director Certification from the American College of Corporate Directors (a public company director education
and credentialing organization).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Joyal </B>&#8211; Mr. Joyal brings
over 36 years of executive and board experience in the investment management business to each Board. He previously served as the
President of each Trust and President of the Trusts&#8217; investment adviser, Barings. Mr. Joyal has substantial board experience,
serving as Trustee of four other registered investment company boards (MassMutual Select Funds, MML Series Investment Funds, MML
Series Investment Funds II and MassMutual Premier Funds) and as a Director of Leucadia National Corporation. He previously served
as a Director of Ormat Technologies, Inc. and Baring Asset Management (Korea) Limited. Mr. Joyal is a Chartered Financial Analyst.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Noreen </B>&#8211; Mr. Noreen brings
over 30 years of investment management and oversight experience related to public equities and corporate credit related investments,
including private and public bonds, mezzanine and private equity investments and structured credit products, investment company
operational, financial and investment matters, and financial services operations to each Board. He currently serves as Deputy Chief
Investment Officer and Managing Director of MassMutual. He previously served as President, Vice Chairman, a member of the Board
of Managers and a Managing Director of the Trusts&#8217; investment adviser, Barings. Mr. Noreen has extensive board experience,
including as a member of the Board of Managers of Jefferies Finance LLC and his former positions as a member of the Boards of Managers of Barings
and Wood Creek Capital Management, LLC. During his tenure at Barings, Mr. Noreen served as a director and/or officer of several
investment companies and private funds. He holds a B.A. from the University of Massachusetts and a M.B.A. from American International
College.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ms. Sweeney</B> &#8211; Ms. Sweeney
brings over 35 years of investment and financial management experience in both the private and public sectors to each Board. She
previously served as Senior Vice President and Chief Investment Officer of Selective Insurance Company of America, Senior Managing
Director of Ironwood Capital and Chief Investment Officer, Pension Funds for the State of Connecticut Treasurer&#8217;s Department.
She currently serves on four other registered investment company boards (MassMutual Select Funds, MassMutual Premier Funds, MML
Series Investment Funds and MML Series Investment Funds II). Ms. Sweeney holds a B.S. from the Connecticut Board of State Academic
Awards and a M.B.A. from Harvard Graduate School of Business Administration. She was awarded a Doctorate of Humane Studies from
Charter Oak State College in 2002.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ms. Syracuse</B> &#8211; Ms. Syracuse
brings over 25 years of experience in investment banking, corporate finance and the financial advisory industry to each Board.
Ms. Syracuse&#8217;s previous positions include her work as a Managing Director in the investment banks at JP Morgan Securities,
Deutsche Bank Securities and BT Securities/Bankers Trust Company. She currently serves as a Director of Peters Valley School of
Craft, Greater Pike Community Foundation and Charles Lawrence Keith &amp; Clara Miller Foundation, each non-profit organizations.
Ms. Syracuse holds an A.B. with Honors from Brown University and a M.B.A. with Honors from New York University Graduate School
of Business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 1, 2018, the Trustees and
Officers of each Trust individually beneficially owned less than two percent (2%) of each of MCI&#8217;s and MPV&#8217;s outstanding
shares and as a group beneficially owned 1.45% of MCI&#8217;s outstanding shares and 0.44% of MPV&#8217;s outstanding shares. This
information is based on information furnished by each Trustee and Officer. Beneficial ownership has been determined in accordance
with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). Also, as of February
1, 2018, Barings, the investment adviser to each Trust, beneficially owned 1.10% of the outstanding shares of MCI and 1.37% of
the outstanding shares of MPV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Members of each Board historically have
invested in one or both of the Trusts, as is consistent with their individual financial goals. In October 2010, this policy was
formalized through adoption of a requirement that each Independent Trustee invest one year&#8217;s worth of fees received for serving
as Trustee of the Trusts (excluding committee fees) in shares of one or both of the Trusts. Investments in the name of family members
or entities controlled by a Trustee constitute Trust holdings of such Trustee for purposes of this policy, and a three-year phase-in
period applies to such investment requirements for Trustees and newly elected Trustees. In implementing such policy, a Board member&#8217;s
Trust holdings existing on October 22, 2010 were valued as of such date with subsequent investments valued at cost.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth information
regarding the beneficial ownership* of each Trust&#8217;s shares held by each Trustee based on the market value of such shares
as of February 1, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dollar Ranges of Shares Owned by Trustees</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><B>Name of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><B>Nominee/</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><B>Trustee</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; padding-left: 9.6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dollar Range</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>of Shares</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>in MCI</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dollar Range</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>of Shares</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>in MPV</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Aggregate Dollar Range</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>of Shares in the Family of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Companies</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">M. Brown</FONT></TD>
    <TD STYLE="padding-left: 9.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Ginader</FONT></TD>
    <TD STYLE="padding-left: 9.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. Grace</FONT></TD>
    <TD STYLE="padding-left: 9.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Joyal</FONT></TD>
    <TD STYLE="padding-left: 9.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Noreen</FONT></TD>
    <TD STYLE="padding-left: 9.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000**</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S. Sweeney</FONT></TD>
    <TD STYLE="padding-left: 9.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">M. Syracuse</FONT></TD>
    <TD STYLE="padding-left: 9.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) under the Exchange Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>Includes interest derived from the market value of MCI common shares represented in the Barings and/or MassMutual non-qualified
compensation deferral plans. However, pursuant to the terms of the plans, neither the plans nor the participant has actual ownership
of Trust shares.</TD></TR></TABLE>

