<SEC-DOCUMENT>0001193125-22-272226.txt : 20221028
<SEC-HEADER>0001193125-22-272226.hdr.sgml : 20221028
<ACCEPTANCE-DATETIME>20221028135555
ACCESSION NUMBER:		0001193125-22-272226
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20221028
DATE AS OF CHANGE:		20221028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAIWAN FUND INC
		CENTRAL INDEX KEY:			0000804123
		IRS NUMBER:				042942862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04893
		FILM NUMBER:		221340680

	BUSINESS ADDRESS:	
		STREET 1:		ONE LINCOLN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		1-877-217-9502

	MAIL ADDRESS:	
		STREET 1:		ONE LINCOLN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>d410469dposami.htm
<DESCRIPTION>THE TAIWAN FUND, INC
<TEXT>
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<TITLE>THE TAIWAN FUND, INC</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the U.S. Securities and Exchange Commission on October&nbsp;28, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Investment Company Act File <FONT STYLE="white-space:nowrap">No.&nbsp;811-04893</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman" ALIGN="center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">(Check appropriate box or boxes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT STYLE="white-space:nowrap">N-2</FONT> </B></P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>


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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No. </B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Post-Effective Amendment No. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and/or </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 </B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;34 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TAIWAN FUND, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact Name of Registrant as Specified in Charter)<B> </B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>c/o State Street Bank and Trust Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>P.O. Box 5049 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One
Lincoln Street </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boston, Massachusetts 02111 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Address of Principal Executive Offices)<B> </B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(800) <FONT STYLE="white-space:nowrap">426-5523</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Registrant&#146;s Telephone Number, including Area Code)<B> </B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Leonard B. Mackey, Jr., Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Clifford Chance US LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>31 West 52<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP> Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">878-8000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Name and Address of Agent for Service)<B> </B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This filing is made solely for the purpose of filing as Exhibits to the Registration Statement of the Taiwan Fund, Inc. (the &#147;Fund&#148;
or &#147;Registrant&#148;): Amended Articles of Incorporation attached hereto as Exhibit (a); Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> attached hereto as Exhibit (b); Dividend Reinvestment and Cash Purchase Plan attached
hereto as Exhibit (e)(1); Investment Advisory Agreement between the Registrant and Nomura Asset Management U.S.A. Inc. attached hereto as Exhibit (g)(5); Amendment to Custodian Agreement between the Registrant and State Street Bank and Trust Company
attached hereto as Exhibit (j)(1)(a); Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company attached hereto as Exhibit (k)(3)(a); Amended and Restated Compliance Services Agreement between the
Registrant and Foreside Fund Officer Services attached hereto as Exhibit (k)(5); Third Amended and Restated PFO/Treasurer Services Agreement between the Registrant and Foreside Management Services, LLC attached hereto as Exhibit (k)(6); and Code of
Ethics of the Fund attached hereto as Exhibit (r). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PART C - OTHER INFORMATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ITEM &nbsp;&nbsp;&nbsp;&nbsp;25. FINANCIAL STATEMENTS AND EXHIBITS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">FINANCIAL STATEMENTS </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments as of August&nbsp;31, 1995 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities as of August&nbsp;31, 1995 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations for the fiscal year ended August&nbsp;31, 1995 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Statement of Changes in Net Assets for the fiscal years ended August&nbsp;31, 1994 and 1995 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights for the fiscal years ended August&nbsp;31, 1992-1995, the eight-month period ended
August&nbsp;31, 1991 and the fiscal years ended December&nbsp;31, 1989-1990 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements for
the fiscal year ended August&nbsp;31, 1995 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Accountants dated October&nbsp;17, 1995
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio of Investments as of February&nbsp;29, 1996 (unaudited) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities as of February&nbsp;29, 1996 (unaudited) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations for the <FONT STYLE="white-space:nowrap">six-month</FONT> period ended February&nbsp;29,
1996 (unaudited) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi)&nbsp;&nbsp;&nbsp;&nbsp;Statement of Changes in Net Assets for the <FONT STYLE="white-space:nowrap">six-month</FONT>
periods ended February&nbsp;28, 1995 and February&nbsp;29, 1996 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii)&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights for the <FONT
STYLE="white-space:nowrap">six-month</FONT> period ended February&nbsp;29, 1996 (unaudited), fiscal years ended August&nbsp;31, 1992-1995, the eight-month period ended August&nbsp;31, 1991 and the fiscal years ended December&nbsp;31, 1989-1990 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements for the <FONT STYLE="white-space:nowrap">six-month</FONT> period ended
February&nbsp;29, 1996 (unaudited) </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">EXHIBITS </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99a.htm">(a)&nbsp;&nbsp;&nbsp;&nbsp;Amended Articles of Incorporation, dated March&nbsp;10, 2020* </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99b.htm"><FONT STYLE="white-space:nowrap">(b)&nbsp;&nbsp;&nbsp;&nbsp;By-Laws,</FONT> dated April&nbsp;21, 2020* </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Specimen certificate for Common Stock (previously filed as Exhibit 4 to Amendment No.&nbsp;8 to the
Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-4893)</FONT> filed with the Securities and Exchange Commission on May&nbsp;1, 1989) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Dividend Reinvestment and Cash Purchase Plan of the Registrant (previously filed as Exhibit 10(E) to the
Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;33-21789)</FONT> filed with the Securities and Exchange Commission on April&nbsp;27, 1988 (&#147;Amendment
No.&nbsp;5&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99e1.htm">(e)(1)&nbsp;&nbsp;&nbsp;&nbsp;
Dividend Reinvestment and Cash Purchase Plan, as amended July&nbsp;20, 2009* </A> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)(1)&nbsp;&nbsp;&nbsp;&nbsp;Securities Investment Trust Investment Management and Custodian Contract dated as of August&nbsp;22, 2001 among
the Registrant, HSBC Asset Management (Taiwan) Limited and The International Commercial Bank of China (previously filed as Exhibit (g)(1) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;811-4893)</FONT> filed with the Securities and Exchange Commission on October&nbsp;25, 2001 (&#147;Amendment No.&nbsp;31&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory and Management Agreement Relating to U.S.&nbsp;Dollar Assets dated as of August&nbsp;22, 2001
between the Registrant and HSBC Asset Management (Taiwan) Limited (previously filed as Exhibit (g)(2) to Amendment No.&nbsp;31) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;Interim Securities Investment Trust Management and Custodian Contract dated as of August 6, 2001 among the
Registrant, China Securities Investment Trust Corporation and The International Commercial Bank of China (previously filed as Exhibit (g)(3) to Amendment No.&nbsp;31) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;Interim Advisory and Management Agreement Relating to U.S.&nbsp;Dollar Assets dated as of August 6, 2001 among the
Registrant and China Securities Investment Trust Corporation (previously filed as Exhibit (g)(4) to Amendment No.&nbsp;
31) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99g5.htm">(5)&nbsp;&nbsp;&nbsp;&nbsp;
Investment Advisory Agreement between the Registrant and Nomura Asset Management U.S.A. Inc., dated September&nbsp;17, 2022* </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)(1)&nbsp;&nbsp;&nbsp;&nbsp;Form of Underwriting Agreement (incorporated by reference to Exhibit h(1) to
<FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-2697)</FONT>
previously filed with the Securities and Exchange Commission on April&nbsp;26, 1996 <FONT STYLE="white-space:nowrap">(&#147;Pre-Effective</FONT> Amendment <FONT STYLE="white-space:nowrap">No.&nbsp;1-1996&#148;)</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;Form of Agreement among Underwriters (incorporated by reference to Exhibit h(2) to
<FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment <FONT STYLE="white-space:nowrap">No.&nbsp;1-1996)</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;Form of Selected Dealer Agreement (incorporated by reference to Exhibit h(3) to
<FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment <FONT STYLE="white-space:nowrap">No.&nbsp;1-1996)</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)(1)&nbsp;&nbsp;&nbsp;&nbsp;Custodian Agreement dated August&nbsp;27, 2010 between the Registrant and State Street Bank and Trust Company
(previously filed as Exhibit (j)(1) to Amendment No.&nbsp;33) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99j1a.htm">(j)(1)(a) Amendment to Custodian Agreement, dated June&nbsp;
1, 2019 between the Registrant and State Street Bank and Trust Company, dated June&nbsp;1, 2019* </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)(2)&nbsp;&nbsp;&nbsp;&nbsp;Foreign Securities Depositary Agreement dated as of June&nbsp;30, 2001 between the Registrant and International
Commercial Bank of China (previously filed as Exhibit (j)(3) to Amendment No.&nbsp;31) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)(1) Registrar, Transfer Agency and Service
Agreement dated December&nbsp;16, 1986 between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit 10(D) to Amendment No.&nbsp;5) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;Administration Agreement dated April&nbsp;1, 1994 between the Registrant and State Street Bank and Trust Company
(previously filed as Exhibit k(2) to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> No.&nbsp;1 to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;33-92378)</FONT> filed with the Securities and Exchange Commission on June&nbsp;19, 1995 <FONT STYLE="white-space:nowrap">(&#147;Pre-Effective</FONT> Amendment No.&nbsp;1&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;Amendment to Administration Agreement dated May&nbsp;1, 2005 between the Registrant and State Street Bank and Trust
Company (previously filed as Exhibit (k)(3) to Amendment No.&nbsp;
33) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99k3a.htm">(3)(a) Amendment to Administration Agreement, dated June&nbsp;
1, 2019 between the Registrant and State Street Bank and Trust Company, dated June&nbsp;1, 2019* </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;Accounting Services Agreement dated April&nbsp;1, 1994 between the Registrant and State Street Bank and Trust
Company (previously filed as Exhibit k(3) to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;
1) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99k5.htm">(5) Amended and Restated Compliance Services Agreement dated April&nbsp;
19, 2022 between the Registrant and Foreside Fund Officer Services* </A> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99k6.htm">(6) Third Amended and Restated PFO/Treasurer
 Services Agreement dated April&nbsp;19, 2022 between the Registrant and Foreside Management Services, LLC* </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;Opinion and consent of Rogers&nbsp;&amp; Wells (previously filed as Exhibit (1)&nbsp;to the Registration Statement
on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-4893)</FONT> filed with the Securities and Exchange Commission on May&nbsp;2, 1996) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)(1) Opinion and consent of Lee&nbsp;&amp; Li (previously filed as Exhibit (n)(1) to the Registration Statement on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-4893)</FONT> filed with the Securities and Exchange Commission on May&nbsp;2, 1996) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;Consent of Coopers&nbsp;&amp; Lybrand L.L.P. (previously filed as Exhibit (n)(2) to the Registration Statement on
Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-4893)</FONT> filed with the Securities and Exchange Commission on May&nbsp;2, 1996) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A HREF="d410469dex99r.htm">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics of the Fund* </A> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith. </P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Investment Company Act of 1940, as amended, the Registrant has duly caused this Amendment to the
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York City, New York, on the 28th day of October, 2022. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">THE TAIWAN FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Yuichi Nomoto</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Yuichi Nomoto</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">President</TD>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEX TO EXHIBITS </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended Articles of Incorporation </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(e)(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dividend Reinvestment and Cash Purchase Plan </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(g)(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Investment Advisory Agreement between the Registrant and Nomura Asset Management U.S.A. Inc.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(j)(1)(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amendment to Custodian Agreement between the Registrant and State Street Bank and Trust Company
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(k)(3)(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amendment to Administration Agreement between the Registrant and State Street Bank and Trust Company
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(k)(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended and Restated Compliance Services Agreement between the Registrant and Foreside Fund Officer Services
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(k)(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Third Amended and Restated PFO/Treasurer Services Agreement between the Registrant and Foreside Management
Services, LLC </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(r)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Code of Ethics of the Fund </P></TD></TR></TABLE>
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<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>2
<FILENAME>d410469dex99a.htm
<DESCRIPTION>AMENDED ARTICLES OF INCORPORATION
<TEXT>
<HTML><HEAD>
<TITLE>Amended Articles of Incorporation</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>THE TAIWAN FUND, INC. </U></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">AMENDED ARTICLES OF INCORPORATION </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">THIS IS TO
CERTIFY THAT: </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>FIRST</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, Matthew Press, whose address
is c/o Clifford Chance US LLP, 31 West 52nd Street, New York, New York 10019, being at least 18 years of age, being the sole incorporator of The Taiwan Fund, Inc., and acting in that capacity prior to the organization meeting of the Board of
Directors of the corporation, hereby adopts Amended Articles of Incorporation of The Taiwan Fund, Inc. and does hereby adopt and file these Amended Articles of Incorporation pursuant to <FONT STYLE="white-space:nowrap">Section&nbsp;2-603</FONT> of
the Maryland General Corporation Law. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>SECOND</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation
(which is hereinafter called the &#147;Corporation&#148;) is: </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">The Taiwan Fund, Inc. </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>THIRD</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is formed for the purpose of carrying on any
lawful business, including the business of a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company. </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>FOURTH</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the principal office of the Corporation in this State is c/o <FONT
STYLE="white-space:nowrap">CSC-Lawyers</FONT> Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, Maryland 21202. </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>FIFTH</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the resident agent of the Corporation in
Maryland are <FONT STYLE="white-space:nowrap">CSC-Lawyers</FONT> Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, Maryland 21202. The resident agent is a Maryland corporation </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><U>SIXTH</U>:&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of stock which the Corporation has authority to issue is 20,000,000
shares of Common Stock, $0.01 par value per share. The aggregate par value of all authorized shares of stock having a par value is $200,000. The Board of Directors of the Corporation, with the approval of a majority of the entire Board of Directors
and without any action by the stockholders of the Corporation, may amend the charter of the Corporation (the &#147;Charter&#148;) from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of
any class or series that the Corporation has authority to issue. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision
of law requiring any action to be taken or approved by the affirmative vote of the stockholders entitled to cast a greater number of votes, any such action that the Maryland General Corporation Law (the &#147;MGCL&#148;) requires be approved by the
stockholders of the Corporation shall be effective and valid if declared advisable and approved by the Board of Directors and taken or approved by the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast
on the matter. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>SEVENTH</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall have a board of one director unless the
number is increased or decreased in accordance with the Bylaws of the Corporation (the &#147;Bylaws&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
However, the number of directors shall never be less than the minimum number required by the MGCL. The initial director is: William C. Kirby. Any vacancy on the Board of Directors may be filled
in the manner provided in the Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>EIGHTH</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation reserves the right to make any amendment of the Charter, now or hereafter
authorized by law, including any amendment which alters the contract rights, as expressly set forth in the Charter, of any shares of outstanding stock. The rights of all stockholders and the terms of all stock are subject to the provisions of the
Charter and the Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Corporation shall have the exclusive
power to make, alter, amend or repeal the Bylaws except to the extent the Bylaws otherwise provide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Corporation may authorize the issuance from time to time of shares of
its stock of any class, whether now or hereafter authorized, or securities convertible into shares of its stock of any class, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable (or without
consideration in the case of a stock split or stock dividend), subject to such restrictions or limitations, if any, as may be set forth in the Charter or the Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Corporation may, by articles supplementary, classify or reclassify
any unissued stock from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption of the stock. If shares of one
class of stock are classified or reclassified into shares of another class of stock pursuant to this Article EIGHTH(d), the number of authorized shares of the former class shall be automatically decreased and the number of shares of the latter class
