<SEC-DOCUMENT>0001752724-24-090625.txt : 20240425
<SEC-HEADER>0001752724-24-090625.hdr.sgml : 20240425
<ACCEPTANCE-DATETIME>20240425135346
ACCESSION NUMBER:		0001752724-24-090625
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240425
DATE AS OF CHANGE:		20240425
EFFECTIVENESS DATE:		20240425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR GROWTH FUND INC.
		CENTRAL INDEX KEY:			0000786035
		ORGANIZATION NAME:           	
		IRS NUMBER:				521452208
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04537
		FILM NUMBER:		24874992

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY ALL STAR GROWTH FUND INC /MD/
		DATE OF NAME CHANGE:	19960612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLMON CHARLES TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROWTH STOCK OUTLOOK TRUST INC
		DATE OF NAME CHANGE:	19910807
</SEC-HEADER>
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<TYPE>N-CEN/A
<SEQUENCE>1
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      <registrantstreet2>Suite 1000</registrantstreet2>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <mgmtInvLei>54930046Y8IF3CB2AL60</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
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          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>State Street Bank &amp; Trust Company</securitiesAgentName>
            <securitiesAgentLei>571474TGEMMWANRLN572</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
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        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1729136</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>26842</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
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            <investmentAdviserName>ALPS Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-67135</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000134340</investmentAdviserCrdNo>
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          <transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
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            <pricingServiceName>THOMSON REUTERS U.S. LLC</pricingServiceName>
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          <brokerDealer>
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        <principalAggregatePurchase>0</principalAggregatePurchase>
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          <description>Common stock</description>
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<DOCUMENT>
<TYPE>CODE OF ETHICS
<SEQUENCE>2
<FILENAME>fp0087333-1_g1bv.htm
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Liberty
All-Star Equity Fund</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Liberty
All-Star Growth Fund, Inc.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black"><B>CODE
OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: silver; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Procedure
    Creation Date:</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">December
    12, 2005</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Procedures
    Revised as of:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">October
    1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Applicable
    Authority:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Section
    406 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>P<FONT STYLE="font-variant: small-caps">urpose
of the</FONT> C<FONT STYLE="font-variant: small-caps">ode</FONT></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Liberty All-Star Growth Fund, Inc. and the Liberty All-Star Equity Fund (collectively the &ldquo;Funds&rdquo;) code of ethics
(this &ldquo;Code&rdquo;) is intended to serve as the code of ethics described in Section 406 of the Sarbanes-Oxley Act of 2002
and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley
Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures
of the Funds, the Funds&rsquo; adviser, principal underwriter, or other service providers govern or purport to govern the behavior
or activities of the Covered Officers, as defined herein, who are subject to this Code, they are superseded by this Code to the
extent that they overlap or conflict with the provisions of this Code. The Funds&rsquo; and its investment adviser&rsquo;s, and
principal underwriter&rsquo;s codes of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the &ldquo;1940
Act&rdquo;) are separate requirements applying to the Covered Officers and others, and are not part of this Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable
law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is
right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">honest
                                         and ethical conduct, including the ethical handling of actual or apparent conflicts of
                                         interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">full,
                                         fair, accurate, timely, and understandable disclosure in reports and documents that the
                                         Funds files with, or submits to, the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
                                         and in any other public communications by the Funds;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">compliance
                                         with applicable governmental laws, rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         prompt internal reporting of violations of the Code to the appropriate persons as set
                                         forth in the Code; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">accountability
                                         for adherence to the Code.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C<FONT STYLE="font-variant: small-caps">overed
</FONT>P<FONT STYLE="font-variant: small-caps">ersons</FONT></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code applies to the Funds&rsquo; Principal Executive Officers and Principal Financial Officers, or any persons performing similar
functions on behalf of the Funds (the &ldquo;Covered Officers&rdquo;). Each Covered Person should adhere to a high standard of
business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
Covered Officers are expected to act in accordance with the standards set forth in this Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Honest
and Ethical Conduct</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Honesty,
                                         Diligence and Professional Responsibility </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. Covered Officers
must perform their duties and responsibilities for the Funds:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">with
                                         honesty, diligence, and a commitment to professional and ethical responsibility;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">carefully,
                                         thoroughly and in a timely manner; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">in
                                         conformity with applicable professional and technical standards.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent
with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting
Oversight Board or the American Institute of Certified Public Accountants from time to time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Objectivity/Avoidance
                                         of Undisclosed Conflicts of Interest</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties
and responsibilities for the Funds, Covered Officers must not subordinate their judgment to personal gain and advantage, or be
unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity
or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties
and waived by the Trustees on behalf of the Funds. Further, Covered Officers should avoid participation in any activity or relationship
that could create the appearance of a conflict of interest.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment,
interest, association, activity or relationship that may impair or appear to impair the Covered Officer&rsquo;s objectivity or
interfere with the interests of, or the Covered Officer's service to, the Funds.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> Any
Covered Officer who may be involved in a situation or activity that might be  a conflict of interest or give the appearance
of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI of this
Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Covered Officer must not:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">use
                                         his or her personal influence or personal relationships improperly to influence investment
                                         decisions or financial reporting by the Funds whereby the Covered Officer would benefit
                                         personally to the detriment of the Funds;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">cause
                                         the Funds to take action, or fail to take actions, for the individual personal benefit
                                         of the Covered Officer rather than the benefit of the Funds; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">use
                                         material non-public knowledge of portfolio transactions made or contemplated for the
                                         Funds to trade personally or cause others to trade personally in contemplation of the
                                         market effect of such transactions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Covered Officer is responsible for his or her compliance with this conflict of interest policy.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preparation
of Financial Statements</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must not knowingly make any misrepresentations regarding the Funds&rsquo; financial statements or any facts in the preparation
of the Funds&rsquo; financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and
regulations in the preparation of the Funds&rsquo; financial statements. This section is intended to prohibit:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">making,
                                         or permitting or directing another to make, materially false or misleading entries in
                                         the Funds&rsquo; financial statements or records;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">failing
                                         to correct the Funds&rsquo; financial statements or records that are materially false
                                         or misleading when he or she has the authority to record an entry; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">signing,
                                         or permitting or directing another to sign, a document containing materially false or
                                         misleading financial information.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express
an opinion or state affirmatively that the financial statements or other financial data of the Funds are presented in conformity
with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should
be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if such
statements or data contain any departure from generally accepted accounting principles then in effect in the United States.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental
bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information.
If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions
or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted
accounting principles.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements
or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute
an impermissible subordination of judgment:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Covered Officer should consider whether (i) the entry or the failure to record a transaction
                                         in the records, or (ii) the financial statement presentation or the nature or omission
                                         of disclosure in the financial statements, as proposed by the supervisor, represents
                                         the use of an acceptable alternative and does not materially misrepresent the facts or
                                         result in an omission of a material fact. If, after appropriate research or consultation,
                                         the Covered Officer concludes that the matter has authoritative support and/or does not
                                         result in a material misrepresentation, the Covered Officer need do nothing further.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
                                         the Covered Officer concludes that the financial statements or records could be materially
                                         misstated as a result of the supervisor&rsquo;s determination, the Covered Officer should
                                         follow the reporting procedures set forth in Section VI of this Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Obligations
to the Independent Auditor of the Funds</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> In
dealing with the Funds&rsquo; independent auditor, Covered Officers must be candid  and not knowingly misrepresent facts or
knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds&rsquo; independent
auditor.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead
the Funds&rsquo; independent auditor in the performance of an audit of the Funds&rsquo; financial statements for the purpose of
rendering such financial statements materially misleading.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Full,
Fair, Accurate, Timely and Understandable Disclosure</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
is the Funds&rsquo; policy to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that
the Funds files with, or submits to, the SEC and in any other public communications by the Funds. The Funds have designed and
implemented Disclosure Controls and Procedures to carry out this policy.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Funds, and to use
their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports
and documents that the Funds files with, or submits to, the SEC and in any other public communications by the Funds.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must review the Funds&rsquo; Disclosure Controls and Procedures to ensure they are aware of and carry out their duties
and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Funds. Covered
Officers are responsible for monitoring the integrity and effectiveness of the Funds&rsquo; Disclosure Controls and Procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Compliance
with Applicable Laws, Rules and Regulations</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Funds&rsquo;
business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered
Officer should seek advice from the Covered Officer&rsquo;s supervisor or the Funds&rsquo; legal counsel.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are
discreditable to the Funds.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to promote the Funds&rsquo; compliance with applicable laws, rules and regulations. To promote such compliance,
Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions
of the Funds about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions
and the Funds generally.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Reporting
and Accountability</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Funds&rsquo; adoption
of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received,
read, and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer,
on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers may not retaliate against any other Covered Officer of the Funds or their affiliated persons for reports of potential
violations that are made in good faith.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Funds will follow these procedures in investigating and enforcing this Code:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
Covered Officer who knows of any violation of this Code or who questions whether a situation, activity or practice is acceptable
must immediately report such practice to the Funds&rsquo; Audit Committee. The Audit Committee shall take appropriate action to
investigate any reported potential violations. If, after such investigation, the Audit Committee believes that no violation has
occurred, the Audit Committee is not required to take any further action. Any matter that the Audit Committee believes is a violation
will be reported to the Chairman of the Board of Trustees/ Directors. The Audit Committee shall respond to the Covered Officer
within a reasonable period of time.</FONT></TD>
</TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
the Covered Officer is not satisfied with the response of the Audit Committee, the Covered Officer shall report the matter to
the Chairman of the Board of Trustees. If the Chairman is unavailable, the Covered Officer may report the matter to any other
member of the Board of Trustees. The person receiving the report shall consider the matter, refer it to the full Board of Trustees
if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board of Trustees/
Directors concurs that a violation has occurred, it will consider appropriate action, which may include review of and appropriate
modifications to applicable policies and procedures or notification to appropriate personnel of the investment adviser or its
board.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
the Board of Trustees determines that a Covered Officer violated this Code, failed to report a known or suspected violation of
this Code, or provided intentionally false or malicious information in connection with an alleged violation of this Code, the
Board of Trustees/ Directors may take disciplinary action against any such Covered Officer to the extent the Board of Trustees
deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
the extent possible and as allowed by law, reports will be treated as confidential. The Funds may report violations of the law
to the appropriate authorities.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Disclosure
of this Code</FONT></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, unless otherwise
required by law:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filing
                                         a copy of this Code as an exhibit to the Funds&rsquo; annual report on Form N-CSR;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Posting
                                         the text of this Code on the Funds&rsquo; Internet website and disclosing, in its most
                                         recent report on Form N-CSR, its Internet address and the fact that it has posted this
                                         Code on its Internet website; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Providing
                                         an undertaking in the Funds&rsquo; most recent report on Form N-CSR to provide a copy
                                         of this Code to any person without charge upon request, and explaining the manner in
                                         which such a request may be made.</FONT></TD></TR></TABLE>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">W<FONT STYLE="font-variant: small-caps">aivers</FONT></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Trustees/ Directors
or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Funds in the manner
prescribed by law and as set forth above in Section VII (Disclosure of this Code).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A<FONT STYLE="font-variant: small-caps">mendments</FONT></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code may be amended by the affirmative vote of a majority of the Board of Trustees, including a majority of the independent Trustees.