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

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>Required
Vote</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a quorum is present at the Annual Meeting,
the two nominees for election as Trustees who receive a plurality vote, meaning the greatest number of affirmative votes cast by
shareholders, will be elected as Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARDS, INCLUDING THE INDEPENDENT
TRUSTEES, UNANIMOUSLY RECOMMEND THAT THE SHAREHOLDERS OF EACH TRUST VOTE TO ELECT EACH OF THE NOMINEES AS TRUSTEE OF EACH TRUST.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board for each Trust currently consists
of seven Trustees, five of whom are Independent Trustees. As discussed below, all four of the standing committees of the Board,
to which the Board has delegated certain authority and oversight responsibilities, are comprised exclusively of Independent Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Noreen, an &#8220;interested person&#8221;
of each Trust, as defined in Section 2(a)(19) of the 1940 Act, serves as Chairman of each Board. Mr. Noreen presides at meetings
of each Board and acts as a liaison with service providers, officers, and other Trustees generally between meetings, and performs
such other functions as may be requested by each Board from time to time. While the Independent Trustees have not designated a
lead Independent Trustee, the Chairperson of the Governance Committee has been designated to act as chairperson of meetings or
executive sessions of the Independent Trustees, to retain and coordinate with independent fund counsel, when appropriate, and represent
the views of the Independent Trustees to management and the Chairman of the Board. The Board of each Trust reviews its leadership
structure periodically and believes that the leadership structure is appropriate to enable each Board to exercise its oversight
of each Trust. Each Board also believes that its structure, including the active role of the Independent Trustees, facilitates
an efficient flow of information concerning the management of each Trust to the Independent Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Board provides oversight of the services
provided by Barings, including risk management activities. In addition, each committee of each Board provides oversight of Barings&#8217;
risk activities with respect to the particular activities within the committee&#8217;s purview. In the course of providing oversight,
the Board and relevant committees for each Trust receive a wide range of reports on the Trusts&#8217; activities, including each
Trust&#8217;s investment portfolio, the compliance of the Trusts with applicable laws, and the Trusts&#8217; financial accounting
and reporting. The Board and Audit Committee for each Trust meet periodically with the Trusts&#8217; Chief Compliance Officer regarding
the compliance of the Trusts with federal securities laws and the Trusts&#8217; internal compliance policies and procedures. In
addition, both the Audit Committee and the full Board of each Trust regularly review information and materials concerning risks
specific to the Trusts and Barings, including presentations by various officers of the Trusts, investment personnel for the Trusts,
Barings, Barings and MassMutual internal audit, the independent auditors for the Trusts (KPMG LLP) and Counsel to the Trusts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Information Concerning Committees and
Meetings of the Board of Trustees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Board has an Audit Committee, a Joint Transactions Committee,
a Governance Committee and a Nominating Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee of each Trust is comprised
of all Trustees who are not &#8220;interested persons&#8221; of the Trust, as defined in Section 2(a)(19) of the 1940 Act (&#8220;Independent
Trustees&#8221;), and is chaired by Michael H. Brown. The Audit Committee operates pursuant to a written Audit Committee Charter,
which is available on each Trust&#8217;s website at www.barings.com/assets/user/media/MCI_MPV_Audit_Committee_Chart.pdf. A print
copy of the Audit Committee Charter may also be obtained by calling, toll-free, 1-866-399-1516. Each member of the Audit Committee
qualifies as an &#8220;Independent Trustee&#8221; under the current listing standards of the New York Stock Exchange (the &#8220;Listing
Standards&#8221;) and the rules of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). In accordance with the SEC&#8217;s
rules implementing Section 407 of the Sarbanes-Oxley Act of 2002 and upon due consideration of the qualifications of each member
of each Trust&#8217;s Audit Committee, each Board designated Mr. Brown as the Trust&#8217;s Audit Committee Financial Expert.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the standards set forth
in the Audit Committee Charter of each Trust, the Audit Committee is responsible for: oversight matters; financial statement and
disclosure oversight matters; matters related to the hiring, retention, and oversight of each Trust&#8217;s independent accountants;
certain accounting and audit related oversight matters; and certain other matters as set forth in the Audit Committee Charter.
During the twelve months ended December 31, 2017, the Audit Committee held eight meetings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Joint Transactions Committee of each
Trust is comprised of all Independent Trustees. This Committee reviews certain joint investment transactions between each Trust,
MassMutual and certain other closed-end management investment companies, private investment companies and separately managed accounts
advised by Barings pursuant to the conditions set forth in the Trusts&#8217; SEC exemptive order under Section 17(d) of the 1940
Act and Rule 17d-1 thereunder. This Committee acts primarily by written consent (twenty-four consents were executed by Committee
members, approving twenty-six investments for MCI, twenty-five investments for MPV and turning down zero investments during
the twelve months ended December 31, 2017). The Committee also met four times during the year in conjunction with meetings of each
Trust&#8217;s Board.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Governance Committee of each Trust
is currently comprised of all Independent Trustees and is chaired by Maleyne M. Syracuse. The Governance Committee considers, evaluates
and makes recommendations to the Board of each Trust with respect to the structure, membership and function of the Board and the
Committees thereof, including the compensation of the Trustees. During the twelve months ended December 31, 2017, the Governance
Committee held one meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee of each Trust
is comprised of all Independent Trustees and is chaired by Edward P. Grace, III. A current copy of each Trust&#8217;s Nominating
Committee Charter can be found on each Trust&#8217;s website at www.barings.com/assets/user/media/nominating-committee-charter-mci-mpv.pdf.
During the twelve months ended December 31, 2017, the Nominating Committee held one meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee is responsible
for identifying and nominating individuals to serve as Independent Trustees of each Trust. The Nominating Committee Charter contemplates
that all nominees for Independent Trustees have a college degree or, in the judgment of the Committee, equivalent business experience.
In addition, the Committee may take into account a wide variety of factors in considering Trustee candidates, giving such weight
to any individual factor(s) as it deems appropriate, including but not limited to: availability and commitment of a candidate to
attend meetings and perform his or her responsibilities on each Board; relevant industry and related experience; educational background;
depth and breadth of financial expertise; and an assessment of the candidate&#8217;s ability, judgment, expertise, reputation,
and integrity. In the case of a shareholder recommended candidate, the Committee may also consider any other facts and circumstances
attendant to such shareholder submission as may be deemed appropriate by the Committee. Different factors may assume greater or
lesser significance at particular times, in light of the Board&#8217;s present composition and the Committee&#8217;s (or the Board&#8217;s)
perceptions about future issues and needs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When each Board has or expects to have
a vacancy for an Independent Trustee, the Nominating Committee will consider candidates recommended by each Trust&#8217;s current
Trustees; each Trust&#8217;s shareholders; each Trust&#8217;s officers; each Trust&#8217;s investment adviser; and any other source
the Committee deems to be appropriate. Shareholder recommendations to fill vacancies on the Board for Independent Trustees must
be submitted in accordance with the provisions of the Nominating Committee Charter, which requires that shareholder recommendations
be timely received, and contain biographical and other necessary information regarding the candidate that would be required for
the Trust to meet its disclosure obligations under the proxy rules. The Nominating Committee will evaluate nominee candidates properly