shall be automatically increased, in each case by the number of shares so classified or reclassified, so that the aggregate number of shares of stock of all classes that the Corporation has authority to issue shall not be more than the total number
of shares of stock set forth in the first sentence of subsection (a)&nbsp;of Article SIXTH. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The determination as to any of the following matters, made in good faith by or pursuant to the
direction of the Board of Directors of the Corporation, shall be final and conclusive and shall be binding upon the Corporation and every holder of shares of its stock: the amount of the net income of the Corporation for any period and the amount of
assets at any time legally available for the payment of dividends, redemption of its stock or the payment of other distributions on its stock; the amount of <FONT STYLE="white-space:nowrap">paid-in</FONT> surplus, net assets, other surplus, annual
or other cash flow, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or
charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution of any ambiguity with respect to any
provision of the Charter (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any
class or series of stock of the Corporation) or of the Bylaws; the number of shares of stock of any class of the Corporation; the fair value, or any sale, bid or asked </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
price to be applied in determining the fair value, of any asset owned or held by the Corporation or of any shares of stock of the Corporation; any matter relating to the acquisition, holding and
disposition of any assets by the Corporation; any interpretation of the terms and conditions of one or more agreements with any person, corporation, association, company, trust, partnership (limited or general) or other organization; or any other
matter relating to the business and affairs of the Corporation or required or permitted by applicable law, the Charter or Bylaws or otherwise to be determined by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any action required or permitted to be taken at any meeting of stockholders may be
taken without a meeting by consent, in writing or by electronic transmission, in any manner and by any vote permitted by the MGCL and set forth in the Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>NINTH</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No holder of shares of stock of any class shall have any
preemptive right to subscribe to or purchase any additional shares of any class, or any bonds or convertible securities of any nature; provided, however, that the Board of Directors may, in authorizing the issuance of shares of stock of any class,
confer any preemptive right that the Board of Directors may deem advisable in connection with such issuance. Holders of shares of stock shall not be entitled to exercise any rights of an objecting stockholder provided for under Title 3, Subtitle 2
of the MGCL or any successor statute unless the Board of Directors of the Corporation, upon the affirmative vote of a majority of the Board of Directors, shall determine that such rights apply, with respect to all or any classes or series of stock,
to one or more transactions occurring after the date of such determination in connection with which holders of such shares would otherwise be entitled to exercise such rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>TENTH</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the maximum extent that Maryland law in effect from time to
time permits limitation of the liability of directors and officers (but subject to the requirements of the Investment Company Act of 1940), no present or former director or officer of the Corporation shall be liable to the Corporation or its
stockholders for money damages. Neither the amendment nor repeal of this Article TENTH, nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Article TENTH, shall apply to or affect in any respect the
applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>ELEVENTH</U>:&nbsp;&nbsp;The Corporation shall, to the maximum extent permitted by Maryland law (but subject to the
requirements of the Investment Company Act of 1940) in effect from time to time, indemnify, and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to, (a)&nbsp;any individual who is a present or former director or
officer of the Corporation and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity and (b)&nbsp;any individual who, while a director or officer of the Corporation and at the
request of the Corporation, serves or has served as a director, officer, partner, member, manager or trustee of another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or
any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity from and against any claim or liability to which such person may become subject or which such
person may incur by reason of his or her service in such capacity. The rights to indemnification and advance of expenses provided by the Charter and the Bylaws shall vest immediately upon election of a director or officer. The Corporation shall have
</P>
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the power, with the approval of the Board of Directors, to provide such indemnification and advancement of expenses to a person who served a predecessor of the Corporation in any of the
capacities described in (a)&nbsp;or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The indemnification and payment or reimbursement of expenses provided in the Charter shall not be deemed exclusive of
or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the Charter or the
Bylaws inconsistent with this Article, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, I have executed these Amended Articles of Incorporation and
acknowledge the same to be my act, on this 10th day of March, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Matthew Press</TD></TR>
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<TD VALIGN="bottom">Name: Matthew Press</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>3
<FILENAME>d410469dex99b.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
<TEXT>
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<TITLE>Amended and Restated By-Laws</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">BY-LAWS</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE TAIWAN FUND,
INC. </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.1.&nbsp;&nbsp;&nbsp;&nbsp;<B>Place of Meeting</B>. All meetings of the stockholders should be held at the
principal office of the Corporation in the State of Maryland or at such other place within the United States as may from time to time be designated by the Board of Directors and stated in the notice of such meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual Meetings</B>. An annual meeting of the stockholders for the election of
directors and the transaction of any business within the power of the Corporation shall be held on the date and at the time and place set by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.3.&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Meetings</B>. Special meetings of the stockholders for any purpose or
purposes may be called by the Chairman of the Board, the President, or a majority of the Board of Directors. Special meetings of stockholders shall also be called by the Secretary upon receipt of the request in writing signed by stockholders holding
not less than 25% of the votes entitled to be cast thereat. Such request shall state the purpose or purposes of the proposed meeting and the matters proposed to be acted on at such proposed meeting. The Secretary shall inform such stockholders of
the reasonably estimated costs of preparing and mailing such notice of meeting and upon payment to the Corporation of such costs, the Secretary shall give notice as required in this Article to all stockholders entitled to notice of such meeting. No
special meeting of stockholders need be called upon the request of the holders of common stock entitled to cast less than a majority of all votes entitled to be cast at such meeting to consider any matter which is substantially the same as a matter
voted upon at any special meeting of stockholders held during the preceding twelve months. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.4.&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice of Meetings of Stockholders</B>. Not less than ten days&#146; and not more
than sixty days&#146; written or printed notice of every meeting of stockholders, stating the time and place thereof (and the purpose of any special meeting), shall be given to each stockholder entitled to vote thereat and to each other stockholder
entitled to notice of the meeting by leaving the same with such stockholder or at such stockholder&#146;s residence or usual place of business or by mailing it, postage prepaid, and addressed to such stockholder at such stockholder&#146;s address as
it appears upon the books of the Corporation. If mailed, notice shall be deemed to be given when deposited in the mail addressed to the stockholder as aforesaid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No notice of the time, place or purpose of any meeting of stockholders need be given to any stockholder who attends in person
or by proxy or to any stockholder who, in writing executed and filed with the records of the meeting, either before or after the holding thereof, waives such notice. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Corporation may postpone or cancel a meeting of stockholders by making a
public announcement of such postponement or cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set forth in
this Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.5.&nbsp;&nbsp;&nbsp;&nbsp;<B>Record Dates</B>. The Board of Directors may fix, in advance, a
record date for the determination of stockholders entitled to notice of or to vote at any stockholders meeting or to receive a dividend or be allotted rights or for the purpose of any other proper determination with respect to stockholders and only
stockholders of record on such date shall be entitled to notice of and to vote at such meeting or to receive such dividends or rights or otherwise, as the case may be; <B>provided</B>, <B>however</B>, <B>that</B> such record date shall not be prior
to sixty days preceding the date of any such meeting of stockholders, dividend payment date, date for the allotment of rights or other such action requiring the determination of a record date; and further provided that such record date shall not be
prior to the close of business on the day the record date is fixed, that the transfer books shall not be closed for a period longer than 20 days, and that in the case of a meeting of stockholders, the record date or the closing of the transfer books
shall not be less than ten days prior to the date fixed for such meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.6.&nbsp;&nbsp;&nbsp;&nbsp;<B>Quorum; Adjournment of Meetings</B>. The presence in person or by proxy of
stockholders entitled to cast one third of the votes entitled to be cast thereat shall constitute a quorum at all meetings of the stockholders, except as otherwise provided in the Articles of Incorporation. The Chairman of the Meeting or the holders
of a majority of the stock present in person or by proxy shall have power to adjourn any meeting of stockholders from time to time (a)&nbsp;without notice other than announcement at the meeting, to a date not more than 120 days after the original
record date; or (b)&nbsp;provided that a new notice is given in accordance with Section&nbsp;1.4 of this Article I and a new record date is set in accordance with Section&nbsp;1.5 of this Article I, to a date more than 120 days after the original
record date. At the adjourned meeting, any business may be transacted which might have been transacted at the meeting as originally notified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.7.&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting and Inspectors</B>. At all meetings, stockholders of record entitled to
vote thereat shall have one vote for each share of common stock standing in his name on the books of the Corporation (and such stockholders of record holding fractional shares, if any, shall have proportionate voting rights) on the date for the
determination of stockholders entitled to vote at such meeting, either in person or by proxy appointed by instrument in writing subscribed by such stockholder or his duly authorized attorney. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All elections shall be had and all questions decided by a majority of the votes cast at a duly constituted meeting, except as
otherwise provided by statute or by the Articles of Incorporation or by these <FONT STYLE="white-space:nowrap">By-Laws.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">At any election of Directors, the Chairman of the meeting may, and upon the request of the holders of ten percent (10%) of the
stock entitled to vote at such election shall, appoint two inspectors of election who shall first subscribe an oath or affirmation to execute faithfully the duties of inspectors at such election with strict impartiality and according to the best of
their ability, and shall after the election make a certificate of the result of the vote taken. No candidate for the office of Director shall be appointed such Inspector. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.8.&nbsp;&nbsp;&nbsp;&nbsp;<B>Conduct of Stockholders&#146;
Meetings</B>. The meetings of the stockholders shall be presided over by the Chairman of the Board, or if the Chairman is not present, by the President, or if the President is not present, by a vice-president, or if none of them is present, by a
Chairman to be elected at the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Secretary of the Corporation, if present, shall act as a Secretary of such
meetings, or if he is not present, an Assistant Secretary shall so act; if neither the Secretary nor the Assistant Secretary is present, then the meeting shall elect its Secretary. The chairman of an annual or special meeting shall, if the facts
warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the provisions of Section&nbsp;1.11 of this Article I, and if he should so determine, he shall so declare to the meeting and
any such business not properly brought before the meeting shall not be transacted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.9.&nbsp;&nbsp;&nbsp;&nbsp;<B>Concerning Validity of Proxies, Ballots, etc</B><B>.</B> At every meeting of the
stockholders, all proxies shall be received and taken in charge of and all ballots shall be received and canvassed by the Secretary of the meeting, who shall decide all questions touching the qualification of voters, the validity of the proxies and
the acceptance or rejection of votes, unless inspectors of election shall have been appointed by the Chairman of the meeting, in which event such inspectors of election shall decide all such questions. Unless a proxy provides otherwise, it is not
valid for more than eleven months after its date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to the foregoing sentence, if a new record date (the
&#147;<B>New Record Date</B>&#148;) is set for a meeting of stockholders that is adjourned or postponed to a date that is more than 120 days after the original record date for the meeting, a proxy granted by a stockholder as of the original record
date for the meeting remains valid with respect to the shares held by such stockholder as of the New Record Date, unless the proxy is revoked by the stockholder prior to being exercised at the adjourned or postponed meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.10.&nbsp;&nbsp;&nbsp;&nbsp;<B>Action Without Meeting</B>. Any action to be taken by stockholders may be taken
without a meeting if (1)&nbsp;all stockholders entitled to vote on the matter consent to the action in writing, (2)&nbsp;all stockholders entitled to notice of the meeting but not entitled to vote at it sign a written waiver of any right to dissent
and (3)&nbsp;said consents and waivers are filed with the records of the meetings of stockholders. Such consent shall be treated for all purposes as a vote at the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.11.&nbsp;&nbsp;&nbsp;&nbsp;<B>Matters to be Acted on at Stockholders Meetings</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual Meetings of Stockholders</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominations of persons for election to the Board of Directors and the
proposal of business to be considered by the stockholders may be made at an annual meeting of Stockholders only if made (A)&nbsp;pursuant to the Corporation&#146;s notice of meeting, (B)&nbsp;by or at the direction of the Board of Directors or
(C)&nbsp;by any stockholder of the Corporation who was a stockholder of record at the time of giving of notice provided for in this Section&nbsp;1.11(a), who is entitled to vote at the meeting and who complied with the notice procedures set forth in
this Section&nbsp;1.11 (a). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For nominations or other
business to be properly brought before an annual meeting by a stockholder pursuant to clause (C)&nbsp;of paragraph (a)(i) of this Section&nbsp;1.11, the stockholder must have given timely notice thereof in writing to the secretary of the
Corporation. To be timely, a stockholder&#146;s notice shall be delivered to the secretary at the principal executive offices of the Corporation not less than 60 days nor more than 90 days prior to the first anniversary of the preceding year&#146;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 such anniversary date, notice by the stockholder to be timely must be so delivered not
earlier than the 90th day prior to such annual meeting and not later than the close of business on the later of the 60th day prior to such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is
first made. Such stockholder&#146;s notice shall set forth (i)&nbsp;as to each person whom the stockholder proposes to nominate for election or reelection as a director, all information relating to such person that is required to be disclosed in
solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;) (including such person&#146;s written
consent to being named in the proxy statement as a nominee and to serving as a director if elected); (ii) as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought
before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and of the beneficial owners, if any, on whose behalf the proposal is made; and (iii)&nbsp;as to the
stockholder giving the notice and the beneficial owners, if any, on whose behalf the nomination or proposal is made, (x)&nbsp;the name and address of such stockholder, as they appear on the Corporation&#146;s books, and of such beneficial owners, if
any, and (y)&nbsp;the class and number of shares of stock of the Corporation which are owned beneficially and of record by such stockholder and such beneficial owners, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in the second sentence of paragraph (a)(ii) of
this Section&nbsp;1.11 to the contrary, in the event that the number of directors to be elected to the Board of Directors is increased and there is no public announcement naming all of the nominees for director or specifying the size of the
increased Board of Directors made by the Corporation at least 70 days prior to the first anniversary of the preceding year&#146;s annual meeting, a stockholder&#146;s notice required by paragraph (a)(ii) of this Section&nbsp;1.11 shall also be
considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the secretary at the principal executive offices of the Corporation not later than the close of business on the tenth
day following the day on which such public announcement is first made by the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Meetings of Stockholders</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only such business shall be conducted at a special meeting of stockholders
as shall have been brought before the meeting pursuant to the Corporation&#146;s notice of meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominations of persons for election to the Board of Directors may be made
at a special meeting of stockholders at which directors are to be elected (A)&nbsp;pursuant to the Corporation&#146;s notice of meeting, (B)&nbsp;by or at the direction of the Board of Directors or (C)&nbsp;provided that the Board of Directors has
determined that directors shall be elected at such special </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>


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meeting, by any stockholder of the Corporation who (x)&nbsp;has given timely notice thereof meeting the requirements of Section&nbsp;1.11(b)(iii), (y) is a stockholder of record at the time of
giving of such notice, and (z)&nbsp;is entitled to vote at the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be timely, a stockholder&#146;s notice referred to in
Section&nbsp;1.11(b)&nbsp;(ii) must have been delivered to the secretary of the Corporation at the principal executive offices of the Corporation not earlier than the 90th day prior to such special meeting and not later than the close of business on
the later of the 60th day prior to such special meeting or the tenth day following the day on which public announcement is made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting.