Any amendment of this Code must be disclosed by the Funds in the manner prescribed by law and as set forth above in Section VII
(Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any
amendments to this Code will be provided to the Covered Officers.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C<FONT STYLE="font-variant: small-caps">onfidentiality</FONT></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board
of Trustees of the Funds, the Audit Committee, the legal counsel to the Funds, legal counsel to the independent trustees and such
other persons as a majority of the Board of Trustees/ Directors, including a majority of the independent Trustees, shall determine
to be appropriate.</FONT></P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Appendix
A</U></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Liberty
All-Star Funds</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certification
and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge and certify that I have received a copy of the Liberty All-Star Funds&rsquo; Code of Ethics for Principal Executive
Officers and Principal Financial Officers (the &ldquo;Code&rdquo;). I understand and agree that it is my responsibility to read
and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge and certify that I have read and understand the Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
affirm that I have complied with the requirements of this Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 35%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 15%">&nbsp;</TD>
<TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer Name (Please Print) </FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer Signature</FONT></TD>
    <TD>&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                            <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35%"></TD><TD STYLE="text-align: justify; width: 15%">&nbsp;</TD>
                            <TD STYLE="text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
</TR></TABLE>

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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>fp0087334-1_g1aiii.htm
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
the Shareholders and Board of Directors of&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Liberty
All-Star<SUP>&reg;</SUP> Growth Fund, Inc.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
planning and performing our audit of the financial statements of Liberty All-Star<SUP>&reg;</SUP> Growth Fund, Inc. (the &ldquo;Fund&rdquo;)
as of and for the year ended December 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Fund&rsquo;s internal control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the
Fund&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related
costs of controls. A fund&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles (GAAP). A fund&rsquo;s internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&rsquo;s assets that could have
a material effect on the financial statements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the Fund&rsquo;s annual or interim financial statements will not be
prevented or detected on a timely basis.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Our
consideration of the Fund&rsquo;s internal control over financial reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards
established by the PCAOB. However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting and
its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as
of December 31, 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities
and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">COHEN
&amp; COMPANY, LTD.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cleveland,
Ohio&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February
22, 2024</FONT></P>





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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
<FILENAME>fp0088185-1_g1bi_asg.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amended
and Restated</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">BY-LAWS
OF</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">LIBERTY
ALL-STAR GROWTH FUND, INC.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
Maryland Corporation</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
amended through October 24, 2023</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>ARTICLE
I</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>STOCKHOLDERS</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
1. <U>Annual Meetings</U>. The annual meeting of the stockholders of Liberty All-Star Growth Fund, Inc. (formerly &ldquo;The Charles
Allmon Trust, Inc.&rdquo;) (the &ldquo;Corporation&rdquo;) shall be held on a date fixed from time to time by at least a majority
of the Board of Directors and two-thirds of the Continuing Directors (as defined in Section 3 of Article X) each year. An annual
meeting may be held at any place in or out of the State of Maryland as may be determined by the Board of Directors as shall be
designated in the notice of the meeting and at the time specified by the Board of Directors. Any business of the Corporation may
be transacted at an annual meeting without being specifically designated in the notice unless otherwise provided by statute, the
Corporation&rsquo;s charter, or these By-Laws. Failure to hold an annual meeting does not invalidate the Corporation&rsquo;s existence
or affect any otherwise valid corporate acts. A majority of the Board of Directors, including a majority of the Continuing Directors,
has the sole power to fix the means of remote communication, if any, by which stockholders and proxy holders may be considered
present in person and may vote at the meeting</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Special Meetings</U>. At any time in the interval between annual meetings, a special meeting of stockholders may be called
by at least a majority of the Board of Directors and two-thirds of the Continuing Directors (as defined in Section 3 of Article
X), by the Chairman of the Board or by the President, and shall be called at the request in writing of stockholders entitled to
cast at least a majority of the votes entitled to be cast at the meeting upon payment by such stockholders to the Corporation
of the reasonably estimated cost of preparing and mailing a notice of a meeting (which estimated cost shall be provided to such
stockholders by the Secretary of the Corporation). A written request shall state the purpose or purposes of the proposed meeting
and the matters proposed to be acted on. The chairman of the special meeting shall, if the facts warrant, determine and declare
to the meeting that business was not properly brought before the meeting or is not a proper subject for the meeting; any such
business shall not be considered or transacted. A majority of the Board of Directors, including a majority of the Continuing Directors,
has the sole power to fix the means of remote communication, if any, by which stockholders and proxy holders may be considered
present in person and may vote at the meeting</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
3. <U>Notice and Place of Meetings</U>. Not less than 10 nor more than 90 days before each meeting of stockholders, the Secretary
shall give to each stockholder entitled to vote at such meeting, and to each stockholder not entitled to vote who is entitled
to notice of the meeting, notice in writing or by electronic transmission stating the time and place of the meeting and, in the
case of a special meeting or as otherwise may be required by statute, the purpose for which the meeting is called. Notice may
be given to a stockholder by mail, by presenting it to such stockholder personally, by leaving it at the stockholder&rsquo;s residence
or usual place of business, or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given
when deposited in the U.S. mail addressed to the stockholder at the stockholder&rsquo;s address as it appears on the records of
the Corporation, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted
to the stockholder by an electronic transmission to any address or number of the stockholder at which the stockholder receives
electronic transmissions. The Corporation may give a single notice to all stockholders who share an address, which single notice
shall be effective as to any stockholder at such address, unless a stockholder objects to receiving such single notice or revokes
a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more stockholders, or any irregularity
in such notice, shall not affect the validity of any meeting fixed in accordance with this Article I or the validity of any proceedings
at any such meeting. The notice of any meeting of stockholders may be accompanied by a form of proxy approved by the Board of
Directors in favor of the actions or persons as the Board of Directors may select. Notwithstanding the forgoing provisions, each
person who is entitled to notice waives notice if he or she attends the meeting in person or by proxy, or before or after the
meeting delivers a written waiver or a waiver by electronic transmission, which is filed with the records of stockholders meetings.
Except as otherwise required by law, only the business stated in the notice of the meeting shall be considered at such meeting;
<I>provided that</I>, additional business may be brought before the meeting by or at the direction of at least a majority of the
Directors and two-thirds of the Continuing Directors (as defined in Section 3 of Article X).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Meetings
of stockholders shall be held at such place in the United States as is set from time to time by at least a majority of the Board
of Directors and two-thirds of the Continuing Directors (as defined in Section 3 of Article X).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
4. <U>Requirement to Appear at Meeting</U>. Notwithstanding anything to the contrary in the foregoing provisions of this Article
I, unless otherwise required by law, if a stockholder (or a qualified representative of the stockholder) wishing to submit a proposal
does not appear at the annual or special meeting of the stockholders of the Corporation to present proposed business, such proposed
business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation.
For purposes hereof, to be considered a qualified representative of a stockholder, a person must be a duly authorized officer,
manager or partner of such stockholder or must be authorized by a writing executed by such stockholder delivered by such stockholder
to the Secretary of the Corporation in writing at least ten business days in advance of the stockholder meeting to act for such
stockholder as proxy at the meeting of the stockholders of the Corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION 5. <U>Required Compliance with Exchange
Act</U>. A stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder
with respect to the matters set forth in this Article I; provided however, that any references in these By-Laws to the Exchange
Act or the rules promulgated thereunder are not intended to and shall not limit any requirements applicable to proposals as to
any business to be considered pursuant to this Article I, and compliance with these By-Laws shall be the exclusive means for a
stockholder to submit business (other than matters brought properly under and in compliance with Rule 14a-8 under the Exchange
Act (or any successor provision of law)).</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
6. <U>Quorum; Required Vote</U>. Except as otherwise provided by the laws of the State of Maryland, the Investment Company Act
of 1940, as amended (&ldquo;1940 Act&rdquo;) or other applicable statute, or by the Corporation&rsquo;s charter, these By-Laws,
or a resolution of the Directors specifying a greater or lesser vote requirement for the transaction of any item of business that
properly comes before a meeting of stockholders, at a meeting of stockholders: (1) the presence in person or by proxy of stockholders
of the Corporation entitled to cast a majority of all the votes entitled to be cast at the meeting shall constitute a quorum;
and (2) the affirmative vote of a majority of the total number of votes entitled to be cast thereon shall be required to approve
any matter that properly comes before the meeting. At all times, the affirmative vote of a majority of the total number of votes
entitled to be cast thereon shall be required to approve the election of a director. In the absence of a quorum, the chairman
of a stockholders meeting, without notice other than by announcement at the meeting, may adjourn the meeting from time to time
as provided in Section 7 of this Article I until a quorum shall attend. The stockholders present at any duly organized meeting
may continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.