submitted by shareholders in the same manner as it evaluates candidates recommended by other sources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the past fiscal year, each Board
of Trustees held five regular meetings (one of which was held by means of a telephone conference call) and two special meetings
(both of which were held by means of a telephone conference call). During the past fiscal year, each Trustee attended at least
75% of the Board and applicable Committee meetings on which s/he served for each Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Transactions with and Remuneration of
Officers and Trustees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Investment Services Contract
between MCI and Barings and the Investment Advisory and Administrative Services Contract between MPV and Barings (each a &#8220;Contract&#8221;),
Barings paid the compensation and expenses of the Trusts&#8217; officers and of all Trustees of the Trusts who were &#8220;interested
persons&#8221; of each Trust or officers or employees of Barings or MassMutual.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trustees who are not officers or employees
of Barings or MassMutual receive an annual retainer paid by MCI of $34,500 and by MPV of $23,000. Each Trust also pays an additional
annual retainer to the Chairman of the Audit Committee in the amount of $3,500. Trustees of MCI also receive a fee of $3,450 and
Trustees of MPV receive a fee of $2,300 for each meeting of each Board which they attend ($1,725 and $1,150, respectively, for
each meeting conducted by telephone conference call). Members of the Audit Committee, Nominating Committee and Governance Committee
of each Trust receive an additional fee of $2,100 from MCI and $1,350 from MPV per meeting attended, including meetings conducted
by telephone conference call. During the fiscal year ended December 31, 2017, the aggregate direct remuneration to these Trustees
and reimbursement of their out-of-pocket expenses paid was approximately $350,628 for MCI and $234,503 for MPV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table discloses the compensation
paid to each Trust&#8217;s Trustees (not including reimbursement for out-of-pocket expenses) for the fiscal year ended December
31, 2017. The Trusts, Barings Funds Trust, Barings Global Short Duration High Yield Fund, MassMutual Premier Funds, MML Series
Investment Funds, MassMutual Select Funds, and MML Series Investment Funds II are collectively referred to in the table below as
the &#8220;Fund Complex.&#8221; The Trustees do not receive pension or retirement benefits.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trustee</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Aggregate</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Compensation</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>from MCI</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Aggregate</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Compensation</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>from MPV</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Total</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Compensation</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>from Fund Complex</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6.75pt">Michael H. Brown</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">77,975</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">52,650</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">130,625</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6.75pt">Barbara M. Ginader</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59,775</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39,700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99,475</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6.75pt">Edward P. Grace, III</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59,775</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39,700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99,475</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6.75pt">Robert E. Joyal</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">651,229</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">**</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6.75pt">Clifford M. Noreen</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6.75pt">Susan B. Sweeney</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74,475</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,150</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">332,625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&dagger;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid; padding-left: 6.75pt">Maleyne M. Syracuse</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">74,475</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">49,150</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">123,625</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-left: 5.85pt"><B>Total</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>346,475</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>230,350</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>1,437,054</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>No compensation is paid by either Trust to Trustees who are &#8220;interested persons&#8221; of the Trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify">Mr. Joyal also serves as a Trustee of four open-end investment companies, MassMutual Select Funds,
MML Series Investment Funds, MML Series Investment Funds II and MassMutual Premier Funds, all managed by MassMutual, the ultimate
parent of Barings. Mr. Joyal received $651,229 in total compensation from the Fund Complex (including interest paid through the
deferred compensation plans of MassMutual Select Funds and MML Series Investment Funds) for the fiscal year ended December 31,
2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8224;</TD><TD STYLE="text-align: justify">Ms. Sweeney also serves as a Trustee of four open-end investment companies, MassMutual Select Funds,
MML Series Investment Funds, MML Series Investment Funds II and MassMutual Premier Funds, all managed by MassMutual, the ultimate
parent of Barings. Ms. Sweeney received $209,000 in total compensation for such service for the fiscal year ended December 31,
2017, in addition to her compensation from the Trusts.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B><U>PROPOSAL
2</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELIMINATION OF MPV&#8217;S FUNDAMENTAL
INVESTMENT RESTRICTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONCERNING THE TRUST&#8217;S MAXIMUM
LEVEL OF INVESTMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IN NON-INVESTMENT GRADE SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MPV currently has a fundamental investment
restriction that prevents it from purchasing any additional non-investment grade securities (&#8220;Non-Investment Grade Securities&#8221;)
if, after giving effect to the purchase of such securities, more than 75% of the Trust&#8217;s total assets would be invested in
Non-Investment Grade Securities (the &#8220;Non-Investment Grade Securities Restriction&#8221;). Non-Investment Grade Securities
are debt securities that are rated, at the time of acquisition, BB or B by Standard &amp; Poor&#8217;s Rating Group (&#8220;S&amp;P&#8221;)
or Ba or B by Moody&#8217;s Investors Service Inc. (&#8220;Moody&#8217;s&#8221;) or, if unrated, are believed by Barings to be
of a quality equivalent to such a rating. The Non-Investment Grade Securities Restriction is fundamental and may not be changed
without an affirmative vote of a majority of the Trust&#8217;s outstanding shares (as defined in the Investment Company Act of
1940 (&#8220;1940 Act&#8221;)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At their meeting in November 2017, the
Trustees unanimously approved, and voted to recommend that shareholders approve, the elimination of the Non-Investment Grade Securities
Restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eliminating the Non-Investment Grade Securities
Restriction will offer MPV additional investment flexibility and will align the investment strategies and restrictions of MCI and
MPV. Increased exposure to Non-Investment Grade Securities will create an opportunity for an enhanced total return but, at the
same time, will increase MPV&#8217;s exposure to the risks associated with those types of securities. Non-Investment Grade Securities
involve greater volatility of price and yield, and greater risk of loss of principal and interest, and generally reflect a greater
possibility of an adverse change in financial condition that could affect the ability of the issuer to make payments of principal
and interest. The market prices of Non-Investment Grade Securities generally respond to short-term corporate and market developments
to a greater extent than higher-rated securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Elimination of this restriction will permit
MPV to invest in opportunities that may have previously been precluded by the Non-Investment Grade Securities Restriction and to
increase its investments in Non-Investment Grade Securities, which Barings believes will benefit MPV&#8217;s shareholders. In addition,
Barings expects certain administrative and other efficiencies to result from the alignment of MCI&#8217;s and MPV&#8217;s investment