Such stockholder&#146;s notice shall set forth (A)&nbsp;as to each person whom the stockholder proposes to nominate for election ore reelection as a director, all information relating to such person that is required to be disclosed in solicitations
of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation&nbsp;14A under the Exchange Act (including such person&#146;s written consent to being named in the proxy statement as a nominee and to serving as a
director if elected); and (B)&nbsp;as to the stockholder giving the notice and the beneficial owners, if any, on whose behalf the nomination or proposal is made, (x)&nbsp;the name and address of such stockholder, as they appear on the
Corporation&#146;s books and of such beneficial owners, if any and (y)&nbsp;the class and number of shares of stock of the Corporation which are owned beneficially and of record by such stockholder and such beneficial owners, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>BOARD OF
DIRECTORS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.1.&nbsp;&nbsp;&nbsp;&nbsp;<B>Function of Directors</B>. The business and affairs of the
Corporation shall be conducted and managed under the direction of its Board of Directors. All powers of the Corporation shall be exercised by or under authority of the Board of Directors except as conferred on or reserved to the stockholders by
statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Number of Directors</B>. The Board of Directors shall be not less
than three nor more than 15 in number as may be fixed from time to time by the affirmative vote at a meeting of the holders of a majority of the stock outstanding or by resolution of the Board of Directors adopted by a majority of the directors then
in office, except that no decrease in the number of directors shall shorten the term of any incumbent director. Directors need not be stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.3.&nbsp;&nbsp;&nbsp;&nbsp;<B>Election and Term of Directors</B>. Directors shall be elected annually, by
election at the annual meeting of stockholders or a special meeting held for that purpose. The term of office of each director shall be from the time of his election and qualification until the annual election of directors next succeeding his
election or until his successor shall have been elected and shall have qualified. If the annual election of directors is not held on the date designated therefor, the directors shall cause such election to be held as soon thereafter as convenient.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.4.&nbsp;&nbsp;&nbsp;&nbsp;<B>Vacancies; Tender of Resignation</B>. In case of any vacancy in the Board of
Directors through death, resignation or other cause, other than an increase in the number of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 5 - </P>


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Directors, subject to the provisions of law, a majority of the remaining Directors, even if such majority is less than a quorum, by an affirmative vote, may elect a successor to hold office for
the remainder of the full term of the class of Directors in which the vacancy occurred or until his successor is chosen and qualified. Any Director who is nominated for <FONT STYLE="white-space:nowrap">re-election</FONT> at a meeting of stockholders
and is not <FONT STYLE="white-space:nowrap">re-elected</FONT> at that meeting shall be deemed to have tendered to the Board of Directors his or her resignation as a Director, with such resignation to take effect 30 days after the date of the meeting
unless the Board of Directors unanimously decides to reject that Director&#146;s tender of resignation, in which case the Director shall continue in office until his death, resignation or removal or until his successor shall have been elected and
shall have been qualified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.5.&nbsp;&nbsp;&nbsp;&nbsp;<B>Increase or Decrease in Number of Directors</B>.
The Board of Directors, by the vote of a majority of the entire Board, may increase the number of Directors and may elect Directors to fill the vacancies created by any such increase in the number of Directors for the remainder of the full term of
the class of Directors in which the vacancy occurred or until their successors are duly chosen and qualified. The Board of Directors, by the vote of a majority of the entire Board, may likewise decrease the number of Directors to a number not less
than that permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.6.&nbsp;&nbsp;&nbsp;&nbsp;<B>Place of Meeting</B>. The Directors may hold
their meetings within or outside the State of Maryland, at any office or offices of the Corporation or at any other place as they may from time to time determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.7.&nbsp;&nbsp;&nbsp;&nbsp;<B>Regular Meetings</B>. Regular meetings of the Board of Directors shall be held at
such time and on such notice as the Directors may from time to time determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.8.&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual Meeting</B>. The annual meeting of the Board of Directors shall be held as
soon as practicable after the annual meeting of the stockholders for the election of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.9.&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Meetings</B>. Special meetings of the Board of Directors may be held from
time to time upon call of the Chairman of the Board, the President, the Secretary or two or more of the Directors, by oral or telegraphic or written notice duly served on or sent or mailed to each Director not less than one day before such meeting.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.10.&nbsp;&nbsp;&nbsp;&nbsp;<B>Notices</B>. Unless required by statute or otherwise determined by
resolution of the Board of Directors in accordance with these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> notices to Directors need not be in writing and need not state the business to be transacted at or the purpose of any meeting, and no
notice need be given to any Director who is present in person or to any Director who, in writing executed and filed with the records of the meeting either before or after the holding thereof, waives such notice. Waivers of notice need not state the
purpose or purposes of such meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.11.&nbsp;&nbsp;&nbsp;&nbsp;<B>Quorum</B>. <FONT
STYLE="white-space:nowrap">One-third</FONT> of the Directors then in office shall constitute a quorum for the transaction of business, provided that if there is more than one Director, a quorum shall in no case be less than two Directors. If at any
meeting of the Board there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time until a quorum shall have been obtained. The act of the majority of the Directors present at
</P>
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any meeting at which there is a quorum shall be the act of the Directors, except as may be otherwise specifically provided by statute or by the Articles of Incorporation or by these <FONT
STYLE="white-space:nowrap">By-Laws.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.12.&nbsp;&nbsp;&nbsp;&nbsp;<B>Executive Committee</B>. There
may be an Executive Committee consisting of such number of members, not less than three, as may be fixed from time to time by the Board of Directors, who shall be elected by the Board of Directors from among its members by resolution passed by a
majority of the whole Board. At least a majority of the members of the Executive Committee shall be persons who are not &#147;interested persons&#148;, as defined in the Investment Company Act, of the Corporation or any investment adviser to, or
underwriter of securities of, the Corporation. During the intervals between meetings of the Board of Directors, the Executive Committee shall have and may exercise all the powers of the Board of Directors in the management of the business and
affairs of the Corporation, except as may be limited by law. The Executive Committee may adopt rules governing the method of calling and time and place of holding its meetings. A majority of the Executive Committee shall constitute a quorum for the
transaction of business and the act of a majority of the members of the Executive Committee present at a meeting at which a quorum is present shall be the act of the Executive Committee. The Executive Committee shall keep a record of its acts and
proceedings and shall report thereon to the Board of Directors. Any or all members of the Executive Committee may be removed, with or without cause, by resolution of the Board of Directors, adopted by a majority of the whole Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.13.&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Committees</B>. The Board of Directors may from time to time, by resolution
adopted by a majority of the whole Board, constitute and appoint one or more other committees of the Board, each such committee to consist of such number of directors and to have such powers and duties as the Board of Directors, by a resolution may
prescribe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.14.&nbsp;&nbsp;&nbsp;&nbsp;<B>Advisory Committees</B>. The Board of Directors may from time to
time, by resolution adopted by a majority of the whole Board, constitute and appoint one or more advisory committees, consisting of such persons as the Board may designate whether or not officers or directors of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.15.&nbsp;&nbsp;&nbsp;&nbsp;<B>Telephone Meetings</B>. Members of the Board of Directors or a committee of the
Board of Directors may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means,
subject to the provisions of the Investment Company Act of 1940, as amended (the &#147;<B>Investment Company Act</B>&#148;), constitutes presence in person at the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.16.&nbsp;&nbsp;&nbsp;&nbsp;<B>Action Without a Meeting</B>. Any action required or permitted to be taken at any
meeting of the Board of Directors or any committee thereof may be taken without a meeting, if a written consent to such action is signed by all members of the Board or of such committee, as the case may be, and such written consent is filed with the
minutes of the proceedings of the Board or such committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.17.&nbsp;&nbsp;&nbsp;&nbsp;<B>Compensation of
Director</B>. No Director shall receive any stated salary or fees from the Corporation for his services as such if such Director is, otherwise than by reason of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 7 - </P>


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being such Director, an interested person (as such term is defined by the Investment Company Act of 1940, as amended) of the Corporation or of its investment manager or principal underwriter.