The absence from any meeting in person or by proxy of holders of the number of shares of stock of the Corporation in excess of
the number that may be required by the laws of the State of Maryland, the 1940 Act or other applicable statute, the Corporation&rsquo;s
charter, or by these By-Laws for action upon any given matter shall not prevent action at the meeting on any other matter or matters
that may properly come before the meeting, so long as there are present, in person or by proxy, holders of the number of shares
of stock of the Corporation required for action upon the other matter or matters.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
7. <U>Adjournment</U>. Whether or not a quorum is present at a stockholders meeting, the chairman of the meeting may adjourn the
meeting from time to time, without notice other than by announcement at the meeting at which the adjournment is taken. At any
adjourned meeting at which a quorum shall be present, any action may be taken that could have been taken at the meeting originally
called. A meeting of the stockholders may not be adjourned to a date more than 120 days after the original record date.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
8. <U>Organization</U>. At every meeting of stockholders, an officer or a person designated by an officer of the Corporation shall
act as chairman of the meeting. The Secretary, or in the Secretary&rsquo;s absence or inability to act, a person appointed by
the chairman of the meeting, shall act as secretary of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
9. <U>Order of Business</U>. The order of business at all meetings of stockholders of the Corporation shall be as determined by
the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations, and procedures and take such action
as, in the discretion of such chairman, are appropriate for the proper conduct of the meeting, including, without limitation,
(a) restricting entry to the meeting to only persons present at the commencement of the meeting; (b) limiting attendance at the
meeting to stockholders of record of the Corporation, their duly authorized proxies and other such individuals as the chairman
of the meeting may determine; (c) limiting participation at the meeting on any matter to stockholders of record of the Corporation
entitled to vote on such matter, their duly authorized proxies and other such individuals as the Chairman of the meeting may determine;
(d) limiting the time allotted to questions or comments by participants; (e) determining when and for how long the polls should
be open and when the polls should be closed; (f) maintaining order and security at the meeting; (g) removing any stockholder or
any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting;
(h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced at the meeting;
and (i) complying with any state and local laws and other regulations concerning safety and security. Unless otherwise determined
by the chairman of the meeting, meetings of stockholders of the Corporation shall not be required to be held in accordance with
the rules of parliamentary procedure.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
10. <U>Voting</U>. Except as otherwise provided by statute or the Corporation&rsquo;s charter, each holder of record of shares
of stock of the Corporation shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders for
each share of stock standing in his or her name on the records of the Corporation as of the record date determined pursuant to
Section 11 of this Article I.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
stockholder entitled to vote at any meeting of stockholders may vote the stock he or she owns of record in person, by written
proxy, or by electronic or telecommunications device if, as discussed below, provided by the Board of Directors, signed by the
stockholder or by his or her duly authorized attorney-in-fact. The placing of a stockholder&rsquo;s name on a proxy pursuant to
telephonic or electronically transmitted instructions obtained pursuant to procedures reasonably designed to verify that such
instructions have been authorized by such stockholder shall constitute execution or signature of such proxy by or on behalf of
such stockholder. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in
the proxy. Every proxy shall be revocable at the pleasure of the stockholder executing it, except in those cases in which the
proxy states that it is irrevocable and in which an irrevocable proxy is permitted by law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
the maximum extent permitted by law, the Board of Directors may provide that proxies may be given by any electronic or telecommunications
device or in any other manner, but may also provide that, if a proposal by anyone other than the officers or directors is submitted
to a vote of the stockholders, or if there is a proxy contest or proxy solicitation or proposal in opposition to any proposal
by the officers or directors, shares may be voted only either in person or by written proxy that is not given by any electronic
or telecommunications means.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
11. <U>Fixing of Record Date for Determining Stockholders Entitled to Vote at Meeting</U>. The Board of Directors may set a record
date for the purpose of determining stockholders entitled to notice of and to vote at any meeting of stockholders. The record
date for a particular meeting shall be not more than 90 nor fewer than 10 days before the date of the meeting.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
12. <U>Inspectors</U>. The Board of Directors may, in advance of any meeting of stockholders, appoint one or more inspectors to
act at the meeting or at any adjournment of the meeting. If the inspectors shall not be so appointed or if any of them shall fail
to appear or act, the chairman of the meeting may appoint inspectors. Each inspector, before entering upon the discharge of his
or her duties, shall, if required by the chairman of the meeting, take and sign an oath to execute faithfully the duties of inspector
at the meeting with strict impartiality and according to the best of his or her ability. The inspectors shall determine the number
of shares outstanding and the voting power of each share, the number of shares represented at the meeting, the existence of a
quorum, and the validity and effect of proxies, and shall receive votes, ballots, or consents, hear and determine all challenges
and questions arising in connection with the right to vote, count and tabulate all votes, ballots, or consents, determine the
result, and do those acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the chairman
of the meeting or any stockholder entitled to vote at the meeting, the inspectors shall make a report in writing of any challenge,
request, or matter determined by them and shall execute a certificate of any fact found by them. No director or candidate for
the office of director shall act as inspector of an election of directors. Inspectors need not be stockholders of the Corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
13. <U>Consent of Stockholders in Lieu of Meeting</U>. Except as otherwise provided by statute or the Corporation&rsquo;s charter,
any action required or permitted to be taken at a meeting of stockholders may be taken without a meeting if an unanimous written
consent that sets for the action is given in writing or by electronic transmission by each stockholder entitled to vote on the
matter and filed in paper or electronic form with the records of stockholders meetings.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
14. <U>Advance Notice of Stockholder Nominees for Director</U>. For nominations to be properly brought before a meeting by a stockholder,
the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and must be entitled at the
time of giving notice and the time of the meeting to vote for each such nominee. To be timely, a stockholder&rsquo;s notice shall
set forth all information required under this Section 14 and shall be received by the Secretary at the principal offices of the
Corporation: (1) for an annual meeting, not earlier than the 150<SUP>th</SUP> day and not later than the 120<SUP>th</SUP> day
prior to the first anniversary of the date of public release of the notice for the preceding year&rsquo;s annual meeting; provided,
however, that in the event that the date of the annual meeting is advanced by more than 30 days or delayed by more than 60 days
from the first anniversary of the date of the preceding year&rsquo;s annual meeting, notice by the stockholder to be timely must
be received by the Secretary no earlier than the 120<SUP>th</SUP> day prior to the date of such annual meeting and no later than
the later of the 90<SUP>th</SUP> day prior to the date of such annual meeting or the 10<SUP>th</SUP> day following the day on
which public announcement of the date of such meeting is first made; and (2) for a special meeting, not later than the close of
business on the seventh day following the date on which notice of the date of such meeting is mailed or otherwise disseminated
to stockholders or public disclosure of the date of the special meeting is made, whichever occurs first. The public announcement
of a postponement or adjournment of a meeting shall not commence a new time period for the giving of a stockholder&rsquo;s notice
as described above.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
stockholder&rsquo;s notice of a nomination for the election or reelection of a director shall set forth as to each individual
whom the stockholder proposes to nominate as a director:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         name, age, business address, residence address, and principal occupation of any individual(s)
                                         being nominated (a &ldquo;Proposed Nominee&rdquo;) and each individual who has a Disclosable
                                         Relationship with such Proposed Nominee (&ldquo;Proposed Nominee Associate&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         description of all agreements, arrangements, or understandings (whether written or oral)
                                         between such Proposed Nominee and any Proposed Nominee Associate of such Proposed Nominee
                                         related to, and any material interest of such Proposed Nominee Associate in, such nomination,
                                         including any anticipated benefit therefrom to such Proposed Nominee Associate;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         description of all commercial and professional relationships and transactions between
                                         or among such Proposed Nominee or any Proposed Nominee Associate, and any other person
                                         or persons known to such Proposed Nominee or Proposed Nominee Associate to have a material
                                         interest in such nomination, including the nominating stockholder and any Stockholder
                                         Associated Person (as defined below);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation as to whether such Proposed Nominee is believed to be an &ldquo;interested
                                         person&rdquo; of the Corporation, as defined in Section 2(a)(19) of the 1940 Act,, and
                                         meets the other legal requirements to serve as a director, including the rules adopted
                                         by the principal listing exchange upon which Shares are listed, the rules adopted pursuant
                                         to Rule 10A-3, and information regarding such individual that is sufficient, in the discretion
                                         of the Board of Directors or any committee thereof, to examine such determinations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation that the Proposed Nominee satisfies the director Qualifications as set
                                         out in Article II of these By-Laws, and information regarding such individual that is
                                         sufficient, in the discretion of the Board of Directors or any committee thereof, to
                                         examine such representation;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation that the stockholder who intends to make the nomination is a holder of
                                         record or beneficial owner of stock of the Corporation entitled to vote for each nominee
                                         at such meeting (together with proof thereof as would meet the requirements for proposals
                                         that are to be included in the Corporation&rsquo;s proxy statements pursuant to Rule
                                         14a-8 under the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;),
                                         or any successor to such Rule) and intends to appear in person or by proxy at the meeting
                                         to nominate the person or persons specified in the notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">as
                                         to the stockholder who intends to make the nomination and any Stockholder Associated
                                         Person, (A) the class and number of shares of stock which are owned by such stockholder
                                         and any Stockholder Associated Person, as of the date of such notice (which information
                                         shall be supplemented by such stockholder not later than five business days after the
                                         record date for the meeting to disclose such information as of the record date); (B)
                                         the nominee holder for, and number of shares of stock owned beneficially but not of record
                                         by such stockholder and by any Stockholder Associated Person, as of the date of such
                                         notice (which information shall be supplemented by such stockholder not later than five
                                         business days after the record date for the meeting to disclose such information as of
                                         the record date); (C) the date shares of stock identified in (A) and (B) were acquired
                                         and the investment intent of such acquisition; and (D) whether and the extent to which
                                         any hedging or other transaction or series of transactions has been entered into by or
                                         on behalf of, or any other agreement, arrangement, or understanding (including any short
                                         position or any borrowing or lending of shares) has been made, the effect or intent of
                                         which is to mitigate loss to or manage risk of share price changes for, or to increase
                                         or decrease the voting power of, such stockholder or any such Stockholder Associated
                                         Person with respect to any shares of stock of the Corporation, including any such activity
                                         effected by the use of securities or other instruments of any other issuer in effect
                                         as of the date of such notice (which information shall be supplemented by such stockholder
                                         not later than five business days after the record date for the meeting to disclose such
                                         information as of the record date);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(viii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         name, age, business address, residence address, and principal occupation of the stockholder