strategies. While past performance is no guarantee of future results, and no assurance can be given that MPV&#8217;s performance
would have been stronger had the Non-Investment Grade Securities Restriction never been adopted, MCI, which has not had a Non-Investment
Grade Securities Restriction, outperformed MPV for the one-, five- ten- and twenty-year periods ended December 31, 2017.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>Required
Vote</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approval of the proposed elimination of
MPV&#8217;s fundamental Non-Investment Grade Securities Restriction requires the affirmative vote of &#8220;a majority of the outstanding
voting securities&#8221; of the fund, which is defined under the 1940 Act to be <I>the lesser of </I>(a) more than 50% of the outstanding
shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the Special Meeting if more
than 50% of the outstanding shares of the fund are present at the Special Meeting (in person or by proxy).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD OF MPV, INCLUDING THE INDEPENDENT
TRUSTEES, UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS OF MPV VOTE FOR THE PROPOSAL TO ELIMINATE MPV&#8217;S NON-INVESTMENT GRADE
SECURITIES RESTRICTION.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELIMINATION OF MPV&#8217;S FUNDAMENTAL
INVESTMENT RESTRICTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONCERNING THE TRUST&#8217;S INVESTMENT
IN DEBT SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THAT ARE RATED BELOW B AT THE TIME OF
ACQUSITION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MPV currently has a fundamental investment
restriction that states that the Trust &#8220;will not invest in any debt security that is rated, at the time of acquisition, below
B by S&amp;P or Moody&#8217;s, or if unrated, is believed by Barings to be of a quality below a B rating (&#8220;Below B Securities
Restriction&#8221;). The Below B Securities Restriction is fundamental and may not be changed without an affirmative vote of a
majority of the Trust&#8217;s outstanding shares (as defined in the 1940 Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At their meeting in November 2017, the
Trustees unanimously approved, and voted to recommend that shareholders approve, the elimination of the Below B Securities Restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eliminating the Below B Securities Restriction
will offer MPV additional investment flexibility and will align the investment strategies and restrictions of MCI and MPV. Elimination
of MPV&#8217;s Below B Securities Restriction will create an opportunity for an enhanced total return but, at the same time, will
increase MPV&#8217;s exposure to the risks associated with debt securities that are rated, at the time of acquisition, below B
by S&amp;P or Moody&#8217;s, or if unrated, is believed by Barings to be of a quality below a B rating (&#8220;Below B Securities&#8221;).
Below B Securities typically involve greater volatility of price and yield, and greater risk of loss of principal and interest,
and generally reflect a greater possibility of an adverse change in financial condition that could affect the ability of the issuer
to make payments of principal and interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Elimination of this restriction will permit
MPV to invest in opportunities that may have previously been precluded by the Below B Securities Restriction and to increase its
investments in Below B Securities, which Barings believes will benefit MPV&#8217;s shareholders. In addition, Barings expects certain
administrative and other efficiencies to result from the alignment of MCI&#8217;s and MPV&#8217;s investment strategies. While
past performance is no guarantee of future results, and no assurance can be given that MPV&#8217;s performance would have been
stronger had the Below B Securities Restriction never been adopted, MCI, which has not had a Below B Securities Restriction, outperformed
MPV for the one-, five-, ten- and twenty-year periods ended December 31, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>Required
Vote</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approval of the proposed elimination of
MPV&#8217;s fundamental Below B Securities Restriction requires the affirmative vote of &#8220;a majority of the outstanding voting
securities&#8221; of the fund, which is defined under the 1940 Act to be <I>the lesser of </I>(a) more than 50% of the outstanding
shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the Special Meeting if more
than 50% of the outstanding shares of the fund are present at the Special Meeting (in person or by proxy).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD OF MPV, INCLUDING THE INDEPENDENT
TRUSTEES, UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS OF MPV VOTE FOR THE PROPOSAL TO ELIMINATE MPV&#8217;S BELOW B SECURITIES
RESTRICTION.</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUDIT COMMITTEE REPORT OF EACH TRUST</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Trust&#8217;s Audit Committee oversees
the Trust&#8217;s financial reporting process on behalf of each Trust&#8217;s Board of Trustees and operates under a written Charter
adopted by each Trust&#8217;s Board of Trustees. The Audit Committee meets with each Trust&#8217;s management (&#8220;Management&#8221;)
and independent registered public accountants and reports the results of its activities to each Trust&#8217;s Board of Trustees.
Management has the primary responsibility for the financial statements and the reporting process, including the system of internal
controls. In connection with each Committee&#8217;s and independent registered accountant&#8217;s responsibilities, Management
advised that each Trust&#8217;s financial statements were prepared in conformity with generally accepted accounting principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, each Trust&#8217;s Audit Committee has:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reviewed and discussed the audited financial
statements for the fiscal year ended December 31, 2017 with Management and KPMG LLP (&#8220;KPMG&#8221;), each Trust&#8217;s independent
registered public accountants;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discussed with KPMG those matters required
to be discussed by Public Company Accounting Oversight Board Auditing Standard 16 (Communications with Audit Committees); and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Received the written disclosure and the
letter from KPMG required by the Public Company Accounting Oversight Board Rule 3526 (Communications with Audit Committee Concerning
Independence) and has discussed with KPMG its independence.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Trust&#8217;s Audit Committee has
also reviewed the aggregate fees billed for professional services rendered by KPMG for 2016 and 2017 for each Trust and for the
non-audit services provided to Barings and Barings&#8217; parent, MassMutual. As part of this review, the Audit Committee considered
whether the provision of such non-audit services was compatible with maintaining the principal accountant&#8217;s independence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In reliance on the reviews and discussions
referred to above, each Trust&#8217;s Audit Committee presents this Report to each Trust&#8217;s Board of Trustees and recommends
that each Trust&#8217;s Board of Trustees (1) include the December 31, 2017 audited financial statements in the Annual Report to
shareholders for the fiscal year ended December 31, 2017 and (2) file such Annual Report with the SEC and the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Trust&#8217;s Audit Committee appointed
the firm of KPMG as the Trust&#8217;s independent registered public accountants for the fiscal year ending December 31, 2018, and,
in connection therewith, KPMG will prepare all of each Trust&#8217;s tax returns for the fiscal year ending December 31, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUBMITTED BY THE AUDIT COMMITTEE OF EACH
TRUST&#8217;S BOARD OF TRUSTEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michael H. Brown, Audit Committee Chair</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Barbara M. Ginader, Audit Committee Member</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Edward P. Grace, III, Audit Committee Member<BR>
Susan B. Sweeney, Audit Committee Member<BR>
Maleyne M. Syracuse, Audit Committee Member</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 23, 2018</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE TRUSTS&#8217; INDEPENDENT AUDITORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KPMG audited the financial statements of
each Trust, Barings, and MassMutual for the fiscal year ended December 31, 2017. KPMG&#8217;s audit report for each Trust contained
no qualifications or modifications. A KPMG representative is expected to be present at the upcoming Annual Meeting. This representative
shall have the opportunity to make a statement if he or she desires to do so, and it is expected that such representative will
be available to respond to appropriate questions from shareholders. As noted above, KPMG will audit each Trust&#8217;s 2018 financial
statements and prepare each Trust&#8217;s 2018 Federal and state tax returns.</P>