Except as provided in the preceding sentence, Directors shall be entitled to receive such compensation from the Corporation for their services as may from time to time be voted by the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.18.&nbsp;&nbsp;&nbsp;&nbsp;<B>Qualifications</B>. Directors need not be stockholders. Each Director shall hold
office until the earlier of: (a)&nbsp;the expiration of his term and his or her successor shall have been elected and qualifies, (b)&nbsp;his or her death, (c)&nbsp;his or her resignation or (d)&nbsp;his or her removal. To be eligible for nomination
as a director a person must, at the time of such person&#146;s nomination, have Relevant Experience and Regional Knowledge (as defined below) and must not have any Conflict of Interest (as defined below). Whether a proposed nominee satisfies the
foregoing qualifications shall be determined by the Board of Directors in its sole discretion. &#147;Relevant Experience and Regional Knowledge&#148; means experience in business, investment, economic or political matters of Taiwan or Asia through
service (1)&nbsp;for 10 of the past 20 years as an executive officer, director or partner of a financial, industrial or investment management business headquartered in Asia or involving supervision of Asian business operations or investments, that
has annual revenues or assets under management, of at least the equivalent of U.S. $500&nbsp;million; (2)&nbsp;for 5 of the past 10 years as a director (or the equivalent) of one or more investment businesses or vehicles (including this Corporation)
a principal focus of which is investment in Taiwan; (3)&nbsp;as a current director or senior officer of an investment manager or adviser of the Corporation, or of any entity controlling or under common control with an investment manager or adviser
of the Corporation; (4)&nbsp;for 5 of the past 10 years as a senior official (including ambassador or minister) in the national government, a government agency or the central bank of Taiwan or the United States, in a major supranational agency or
organization of which Taiwan or the United States is a member, in a leading international trade organization relating to Asia or the United States, or in the Asian Development Bank, in each case in the area of finance, economics, trade or foreign
relations and where the individual was substantially involved with matters relating to Asia; or (5)&nbsp;for 5 of the past 10 years as a professor of finance, economics, trade or foreign relations at, or member of a board of trustees or directors
of, a university in Taiwan or the United States and where the individual was substantially involved with matters relating to Asia. In addition, a proposed nominee shall be deemed to have Relevant Experience and Regional Knowledge if he or she
qualifies as an Audit Committee Financial Expert as defined in Item 3 of Securities and Exchange Commission Form <FONT STYLE="white-space:nowrap">N-CSR,</FONT> and if there is not at that time another member of the Board of Directors, who is also a
member of the Audit Committee, who qualifies as an Audit Committee Financial Expert. &#147;Conflict of Interest&#148; means the presence of a conflict with the interests of the Corporation or its operations through any of the following:
(1)&nbsp;current position as a director, officer, partner (other than a limited partner) or employee of another investment vehicle a significant (i.e., 50% or more of total assets) focus of which is securities of Taiwanese companies or securities
principally traded in Taiwan markets and that does not have the same investment adviser as the Corporation or an investment adviser affiliated with an investment adviser of the Corporation; (2)&nbsp;current position as a director, officer, partner
(other than a limited partner) or employee of the sponsor or equivalent of an investment vehicle described in the previous point; or (3)&nbsp;current position as an official of a governmental agency or self-regulatory body having responsibility for
regulating the Corporation or the markets in which it proposes to invest. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OFFICERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.1.&nbsp;&nbsp;&nbsp;&nbsp;<B>Executive Officers</B>. The executive officers of the Corporation shall be chosen
by the Board of Directors as soon as may be practicable after the annual meeting of the stockholders. These shall include a President (who may be a Director), a Chief Compliance Officer, a Secretary and a Treasurer. The Board of Directors or the
Executive Committee may also in its discretion appoint one or more Vice-Presidents (the number thereof to be determined by the Board of Directors), Assistant Secretaries, Assistant Treasurers and other officers, agents and employees, who shall have
such authority and perform such duties as the Board or the Executive Committee may determine. The Board of Directors may fill any vacancy which may occur in any office. Any two or more offices, except those of President and Vice-President, may be
held by the same person, but no officer shall execute, acknowledge or verify any instrument in more than one capacity, if such instrument is required by law or these <FONT STYLE="white-space:nowrap">By-Laws</FONT> to be executed, acknowledged or
verified by two or more officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Term of Office</B>. The term of office of
all officers shall be one year and until their respective successors are chosen and qualified. Any officer may be removed from office at any time with or without cause by the vote of a majority of the Board of Directors. Any officer may resign his
office at any time by delivering a written resignation to the Corporation and, unless otherwise specified therein, such resignation shall take effect upon delivery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.3.&nbsp;&nbsp;&nbsp;&nbsp;<B>Powers and Duties</B>. The officers of the Corporation shall have such powers and
duties as shall be stated in a resolution of the Board of Directors, or the Executive Committee and, to the extent not so stated, as generally pertain to their respective offices, subject to the control of the Board of Directors and the Executive
Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.4.&nbsp;&nbsp;&nbsp;&nbsp;<B>Surety Bonds</B>. The Board of Directors may require any officer
or agent of the Corporation to execute a bond (including, without limitation, any bond required by the Investment Company Act and the rules and regulations of the Securities and Exchange Commission) to the Corporation in such sum and with such
surety or sureties as the Board of Directors may determine, conditioned upon the faithful performance of his duties to the Corporation, including responsibility for negligence and for the accounting of any of the Corporation&#146;s property, fund or
securities that may come into his hands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.5.&nbsp;&nbsp;&nbsp;&nbsp;<B>Chairman of the Board</B>. The
Chairman of the Board, if any, shall preside at all meetings of stockholders and of the Board of Directors, and shall have such other powers and duties as may be delegated to him by the Board of Directors. The position of Chairman of the Board shall
not be an office of the Corporation. However, an officer of the Corporation may serve as Chairman of the Board provided that the Corporation does not rely on any rules under the Investment Company Act, which require such Chairman to be a Director
who is not an &#147;interested person&#148; of the Corporation as defined in the Investment Company Act. The Chairman of the Board shall serve for such time and with such authority as the Directors may, in their discretion, so designate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 9 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.6.&nbsp;&nbsp;&nbsp;&nbsp;<B>President</B>. The President shall be
the chief executive officer of the Corporation. In the absence of the Chairman of the Board, he shall preside at all meetings of the stockholders. He shall have general charge of the business and affairs of the Corporation. He may employ and
discharge employees and agents of the Corporation, except such as shall be appointed by the Board, and he may delegate these powers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.7.&nbsp;&nbsp;&nbsp;&nbsp;<B>Vice Presidents</B>. Each Vice President shall have such powers and perform such
duties as the Board of Directors or the President may from time to time prescribe. In the absence or inability to act of the President, the Board of Directors shall designate the Vice President who shall perform all the duties and may exercise any
of the powers of the President. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.8.&nbsp;&nbsp;&nbsp;&nbsp;<B>Treasurer</B>. The Treasurer shall have the
care and custody of all funds and securities of the Corporation which may come into his hands, shall endorse the same for deposit or collection when necessary and deposit the same to the credit of the Corporation in such banks or depositaries as the
Board of Directors may authorize. The Treasurer may endorse all commercial documents requiring endorsements for or on behalf of the Corporation and may sign all receipts and vouchers for payments made to the Corporation. The Treasurer shall have all
such further powers and duties as generally are incident to the position of Treasurer or as may be assigned by the President or the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.9.&nbsp;&nbsp;&nbsp;&nbsp;<B>Secretary</B>. The Secretary shall record all proceedings of meetings of the
stockholders and directors in a book kept for that purpose and shall file in such book all written consents of the stockholders or directors to any action taken without a meeting. The Secretary shall attend to the giving and serving of all notices
of the Corporation. The Secretary shall have custody of the seal of the Corporation and shall attest the same by his or her signature whenever required. He or she shall have charge of the stock ledger and such other books and papers as the Board of
Directors may direct, but may delegate responsibility for maintaining the stock ledger to any transfer agent appointed by the Board. He or she shall have all such further powers and duties as generally are incident to the position of Secretary or as
may be assigned by the President or the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.10.&nbsp;&nbsp;&nbsp;&nbsp;<B>Chief Compliance
Officer</B>. The Chief Compliance Officer (the &#147;<B>CCO</B>&#148;) shall perform the functions of the Corporation&#146;s chief compliance officer as described in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the Investment Company
Act. The CCO shall have primary responsibility for administering the Corporation&#146;s compliance policies and procedures adopted pursuant to Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> (the &#147;Compliance Program&#148;) and reviewing the
Compliance Program, in the manner specified in Rule <FONT STYLE="white-space:nowrap">38a-1,</FONT> at least annually, or as may be required by Rule <FONT STYLE="white-space:nowrap">38a-1,</FONT> as may be amended from time to time. The CCO shall
report directly to the Board of Directors regarding the Compliance Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.11.&nbsp;&nbsp;&nbsp;&nbsp;<B>Delegation of Duties</B>. In case of the absence of any officer of the
Corporation, or for any other reason that the Board 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 10 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CAPITAL STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.1.&nbsp;&nbsp;&nbsp;&nbsp;<B>Certificates for Shares</B>. Except as may be otherwise provided by the Board of
Directors, stockholders of the Corporation are not entitled to certificates representing the shares of stock held by them. In the event that the Corporation issues shares of stock represented by certificates, such certificates shall be signed by the
officers of the Corporation in the manner permitted by Maryland law and contain the statements and information required by Maryland law. There shall be no differences in the rights and obligations of stockholders based on whether or not their shares
are represented by certificates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfers When Certificates Are Issued</B>.
Subject to any determination of the Board of Directors pursuant to Section&nbsp;4.1, upon surrender to the Corporation or the transfer agent of the Corporation of a stock certificate duly endorsed or accompanied by proper evidence of succession,
assignment or authority to transfer, the Corporation shall issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, transfers of shares of any class of stock will be subject in all respects to the charter of the
Corporation and all of the terms and conditions contained therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.3.&nbsp;&nbsp;&nbsp;&nbsp;<B>Replacement Certificate</B>. The President, the Secretary, the Treasurer, or any
officer designated by the Board of Directors may direct a new certificate to be issued in place of any certificate previously issued by the Corporation alleged to have been lost, stolen, or destroyed upon the making of an affidavit of that fact by
the person claiming the certificate to be lost, stolen, or destroyed. When authorizing the issuance of a new certificate, an officer designated by the Board of Directors may, in his or her discretion and as a condition precedent to the issuance
thereof, require the owner of such lost, stolen, or destroyed certificate or the owner&#146;s legal representative to advertise the same in such manner as he or she shall require and/or to give bond, with sufficient surety, to the Corporation to
indemnify it against any loss or claim which may arise as a result of the issuance of a new certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.4.&nbsp;&nbsp;&nbsp;&nbsp;<B>Stock Ledgers</B>. The stock ledgers of the Corporation, containing the names and
addresses of the stockholders and the number of shares held by them respectively, shall be kept at the principal offices of the Corporation or, if the Corporation employs a Transfer Agent, at the offices of the Transfer Agent of the Corporation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.5.&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfer Agents and Registrars</B>. The Board of Directors may from time to
time appoint or remove transfer agents and/or registrars of transfers of shares of stock of the Corporation, and it may appoint the same person as both transfer agent and registrar. Upon any such appointment being made all certificates representing
shares of capital stock thereafter issued shall be countersigned by one of such transfer agents or by one of such registrars of transfers or by both and shall not be valid unless so countersigned. If the same person shall be both transfer agent and
registrar, only one countersignature by such person shall be required. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CORPORATE SEAL; LOCATION OF OFFICES; BOOKS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.1.&nbsp;&nbsp;&nbsp;&nbsp;<B>Corporate Seal</B>. The Board of Directors may provide for a suitable corporate
seal, in such form and bearing such inscriptions as it may determine. Any officer or director shall have the authority to affix the corporate seal. If the Corporation is required to place its corporate seal to a document, it shall be sufficient to
place the word &#147;(seal)&#148; adjacent to the signature of the authorized officer of the Corporation signing the document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Location of Offices</B>. The Corporation shall have a principal office in the
State of Maryland. The Corporation may, in addition, establish and maintain such other offices as the Board of Directors or any officer may, from time to time, determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.3.&nbsp;&nbsp;&nbsp;&nbsp;<B>Books and Records</B>. The books and records of the Corporation shall be kept at
the places, within or without the State of Maryland, as the directors or any officer may determine; provided, however, that the original or a certified copy of the <FONT STYLE="white-space:nowrap">By-Laws,</FONT> including any amendments to them,
shall be kept at the Corporation&#146;s principal executive office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FISCAL YEAR AND ACCOUNTANT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.1.&nbsp;&nbsp;&nbsp;&nbsp;<B>Fiscal Year</B>. The fiscal year of the Corporation, unless otherwise fixed by
resolution of the Board of Directors, shall begin on the first day of September and shall end on the last day of August in each year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Accountant</B>. The Corporation shall employ an independent public accountant or a
firm of independent public accountants as its Accountants to examine the accounts of the Corporation and to sign and certify financial statements filed by the Corporation. 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&#146; meeting called for that purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION AND INSURANCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.1.&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B>. The Corporation shall indemnify directors, officers, employees and
agents of the Corporation against judgments, fines, settlements and expenses to the fullest extent authorized and in the manner permitted, by applicable federal and state law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.2.&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification of Directors and Officers</B>. The Corporation shall indemnify to
the fullest extent permitted by law (including the Investment Company Act) as currently in effect or as the same may hereafter be amended, any person made or threatened to be made a party to any action, suit or proceeding, whether criminal, civil,
administrative or investigative, by reason of the fact that such person or such person&#146;s testator or intestate is or was a director or officer of the Corporation or serves or served at the request of the Corporation any
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 12 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
other enterprise as a director or officer. To the fullest extent permitted by law (including the Investment Company Act) as currently in effect or as the same may hereafter be amended, expenses
incurred by any such person in defending any such action, suit or proceeding shall be paid or reimbursed by the Corporation promptly upon receipt by it of an undertaking of such person to repay such expenses if it shall ultimately be determined that
such person is not entitled to be indemnified by the Corporation. The rights provided to any person by this Article VII shall be enforceable against the Corporation by such person who shall be presumed to have relied upon it in serving or continuing
to serve as a director or officer as provided above. No amendment of this Article VII shall impair the rights of any person arising at any time with respect to events occurring prior to such amendment. In particular, and without limiting the
generality of the foregoing, neither the determination that a Director is an &#147;audit committee financial expert&#148; nor the knowledge, experience or other qualifications underlying such a determination shall result in that Director being held
to a standard of care that is higher than the standard that would be applicable in the absence of such a determination or such knowledge, experience or qualification, nor shall such a determination or such knowledge, experience or other
qualification impose any duties, obligations or liabilities that are greater than would obtain in the absence of such a determination or such knowledge, experience or qualification. Any determination of whether a Director has complied with any
applicable standard of care, including without limitation any standard of care set out in any constituent document of the Corporation, and any determination of whether a Director shall be entitled to indemnification pursuant to any provision of the
Articles of Incorporation or these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> shall be made in light of and based upon the provisions of this paragraph and any person serving as a Director, whether at the date of adoption of this paragraph as
a <FONT STYLE="white-space:nowrap">By-Law</FONT> or thereafter, shall be presumed conclusively to have done so in reliance on this paragraph. For purposes of this Article VII, the term &#147;Corporation&#148; shall include any predecessor of the
Corporation and any constituent corporation (including any constituent of a constituent) absorbed by the Corporation in a consolidation or merger; the term &#147;other enterprises&#148; shall include any corporation, partnership, joint venture,
trust or employee benefit plan; service &#147;at the request of the Corporation&#148; shall include service as a director or officer of the Corporation which imposes duties on, or involves services by, such director or officer with respect to an
employee benefit plan, its participants or beneficiaries; any excise taxes assessed on a person with respect to an employee benefit plan shall be deemed to be indemnifiable expenses; and action by a person with respect to any employee benefit plan
which such person reasonably believes to be in the interest of the participants and beneficiaries of such plan shall be deemed to be action not opposed to the best interests of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.3.&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance</B>. Subject to the provisions of the Investment Company Act, the
Corporation, directly, through third parties or through affiliates of the Corporation, may purchase, or provide through a trust fund, letter of credit or surety bond insurance on behalf of any person who is or was a Director, officer, employee or
agent of the Corporation, or who, while a Director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a Director, officer, employee, partner, trustee or agent of another foreign or domestic
corporation, partnership joint venture, trust or other enterprise against any liability asserted against and incurred by such person in any such capacity or arising out of such person&#146;s position, whether or not the Corporation would have the
power to indemnify such person against such liability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 13 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WAIVER OF NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whenever notice is required to be given by statute, or under any provision of the Articles of Incorporation or these <FONT
STYLE="white-space:nowrap">By-laws,</FONT> a written waiver thereof, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. In the case of a stockholder, such waiver of notice
may be signed by such stockholder&#146;s attorney or a proxy duly appointed in writing. Attendance of a stockholder at a meeting of stockholders, or attendance of a director at a meeting of the Board of Directors or any committee thereof, shall
constitute a waiver of notice of such meeting, except when such stockholder or director, as the case may be, attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the
meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders or of the directors need be specified in any written waiver of notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CUSTODIAN
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The funds of the Corporation shall be deposited with such banks or other depositaries as the Board of Directors of
the Corporation may from time to time determine. All securities and other investments shall be deposited in the safekeeping of such banks or other companies as the Board of Directors of the Corporation may from time to time determine. Every
arrangement entered into with any bank or other company for the safekeeping of the securities and investments of the Corporation shall contain provisions complying with the Investment Company Act, and the general rules and regulations thereunder.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FUNDAMENTAL POLICIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.1.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not purchase any security (other than obligations of the U.S.