                                         and Stockholder Associated Person giving notice, as they appear on the Corporation&rsquo;s
                                         stock ledger and current name and address, if different;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ix)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">to
                                         the extent known by the stockholder giving the notice, the name and address of any other
                                         stockholder supporting the nomination of each individual for director on the date of
                                         such stockholder&rsquo;s notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(x)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation whether the stockholder or any Stockholder Associated Person intends to
                                         deliver a proxy statement and/or form of proxy to holders of at least the percentage
                                         of the outstanding shares of stock required to approve the nomination and/or otherwise
                                         to solicit proxies from stockholders in support of the nomination;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xi)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         other information relating to such Proposed Nominee that would be required to be disclosed
                                         in a proxy statement or other filings required to be made in connection with solicitations
                                         of proxies for election of directors in a solicitation subject to Rule 14a-12(c) of the
                                         Exchange Act, whether or not the stockholder submitting the notice intends to deliver
                                         a proxy statement or solicit proxies and whether or not an election contest is involved,
                                         and any other information reasonably necessary to ensure the completeness and accuracy
                                         of the information provided;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">such
                                         Proposed Nominee&rsquo;s written consent to being named as a nominee and to serving as
                                         a director if elected;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xiii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         certificate executed by the Proposed Nominee certifying that such Proposed Nominee (a)
                                         is not, and will not become a party to, any agreement, arrangement, or understanding
                                         (whether written or oral) with any person or entity other than the Corporation in connection
                                         with service or action as a director of the Corporation if elected that has not been
                                         disclosed to the Corporation, (b) will serve as a director of the Corporation if elected,
                                         and (c) satisfies the director Qualifications of these By-Laws; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xiv)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         director questionnaire completed and submitted by the Proposed Nominee within 5 business
                                         days of such a request from the Corporation and in such form as the Board of Directors
                                         deems appropriate, and a background check or such information as the directors may reasonably
                                         require to determine the eligibility of such Proposed Nominee to serve as a director
                                         of the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
information submitted pursuant to this Section 14 by any stockholder shall be inaccurate in any material respect, such information
may be deemed not to have been provided in accordance with this Section 14. Any such stockholder shall notify the Corporation
of any inaccuracy or change (within two business days of becoming aware of such inaccuracy or change) in any such information.
Upon written request by the Secretary of the Corporation or the Board of Directors, any such stockholder shall provide, within
five business days of delivery of such request (or such other period as may be specified in such request), (A) written verification,
satisfactory, in the discretion of the Board of Directors or any authorized officer of the Corporation, to demonstrate the accuracy
of any information submitted by the stockholder pursuant to this Section 14, and (B) a written update of any information (including,
if requested by the Corporation, written confirmation by such stockholder that it continues to intend to bring such nomination)
submitted by the stockholder pursuant to this Section 14 as of an earlier date. If a stockholder fails to provide such written
verification or written update within such period, the information as to which written verification or a written update was requested
may be deemed not to have been provided in accordance with this Section 14.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
chairman of the meeting may refuse to acknowledge a nomination by any stockholder that is not made in compliance with the foregoing
procedure. Any determination by the chairman that the stockholder nomination is not in compliance shall be binding on all parties
absent manifest error. Notwithstanding the foregoing provisions of this Section 14, a stockholder shall also comply with all applicable
requirements of Maryland law and of the Exchange Act and the rules and regulations thereunder with respect to matters set forth
in herein.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
purposes of this Section 14 and Section 15 below, &ldquo;Stockholder Associated Person&rdquo; of any stockholder shall mean (i)
any person controlling, controlled by, or under common control with, directly or indirectly, or acting in concert with, such stockholder
(including, without limitation, any person who is a member of a &ldquo;group&rdquo; for purposes of Section 13(d) of the Exchange
Act, or any successor provision, that includes such stockholder); (ii) any beneficial owner of shares of stock owned of record
or beneficially by such stockholder; and (iii) any person controlling, controlled by, or under common control with any such person
named in (i) or (ii).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
15. <U>Advance Notice of Stockholder Proposals</U>. Any stockholder who is entitled to vote in the election of directors and meets
the requirements of the proxy rules under the Exchange Act, may submit to the Board of Directors proposals to be considered for
submission to the stockholders of the Corporation for their vote. For a proposal to be considered at a meeting of stockholders,
the stockholder must have given timely notice thereof to the Secretary of the Corporation and must be entitled, both at the time
of giving notice and the time of the meeting, to vote for each such proposal. To be timely, a notice shall set forth all information
required under this Section 15 and shall be received by the Secretary at the principal offices of the Corporation: (1) for an
annual meeting, not earlier than the 150<SUP>th</SUP> day and not later than the 120<SUP>th</SUP> day prior to the first anniversary
of the date of public release of the notice for the preceding year&rsquo;s annual meeting; provided, however, that in the event
that the date of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the first anniversary
of the date of the preceding year&rsquo;s annual meeting, notice by the stockholder to be timely must be received by the Secretary
no earlier than the 120<SUP>th</SUP> day prior to the date of such annual meeting and no later than the later of the 90<SUP>th
</SUP>day prior to the date of such annual meeting or the 10<SUP>th</SUP> day following the day on which public announcement of
the date of such meeting is first made; and (2) for a special meeting, not later than the close of business on the seventh day
following the date on which notice of the date of such meeting is mailed or otherwise disseminated to stockholders or public disclosure
of the date of the special meeting is made, whichever occurs first. The public announcement of a postponement or adjournment of
a meeting shall not commence a new time period for the giving of a stockholder&rsquo;s notice as described above.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
such notice shall set forth:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         proposal to be introduced, the reasons for proposing such business at the meeting, and
                                         any material interest in such business of such stockholder and any Stockholder Associated
                                         Person (as defined in Section 14 above), individually or in the aggregate, including
                                         any anticipated benefit to the stockholder or any Stockholder Associated Person therefrom;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation that the stockholder is a holder of record or beneficial owner of stock
                                         of the Corporation entitled to vote at such meeting (together with proof thereof as would
                                         meet the requirements for proposals that are to be included in the Corporation&rsquo;s
                                         proxy statements pursuant to Rule 14a-8 under the Exchange Act, or any successor to such
                                         Rule) and intends to appear in person or by proxy at the meeting to introduce the proposal
                                         specified in the notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">as
                                         to the stockholder who intends to introduce a proposal and any Stockholder Associated
                                         Person, (A) the class and number of shares of stock that are owned by such stockholder
                                         and any Stockholder Associated Person, as of the date of such notice (which information
                                         shall be supplemented by such stockholder not later than five business days after the
                                         record date for the meeting to disclose such information as of the record date); (B)
                                         the nominee holder for, and number of shares of stock owned beneficially but not of record
                                         by such stockholder and by any Stockholder Associated Person, as of the date of such
                                         notice (which information shall be supplemented by such stockholder not later than five
                                         business days after the record date for the meeting to disclose such information as of
                                         the record date); (C) the date shares of stock identified in (A) and (B) were acquired
                                         and the investment intent of such acquisition; and (D) whether and the extent to which
                                         any hedging or other transaction or series of transactions has been entered into by or
                                         on behalf of, or any other agreement, arrangement, or understanding (including any short
                                         position or any borrowing or lending of shares) has been made, the effect or intent of
                                         which is to mitigate loss to or manage risk of share price changes for, or to increase
                                         or decrease the voting power of, such stockholder or any such Stockholder Associated
                                         Person with respect to any shares of stock of the Corporation, including any such activity
                                         effected by the use of securities or other instruments of any other issuer in effect
                                         as of the date of such notice (which information shall be supplemented by such stockholder
                                         not later than five business days after the record date for the meeting to disclose such
                                         information as of the record date);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         name, age, business address, residence address, and principal occupation of the stockholder
                                         and the Stockholder Associated Person as they appear on the Corporation&rsquo;s stock
                                         ledger and current name and address, if different;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">to
                                         the extent known by the stockholder giving the notice, the name, and address of any other
                                         stockholder supporting the proposal on the date of such stockholder&rsquo;s notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation whether the stockholder or any Stockholder Associated Person intends to
                                         deliver a proxy statement and/or form of proxy to holders of at least the percentage
                                         of the outstanding shares of stock required to approve the proposal and/or otherwise
                                         to solicit proxies from stockholders in support of the proposal;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         description of any agreement, arrangement or understanding (whether written or oral)
                                         with respect to the proposal between or among such stockholder and such beneficial owner,
                                         any of their respective Stockholder Associated Persons, and any other person or persons
                                         (including their names) in connection with the proposal of such business and any material
                                         interest of such person or any Stockholder Associated Person of such person, in such
                                         business, including any anticipated benefit therefrom to such person, or any Stockholder
                                         Associated Person of such person;</FONT></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(viii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         description of all commercial and professional relationships and transactions between
                                         or among such stockholder and such beneficial owners or their respective Stockholder
                                         Associated Persons, and any other person or persons known to such stockholder and such
                                         beneficial owners or their respective Stockholder Associated Persons to have a material
                                         interest in the matter that is the subject of such notice; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ix)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">all
                                         other information relating to the proposal that is required to be disclosed in connection
                                         with the proposal, or is otherwise required, in each case pursuant to Regulation 14A
                                         (or any successor provision) under the Exchange Act and the rules thereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
information submitted pursuant to this Section 15 by any stockholder shall be inaccurate in any material respect, such information
may be deemed not to have been provided in accordance with this Section 15. Any such stockholder shall notify the Corporation
of any inaccuracy or change (within two business days of becoming aware of such inaccuracy or change) in any such information.