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

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FEES PAID TO INDEPENDENT REGISTERED PUBLIC
ACCOUNTANTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fees Billed to MCI</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.05in"><B>KPMG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.05in"><B>Year Ended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.05in"><B>December 31, 2017</B></P>

</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>KPMG</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Year Ended</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>December 31, 2016</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; font: 10pt Times New Roman, Times, Serif; text-align: left">Audit Fees</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">97,625</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">78,100</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Audit-Related Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Tax Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,665</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,665</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">All Other Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">Total Fees</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">143,290</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">123,765</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.25pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.25pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>Fees Billed to MPV</B></P>

</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>KPMG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Year Ended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>December 31, 2017</B></P>

</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>KPMG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Year Ended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>December 31, 2016</B></P>

</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Audit Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97,625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">78,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Audit-Related Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Tax Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,665</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,665</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">All Other Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">Total Fees</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">143,290</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">123,765</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Non-Audit Fees Billed to</B></P>

</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Barings and MassMutual</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>KPMG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Year Ended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>December 31, 2017</B></P>

</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>KPMG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Year Ended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>December 31, 2016</B></P>

</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Audit-Related Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,618,525</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,239,527</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Tax Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">227,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">All Other Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">202,280</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">35,000</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1.5pt solid">Total Fees</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,850,805</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,502,027</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The category &#8220;Audit-Related Fees&#8221;
reflects fees billed by KPMG for various non-audit and non-tax services rendered to the Trusts, Barings and MassMutual, such as
SOC-1 review, consulting and agreed upon procedures reports. Preparation of Federal, state and local income tax returns and tax
compliance work are representative of the fees reported in the &#8220;Tax Fees&#8221; category. The category &#8220;All Other Fees&#8221;
represents fees billed by KPMG for consulting rendered to Barings and MassMutual. The Sarbanes-Oxley Act of 2002 and its implementing
regulations allow each Trust&#8217;s Audit Committee to establish a pre-approval policy for certain services rendered by the Trust&#8217;s
independent accountants. During 2017, each Trust&#8217;s Audit Committee approved all of the services rendered to the Trust by
KPMG and did not rely on such a pre-approval policy for any such services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2016 fees billed represent final 2016
amounts, which may differ from the preliminary figures available as of the publication date of the Trusts&#8217; 2017 Proxy Statement
and includes, among other things, fees for services that may not have been billed as of the publication date of the Trusts&#8217;
2017 Proxy Statement, but are now properly included in the 2016 fees billed to each Trust, Barings and MassMutual.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of each Trust knows of no business
to be brought before the Meetings other than as set forth above. If, however, any other matters properly come before the Meetings,
it is the intention of the persons named in the enclosed proxy card to vote proxies on such matters in accordance with their best
judgment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION ABOUT VOTING PROXIES AND
THE MEETINGS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of each Trust are entitled
to one vote, on each matter on which the shareholder is entitled to vote, for each share of the Trust that such shareholder owns
at the close of business on February 28, 2018. Each fractional share is entitled to a proportionate fractional vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All properly executed and unrevoked proxies
received in time for a Meeting will be voted in accordance with the instructions contained therein. If a shareholder executes a
proxy but gives no instructions, the shares that are represented by such proxy will be voted in favor of the election of each of
Edward P. Grace, III and Clifford M. Noreen, for each other Proposal and for or against any other business that may properly arise
at the relevant Meeting, in the proxy&#8217;s discretion.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any person giving a proxy has the power
to revoke it by mail or in person at any time prior to its exercise at the relevant Meeting by executing a superseding proxy or
by submitting a written notice of revocation to the Trust(s). To be effective, such revocation must be received prior to the Meeting
and must indicate the shareholder&#8217;s name and account number.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Annual Meeting, the presence in
person or by proxy, of a majority of the votes entitled to be cast shall be a quorum for the transaction of business for each Trust.
Similarly, for the Special Meeting, the presence in person or by proxy, of a majority of the votes entitles to be cast shall be
a quorum for the transaction of business for MPV. All proxies received, including proxies that reflect (i) broker non-votes (i.e.,
shares held in &#8220;street name&#8221; for which the broker or nominee (a) has not received instructions from the beneficial
owners or other persons entitled to vote or (b) does not have discretionary voting authority on a particular matter), (ii) abstentions
or (iii) the withholding of authority to vote on a particular matter, will be counted as shares that are present on a particular
matter for purposes of determining the presence of a quorum. With respect to Proposal 1, abstentions and broker non-votes, if any,
will not have an effect on the outcome of the proposal. With respect to Proposals 2 and 3, abstentions and broker non-votes, if
any, will have the effect of votes against each proposal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approval of Proposal 1 at the Annual Meeting
will be determined separately by each Trust. Provided a quorum is present, the Trustee Nominees who receive a plurality vote of
the outstanding shares of each Trust cast at the Annual Meeting shall be elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of MPV will vote on Proposals
2 and 3 at the Special Meeting. Provided a quorum is present, Proposals 2 and 3 each require the affirmative vote of the holders
of a &#8220;majority of the outstanding voting securities&#8221; as such term is defined in the 1940 Act. A vote of the &#8220;majority
of outstanding voting securities&#8221; of MPV means <I>the lesser of </I>(a) more than 50% of the outstanding shares of MPV, or
(b) 67% or more of the shares of MPV present (in person or by proxy) at the Special Meeting if more than 50% of the outstanding
shares of MPV are present at the Special Meeting (in person or by proxy).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If sufficient votes in favor of any of
the proposals set forth in the Notice of Joint Annual Meeting of Shareholders of MCI and MPV and Notice of Special Meeting of Shareholders
of MPV are not received by the time scheduled for the Meetings or if the quorum required for a proposal has not been met, the persons
named as proxies may propose adjournments of the Meetings with respect to such proposal(s) for periods of not more than 120 days
to permit further solicitation of proxies. Any adjournment will require the affirmative vote of a majority of the votes cast on
the proposal in person or by proxy at the session of the Meeting to be adjourned. The persons named as proxies will vote in favor
of adjournment those proxies that they are entitled to vote in favor of the proposal. They will vote against any such adjournment
those proxies required to be voted against the proposal. The Trusts will pay the costs of any additional solicitation and of any
adjourned session. Any proposals for which sufficient affirmative votes have been received by the time of the Meeting may be acted
upon and considered final regardless of whether the Meeting is adjourned to permit additional solicitation with respect to any
other proposal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The giving of a proxy will not affect a
shareholder&#8217;s right to vote in person should the shareholder decide to attend the Meetings. To vote by mail, please mark,
sign, date and return the enclosed proxy card(s) following the instructions printed on the card. Please refer to your proxy card(s)
for instructions for voting by telephone or on the internet.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Barings provides investment management
and certain administrative services to MCI pursuant to an Investment Services Contract and to MPV pursuant to an Investment Advisory
and Administrative Services Contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Barings (including its wholly-owned subsidiaries)
currently has over $304 billion in assets under management and provides investment management services to registered investment
companies, unregistered investment companies and institutional investors (such as insurance companies, pension plans, endowments
and foundations). MM Asset Management Holding LLC is the direct owner of 100% of the voting shares of Barings. MassMutual Holding
LLC owns all of the voting shares of MM Asset Management Holding LLC. MassMutual owns all of the voting shares of MassMutual Holding
LLC. MassMutual, MassMutual Holding LLC and MM Asset Management Holding LLC are located at 1295 State Street, Springfield, Massachusetts
01111. Barings&#8217; principal office is located at 300 South Tryon Street, Suite 2500, Charlotte, NC 28202.</P>