government, its agencies or instrumentalities) if as a result: (i)&nbsp;as to 75% of the Corporation&#146;s total assets, more than 5% of the Corporation&#146;s total assets (taken at current value) would then be invested in securities of a single
issuer, (ii)&nbsp;as to the remaining 25% of the Corporation&#146;s total assets, more than 10% of the Corporation&#146;s total assets (taken at current value) would then be invested in securities of a single issuer (except that the Corporation may
invest not more than 25% of its total assets in obligations of the government of the Republic of China, its agencies or instrumentalities), (iii) more than 10% of the voting equity securities (at the time of such purchase) of any one issuer would be
owned by the Corporation, and (iv)&nbsp;more than 25% of the Corporation&#146;s total assets (taken at current value) would be invested in a single industry, except that the Corporation shall invest more than 25% of its total assets (taken at
current value) in the semi-conductor industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.2.&nbsp;&nbsp;&nbsp;&nbsp;[Removed by stockholders at a
meeting held on April&nbsp;21, 2015.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 14 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.3.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not purchase
partnership interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.4.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not borrow money or pledge its
assets, except that the Corporation may borrow from a bank in the United States for temporary or emergency purposes in amounts not exceeding 5% (taken at the lower of cost or current value of its total assets (not including the amount borrowed)),
and may also pledge its assets held in the United States to secure such borrowings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.5.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not purchase securities on margin, except for short-term
credits as may be necessary for clearance of transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.6.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will
not make short sales of securities or maintain a short position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.7.&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will not buy or sell commodities or commodity contracts or real estate or interests in real estate, except the Corporation may enter into forward foreign currency exchange contracts, foreign currency futures contracts, and options on
foreign currencies and foreign currency futures contracts for bona fide hedging purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.8.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not act as an underwriter of securities of other issuers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.9.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not make loans to other persons except the Corporation may lend
portfolio securities in an amount not exceeding 33<SUP STYLE="font-size:75%; vertical-align:top">1/3</SUP>% of the Corporation&#146;s net assets; for purposes of this investment restriction, the term &#147;loans&#148; shall not include the purchase
of a portion of an issue of publicly distributed bonds, debentures or other securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.10.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not purchase securities issued by any issuer which owns,
whether directly or indirectly or in concert with another person, more than 5% of the equity securities (whether voting or <FONT STYLE="white-space:nowrap">non-voting)</FONT> of the Corporation&#146;s adviser or which takes a significant role in the
management of the Corporation&#146;s adviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.11.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may not issue
senior securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.12.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may not purchase beneficiary certificates
representing interests in Republic of China securities investment trust funds other than the fund established under the investment advisory agreement with the Corporation&#146;s investment adviser or effect any transaction in securities with another
Republic of China securities investment trust fund managed by such investment adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.13.&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth above is
adhered to at the time a transaction is effected, later changes in percentage resulting from changing values will not be considered a violation of the restrictions contained in this Article. Also, if the Corporation exercises subscription rights to
purchase securities of an ROC issuer at a time when the Corporation&#146;s portfolio holdings of securities of that issuer (or that issuer&#146;s industry) would otherwise exceed the limits set forth in clauses (i), (ii), (iii) or (iv)&nbsp;of
Section&nbsp;10.1 hereof, it will not constitute a violation of this Article if, prior to receipt of securities on exercise of such rights, and after announcement of such rights, the Corporation has sold at least as many shares as it would receive
on exercise of such rights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 15 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT OF <FONT STYLE="white-space:nowrap">BY-LAWS</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">These <FONT STYLE="white-space:nowrap">By-Laws</FONT> or any of them may be amended, altered or repealed at any regular
meeting of the stockholders or at any special meeting of the stockholders at which a quorum is present or represented, provided that notice of the proposed amendment, alteration or repeal be contained in the notice of such special meeting. These <FONT
STYLE="white-space:nowrap">By-laws,</FONT> except ARTICLE X hereof, may also be amended, altered or repealed by the affirmative vote of a majority of the Board of Directors at any regular meeting of the Board of Directors, or at any special meeting
of the Board of Directors if notice of the proposed amendment, alteration or repeal be contained in the notice of such special meeting. The <FONT STYLE="white-space:nowrap">By-Laws,</FONT> or any of them, set forth in ARTICLE X of these <FONT
STYLE="white-space:nowrap">By-Laws</FONT> may be amended, altered or repealed only by the affirmative vote of a majority of the outstanding shares of common stock of the Corporation at a regular meeting or special meeting of the stockholders, the
notice of which contains the proposed amendment, alteration or repeal. For purposes of amending any <FONT STYLE="white-space:nowrap">By-Law</FONT> set forth in ARTICLE X of these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> a majority of the
outstanding shares of common stock of the Corporation shall mean the lesser of 67% of the voting securities present at the meeting, if a quorum is present, or 50% of the outstanding voting securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 16 - </P>

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<DOCUMENT>
<TYPE>EX-99.(E)(1)
<SEQUENCE>4
<FILENAME>d410469dex99e1.htm
<DESCRIPTION>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN
<TEXT>
<HTML><HEAD>
<TITLE>Dividend Reinvestment and Cash Purchase Plan</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">THE TAIWAN FUND, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TERMS AND CONDITIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(as amended
July&nbsp;20, 2009) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You, Computershare Trust Company, N.A., will act as Agent for me, and will open and
account for me under the Dividend Reinvestment and Cash Purchase Plan in the same name as my present shares are registered, and put into effect for me the dividend reinvestment option of the Plan as of the first record date for a dividend or capital
gain distribution, and the cash purchase option of the Plan as of the next appropriate date as provided in paragraph 5 below, after you receive the Authorization duly executed by me. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever The Taiwan Fund, Inc. (the &#147;Fund&#148;) declares an income dividend or capital gains
distribution payable only in cash, you shall apply the amount of such dividend or distribution on my shares (less my pro rata share of brokerage commissions incurred with respect to your open-market purchases in connection with the reinvestment of
such dividend or distribution) to the purchase on the open market of shares of the Fund&#146;s common stock for my account. I will be charged a per share fee (currently $0.05) incurred with respect to the Agent&#146;s open market purchases in
connection with the reinvestment of dividend or capital gains distributions. Such purchases will be made on or shortly after the payment date for such dividend or distribution, and in no event more than 30 days after such date except where temporary
curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities law. I understand that the Plan will not operate with respect to a dividend or distribution declared only in shares of the Fund&#146;s
common stock (including such a declaration that provides an option exercisable only at the time of the declaration to receive cash). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund declares an income dividend or a capital gains distribution payable in common stock pursuant to
the Plan or in cash at the option of the shareholders, I hereby elect to take such dividend or distribution entirely in additional shares of common stock of the Fund to be issued by the Fund, and you shall automatically receive such shares,
including fractions, for my account. If the market price per share of the Fund&#146;s common stock on the valuation date equals or exceeds the net asset value per share on the valuation date, the number of additional shares to be credited to my
account shall be determined by dividing the dollar amount of the dividend or capital gains distribution payable on my shares by the greater of the following amounts per share of the Fund&#146;s common stock on the valuation date: (a)&nbsp;the net
asset value or (b) 95% of the market price. If the market price per share of the Fund&#146;s common stock on the valuation date is less than the net asset value per share on the valuation date, the number of additional shares to be credited to my
account shall be determined by dividing the dollar amount of the dividend or capital gains distribution by the market price per share on the valuation date. The valuation date will be the payment date for the dividend or, if such date is not a New
York Stock Exchange trading day, then the next preceding New York Stock Exchange trading day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of the Plan: (a)&nbsp;the market price of
shares of the Fund&#146;s common stock on a particular date shall be the mean between the highest and lowest sales prices on the New York Stock Exchange on that date or, if there is no sale on such Exchange on that date, then the mean between the
closing bid and asked quotations for such stock on such Exchange on such date; (b)&nbsp;net asset value per share of the Fund&#146;s common stock on a particular date shall be as determined by or on behalf of the Fund; and (c)&nbsp;all dividends,
distributions or other payments (whether made in cash or in shares) shall be made net of any applicable withholding tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I understand that semi-annually I have the option of sending additional funds, in any amount from $100 to
$3,000, for purchase on the open market of shares of the common stock of the Fund for my account. I may make voluntary cash payments by sending a check (in U.S. dollars and drawn on a U.S, Bank) made payable to &#147;Computershare&#148; along with a
completed transaction form which is attached to each statement I receive. The Agent will not accept cash, traveler&#146;s checks, money orders or third party checks. Voluntary payments will be invested on or shortly after the 15<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> of February and August, and in no event more than 35 days after such dates, except where temporary curtailment or suspension of purchases is necessary to comply with all applicable provisions of
federal securities law. Funds received more than 35 days prior to the 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> of February or August will be returned uninvested. I may withdraw my entire voluntary cash payment by written notice
received by you not less than two business days before the payment is to be invested. In the event that my check for a voluntary cash payment is returned unpaid for any reason, the Agent will consider the request for investment of such funds null
and void, and shall immediately remove from my account those shares, if any, purchased upon the prior credit of such funds. The Agent shall thereupon be entitled to sell shares to satisfy any uncollected amount plus any applicable fees. If the net
proceeds of the sale of such shares are insufficient to satisfy the balance of such uncollected amounts, the Agent shall be entitled to sell such additional shares from my account as may be necessary to satisfy the uncollected balance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments of voluntary cash payments and other open-market purchases provided for above may be made on any
securities exchange where the Fund&#146;s common stock is traded, in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or in negotiated transactions and may be on such terms as to price,
delivery and otherwise as you shall determine. In every case the price to me shall be the weighted average purchase price obtained by the Agent&#146;s broker net of fees. My funds held by you uninvested will not bear interest, and it is understood
that, in any event, you shall have no liability in connection with any inability to purchase shares within 30 days for days for dividends and/or distributions and within 35 days for voluntary payments after the initial date of such purchases as
herein provided, or with the timing of any purchases effected. You shall have no responsibility as to the value of the common stock of the Fund acquired for my account. For purposes of cash investments you may commingle my funds with those of other
shareholders of the Fund for whom you similarly act as Agent, and the average price (including brokerage commissions) of all shares purchased by you as Agent shall be the price per share allocable to me in connection therewith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may hold my shares acquired pursuant to my Authorization,
together with shares of other shareholders of the Fund acquired pursuant to similar authorizations, in <FONT STYLE="white-space:nowrap">non-certificated</FONT> form in your name or that of your nominee. You will forward to me any proxy solicitation
material and will vote any shares so held for me only in accordance with the proxy returned by me to the Fund. Upon my written request, you will deliver to me, without charge, a certificate or certificates for the full shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will confirm in writing, each trade for my account and each share deposit or share transfer promptly
after the account activity occurs. My statement will show the number of shares held, the number of shares for which dividends are being reinvested, any cash received for purchase of shares, the price per share for any purchases or sales, and any
applicable fees for each transaction charged to me. In the event the only activity in my account is the reinvestment of dividends, this activity will be confirmed in a statement on at least a quarterly basis. If the Fund pays an annual dividend and
the only activity in my account for the calendar year is the reinvestment of such dividend, I will receive an annual statement. These statements are my continuing record of the cost basis of purchases and should be retained for income tax purposes.
Although I may from time to time have an undivided fractional interest (computed to three decimal places) in a share of the Fund, no certificates for fractional shares will be issued. However, dividends and distributions on fractional shares will be
credited to my account. In the event of termination of my account under the Plan, you will adjust for any such undivided fractional interest in cash at the market value of the Fund&#146;s shares at the time of termination less the pro rata expense
of any sale required to be make such an adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any stock dividends or split shares distributed by
the Fund on shares held by you for me will be credited to my account. In the event that the Fund makes available to its shareholders rights to purchase additional shares or other securities, the shares held for me under the Plan will be added to
other shares held by me in calculating the number of rights to be issued to me. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent&#146;s
transaction fees for handling capital gains distribution or income dividends will be paid by the Fund. I will be charged a transaction fee (currently $0.75 per investment) and a per share fee (currently $0.05) for each voluntary cash investment. Per
share fees include any brokerage commissions the Agent is required to pay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I may withdraw from the
Plan or terminate my account under the Plan by notifying you through the Internet, by telephone or in writing. Such withdrawal or termination will be effective immediately if notice is received by you prior to any dividend or distribution record
date. In the event my notice of withdrawal or termination is after a record date for an account whose dividends are reinvested, the Agent, in its sole discretion, may either distribute such dividends in cash or reinvest them in shares on my behalf.