Upon written request by the Secretary of the Corporation or the Board of Directors, any such stockholder shall provide, within
five business days of delivery of such request (or such other period as may be specified in such request), (A) written verification,
satisfactory, in the discretion of the Board of Directors or any authorized officer of the Corporation, to demonstrate the accuracy
of any information submitted by the stockholder pursuant to this Section 15, and (B) a written update of any information (including,
if requested by the Corporation, written confirmation by such stockholder that it continues to intend to bring such nomination)
submitted by the stockholder pursuant to this Section 15 as of an earlier date. If a stockholder fails to provide such written
verification or written update within such period, the information as to which written verification or a written update was requested
may be deemed not to have been provided in accordance with this Section 15.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
chairman of the meeting may refuse to acknowledge the introduction of any stockholder proposal not made in compliance with the
foregoing procedure. Any determination by the chairman that the stockholder proposal is not in compliance shall be binding on
all parties absent manifest error. Notwithstanding the foregoing provisions of this Section 15, a stockholder shall also comply
with all applicable requirements of Maryland law and of the Exchange Act and the rules and regulations thereunder with respect
to matters set forth in herein. Nothing in this Section 15 shall be deemed to affect any right of a stockholder to request inclusion
of a proposal in, nor the right of the Corporation to omit a proposal from, the Corporation&rsquo;s proxy statement pursuant to
Rule 14a-8 (or any successor provision) under the Exchange Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
16. <U>Maryland Control Share Acquisition Act and Maryland Business Combination Act</U>. The Board of Directors has elected to
be subject to the Maryland Control Share Acquisition Act and the Maryland Business Combination Act. Accordingly, to the maximum
extent permitted by applicable law, to the extent any provision of the charter of the Corporation or these By-Laws is inconsistent
with such statutes, such statutes will control. This Section 16 may be repealed, in whole or in part, at any time, whether before
or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor By-Law, apply to
any prior or subsequent control share acquisition.</FONT></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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>ARTICLE
II</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>BOARD
OF DIRECTORS</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
1. <U>General Powers</U>. Except as otherwise provided in the Corporation&rsquo;s charter, the business and affairs of the Corporation
shall be managed under the direction of the Board of Directors. All powers of the Corporation may be exercised by or under authority
of the Board of Directors except as conferred on or reserved to the stockholders by law, by the Corporation&rsquo;s charter or
by these By-Laws.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Number, Election, and Term of Directors</U>. The number of directors shall be fixed from time to time by resolution of the
Board of Directors adopted by a majority of the directors then in office; provided, however, that the number of directors shall
in no event be less than three nor more than nine. The Board of Directors shall be divided into three classes. Within the limits
above specified, the number of directors in each class shall be determined by resolution of the Board of Directors. The initial
term of office of the first class shall expire on the date of the first annual meeting of stockholders. The initial term of office
of the second class shall expire on the date of the annual meeting one year thereafter. The initial term of office of the third
class shall expire on the date of the annual meeting two years thereafter. Upon expiration of the term of office in each class
as set forth above, the number of directors in such class, as determined by the Board of Directors, shall be elected for a term
of three years to succeed the directors whose terms of office expire. The directors shall be elected at the annual meeting of
the stockholders to hold office until their terms of office expire on the date of the third succeeding annual meeting and their
successors are elected and qualify. Any vacancy created by an increase in the number of directors may be filled in accordance
with Section 6 of this Article II. No reduction in the number of directors shall have the effect of removing any director from
office prior to the expiration of his or her term unless the director is specifically removed pursuant to Section 5 of this Article
II at the time of the decrease. A director need not be a stockholder of the Corporation, a citizen of the United States, or a
resident of the State of Maryland.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
3. <U>Chairman of the Board</U>. The Board of Directors shall appoint a Chairman of the Board from among the directors who are
not &ldquo;interested persons&rdquo; of the Corporation (as defined in Section 2(a)(19) of the 1940 Act). The Chairman of the
Board shall have no greater liability, nor be held to any higher standard, by reason of being Chairman of the Board. The Chairman
of the Board shall preside at all meetings of the Board of Directors at which he or she is present. The Chairman of the Board
shall have and may exercise such powers as are, from time to time, assigned to him or her by the Board of Directors or as may
be required by law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
4. <U>Resignation</U>. A director of the Corporation may resign at any time by giving written notice of his or her resignation
to the Board of Directors or the Chairman of the Board or to the President or the Secretary of the Corporation. Any resignation
shall take effect at the time specified in such written notice or, should the time when it is to become effective not be specified
in it, immediately upon its receipt. Acceptance of a resignation shall not be necessary to make it effective unless the resignation
states otherwise.</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
5. <U>Removal of Directors</U>. Any director of the Corporation may be removed by the stockholders for cause by a vote of a majority
of the votes entitled to be cast for the election of directors. To the maximum extent permitted by applicable law, a vote of at
least a majority of the remaining members of the Board of Directors and two-thirds of the remaining Continuing Directors (as defined
in Section 3 of Article X) may, for cause, remove a director of the Corporation or cause the resignation of such a director. For
the purpose of this paragraph, &ldquo;cause&rdquo; shall mean, with respect to any particular director, conviction of a felony,
a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Corporation
through bad faith or active and deliberate dishonesty, or any other act or omission of willful misfeasance, bad faith, gross negligence,
or reckless disregard of the duties involved in the conduct of his or her office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
6. <U>Vacancies</U>. Subject to the provisions of the 1940 Act, any vacancies in the Board of Directors, whether arising from
death, resignation, removal, or any other cause except an increase in the number of directors, shall be filled by a vote of the
majority of the Board of Directors then in office even though that majority is less than a quorum, provided that no vacancy or
vacancies shall be filled by action of the remaining directors if, after the filling of the vacancy or vacancies, fewer than two-thirds
of the directors then holding office shall have been elected by the stockholders of the Corporation. A majority of the entire
Board may fill a vacancy that results from an increase in the number of directors. In the event that at any time a vacancy exists
in any office of a director that may not be filled by the remaining directors, a meeting of the stockholders shall be held as
promptly as possible and in any event within 60 days, for the purpose of filling the vacancy or vacancies. Any director appointed
by the Board of Directors to fill a vacancy shall hold office only until the annual meeting of stockholders of the Corporation
at which his or her term of office expires, or a prior annual meeting of stockholders of the Corporation if at least a majority
of the Directors and two-thirds of the Continuing Directors (as defined in Section 3 of Article X) so determine by resolution,
and until his or her successor has been elected and qualified. Any director elected by the stockholders to fill a vacancy shall
hold office for the balance of the term of the director whose death, resignation, or removal occasioned the vacancy and until
his or her successor has been elected and qualified.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
7. <U>Place of Meetings</U>. Meetings of the Board of Directors may be held at any place that the Board may from time to time
determine or that is specified in the notice of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
8. <U>Regular Meetings</U>. After each meeting of stockholders at which directors shall have been elected, the Board of Directors
shall meet as soon as practicable for the purpose of organization and the transaction of other business. In the event that no
other time and place are specified by resolution of the Board from time to time, the Board of Directors shall meet immediately
following the close of, and at the place of, such stockholders meeting. Any other regular meeting of the Board of Directors may
be held at the time and place determined from time to time by the Board of Directors.</FONT></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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
9. <U>Special Meetings</U>. Special meetings of the Board of Directors may be called by two or more directors of the Corporation
or by the Chairman of the Board or the President.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
10. <U>Notice of Meetings</U>. Notice of each meeting of the Board of Directors shall be given by the Secretary as hereinafter
provided. Each notice shall state the time and place of the meeting and shall be delivered to each director, either personally
or by telephone or other standard form of telecommunication, at least 24 hours before the time at which the meeting is to be held,
or by first-class mail, postage prepaid, addressed to the director at his or her residence or usual place of business, and mailed
at least three days before the day on which the meeting is to be held. Unless applicable law, these By-Laws, or a resolution of
the Board of Directors provides otherwise, the notice need not state the business to be transacted at or the purposes of any regular
or special meeting of the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
11. <U>Waiver of Notice of Meetings</U>. Notice of any regular or special meeting of the Board of Directors need not be given
to any director who shall, either before or after the meeting, deliver a written waiver or a waiver by electronic transmission,
which is filed with the records of the meeting or who is present at the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
12. <U>Quorum and Voting</U>. One-third (1/3), but not fewer than two, of the members of the entire Board of Directors shall be
present in person at any meeting of the Board so as to constitute a quorum for the transaction of business at the meeting, and
except as otherwise expressly required by statute, the Corporation&rsquo;s charter, these By-Laws, the 1940 Act, or any other
applicable statute, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act
of the Board. In the absence of a quorum at any meeting of the Board, a majority of the directors present may adjourn the meeting
to another time and place until a quorum shall be present. Notice of the time and place of any adjourned meeting shall be given
to the directors who were not present at the time of the adjournment and, unless the time and place were announced at the meeting
at which the adjournment was taken, to the other directors. At any adjourned meeting at which a quorum is present, any business
may be transacted that might have been transacted at the meeting as originally called.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
13. <U>Organization</U>. In the absence or inability of the Chairman of the Board to act, the President, or, in his or her absence
or inability to act, another director chosen by a majority of the directors present, shall act as chairman of the meeting and
preside at the meeting. The Secretary (or, in his or her absence or inability to act, any person appointed by the chairman) shall
act as secretary of the meeting and keep the minutes of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
14. <U>Committees</U>. The Board of Directors may designate one or more committees of the Board of Directors, each consisting
of one or more directors. To the extent provided in the resolution, and permitted by law, the committee or committees shall have
and may exercise the powers of the Board of Directors in the management of the business affairs of the Corporation. Any committee
or committees shall have the name or names determined from time to time by resolution adopted by the Board of Directors. Each
committee shall keep regular minutes of its meetings and provide those minutes to the Board of Directors when required. The members
of a committee present at any meeting, whether or not they constitute a quorum, may appoint a director to act in the place of
an absent member.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
15. <U>Written Consent of Directors in Lieu of a Meeting</U>. Subject to the provisions of the 1940 Act, any action required or
permitted to be taken at any meeting of the Board of Directors or of any committee of the Board may be taken without a meeting
if a unanimous consent that sets forth the action is given in writing or by electronic transmission by each member of the Board