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


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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Barings indirectly provides certain administrative
services to each Trust including, but not limited to, accounting services, meeting facilities, legal support, report preparation
and other services. Barings&#8217; principal address is 300 South Tryon Street, Suite 2500, Charlotte, NC 28202.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Trust&#8217;s Trustees and certain
officers, investment advisers, certain affiliated persons of the investment advisers, and persons who own more than 10% of any
class of outstanding securities of each Trust are required to file forms reporting their affiliation with each Trust and reports
of ownership and changes in ownership of each Trust&#8217;s securities with the SEC and the New York Stock Exchange. These persons
and entities are required by SEC regulation to furnish each Trust with copies of all such forms they file. Based solely on a review
of these forms furnished to the Trusts as well as certain internal documents, each Trust believes that its Trustees and relevant
officers, Barings, and its relevant affiliated persons have all complied with applicable filing requirements during each Trust&#8217;s
fiscal year ended December 31, 2017, with the exception of Roger W. Crandall who filed a late Form 4 for MCI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSALS BY SHAREHOLDERS AND COMMUNICATIONS
WITH THE BOARD OF TRUSTEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any shareholder intending to present a
proposal at the Annual Meeting to be held in 2019 who wishes to have such proposal included in the Trust&#8217;s proxy materials
for that meeting, should forward his/her written proposal to the Trust, Attention: Secretary. Proposals must be received on or
before November 16, 2018, to be considered for inclusion in the Trust&#8217;s proxy materials for its 2019 Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to procedures approved by each
Trust&#8217;s Board, including a majority of the Trustees who are not &#8220;interested persons&#8221; of the Trust as defined
in Section 2(a)(19) of the 1940 Act, shareholders may mail written communications to the Board by writing the Trust&#8217;s Chief
Financial Officer at the office of the Trust&#8217;s investment adviser or by emailing the respective Trust&#8217;s Chief Financial
Officer at mcimailbox@massmutual.com or mpvmailbox@massmutual.com. When writing to a Trust&#8217;s Board of Trustees, shareholders
should identify themselves, the fact that the communication is directed to the Board, and any relevant information regarding their
Trust holdings.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proxies will be solicited by mail and may
be solicited in person or by telephone, electronically, or facsimile by officers of each Trust. The expenses connected with the
solicitation of these proxies and with any further proxies which may be solicited by each Trust&#8217;s officers in person, by
telephone, or by facsimile will be borne by each respective Trust. The Trusts have engaged Broadridge to provide shareholder meeting
services, including vote solicitation, tabulation and tracking. It is anticipated that the cost of these services will be approximately
$20,000 for MCI and $50,000 for MPV and may increase in the event any vote is contested or increased solicitation efforts are required.
The Trusts will reimburse banks, brokers, and other persons holding each respective Trust&#8217;s shares registered in their names
or in the names of their nominees, for their expenses incurred in sending proxy materials to and obtaining proxies from the beneficial
owners of such shares, which reimbursement will not be submitted to a vote of each respective Trust&#8217;s shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Trust will arrange for at least one
Trustee to attend its 2018 Annual Meeting, will encourage all of its Trustees to attend its Annual Meeting of Shareholders, and
will endeavor to arrange its Annual Meeting of Shareholders on the same date as a Board of Trustees meeting to facilitate Trustee
attendance. All of the Trusts&#8217; Trustees attended the April 21, 2017 Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Only one copy of the Proxy Statement will
be mailed to each household, even if more than one person in the household is a Trust shareholder of record. If a shareholder needs
an additional copy of this Proxy Statement, please contact the Trust at 1-866-399-1516. Shareholders may also access a copy of
the Proxy Statement online at https://www.proxyvote.com or on each Trust&#8217;s website under Documents at www.barings.com/mci
and www.barings.com/mpv. If any shareholder does not want the mailing of his or her Proxy Statement to be combined with those for
other members of the shareholder&#8217;s household, please contact:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O. Box 219086</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kansas City, MO 64121-9086</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1-800-647-7374</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or contact your financial intermediary.</P>