In the event reinvestment is made, the Agent will process the withdrawal or termination as soon as practicable, but in no event later than five business days after the investment is completed. The Plan may be terminated by you or the Fund upon
notice in writing mailed to me at least 30 days prior to any record date for the payment of any dividend or distribution of the Fund. Upon any withdrawal or termination you will cause </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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a certificate or certificates for the appropriate number of whole shares held for me under the Plan and a check for any fractional share (valued at the market value of the shares at the time of
withdrawal or termination) less any applicable fees. If I elect by notice to you through the Internet, by phone or in writing in advance of such termination to have you sell part or all of my shares and remit the proceeds to me, net of fees. You are
authorized to deduct a transaction fee of $2.50 and to charge a per share fee of $0.15 for any request for withdrawal or termination. The per share fee includes any brokerage commissions the Agent is required to pay. If I decide to sell my shares,
the Agent will process all sale instructions received no later than five business days after the date on which the order is received, assuming the relevant markets are open and sufficient market liquidity exists (and except where deferral is
required under applicable federal or state laws or regulations). Such sale will be made through the Agent&#146;s broker on the relevant market and the sale price will not be determined until such time as the broker completes the sale. In every case
the price to me shall be the weighted average sale price obtained by the Agent&#146;s broker net of fees for each aggregate order placed by me and executed by the broker. To maximize cost savings, the Agent will seek to sell shares in round lot
transactions. For this purpose the Agent may combine my shares with those of other selling shareholders. Alternatively, I may request that the Agent move my whole shares to the Direct Registration System (&#147;DRS&#148;), which would allow me to
maintain ownership of those whole shares in book-entry form on the records of the Fund. I will receive a check for the value of any fractional share interest held in the Plan, less any applicable fees, for selling those fractional shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to protect against loss, theft or destruction, I may deposit shares registered in my own name and
held in certificate form into my account. Certificates, along with a letter of instruction, should be sent to the Agent by registered or certified mail, with return receipt requested, or some other form of traceable mail and properly insured. I
should not endorse my certificates. There are no fees for this service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The automatic reinvestment of
distributions does not relieve me of any taxes which may be payable on distributions. I will receive tax information annually for my personal records and to help me prepare my federal income tax return. For further information as to tax consequences
of participation in the Plan, I understand that I should consult with my own tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
correspondence concerning the Plan should be directed to Computershare Trust Company, N.A., the Agent for The Taiwan Fund, Inc., in writing at P.O. Box 43078, Providence, Rhode Island, 02940-3078, by telephone at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-426-5523</FONT></FONT></FONT> or via the Internet at www.computershare.com/investor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These terms and conditions may be amended or supplemented by you or the Fund at any time or times but,
except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to the Shareholders appropriate written notice at least 30 days
prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by me unless, prior to the effective date thereof, you receive </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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notice of the termination of my account under the Plan. Any such amendment may include an appointment by you in your place and stead of a successor Agent under these terms and conditions, with
full power and authority to perform all or any of the acts to be performed by the Agent under these terms and conditions. Upon any such appointment of an Agent for the purpose of receiving dividends and distributions, the Fund will be authorized to
pay to such successor Agent, for my account, all dividends and distributions payable on common stock of the Fund held in my name or under the Plan for retention or application by such successor Agent as provided in these terms and conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You shall at all times act in good faith and agree to use its best efforts within reasonable limits to
ensure the accuracy of all services performed under this Agreement and to comply with applicable law, but assume no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by your negligence, bad faith, or
willful misconduct or that of your employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These terms and conditions shall be governed by the laws
of the Commonwealth of Massachusetts without regard for its conflict of law provisions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<DOCUMENT>
<TYPE>EX-99.(G)(5)
<SEQUENCE>5
<FILENAME>d410469dex99g5.htm
<DESCRIPTION>INVESTMENT ADVISORY AGREEMENT BETWEEN THE REGISTRANT AND NOMURA ASSET MANAGEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Investment Advisory Agreement between the Registrant and Nomura Asset Management</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INVESTMENT ADVISORY AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AGREEMENT, dated and effective as of 12:00 A.M. EST (New York time) September&nbsp;17, 2022 (the &#147;Agreement&#148;), between THE TAIWAN FUND, INC., a
Maryland corporation of One Lincoln Street, PO Box 5049 (02206-5049), Boston MA 02111 (herein referred to as the &#147;Fund&#148;), and Nomura Asset Management U.S.A. Inc., a company organized in New York with its principal place of business at 309
West 49<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Street, New York, New York 10019 (herein referred to as the &#147;Adviser&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW
THEREFORE, in consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. The
Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth, (i)&nbsp;to make investment decisions for the Fund, to prepare and make available to the Fund research and statistical data in connection therewith and to
supervise the acquisition and disposition of securities by the Fund, including the selection of brokers or dealers to carry out the transactions, all in accordance with the Fund&#146;s investment objectives and policies and in accordance with
guidelines and directions from the Fund&#146;s Board of Directors; (ii)&nbsp;to assist the Fund as it may reasonably request in the conduct of the Fund&#146;s business, subject to the direction and control of the Fund&#146;s Board of Directors;
(iii)&nbsp;to maintain or cause to be maintained for the Fund all books, records, reports and any other information required under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) and to furnish or cause to be furnished all
required reports or other information under Taiwan securities laws, to the extent that such books, records and reports and other information are not maintained or furnished by the custodian or other agents of the Fund; (iv)&nbsp;to report regularly
to the Fund&#146;s Board of Directors on the investment program for the Fund and to furnish the Fund&#146;s Board of Directors such periodic and special reports as the Fund&#146;s Board of Directors may reasonably request, including, but not limited
to, reports concerning investment transactions and performance of the Fund; (v)&nbsp;to provide reasonable assistance to the Fund&#146;s administrator as needed in the preparation of reports and notices by the Fund to stockholders, in the
preparation of filings with the Securities and Exchange Commission (the &#147;SEC&#148;) and other regulatory and self-regulatory organizations, including preliminary and definitive proxy materials and post-effective amendments to the Fund&#146;s
registration statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2&nbsp;under</FONT> the Securities Act of 1933, as amended, and the 1940 Act, as amended from time to time, (vi)&nbsp;to pay the salaries and expenses of such of the Fund&#146;s
officers and directors as are directors, officers or employees of the Adviser (and to permit its directors, officers or employees to so serve if elected to such positions by the Fund&#146;s Board of Directors); provided, however, that the Fund, and
not the Adviser, shall bear travel expenses (or an appropriate portion thereof) of directors and officers of the Fund who are directors, officers or employees of the Adviser to the extent that such expenses relate to attendance at meetings of the
Board of Directors of the Fund or any committees thereof or advisers thereto and provided further that such expenses are incurred in accordance with the Fund&#146;s travel policy in effect at the time, (vii)&nbsp;to assist the Fund&#146;s Treasurer
in identifying passive foreign investment companies (PFICs) in the Fund&#146;s portfolio, (viii)&nbsp;to <FONT STYLE="white-space:nowrap">provide&nbsp;sub-certifications&nbsp;to</FONT> support certifications made by officers of the Fund in documents
filed by the Fund with the SEC, (viii)&nbsp;to identify securities in the Fund&#146;s portfolio that constitute holdings of 5% or more of the voting shares of a portfolio company, (ix)&nbsp;to assist in identifying securities that are restricted or
illiquid securities, (x)&nbsp;to provide the Fund with information on brokerage commissions incurred by the Fund, (xi)&nbsp;to assist in the implementation of the Fund&#146;s Discount Management Program, (xii)&nbsp;to provide reasonable assistance
to the Fund&#146;s Board of Directors or the Fund&#146;s administrator to determine or confirm the value of any portfolio security for which the Fund&#146;s administrator seeks assistance from the Adviser or identifies for review by the Adviser,
(xiii)&nbsp;to the extent permitted, to assist in such marketing and investor relations activities with respect to the Fund as the Fund may reasonably request, (xiv)&nbsp;to host and maintain the Fund&#146;s website, (xv)&nbsp;to prepare the
Fund&#146;s monthly &#147;Insight&#148; report to investors, (xvi)&nbsp;to provide certain stockholder services, (xvii)&nbsp;to permit one of its or its affiliate&#146;s directors, officers or employees to serve without compensation as an officer of
the Fund if elected to such positions and to assume the obligations herein for the compensation herein provided, and (xviii)&nbsp;to vote the Fund&#146;s proxies only in accordance with the Adviser&#146;s proxy voting policies in effect from time to
time, provided that the Fund&#146;s Board of Directors has approved the Adviser&#146;s proxy voting guidelines including any amendments from time to time. The Adviser shall bear all expenses arising out of its duties hereunder but shall not be
responsible for any expenses of the Fund other than those specifically allocated to the Adviser in this paragraph 1. In particular, but without limiting the generality of the foregoing, the Adviser shall not be responsible for the following expenses
of the Fund: organization and certain offering expenses of the Fund <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(including&nbsp;out-of-pocket&nbsp;expenses,</FONT></FONT> but not including overhead or
</P>

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employee costs of the Adviser or of any one or more organizations acting as &#147;participating affiliate&#148; of the Adviser); fees payable to any consultants, including an advisory board, if
applicable; legal expenses; auditing and accounting expenses; telephone, telex, facsimile, postage and other communication expenses; taxes and governmental fees; stock exchange listing fees; fees, dues and expenses incurred by the Fund in connection
with membership in investment company trade organizations; fees and expenses of the Fund&#146;s custodians, subcustodians, transfer agents and registrars; payment for portfolio pricing or valuation services to pricing agents, accountants, bankers
and other specialists, if any; expenses of preparing share certificates and other expenses in connection with the issuance, offering, distribution, sale or underwriting of securities issued by the Fund; expenses of registering or qualifying
securities of the Fund for sale; expenses relating to investor and public relations; freight, insurance and other charges in connection with the shipment of the Fund&#146;s portfolio securities; brokerage commissions or other costs of acquiring or
disposing of any portfolio securities of the Fund; expenses of preparing and distributing reports, notices and dividends to stockholders; costs of stationery; costs of stockholders&#146; and other meetings; litigation expenses; or expenses relating
to the Fund&#146;s dividend reinvestment and cash purchase plan (except for brokerage expenses paid by participants in such plan). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The Fund
acknowledges that in rendering investment advisory services to the Fund under this Agreement, the Adviser may use the resources of its affiliate, Nomura Asset Management Taiwan Ltd. (&#147;Taiwan Affiliate&#148;) that is not registered under the
U.S. Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;) to provide discretionary investment advice to the Adviser and execute portfolio trades for the Fund. Taiwan Affiliate is a &#147;participating affiliate&#148; of the Adviser as that
term is used in relief granted by the staff of the SEC allowing U.S. registered advisers to use investment advisory and trading resources of <FONT STYLE="white-space:nowrap">unregistered&nbsp;non-U.S.&nbsp;advisory</FONT> affiliates subject to the
regulatory supervision of the registered adviser. Taiwan Affiliate and its employees who provide services to the Fund are considered under the Participating Affiliate Agreement between the Adviser and Taiwan Affiliate to be &#147;associated
persons&#148; of the Adviser as that term is defined in the Advisers Act for purposes of the Adviser&#146;s required supervision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. In the selection of
brokers or dealers and the placing of orders for the purchase and sale of portfolio investments for the Fund, the Adviser shall seek to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to
pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Adviser, bearing in mind the Fund&#146;s best interests
at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into
account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Fund&#146;s
Board of Directors may determine, the Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides
brokerage and research services to the Adviser an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser
determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Adviser&#146;s
overall responsibilities with respect to the Fund and to other clients of the Adviser as to which the Adviser exercises investment discretion. In selecting brokers or dealers to execute a particular transaction and in evaluating the best overall
terms available, the Adviser may consider the brokerage and research services (as those terms are defined in Section&nbsp;28(e) of the Securities Exchange Act of 1934) provided to the Fund and/or other accounts over which the Adviser or an affiliate
exercises investment discretion. The Fund hereby agrees with the Adviser that any entity or person associated with the Adviser which is a member of a national securities exchange is authorized to effect any transaction on such exchange for the
account of the Fund which is permitted by Section&nbsp;11(a) of the Securities Exchange Act of 1934 (the &#147;1934 Act&#148;), subject to compliance with the 1940 Act and the rules thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. The Fund agrees to pay to the Adviser in United States dollars, as full compensation for the services to be rendered and expenses to be borne by the
Adviser hereunder, the fee based on the average net assets of the Fund set forth in Schedule A hereto, which will include a performance fee adjustment. The fee payable to the Adviser shall be computed, accrued and paid as provided in Schedule A. The
Fund shall provide the Adviser with a monthly accounting of the performance adjusted fee. The value of the net assets of the Fund shall be determined pursuant to the applicable provisions of the valuation policies of the Fund, as amended from time
to time. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. The Adviser agrees that it will not make a short sale of any capital stock of the Fund or purchase any share
of the capital stock of the Fund otherwise than for investment. Where the Adviser provides services to the Fund in relation to derivative products, including futures contracts and options, the Adviser shall provide to the Fund, upon request, product
specifications and prospectus or offering documents (if any). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Nothing herein shall be construed as prohibiting the Adviser from providing investment
advisory services to, or entering into investment advisory agreements with, other clients (including other registered investment companies), including clients which may invest in securities of Taiwan issuers, except that the Adviser shall notify the
Fund where it acts as the investment adviser or investment manager to any other investment company that is listed on the New York Stock Exchange and has a policy to invest primarily in Taiwan securities. In addition, the Adviser may not utilize
information furnished to the Adviser by advisers and consultants to the Fund in providing investment management services to another New&nbsp;York Stock Exchange listed investment company with a policy to invest primarily in Taiwan securities.