or committee, as the case may be, entitled to vote on the matter and filed in paper or electronic form with the minutes of the
proceedings of the Board or committee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
16. <U>Telephone Conference</U>. Members of the Board of Directors or any committee of the Board may participate in any Board
or committee meeting by means of a conference telephone or similar communications equipment by means of which all persons participating
in the meeting can hear each other at the same time. Unless provided otherwise by statute or regulation, participation in a meeting
by such means shall constitute presence in person at the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
17. <U>Compensation</U>. Directors shall be entitled to receive compensation, if any, as may from time to time be fixed by the
Board of Directors, including a fee for each meeting of the Board or any committee thereof, regular or special, attended. Directors
may also be reimbursed by the Corporation for all reasonable expenses incurred in traveling to and from the place of a Board or
committee meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
18. <U>Non-Disclosure Agreement</U>. If directed by 2/3 of the Continuing Directors, a director shall be required as a condition
to his or her service as a director to execute and deliver to the Corporation an agreement (in such form and with such content
as the Board of Directors shall approve) requiring all information received in a person&rsquo;s capacity as a director of the
Corporation to be held confidential.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
19. <U>Requirement to Adhere to Corporation Policies</U>. If directed by 2/3 of the Continuing Directors, a director shall be
required as a condition to his or her service as a director to execute and deliver to the Corporation an acknowledgement of the
policies of the Corporation upon taking office as a director and after any change in such policies of the Corporation. Failure
to adhere to any policies shall constitute grounds for the removal of the director for &ldquo;Cause&rdquo; as provided in Section
5 of this Article II.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
20. <U>Qualification</U>. Subject to the provisions of the charter and these By-Laws, and except as otherwise required by applicable
law, only persons satisfying the following qualification requirements applicable to all directors may be nominated, elected, appointed,
qualified, or seated (&ldquo;nominated or seated&rdquo;) to serve as a director unless at least a majority of the Board of Directors
and two-thirds of the Continuing Directors (as defined in Section 3 of Article X) shall have determined by resolution that failure
to satisfy a particular qualification requirement will not present undue conflicts or impede the ability of the individual to
discharge the duties of a director or the free flow of information among directors or between the Corporation&rsquo;s service
providers and the Board of Directors:</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall, at the time the individual is nominated
                                         or seated, serve as a trustee or director of no more than five public companies having
                                         securities registered under the Exchange Act (investment companies having the same investment
                                         adviser or administrator shall all be counted as a single company for this purpose);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Except
                                         as provided herein and by applicable law, an individual nominated or seated as a director
                                         shall not be an employee, officer, partner, member, director, or record or beneficial
                                         owner of 5% or more of any class of securities of (A) any investment adviser or person
                                         in a control relationship with such investment adviser (other than the investment adviser
                                         to the Corporation or any investment adviser in a control relationship with the Corporation&rsquo;s
                                         investment adviser), or (B) an entity controlling or controlled by any investment adviser
                                         (other than the Corporation&rsquo;s investment adviser or any investment adviser in a
                                         control relationship with the Corporation&rsquo;s investment adviser or any person in
                                         a control relationship with any of the foregoing);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not have been charged (unless such
                                         charges were dismissed or the individual was otherwise exonerated) with a criminal offense
                                         involving moral turpitude, dishonesty, or breach of trust, or have been convicted or
                                         have pled guilty or nolo contendere with respect to a felony under the laws of the United
                                         States or any state thereof;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not be and shall not have been subject
                                         to any censure, order, consent decree (including consent decrees in which the respondent
                                         has neither admitted nor denied the findings), or adverse final action of any federal,
                                         state, or foreign governmental or regulatory authority (including self-regulatory organizations),
                                         barring or suspending such individual from participation in or association with any investment-related
                                         business or restricting such individual&rsquo;s activities with respect to any investment-related
                                         business, nor shall an individual nominated or seated as a director be the subject of
                                         any investigation or proceeding that could reasonably be expected to result in such individual
                                         failing to satisfy the requirements of this paragraph, nor shall any individual nominated
                                         or seated as a director be or have engaged in any conduct which has resulted in, or could
                                         have reasonably been expected or would reasonably be expected to result in, the U.S.
                                         Securities and Exchange Commission (&ldquo;SEC&rdquo;) censuring, placing limitations
                                         on the activities, functions, or operations of, suspending, or revoking the registration
                                         of any investment adviser under Section 203(e) or (f) of the Investment Advisers Act
                                         of 1940;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not be and shall not have been the
                                         subject of any of the ineligibility provisions contained in Section 9(a) of the 1940
                                         Act that would result in, or could have reasonably been expected or would reasonably
                                         be expected to result in, such individual or a company of which such individual is an
                                         affiliated person (as defined in Section 2(a)(3) of the 1940 Act) being ineligible, in
                                         the absence of an exemptive order under Section 9(c) of the 1940 Act, to serve or act
                                         in the capacity of employee, officer, director, member of an advisory board, investment
                                         adviser, or depositor of any registered investment company, or principal underwriter
                                         for any registered investment company, registered unit investment trust, or registered
                                         face amount certificate company;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not be and shall not have been the
                                         subject of any of the ineligibility provisions contained in Section 9(b) of the 1940
                                         Act that, in the absence of an exemptive order under Section 9(c) of the 1940 Act, would
                                         permit, or could reasonably have been expected or would reasonably be expected to permit,
                                         the SEC by order to prohibit, conditionally or unconditionally, either permanently or
                                         for a period of time, such individual from serving or acting as an employee, officer,
                                         director, member of an advisory board, investment adviser, or depositor of, or principal
                                         underwriter for, a registered investment company or affiliated person (as defined in
                                         Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal
                                         underwriter;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not be the beneficial owner of, or
                                         be a person party to an agreement, arrangement, understanding, or practice for sharing
                                         information or decisions concerning stockholder actions or the acquisition, disposition,
                                         or voting of stock of the Corporation with any person(s) who in the aggregate are the
                                         beneficial owners of, 5% or more of the outstanding shares of any class of stock of the
                                         Corporation (each such person other than the Corporation&rsquo;s investment adviser,
                                         any investment adviser in a control relationship with the Corporation&rsquo;s investment
                                         adviser or any person in a control relationship with any of the foregoing, a &ldquo;5%
                                         Holder&rdquo;) and shall not have a disclosure relationship with a 5% Holder;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(viii)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not, and any immediate family member
                                         of such nominee shall not, be employed or have been employed within the last two full
                                         calendar years and current year by, or have, or have had within the last two full calendar
                                         years and current year any material commercial or professional relationship with, any
                                         5% Holder or any person who controls, is controlled by, is under common control, or acts
                                         in concert with any 5% Holder;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ix)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not, and any immediate family member
                                         of such nominee shall not, have accepted directly or indirectly, during the calendar
                                         year of the election for which such individual is nominated or seated or during the immediately
                                         preceding calendar year, any consulting, advisory, or other compensatory fee from any
                                         5% Holder or from any person who controls, is controlled by, or is under common control
                                         or acts in concert with, any 5% Holder; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(x)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
                                         individual nominated or seated as a director shall not, and any immediate family member
                                         of such nominee shall not, be an officer, director, general partner, or managing member
                                         (or person performing similar functions) of any 5% Holder or of any person who controls,
                                         is controlled by, or is under common control or acts in concert with, any 5% Holder.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U></U></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><U>ARTICLE
III</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>OFFICERS</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
1. <U>Number and Qualifications</U>. The Corporation shall have a President, a Treasurer, and a Secretary, each of whom shall
be elected by the Board of Directors. The Board of Directors may also elect or appoint any other officers and agents it deems
necessary or proper. Any two or more offices may be held by the same person, except the office of President and Vice President,
but no officer shall execute, acknowledge, or verify in more than one capacity any instrument required by law to be executed,
acknowledged, or verified in more than one capacity. The President, the Treasurer, and the Secretary shall be elected by the Board
of Directors each year at its first meeting held after the annual meeting of stockholders, each to hold office until the meeting
of the Board following the next annual meeting of stockholders and until his or her successor is elected and qualifies. Assistant
officers may be appointed by the elected officers and shall have such duties and shall hold their offices for such terms as may
be prescribed by the Board or by the appointing officer. Any officer may be, but none need be, a stockholder of the Corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Resignations</U>. Any officer of the Corporation may resign at any time by giving written notice of his or her resignation
to the Board of Directors, the Chairman of the Board, the President, or the Secretary. Any resignation shall take effect at the
time specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt.