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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Annual Report of each Trust for its fiscal year ended December
31, 2017, including financial statements, a schedule of each Trust&#8217;s investments as of such date and other data, was mailed
on or about February 28, 2018, to all shareholders of record. Each Trust&#8217;s most recent Annual Report is available on the
internet at www.barings.com/assets/user/media/Barings-Corporate-Investors_12-31-17.pdf and www.barings.com/assets/user/media/Barings-Participation-Investors_12-31-17.pdf.
Shareholders may also request a copy of the Annual Report and the most recent semi-annual report, which will be furnished without
charge, by calling (toll-free) the Trusts&#8217; Transfer Agent, DST Systems, Inc., at 1-800-647-7374.</P>

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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><IMG SRC="barings1.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 54%"><B><I>C/O PROXY SERVICES <BR>
P.O. BOX 9112 <BR>
FARMINGDALE, NY 11735</TD>
    <TD STYLE="width: 6%; text-align: center"><IMG SRC="comp1.jpg" ALT=""></TD>
    <TD STYLE="width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To
                           vote by Internet</B></FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement and have the proxy <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;card below at hand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)&nbsp;&nbsp;
Follow the instructions provided on the website.</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="envelope1.jpg" ALT=""></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To vote
        by Mail</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)&nbsp;&nbsp;
Check the appropriate box on the proxy card below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Sign and date the proxy card.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">4)
&nbsp;&nbsp;Return the proxy card in the envelope provided.</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="phone1.jpg" ALT=""></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To vote
        by Telephone</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement and have the proxy</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;card below at hand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Call <B>1-800-690-6903</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Follow the instructions.</FONT></P>


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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; border-bottom: Black 2pt dashed"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 2pt dashed"><P STYLE="text-align: center"><FONT STYLE="font-size: 10pt">E39564-S69507</FONT></P>


</TD>
    <TD STYLE="width: 35%; border-bottom: Black 2pt dashed"><P STYLE="text-align: right"><FONT STYLE="font-size: 10pt">KEEP THIS
                                         PORTION FOR YOUR RECORDS</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="text-align: right"><FONT STYLE="font-size: 10pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For All</B></FONT></TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To withhold authority to vote for any individual</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><B>Vote on Trustees</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Except</B></FONT></TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">nominee(s), mark &quot;For All Except&quot; and write the</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">name(s) of the nominee(s) on the line below.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top; width: 2%">1.</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 35%"><B>Election of Trustees</B> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">-
    for three-year terms, or until their respective successors are duly elected and qualified.</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; width: 8%; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; width: 8%; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; width: 8%; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 7pt 0 0; text-indent: 0; width: 36%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 1%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B><U>Nominees for election:</U></B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">01)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp;Edward
P. Grace, III</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">02) &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Clifford
    M. Noreen</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Other Business</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 0; text-indent: 0">In their discretion, the proxy or proxies are authorized to vote upon such other business or matters as may properly come before the Annual Meeting or any adjournment or adjournments thereof.</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 0; text-indent: 0">Please sign exactly as your name or names appear. When signing as joint tenant, all parties to the joint tenancy should sign. When signing as attorney, executor, administrator, trustee or guardian, please give your full title as such.</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 8%">Date</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 10%"></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; width: 30%">Signature [Joint Owners]</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; width: 8%">Date</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Important Notice
Regarding the Availability of Proxy Materials for the Annual Meeting:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The Notice and Joint
Proxy Statement is available at http://www.barings.com/mci or at www.proxyvote.com.</P>

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

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt dashed; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">E39565-S69507</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding: 10pt; font-size: 10pt; text-indent: 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt"><B>BARINGS
                                         CORPORATE INVESTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD
OF TRUSTEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: justify">The undersigned hereby appoints
Janice M. Bishop and James M. Roy, and each of them, attorneys and proxies of the undersigned, with power of substitution to vote
all shares of Barings Corporate Investors (the &quot;Trust&quot;) which the undersigned is entitled to vote at the Annual Meeting
of Shareholders of the Trust to be held in the Sky Room of Barings LLC, 300 South Tryon Street, Suite 26.24, Charlotte, NC 28202,
on Wednesday, April 25, 2018, at 1:00 p.m. Eastern Time, and at any adjournments thereof (the &quot;Annual Meeting&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: justify"><B>THIS PROXY WILL BE VOTED ON
ITEM (1) IN ACCORDANCE WITH THE INSTRUCTIONS GIVEN ON THIS CARD, AND IN THE ABSENCE OF INSTRUCTIONS THE UNDERSIGNED HEREBY AUTHORIZES
THE AFORESAID PROXY OR PROXIES TO VOTE FOR ITEM (1).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 159pt"><B>&nbsp;</B></P>

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


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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><IMG SRC="barings1.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 54%"><B><I>C/O PROXY SERVICES <BR>
P.O. BOX 9112 <BR>
FARMINGDALE, NY 11735</TD>
    <TD STYLE="width: 6%; text-align: center"><IMG SRC="comp1.jpg" ALT=""></TD>
    <TD STYLE="width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To
                           vote by Internet</B></FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement and have the proxy <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;card below at hand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Follow the instructions provided on the website.</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="envelope1.jpg" ALT=""></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To vote
        by Mail</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Check the appropriate box on the proxy card below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Sign and date the proxy card.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">4)&nbsp;&nbsp;
Return the proxy card in the envelope provided.</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="phone1.jpg" ALT=""></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To vote
        by Telephone</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement and have the proxy</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;card below at hand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Call <B>1-800-690-6903</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Follow the instructions.</FONT></P>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; border-bottom: Black 2pt dashed"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 2pt dashed"><P STYLE="text-align: center"><FONT STYLE="font-size: 10pt">E39566-S69507</FONT></P>