Nothing contained herein shall be construed as constituting the Adviser as an agent of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whenever the Fund and one or more other accounts or
investment companies advised by the Adviser have available funds for investment, investments suitable and appropriate for each shall be allocated in accordance with procedures believed by the Adviser to be equitable to each entity, which procedures
and any amendments thereto shall be provided to the Fund&#146;s Board for review. Similarly, opportunities to sell securities shall be allocated in a manner believed by the Adviser to be equitable. The Fund recognizes that in some cases this
procedure may adversely affect the size of the position that may be acquired or disposed of for the Fund. In addition, the Fund acknowledges that the persons employed by the Adviser to assist in the performance of the Adviser&#146;s duties hereunder
will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict the right of the Adviser or any affiliate of the Adviser to engage in and devote time and attention to other businesses or to render
services of whatever kind or nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. (a)&nbsp;The Adviser does not guarantee the future performance of the Fund or any specific level of performance,
the success of any investment decision or strategy that the Adviser may use, or the success of the Adviser&#146;s overall management of the Fund. The Fund understands that investment decisions made for the Fund by the Adviser are subject to various
market, currency, economic, political and business risks, and that those investment decisions will not always be profitable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The Adviser may rely on
information reasonably believed by it to be accurate and reliable. Neither the Adviser nor its officers, directors, employees or agents shall be subject to any liability for any act or omission, error of judgment or mistake of law, or for any loss
suffered by the Fund, in the course of, connected with or arising out of any services to be rendered hereunder, except by reason of willful misfeasance, bad faith, or gross negligence on the part of the Adviser in the performance of its duties or by
reason of reckless disregard on the part of the Adviser of its obligations and duties under this Agreement. Any person, even though also employed by the Adviser, who may be or become an employee of the Fund and paid by the Fund shall be deemed, when
acting within the scope of his employment by the Fund, to be acting in such employment solely for the Fund and not as an employee or agent of the Adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Neither party shall be liable to the other for any indirect, consequential, punitive or special loss or damages under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. (a)&nbsp;The Adviser agrees to indemnify the Fund for, and hold it harmless against, any and all losses, claims, damages, liabilities (including amounts
paid in settlement with the written consent of the Adviser) or litigation (including reasonable legal and other expenses) to which the Fund may become subject (&#147;Losses&#148;) as a direct result of Adviser&#146;s willful misfeasance, bad faith
or gross negligence in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement; provided, however, that nothing contained herein shall require that the Fund be indemnified for Losses that
resulted from the Fund&#146;s or its agent&#146;s willful misfeasance, bad faith or gross negligence in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement; further provided that the
Adviser shall have been given written notice concerning any matter for which indemnification is claimed under this Section. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The Fund agrees to indemnify the Adviser for, and hold it harmless against, any and all Losses to which the
Adviser may become subject as a direct result of this Agreement or the Adviser&#146;s performance of its duties hereunder; provided, however, that nothing contained herein shall require that the Adviser be indemnified for Losses that resulted from
the Adviser&#146;s willful misfeasance, bad faith or gross negligence in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement; provided that the Fund shall have been given written notice
concerning any matter for which indemnification is claimed under this Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. This Agreement shall be in effect for an initial term of two years from
the date of this Agreement and shall continue in effect from year to year thereafter, but only so long as such continuance is specifically approved at least annually by the affirmative vote of (i)&nbsp;a majority of the members of the Fund&#146;s
Board of Directors who are not parties to this Agreement or interested persons of any party to this Agreement, or of any entity regularly furnishing investment advisory services with respect to the Fund pursuant to an agreement with any party to
this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (ii)&nbsp;a majority of the Fund&#146;s Board of Directors or the holders of a majority of the outstanding voting securities of the Fund. This
Agreement may nevertheless be terminated at any time without penalty, on 60 days&#146; written notice, by the Fund&#146;s Board of Directors, by vote of holders of a majority of the outstanding voting securities of the Fund, or by the Adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement shall automatically be terminated in the event of its assignment. Any notice to the Fund or the Adviser shall be deemed given when received by
the addressee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. This Agreement may not be transferred, assigned, sold or in any manner hypothecated or pledged by either party hereto, except as
permitted under the 1940 Act or rules and regulations adopted thereunder. It may be amended by mutual agreement of the parties, but only after authorization of such amendment by the affirmative vote of (i)&nbsp;a majority of the members of the
Fund&#146;s Board of Directors who are not parties to this Agreement or interested persons of any party to this Agreement, or of any entity regularly furnishing investment advisory services with respect to the Fund pursuant to an agreement with any
party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval and (ii)&nbsp;if required by applicable SEC rules, regulations or orders, a vote of the holders of a majority of the outstanding voting securities
of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. The Adviser may, without cost to the Fund, employ an affiliate or a third party to perform any accounting, administrative, reporting and
ancillary services required to enable the Adviser to perform its functions under this Agreement. Notwithstanding any other provision of the Agreement, the Adviser may provide information about the Fund to any such affiliate or other third party for
the purpose of providing the services contemplated under this clause. The Adviser will act in good faith in the selection, use and monitoring of affiliates and other third parties, and any delegation or appointment hereunder shall not relieve the
Adviser of any of its obligations under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. This Agreement shall be construed in accordance with the laws of the State of New York,
without giving effect to the conflicts of laws principles thereof, provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act. As used herein, the terms &#147;interested person,&#148; &#147;assignment,&#148;
and &#147;vote of a majority of the outstanding voting securities&#148; shall have the meanings set forth in the 1940 Act, the rules and regulations thereunder and interpretations thereof by the SEC or its staff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in
making proof of this Agreement to produce or account for more than one such counterpart. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. Each party hereto irrevocably agrees that any suit, action
or proceeding against either of the Adviser or the Fund arising out of or relating to this Agreement shall be subject to the jurisdiction of the United States District Court for the Southern District of New&nbsp;York or the Supreme Court of the
State of New York, New York County, and each party hereto irrevocably submits to the jurisdiction of each such court in connection with any such suit, action or proceeding. Each party hereto waives any objection to the laying of venue of any such
suit, action or proceeding in either such court, and waives any claim that such suit, action or proceeding has been brought in an inconvenient forum. Each party hereto irrevocably consents to service of process in connection with any such suit,
action or proceeding by mailing a copy thereof by registered or certified mail, postage prepaid, to its address as set forth in this Agreement. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. The Adviser represents and warrants that it is duly registered as an investment adviser under the U.S.
Investment Advisers Act of 1940. Taiwan Affiliate has received a license from the Financial Supervisory Commission in the Republic of China to provide services under the Participating Affiliate Agreement. The Adviser will use its reasonable efforts
to, and to cause Taiwan Affiliate to, maintain in effect such registration and license during the term of this Agreement. The Participating Affiliate Agreement complies with the laws and regulations of the United States and the Republic of China.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund acknowledges that the Fund may have provided and may, from time to time, provide certain personal information on individuals relating to the
Fund and/or a third party (&#147;Data&#148;) to the Adviser.&nbsp;The Fund acknowledges that the Adviser has informed the Fund of its right to request access to and/or correction of the Data which the Adviser may hold and that request may be made to
the Compliance Officer of the Adviser at its principal place of business in the State of New York as stated at the beginning of this Agreement.&nbsp;The Fund further acknowledges that the Adviser has informed the Fund and the Fund hereby consents
that Data may be collected, held, processed, disclosed or used by the Adviser and transferred to any office of the Adviser, any of Adviser&#146;s affiliates or Associates, any of the Adviser&#146;s agents and any other third party which provides
services to the Adviser, within or outside the State of New York, for the purposes of the Adviser or any such other entity providing the services contemplated under this Agreement and to facilitate the provision by an affiliate to the Fund of
potential additional products and services. The Fund represents and warrants that appropriate consent has been obtained from the relevant individuals for such collection, storage, processing, disclosure, usage and transfer of Data. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. The Fund represents and warrants that it has full legal right to enter into this Agreement and to perform the obligations hereunder and that it has
obtained all necessary consents and approvals to enter into this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17. The parties will inform each other in writing within a reasonable time of
material changes to the information provided to each other under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement by their
officers thereunto duly authorized as of the day and year first written above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE TAIWAN FUND, INC </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name: William Kirby</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title: Chairman</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NOMURA ASSET MANAGEMENT U.S.A. INC.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Yuichi Nomoto</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Yuichi Nomoto</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MANAGEMENT FEE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In consideration of the services
described in the agreement, the Fund will pay the Adviser a fee (&#147;Management Fee&#148;) that will be composed of a Base Fee (defined below) and a Performance Adjustment (defined below) to the Base Fee based upon the investment performance of
the Fund&#146;s shares in relation to the investment record of a securities index determined by our Board of Directors to be appropriate (&#147;Index&#148;) over the same performance period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Base Fee. The base fee is calculated and accrued daily at the annual rate of 0.60 of the Fund&#146;s average daily net assets (&#147;Base Fee&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Performance Adjustment. The Adviser&#146;s compensation is increased or decreased from the Base Fee by a performance adjustment (&#147;Performance
Adjustment&#148;) that depends on whether, and to what extent, the investment performance of the Fund&#146;s shares exceeds, or is exceeded by, the performance of the TAIEX Total Return Index, expressed in US dollars (the &#148;Index&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Performance Adjustment is calculated and accrued, according to a schedule that adds or subtracts an amount at a rate of 0.0005% (0.05 basis points) of the
Fund&#146;s average daily net assets for the current Performance Period through the prior business day for each 0.01% (1 basis point) of absolute performance by which the total return performance of the Fund&#146;s shares exceeds or lags the
performance of the Index for the period from the beginning of the current Performance Period through the prior business day. The maximum Performance Adjustment (positive or negative) will not exceed an annualized rate
<FONT STYLE="white-space:nowrap">of&nbsp;+/-0.25%&nbsp;(25</FONT> basis points) of the Fund&#146;s average daily net assets, which would occur when the performance of the Fund&#146;s shares exceeds, or is exceeded by, the performance of the Index by
5 percentage points (500 basis points) for the Performance Period. For purposes of calculating the Performance Adjustment, the NAV of the Fund and the level of the Index will be determined as of the close of trading on the Taiwan Stock Exchange on
each business day; the exchange rate to be used for purposes of converting the TAIEX Total Return Index into the Index on each business day shall be the same exchange rate as used to determine the NAV on that business day; and &#147;business
day&#148; shall mean any day that on which trading occurs on the New York Stock Exchange. The Performance Adjustment will be calculated and accrued pursuant to a process agreed to by the Adviser and the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of calculating the Performance Adjustment, the total return performance of the Fund&#146;s shares will be the sum of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1) the change in the net asset net asset value per share (&#147;NAV&#148;) during the Performance Period, after deducting any accretion in the
NAV resulting from the repurchase of shares by the Fund; plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2) the value of the cash distributions per share paid by the Fund during the
Performance Period; plus </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3) the value of capital gains taxes per share paid or payable on undistributed realized long-term capital gains
accumulated during the Performance Period; expressed as a percentage of the NAV per share at the beginning of the Performance Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For this purpose,
the value of distributions per share of realized capital gains, of dividends per share paid from investment income and of capital gains taxes per share paid or payable on undistributed realized long-term capital gains shall be treated as reinvested
in shares of the Fund at the NAV per share in effect at the close of business on <FONT STYLE="white-space:nowrap">the&nbsp;ex-dividend&nbsp;date</FONT> for the payment of such distributions and dividends and the date on which provision is made for
such taxes, after giving effect to such distributions, dividends and taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investment record of the Index will be the sum of: </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1) the change in the level of the Index during the Performance Period, as expressed in US
dollars; plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2) if not reflected in the Index, the value, computed consistently with the Index, of cash distributions made by companies
whose securities comprise the Index during the Performance Period, expressed as a percentage of the Index level at the beginning of the Performance Period. For this purpose, cash distributions on the securities which comprise the Index shall be
treated as reinvested in the Index at least as frequently as the end of each calendar quarter following the payment of the dividend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent an
event occurs that impacts the Fund&#146;s NAV per share or the investment record of the Index and results from circumstances out of the ordinary course of business including, but not limited to, the receipt of litigation proceeds, an NAV error
correction, a change in the Index performance resulting from market news, or some other event that is outside of the ordinary course of business, the Board of Directors will consult with Adviser to determine whether such impact should be excluded
from the performance adjustment calculation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision in this Schedule A, any calculations of the investment performance of
the Fund&#146;s shares and the investment performance of the Index will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Performance Period. The period over which performance is measured (&#147;Performance Period&#148;) is initially from October&nbsp;1, 2022 to August&nbsp;31,
2023 and thereafter <FONT STYLE="white-space:nowrap">each&nbsp;12-month&nbsp;period</FONT> beginning on September&nbsp;1 immediately following the prior Performance Period through August&nbsp;31 of the following year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Fees. The Fund will pay the Adviser, on a monthly basis, a fee at the annual rate of the Base Fee applied to the average daily net assets of the
Fund for the month. At the end of each Performance Period, the Fund will pay the Adviser, or the Adviser will pay the Fund, the positive or negative amount, as the case may be, of the Performance Adjustment for the Performance Period </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Index. The initial Index for the Performance Fee is set forth above. If the Fund&#146;s Board of Directors determines, based on consultation with the Adviser,
that another appropriate Index should be substituted as the Index, the Board may determine to use such other appropriate Index for purposes of the Performance Adjustment (the &#147;Replacement Index&#148;) without stockholder approval, unless
stockholder approval of the change is otherwise required by applicable law. Any Replacement Index will be applied prospectively to determine the amount of the Performance Adjustment. The Index will continue to be used to determine the amount of the
Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Index. </P>
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<DOCUMENT>
<TYPE>EX-99.(J)(1)(A)
<SEQUENCE>6
<FILENAME>d410469dex99j1a.htm
<DESCRIPTION>AMENDMENT TO CUSTODIAN AGREEMENT BETWEEN THE REGISTRANT AND STATE STREET BANK
<TEXT>
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<TITLE>Amendment to Custodian Agreement between the Registrant and State Street Bank</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><U>A<SMALL>MENDMENT</SMALL> <SMALL>TO</SMALL> C<SMALL>USTODIAN</SMALL> A<SMALL>GREEMENT</SMALL>
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Amendment to Custodian Agreement is made as of June&nbsp;1, 2019 by and between T<SMALL>HE</SMALL>
T<SMALL>AIWAN</SMALL> F<SMALL>UND</SMALL>, I<SMALL>NC</SMALL>., a corporation organized and existing under the laws of the state of Delaware (the &#147;<B><I>Fund</I></B>&#148;), and S<SMALL>TATE</SMALL> S<SMALL>TREET</SMALL> B<SMALL>ANK</SMALL>
<SMALL>AND</SMALL> T<SMALL>RUST</SMALL> C<SMALL>OMPANY</SMALL>, a Massachusetts trust company (the &#147;<B><I>Custodian</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, the Fund and the Custodian entered into a Custodian Agreement dated as of August&nbsp;27, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the &#147;<B><I>Agreement</I></B>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, the Fund and the Custodian desire to amend
certain provisions of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter
contained, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Section 15 of the Agreement (Effective Period, Termination and Amendment) is hereby deleted in its entirety and replaced with the
following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">&#147;S<SMALL>ECTION</SMALL>&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<U>E<SMALL>FFECTIVE</SMALL> P<SMALL>ERIOD</SMALL>,
T<SMALL>ERMINATION</SMALL> <SMALL>AND</SMALL> A<SMALL>MENDMENT</SMALL></U><SMALL></SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement shall become
effective as of its execution, shall continue in full force and effect until terminated as hereinafter provided, may be amended at any time by mutual agreement of the parties hereto and may be terminated by either party by an instrument in writing
delivered or mailed, postage prepaid to the other party, such termination to take effect not sooner than sixty (60)&nbsp;days after the date of such delivery or mailing; <U>pro</U><U>vided</U>, however, that the Fund shall not amend or terminate
this Agreement in contravention of any applicable federal or state regulations, or any provision of the Fund&#146;s Articles of Incorporation, and further provided, that the Fund may at any time by action of its Board (i)&nbsp;substitute another
bank or trust company for the Custodian by giving notice as described above to the Custodian, or (ii)&nbsp;immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by the Comptroller of the
Currency or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction. The Custodian shall have the right to immediately terminate this Agreement upon termination of the Administration
Agreement dated as of April&nbsp;1, 1994 by and between the Custodian and the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Upon termination of the Agreement, the Fund shall
pay to the Custodian such compensation as may be due as of the date of such termination and shall likewise </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
reimburse the Custodian for its costs, expenses and disbursements. The provisions of Sections 4.11, 13 and 14 of this Agreement shall survive termination of this Agreement for any reason.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 20 of the Agreement (Notices) is hereby deleted in its entirety and replaced
with the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;S<SMALL>ECTION</SMALL>&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>N<SMALL>OTICES</SMALL></U><SMALL></SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any notice, instruction or other instrument required to be given hereunder
may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered by prepaid registered mail or facsimile to the parties at the following addresses or such other addresses as may be notified by
any party from time to time. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;If to the Fund:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">T<SMALL>HE</SMALL> T<SMALL>AIWAN</SMALL> F<SMALL>UND</SMALL>, I<SMALL>NC</SMALL>.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o&nbsp;State&nbsp;Street&nbsp;Bank&nbsp;and&nbsp;Trust&nbsp;Company</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1 Lincoln Street (SUM 0703)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Boston, MA 02111</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Attention: Brian Link<BR>Telephone: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">617-662-1504</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;If to the Bank:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>TATE</SMALL>&nbsp;S<SMALL>TREET</SMALL>&nbsp;B<SMALL>ANK</SMALL>&nbsp;<SMALL>AND</SMALL>&nbsp;T<SMALL>RUST</SMALL>&nbsp;C<SMALL>OMPANY</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o&nbsp;State&nbsp;Street&nbsp;Bank&nbsp;and&nbsp;Trust&nbsp;Company</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1 Lincoln Street (SUM 0703)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Boston, MA 02111</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Attention: Brian Link<BR>Telephone: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">617-662-1504</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Section 21 of the Agreement (Confidentiality) is hereby deleted in its entirety and replaced with
the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;S<SMALL>ECTION</SMALL>&nbsp;21.