The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
3. <U>Removal of Officers</U>. Any officer of the Corporation may be removed by the Board of Directors with or without cause at
any time, and the Board may delegate the power of removal as to assistant officers not elected by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
4. <U>Vacancies</U>. A vacancy in any office, whether arising from death, resignation, removal, or any other cause, may be filled
for the unexpired portion of the term of the office that shall be vacant, in the manner prescribed in these By-Laws for the regular
election or appointment to that office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
5. <U>Compensation</U>. The compensation, if any, of the officers of the Corporation shall be fixed by the Board of Directors,
but this power may be delegated to any officer with respect to other officers under his or her control.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
6. <U>Bonds or Other Security</U>. If required by the Board, any officer of the Corporation shall give a bond or other security
for the faithful performance of his or her duties, in an amount and with any surety or sureties as the Board may require.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
7. <U>President</U>. The President shall be the chief executive officer of the Corporation and shall have, subject to the control
of the Board of Directors, general charge of the business and affairs of the Corporation, and may employ and discharge employees
and agents of the Corporation, except those elected or appointed by the Board, and he or she may delegate these powers.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
8. <U>Vice President</U>. Each Vice President shall have the powers and perform the duties that the President or the Board of
Directors may from time to time prescribe. In the absence or disability of the President, the Vice President or, if there be more
than one Vice President, any Vice President designated by the Board of Directors, shall perform all the duties and may exercise
any of the powers of the President, subject to the control of the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
9. <U>Treasurer</U>. The Treasurer shall be the principal financial and accounting officer of the Corporation. He or she shall
deliver all funds of the Corporation that may come into his or her hands to any custodian appointed by or pursuant to authority
granted by the Board of Directors. He or she shall render a statement of condition of the finances of the Corporation to the directors
as often as they shall require the same, and he or she shall in general perform all the duties incident to the office of Treasurer
and such other duties as from time to time may be assigned to him or her by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
10. <U>Assistant Treasurers</U>. In the absence or disability of the Treasurer, the Assistant Treasurer, or, if there be more
than one, any Assistant Treasurer designated by the Board of Directors, shall perform all the duties, and may exercise all the
powers, of the Treasurer. The Assistant Treasurers, if any, shall perform such other duties as from time to time may be assigned
to them by the Treasurer or the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
11. <U>Secretary</U>. The Secretary shall keep the minutes of all meetings of the Board of Directors and of all meetings of the
stockholders of the Corporation in proper books provided for that purpose; he or she shall have custody of the seal of the Corporation;
he or she shall have charge of the share transfer books, lists, and records unless the same are in the charge of the Corporation&rsquo;s
transfer agent. He or she shall attend to the giving and serving of all notices by the Corporation in accordance with the provisions
of these By-Laws and as required by law; and subject to these By-Laws, he or she shall in general perform all duties incident
to the office of Secretary and such other duties as from time to time may be assigned to him or her by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
12. <U>Assistant Secretaries</U>. In the absence or disability of the Secretary, the Assistant Secretary, or, if there be more
than one, any Assistant Secretary designated by the Board of Directors, shall perform all of the duties, and may exercise all
of the powers, of the Secretary. The Assistant Secretaries, if any, shall perform such other duties as from time to time may be
assigned to them by the Secretary or the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
13. <U>Delegation of Duties</U>. In case of the absence or disability of any officer of the Corporation, or for any other reason
that the Board of Directors may deem sufficient, the Board may confer for the time being the powers or duties, or any of them,
of such officer upon any other officer or upon any director.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><U>ARTICLE
IV</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>STOCK</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
1. <U>Stock Certificates</U>. Unless otherwise provided by the Board of Directors and permitted by law, each holder of stock of
the Corporation shall be entitled upon specific written request to such person as may be designated by the Corporation to have
a certificate or certificates, in a form approved by the Board, representing the number of shares of stock of the Corporation
owned by him or her; provided, however, that certificates for fractional shares will not be delivered in any case. The certificates
representing shares of stock shall be signed by or in the name of the Corporation by the President or a Vice President and by
the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer and sealed with the seal of the Corporation.
Any or all of the signatures or the seal on the certificate may be facsimiles. In case any officer, transfer agent, or registrar
who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer
agent, or registrar before the certificate is issued, it may be issued by the Corporation with the same effect as if the officer,
transfer agent, or registrar was still in office at the date of issue.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Stock Ledger</U>. There shall be maintained a stock ledger containing the name and address of each stockholder and the number
of shares of stock of each class the stockholder holds. The stock ledger may be in written form or any other form that can be
converted within a reasonable time into written form for visual inspection. The original or a duplicate of the stock ledger shall
be kept at the principal office of the Corporation or at any other office or agency specified by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
3. <U>Transfers of Shares</U>. Transfers of shares of stock of the Corporation shall be made on the stock records of the Corporation
only by the registered holder of the shares, or by his or her attorney thereunto authorized by power of attorney duly executed
and filed with the Secretary or with a transfer agent or transfer clerk, and on surrender of the certificate or certificates,
if issued, for the shares properly endorsed or accompanied by a duly executed stock transfer power and the payment of all taxes
thereon. Except as otherwise provided by law, the Corporation shall be entitled to recognize the exclusive right of a person in
whose name any share or shares stand on the record of stockholders as the owner of the share or shares for all purposes, including,
without limitation, the rights to receive dividends or other distributions and to vote as the owner, and the Corporation shall
not be bound to recognize any equitable or legal claim to or interest in any such share or shares on the part of any other person.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
4. <U>Regulations</U>. If stock certificates are issued, the Board of Directors may make any additional rules and regulations,
not inconsistent with these By-Laws, as it may deem expedient concerning the issue, transfer, and registration of certificates
for shares of stock of the Corporation. The Board may appoint, or authorize any officer or officers to appoint, one or more transfer
agents or one or more transfer clerks and one or more registrars and may require all certificates for shares of stock to bear
the signature or signatures of any of them.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
5. <U>Uncertificated Stock</U>. The Board of Directors may authorize the issuance of uncertificated securities if permitted by
law. In the event that the Board of Directors authorizes the issuance of uncertificated securities, the Board of Directors may,
in its discretion, and at any time, discontinue the issuance of stock certificates and may, by written notice to the registered
owners of each certificated share of stock, require the surrender of stock certificates to the Corporation for cancellation. Such
surrender and cancellation shall not affect the ownership of stock of the Corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
6. <U>Lost, Destroyed, or Mutilated Certificates</U>. The holder of any certificate representing shares of stock of the Corporation
shall immediately notify the Corporation of its loss, destruction, or mutilation, and the Corporation may issue a new certificate
of stock in the place of any certificate issued by it that has been alleged to have been lost or destroyed or that shall have
been mutilated. The Board of Directors may, in its discretion, require the owner (or his or her legal representative) of a lost,
destroyed, or mutilated certificate: to give the Corporation a bond in a sum, limited or unlimited, and in a form and with any
surety or sureties, as the Board in its absolute discretion shall determine, to indemnify the Corporation against any claim that
may be made against it on account of the alleged loss or destruction of any such certificate, or issuance of a new certificate.
Anything herein to the contrary notwithstanding, the Board of Directors, in its absolute discretion, may refuse to issue any such
new certificate, except pursuant to legal proceedings under the laws of the State of Maryland.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
7. <U>Fixing of Record Date for Dividends, Distributions, Etc.</U> The Board of Directors may fix, in advance, a date not more
than 90 days preceding the date fixed for the payment of any dividend or the making of any distribution or the allotment of rights
to subscribe for securities of the Corporation, or for the delivery of evidences of rights or evidences of interests arising out
of any change, conversion, or exchange of common stock or other securities, as the record date for the determination of the stockholders
entitled to receive any such dividend, distribution, allotment, rights or interest, and in such case only the stockholders of
record at the time so fixed shall be entitled to receive such dividend, distribution, allotment, rights, or interests.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
8. <U>Information to Stockholders and Others</U>. Any stockholder of the Corporation or his or her agent may inspect and copy
during the Corporation&rsquo;s usual business hours the Corporation&rsquo;s By-Laws, minutes of the proceedings of its stockholders,
annual statements of its affairs, and voting trust agreements on file at its principal office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>ARTICLE
V</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>INDEMNIFICATION</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
1. <U>Indemnification of Directors and Officers</U>. The Corporation shall indemnify its directors to the fullest extent that
indemnification of directors is required or permitted by the General Laws of the State of Maryland now or hereafter in force.