</TD>
    <TD STYLE="width: 35%; border-bottom: Black 2pt dashed"><P STYLE="text-align: right"><FONT STYLE="font-size: 10pt">KEEP THIS
                                         PORTION FOR YOUR RECORDS</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="text-align: right"><FONT STYLE="font-size: 10pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For All</B></FONT></TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To withhold authority to vote for any individual</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><B>Vote on Trustees</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Except</B></FONT></TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">nominee(s), mark &quot;For All Except&quot; and write the</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">name(s) of the nominee(s) on the line below.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">1.</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Election of Trustees</B> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">-
    for three-year terms, or until their respective successors are duly elected and qualified.</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 2%; text-align: left; vertical-align: top"></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 35%"></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 8%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 8%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 8%">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; width: 36%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 1%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B><U>Nominees for election:</U></B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">01)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp;Edward
P. Grace, III</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">02) &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Clifford
    M. Noreen</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Other Business</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 0; text-indent: 0">In their discretion, the proxy or proxies are authorized to vote upon such other business or matters as may properly come before the Annual Meeting or any adjournment or adjournments thereof.</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 0; text-indent: 0">Please sign exactly as your name or names appear. When signing as joint tenant, all parties to the joint tenancy should sign. When signing as attorney, executor, administrator, trustee or guardian, please give your full title as such.</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; width: 1%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 8%">Date</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 10%"></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; width: 30%">Signature [Joint Owners]</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; width: 8%">Date</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Important Notice
Regarding the Availability of Proxy Materials for the Annual Meeting:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The Notice and Joint
Proxy Statement is available at http://www.barings.com/mpv or at www.proxyvote.com.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">E39567-S69507</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 10pt; font-size: 10pt; text-indent: 0; width: 100%">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD
OF TRUSTEES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: justify">The undersigned hereby appoints
Janice M. Bishop and James M. Roy, and each of them, attorneys and proxies of the undersigned, with power of substitution to vote
all shares of Barings Participation Investors (the &quot;Trust&quot;) which the undersigned is entitled to vote at the Annual Meeting
of Shareholders of the Trust to be held in the Sky Room of Barings LLC, 300 South Tryon Street, Suite 26.24, Charlotte, NC 28202,
on Wednesday, April 25, 2018, at 1:00 p.m. Eastern Time, and at any adjournments thereof (the &quot;Annual Meeting&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: justify"><B>THIS PROXY WILL BE VOTED ON
ITEM (1) IN ACCORDANCE WITH THE INSTRUCTIONS GIVEN ON THIS CARD, AND IN THE ABSENCE OF INSTRUCTIONS THE UNDERSIGNED HEREBY AUTHORIZES
THE AFORESAID PROXY OR PROXIES TO VOTE FOR ITEM (1).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 159pt"><B>&nbsp;</B></P>

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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><IMG SRC="barings1.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 54%"><B><I>C/O PROXY SERVICES <BR>
P.O. BOX 9112 <BR>
FARMINGDALE, NY 11735</TD>
    <TD STYLE="width: 6%; text-align: center"><IMG SRC="comp1.jpg" ALT=""></TD>
    <TD STYLE="width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To
                           vote by Internet</B></FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement and have the proxy <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;card below at hand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Go to website <B>www.proxyvote.com</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Follow the instructions provided on the website.</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="envelope1.jpg" ALT=""></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To vote
        by Mail</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Check the appropriate boxes on the proxy card below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Sign and date the proxy card.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">4)
&nbsp;&nbsp;Return the proxy card in the envelope provided.</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="phone1.jpg" ALT=""></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>To vote
        by Telephone</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">1)
&nbsp;&nbsp;Read the Joint Proxy Statement and have the proxy</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;card below at hand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">2)
&nbsp;&nbsp;Call <B>1-800-690-6903</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">3)
&nbsp;&nbsp;Follow the instructions.</FONT></P>


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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; border-bottom: Black 2pt dashed"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 2pt dashed"><P STYLE="text-align: center"><FONT STYLE="font-size: 10pt">E39568-S69507</FONT></P>


</TD>
    <TD STYLE="width: 35%; border-bottom: Black 2pt dashed"><P STYLE="text-align: right"><FONT STYLE="font-size: 10pt">KEEP THIS
                                         PORTION FOR YOUR RECORDS</FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="text-align: right"><FONT STYLE="font-size: 10pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P>


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

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




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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Against</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Abstain</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">2.</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><B>Elimination of Fundamental Investment
    Restriction</B> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">- to eliminate MPV&rsquo;s fundamental
    investment restriction concerning the Trust&rsquo;s maximum level of investment in non-investment grade securities; and</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
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    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">3.</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><B>Elimination of Fundamental Investment
    Restriction</B> - <FONT STYLE="font: 10pt Times New Roman, Times, Serif">to eliminate MPV&rsquo;s fundamental
    investment restriction prohibiting investment by the Trust in debt securities rated below B or determined by Barings LLC to
    be of comparable quality at the time of acquisition.</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
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    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">Please sign exactly as your name or names appear. When signing as joint tenant, all parties to the joint tenancy should sign. When signing as attorney, executor, administrator, trustee or guardian, please give your full title as such.</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 8%">Date</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 10%"></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; width: 30%">Signature [Joint Owners]</TD>
    <TD STYLE="padding: 0 7pt 0 0; text-indent: 0; width: 8%">Date</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0 7pt 0 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Important Notice Regarding the Availability of
Proxy Materials for the Special Meeting:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The Notice and Joint Proxy Statement is available at
http://www.barings.com/mpv or at www.proxyvote.com.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">E39569-S69507</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 10pt; font-size: 10pt; text-indent: 0; width: 100%">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD
OF TRUSTEES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: justify">The undersigned hereby appoints
Janice M. Bishop and James M. Roy, and each of them, attorneys and proxies of the undersigned, with power of substitution to vote
all shares of Barings Participation Investors (the &quot;Trust&quot;) which the undersigned is entitled to vote at the Special
Meeting of Shareholders of the Trust to be held in the Sky Room of Barings LLC, 300 South Tryon Street, Suite 26.24, Charlotte,
NC 28202, on Wednesday, April 25, 2018, at 1:30 p.m. Eastern Time, and at any adjournments thereof (the &quot;Special Meeting&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: justify"><B>THIS PROXY WILL BE VOTED ON
ITEMS (2) AND (3) IN ACCORDANCE WITH THE INSTRUCTIONS GIVEN ON THIS CARD, AND IN THE ABSENCE OF INSTRUCTIONS THE UNDERSIGNED HEREBY
AUTHORIZES THE AFORESAID PROXY OR PROXIES TO VOTE FOR ITEMS (2) AND (3).</B></P>

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

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</TD></TR>
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