The Corporation shall indemnify its officers to the same extent as its directors and to such further extent as is consistent with
law. The Corporation shall indemnify its directors and officers who while serving as directors or officers also serve at the request
of the Corporation as a director, officer, partner, trustee, employee, agent, or fiduciary of another corporation, partnership,
joint venture, trust, other enterprise, or employee benefit plan to the fullest extent consistent with law. The indemnification
and other rights provided by this Article&nbsp;V shall continue as to a person who has ceased to be a director or officer and
shall inure to the benefit of the heirs, executors, and administrators of such a person. This Article V shall not protect any
such a person against any liability to the Corporation or any security holder thereof to which such person would otherwise be
subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct
of his or her office (&ldquo;disabling conduct&rdquo;).</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Advances</U>. Any current or former director or officer of the Corporation claiming indemnification within the scope of
this Article V shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him or her
in connection with proceedings to which he or she is a party in the manner and to the fullest extent permissible under the 1940
Act and Maryland law. The person seeking indemnification shall provide to the Corporation a written affirmation of his or her
good-faith belief that the standard of conduct necessary for indemnification by the Corporation has been met and a written undertaking
to repay any such advance, if it should ultimately be determined that the standard of conduct has not been met. In addition, at
least one of the following additional conditions shall be met: (a) the person seeking indemnification shall provide a security
in form and amount acceptable to the Corporation for his or her undertaking, (b) the Corporation is insured against losses arising
by reason of the advance, or (c) a majority of a quorum of directors of the Corporation who are neither &ldquo;interested persons&rdquo;
(as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding (&ldquo;disinterested non-party directors&rdquo;),
or independent legal counsel in a written opinion, shall have determined, based in a review of facts readily available to the
Corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification
will ultimately be found to be entitled to indemnification.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
3. <U>Procedure</U>. At the request of any person claiming indemnification under this Article V, the Board of Directors shall
determine, or cause to be determined, in a manner consistent with the 1940 Act and Maryland law, whether the standards required
by this Article V have been met. Indemnification shall be made only following: (a) a final decision on the merits by a court or
other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of disabling conduct,
or (b) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the person to be
indemnified was not liable by reason of disabling conduct by (i) the vote of a majority of a quorum of disinterested non-party
directors or (ii) an independent legal counsel in a written opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
4. <U>Indemnification of Employees and Agents</U>. Employees and agents who are not officers or directors of the Corporation may
be indemnified, and reasonable expenses may be advanced to such employees or agents, as may be provided by action of the Board
of Directors or by contract subject to any limitations imposed by the 1940 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
5. <U>Other Rights</U>. The Board of Directors may make further provision consistent with law for indemnification and advance
of expenses to directors, officers, employees, and agents by resolution, agreement, or otherwise. The indemnification provided
by this Article&nbsp;V shall not be deemed exclusive of any other right, with respect to indemnification or otherwise, to which
those seeking indemnification may be entitled under any insurance or other agreement or resolution of stockholders or disinterested
directors or otherwise.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
6. <U>Amendments</U>. No amendment of these By-Laws shall affect any right of any person under this Article V based on any event,
omission, or proceeding prior to the amendment.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>ARTICLE
VI</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>SEAL</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
seal of the Corporation shall be circular in form and shall bear the name of the Corporation, the year of its incorporation, the
words &ldquo;Corporate Seal&rdquo; and &ldquo;Maryland,&rdquo; and any emblem or device approved by the Board of Directors. The
seal may be used by causing it or a facsimile to be impressed or affixed or in any other manner reproduced, or by placing the
word &ldquo;seal&rdquo; adjacent to the signature of the authorized officer of the Corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>ARTICLE
VII</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>FISCAL
YEAR</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> SECTION
1. <U>Fiscal Year</U>. The Corporation&rsquo;s fiscal year shall be fixed by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Accountant</U>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)
The Corporation shall employ an independent public accountant or a firm of independent public accountants of national reputation
as its Accountant to examine the accounts of the Corporation and to sign and certify financial statements filed by the Corporation.
The Accountant&rsquo;s certificates and reports shall be addressed both to the Board of Directors and to the stockholders. The
employment of the Accountant shall be conditioned upon the right of the Corporation to terminate the employment forthwith without
any penalty by vote of a majority of the outstanding voting securities at any stockholders&rsquo; meeting called for that purpose.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
A majority of the members of the Board of Directors who are not &ldquo;interested persons&rdquo; (as defined in Section 2(a)(19)
of the 1940 Act) of the Corporation shall select the Accountant in accordance with the requirements of the 1940 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)
Any vacancy occurring between annual meetings, due to the resignation of the Accountant, may be filled by the vote of a majority
of the members of the Board of Directors who are not &ldquo;interested persons&rdquo; of the Corporation (as defined in Section
2(a)(19) of the 1940 Act).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U></U></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><U>ARTICLE
VIII</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>CUSTODY
OF SECURITIES</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
1. <U>Employment of a Custodian</U>. The Corporation shall place and at all times maintain in the custody of a Custodian (including
any sub-Custodian for the Custodian) all funds, securities, and similar investments owned by the Corporation. The Custodian (and
any sub-Custodian) shall be an institution conforming to the requirements of Section 17(f) of the 1940 Act and the rules of the
SEC thereunder. The Custodian shall be appointed from time to time by the Board of Directors, which shall fix its remuneration.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Termination of Custodian Agreement</U>. Upon termination of the Custodian Agreement or inability of the Custodian to continue
to serve, the Board of Directors shall promptly appoint a successor Custodian, but in the event that no successor Custodian can
be found who has the required qualifications and is willing to serve, the Board of Directors shall call as promptly as possible
a special meeting of stockholders to determine whether the Corporation shall function without a Custodian or shall be liquidated.
If so directed by vote of the holders of a majority of the outstanding shares of stock of the Corporation entitled to vote, the
Custodian shall deliver and pay over all property of the Corporation held by it as specified in such vote.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>ARTICLE
IX</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>AMENDMENTS</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">These
By-Laws may be amended or repealed by the affirmative vote of at least a majority of the Board of Directors and three-fourths
of the Continuing Directors (as defined in Section 3 of Article X) at any regular or special meeting of the Board of Directors,
subject to applicable law, including, without limitation, the 1940 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>ARTICLE
X</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>MISCELLANEOUS
</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
1. <U>Severability</U>. The provisions of these By-Laws are severable, and if the Board of Directors shall determine, with the
advice of legal counsel, that any of such provisions is in conflict with applicable law, the conflicting provision shall be deemed
never to have constituted a part of these By-Laws&#894; provided, however, that such determination shall not affect any of the
remaining provisions of these By-Laws or render invalid or improper any action taken or omitted prior to such determination. If
any provision of these By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction
or any other provision of these By-Laws in any jurisdiction.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
2. <U>Venue</U>. Unless the Corporation consents in advance and in writing to the selection of an alternative forum, the Circuit
Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District
of Maryland, Northern Division, shall be the sole and exclusive forum for any action or dispute arising out of, relating to, or
connected in any way with, the Corporation, including, but not limited to</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)
any Internal Corporate Claim, as such term is defined in the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;)&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
any derivative action or proceeding brought in the right of or on behalf of the Corporation,&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)
any action asserting a claim of breach of (i) any duty owed by any director, officer, other employee, or agent of the Corporation
to the Corporation or to the stockholders of the Corporation, or (ii) a standard of conduct applicable to directors,&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)
any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation arising under,
pursuant to, or connected in any way with, any provision of the MGCL or these Bylaws or federal law, including the 1940 Act, or&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(e)
any other action or suit asserting any kind of claim against the Corporation or any director, officer, other employee, or agent
of the Corporation, whether or not that action or claim is governed by the internal affairs doctrine.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
person or entity purchasing or otherwise acquiring any interest in Shares shall be deemed to have notice of and consented to the
provisions hereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION
3. <U>Certain Definitions</U>. &ldquo;Continuing Director&rdquo; shall mean any director who (1) has been a director for a period
of at least 18 months, during no part of which time he or she has been an Interested Party (as defined below) or an &ldquo;affiliated
person&rdquo; (as defined in Section 2(a)(3) of the 1940 Act) of an Interested Party, (2) has been a director since the Corporation&rsquo;s
initial public offering of its shares, or (3) is a successor to a Continuing Director who is not an affiliated person of an Interested
Party and was elected or nominated to succeed the Continuing Director by a majority of the other Continuing Directors then in
office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;Interested
Party&rdquo; shall mean any person, other than an investment company advised by the Corporation&rsquo;s investment adviser or
any of its &ldquo;affiliated persons&rdquo; (as defined in Section 2(a)(3) of the 1940 Act), that enters, or proposes to enter,
into with the Corporation: (1) a merger, consolidation, or statutory share exchange of the Corporation with or into any other
corporation or entity; (2) the issuance of any securities of the Corporation to any Principal Stockholder<SUP>1</SUP> for cash,
except as part of an offering in which the Principal Stockholder has no special right to participate as compared to (a) other
holders of the same class or series of shares, or (b) investors generally; (3) the sale, lease, exchange, mortgage, pledge, transfer,
or other disposition by the Corporation (in one or a series of transactions in any 12-month period) to or with any Principal Stockholder
of any assets of the Corporation having an aggregate fair market value of $1,000,000 or more, except for portfolio transactions
(including pledges of portfolio securities in connection with borrowings) effected by the Corporation in the ordinary course of
business, tender offers, and transactions effected in connection with leverage; and (4) the issuance or transfer by the Corporation
of any securities of the Corporation to any person or entity for cash, securities, or other property or assets (or combination
thereof) having an aggregate fair market value of $1,000,000 or more, excluding (a) issuances or transfers of debt securities
of the Corporation, (b) sales of securities of the Corporation in connection with a public offering, (c) issuances of securities
of the Corporation pursuant to a dividend or distribution reinvestment plan adopted by the Corporation, (d) issuances of securities
of the Corporation upon the exercise of any share subscription rights distributed by the Corporation, (e) issuances of securities
of the Corporation for the purposes of leverage, and (f) portfolio transactions effected by the Corporation in the ordinary course
of business.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">END
OF BY-LAWS</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
term &ldquo;Principal Stockholder&rdquo; shall mean any corporation, person or other entity which is the beneficial owner, directly
or indirectly, of more than five percent (5%) of the outstanding shares of any class of stock of the Corporation and shall include
any affiliate or associate, as such terms are defined in clause (ii) below, of a Principal Stockholder. For the purposes of this
Section, in addition to the shares of stock of the Corporation which a corporation, person or other entity beneficially owns directly,
(a) any corporation, person or other entity shall be deemed to be the beneficial owner of any shares of stock of the Corporation
(i) which it has the right to acquire pursuant to any agreement or upon exercise of the conversion rights or warrants, or otherwise
(but excluding share options granted by the Corporation) or (ii) which are beneficially owned, directly or indirectly (including
shares of stock of the Corporation deemed owned through application of clause (i) above), by any other corporation, person or
entity with which it or its &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; (as defined below) has any agreement, arrangement
or understanding for the purposes of acquiring, holding, voting or disposing of shares of stock of the Corporation, or which it
or its &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; as those terms are defined in Rule l2b-2 under the Securities Exchange
Act of 1934, and (b) the outstanding shares of stock of the Corporation shall include shares deemed owned through application
of clauses (i) and (ii) above but shall not include any other shares which may be issuable pursuant to any agreement, or upon
exercise of conversion rights or warrants, or otherwise.</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25</FONT></P>



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