<U>C<SMALL>ONFIDENTIALITY</SMALL></U><SMALL></SMALL>. All information provided under this Agreement by a party (the &#147;<B><I>Disclosing Party</I></B>&#148;) to the other party (the &#147;<B><I>Receiving Party</I></B>&#148;) regarding the
Disclosing Party&#146;s business and operations shall be treated as confidential. Subject to Section&nbsp;21A below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties,
by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party&#146;s other obligations under the Agreement or managing the business of the Receiving
Party and its affiliates, including financial and operational management and reporting, risk management, legal and regulatory </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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compliance and client service management. The foregoing shall not be applicable to any information (a)&nbsp;that is publicly available when provided or thereafter becomes publicly available,
other than through a breach of this Agreement, (b)&nbsp;that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c)&nbsp;that is disclosed to comply
with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d)&nbsp;that is disclosed as required by operation of law or regulation or as required to comply with the
requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to
this Agreement), or (e)&nbsp;where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld<I>.</I>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;A new Section&nbsp;21A (Use of Data) is hereby added to the Agreement immediately following Section&nbsp;21 of the
Agreement as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;S<SMALL>ECTION</SMALL>&nbsp;21A.&nbsp;&nbsp;&nbsp;&nbsp;<U>U<SMALL>SE</SMALL> <SMALL>OF</SMALL>
D<SMALL>ATA</SMALL></U><SMALL></SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection
with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which term for purposes of this Section&nbsp;21A includes each of its parent company, branches and affiliates
(&#147;<B><I>Affiliates</I></B>&#148;)) may collect and store information regarding the Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i)&nbsp;to carry out the
provision of services contemplated under this Agreement and other agreements between the Fund and the Custodian or any of its Affiliates and (ii)&nbsp;to carry out management of its businesses, including, but not limited to, financial and
operational management and reporting, risk management, legal and regulatory compliance and client service management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to paragraph (c)&nbsp;below, the Custodian and/or
its Affiliates (except those Affiliates or business divisions principally engaged in the business of asset management) may use any data or other information (&#147;<B><I>Data</I></B>&#148;) obtained by such entities in the performance of their
services under this Agreement or any other agreement between the Fund and the Custodian or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund, and publish, sell, distribute or otherwise
commercialize the Data; provided that, unless the Fund otherwise consents, Data is combined or aggregated with information relating to (i)&nbsp;other customers of the Custodian and/or its Affiliates or (ii)&nbsp;information derived from other
sources, in each case such that any published information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Fund. The Fund agrees that Custodian and/or its Affiliates may seek to profit and
realize economic benefit from the </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
commercialization and use of the Data, that such benefit will constitute part of the Custodian&#146;s compensation for services under this Agreement or such other agreement, and the Custodian
and/or its Affiliates shall be entitled to retain and not be required to disclose the amount of such economic benefit and profit to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly contemplated by this Agreement, nothing in this
Section&nbsp;21A shall limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate, agent or service provider to which it has
disclosed Data pursuant to this Section&nbsp;21A to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A new Section&nbsp;28 (Foreign Exchange) is hereby added to the Agreement immediately
following Section&nbsp;27 of the Agreement as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;S<SMALL>ECTION</SMALL>&nbsp;28.&nbsp;&nbsp;&nbsp;&nbsp;<U>F<SMALL>OREIGN</SMALL>
E<SMALL>XCHANGE</SMALL></U><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">S<SMALL>ECTION<B></B></SMALL>&nbsp;28.1.&nbsp;&nbsp;&nbsp;&nbsp;
<U>G<SMALL>ENERALLY</SMALL></U><SMALL></SMALL>. Upon receipt of Proper Instructions, which for purposes of this section may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange
transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">S<SMALL>ECTION</SMALL>&nbsp;28.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>F<SMALL>UND</SMALL>
E<SMALL>LECTIONS</SMALL></U><SMALL></SMALL>. The Fund (or its investment manager or investment advisor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the
Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (&#147;<B><I>SSGM</I></B>&#148;), or with a
<FONT STYLE="white-space:nowrap">sub-custodian.</FONT> Where the Fund or its investment manager or investment advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described
in the Client Publications, the Fund (or its investment manager or investment advisor) instructs the Custodian, on behalf of the Fund, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded
by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Fund, its investment manager or investment advisor or any other person in
connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into
by the Fund (or its investment manager or investment advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">S<SMALL>ECTION<B></B></SMALL>&nbsp;28.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>F<SMALL>UND</SMALL>
A<SMALL>CKNOWLEDGEMENT</SMALL></U><SMALL></SMALL> The Fund acknowledges that in connection with all foreign exchange transactions entered into by the Fund (or its investment manager or investment advisor acting on its behalf) with SSGM or any <FONT
STYLE="white-space:nowrap">sub-custodian,</FONT> SSGM and each such <FONT STYLE="white-space:nowrap">sub-custodian:</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">shall be acting in a principal capacity and not as broker, agent or fiduciary to the Fund or its investment
manager or investment advisor; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose
any such profit to the Fund or its investment manager or investment advisor; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing
or pricing methodology, (a)&nbsp;agreed with the Fund or its investment manager or investment advisor from time to time or (b)&nbsp;in the case of an indirect foreign exchange service, (i)&nbsp;as established by SSGM and set forth in the Client
Publications with respect to the particular foreign exchange execution services selected by the Fund or the investment manager or investment advisor or (ii)&nbsp;as established by the <FONT STYLE="white-space:nowrap">sub-custodian</FONT> from time
to time. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">S<SMALL>ECTION<B></B></SMALL>&nbsp;28.4. <U>T<SMALL>RANSACTIONS</SMALL>
<SMALL>BY</SMALL> S<SMALL>TATE</SMALL> S<SMALL>TREET</SMALL>. </U>The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the Fund (or its investment manager or investment advisor acting on its
behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Fund (or its investment manager or investment advisor), and shall have no obligation,
under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, the Fund or the investment manager or investment advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For purposes of this Agreement, &#147;<B><I>Client Publications</I></B>&#148; shall mean the general client publications of
State Street Bank and Trust Company available from time to time to clients and their investment managers or investment advisors.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;A new Section&nbsp;29 (Assignment; Delegation) is hereby added to the Agreement immediately following
Section&nbsp;28 of the Agreement as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;S<SMALL>ECTION</SMALL>&nbsp;29 <U>A<SMALL>SSIGNMENT</SMALL>;
D<SMALL>ELEGATION</SMALL></U><SMALL></SMALL>. This Agreement may not be assigned by (a)&nbsp;the Fund without the written consent of the Custodian or (b)&nbsp;the Custodian without the written consent of the Fund, except that the Custodian may
assign this Agreement to a successor of all or a substantial portion of its business, or to an </P>

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affiliate of the Custodian. The Custodian shall retain the right to employ agents, subcontractors, consultants or other third parties, including, without limitation, affiliates (each, a
&#147;<B><I>Delegate</I></B>&#148; and collectively, the &#147;<B><I>Delegates</I></B>&#148;) to provide or assist it in the provision of any part of the <FONT STYLE="white-space:nowrap">non-custodial</FONT> services described herein or the
discharge of any other <FONT STYLE="white-space:nowrap">non-custodial</FONT> obligations or duties under this Agreement without the consent or approval of the Fund. Except as otherwise provided below, the Custodian shall be responsible for the acts
and omissions of any such Delegate so employed as if the Custodian had committed such acts and omissions itself. The Custodian shall be responsible for the compensation of its Delegates. Notwithstanding the foregoing, in no event shall the term
Delegate include <FONT STYLE="white-space:nowrap">sub-custodians,</FONT> Eligible Foreign Custodians, securities depositories or Eligible Securities Depositories, and the Custodian shall have no liability for their acts or omissions except as
otherwise expressly provided elsewhere in this Agreement. The liability of the Custodian for the acts and omissions of <FONT STYLE="white-space:nowrap">sub-custodians,</FONT> Eligible Foreign Custodians, securities depositories or Eligible Foreign
Securities Depositories shall be as set forth in the Agreement.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp; Capitalized terms used herein without definition shall have the meanings ascribed to them in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; Except as expressly amended hereby, all other terms and conditions of the Agreement shall remain in full force and
effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby
adopt as original any signatures received via electronically transmitted form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp; This Amendment shall be governed by the
laws of the Commonwealth of Massachusetts, without giving effect to any conflict of laws rules<B>. </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[R<SMALL>EMAINDER</SMALL>
<SMALL>OF</SMALL> P<SMALL>AGE</SMALL> I<SMALL>NTENTIONALLY</SMALL> L<SMALL>EFT</SMALL> B<SMALL>LANK</SMALL>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, each of the parties has caused this Amendment to be
executed in its name and behalf by its duly authorized representative as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

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<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>T<SMALL>HE</SMALL> T<SMALL>AIWAN</SMALL> F<SMALL>UND</SMALL>, I<SMALL>NC</SMALL>.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ William C. Kirby</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">William C. Kirby</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chairman, Board of Directors</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>S<SMALL>TATE</SMALL> S<SMALL>TREET</SMALL> B<SMALL>ANK</SMALL> <SMALL>AND</SMALL> T<SMALL>RUST</SMALL> C<SMALL>OMPANY</SMALL></B><SMALL></SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Andrew Erickson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Andrew Erickson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Executive Vice President</TD></TR>
</TABLE></DIV>
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<DOCUMENT>
<TYPE>EX-99.(K)(3)(A)
<SEQUENCE>7
<FILENAME>d410469dex99k3a.htm
<DESCRIPTION>AMENDMENT TO ADMINISTRATION AGREEMENT BETWEEN THE REGISTRANT AND STATE STREET
<TEXT>
<HTML><HEAD>
<TITLE>Amendment to Administration Agreement between the Registrant and State Street</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>A<SMALL>MENDMENT</SMALL> <SMALL>TO</SMALL> A<SMALL>DMINISTRATION</SMALL>
A<SMALL>GREEMENT</SMALL> </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Amendment to the Administration Agreement is made as of June&nbsp;1, 2019 by and
between T<SMALL>HE</SMALL> T<SMALL>AIWAN</SMALL> F<SMALL>UND</SMALL>, I<SMALL>NC</SMALL>., a corporation organized and existing under the laws of the state of Delaware (the &#147;<B><I>Fund</I></B>&#148;), and S<SMALL>TATE</SMALL>
S<SMALL>TREET</SMALL> B<SMALL>ANK</SMALL> <SMALL>AND</SMALL> T<SMALL>RUST</SMALL> C<SMALL>OMPANY</SMALL>, a Massachusetts trust company (the &#147;<B><I>Bank</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Fund and the Bank entered into an Administration Agreement dated as of April&nbsp;1, 1994 (as amended, restated,
supplemented or otherwise modified from time to time, the &#147;<B><I>Agreement</I></B>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, the Fund and the Bank desire
to amend certain provisions of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements hereinafter contained, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Section 9 of the Agreement (Confidentiality) is hereby deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">&#147;9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All information provided under this Agreement by a party (the &#147;<B><I>Disclosing Party</I></B>&#148;) to
the other party (the &#147;<B><I>Receiving Party</I></B>&#148;) regarding the Disclosing Party&#146;s business and operations shall be treated as confidential. Subject to Section&nbsp;9A below, all confidential information provided under this
Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party&#146;s
other obligations under the Agreement or managing the business of the Receiving Party and its affiliates, including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.
The foregoing shall not be applicable to any information (a)&nbsp;that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b)&nbsp;that is independently derived by the
Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c)&nbsp;that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil
investigative demand or other similar process, (d)&nbsp;that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the
Bank or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e)&nbsp;where the </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld<I>.</I>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;A new Section&nbsp;9A (Use of Data) is hereby added to the Agreement immediately following Section&nbsp;9 of the
Agreement as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">&#147;9A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of Data</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the provision of the services and the discharge of its other
obligations under this Agreement, the Bank (which term for purposes of this Section&nbsp;9A includes each of its parent company, branches and affiliates (&#147;<B><I>Affiliates</I></B>&#148;)) may collect and store information regarding the Fund and
share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i)&nbsp;to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the
Bank or any of its Affiliates and (ii)&nbsp;to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to paragraph (c)&nbsp;below, the Bank and/or its Affiliates (except
those Affiliates or business divisions principally engaged in the business of asset management) may use any data or other information (&#147;<B><I>Data</I></B>&#148;) obtained by such entities in the performance of their services under this
Agreement or any other agreement between the Fund and the Bank or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund, and publish, sell, distribute or otherwise commercialize the Data; provided
that, unless the Fund otherwise consents, Data is combined or aggregated with information relating to (i)&nbsp;other customers of the Bank and/or its Affiliates or (ii)&nbsp;information derived from other sources, in each case such that any
published information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Fund. The Fund agrees that Bank and/or its Affiliates may seek to profit and realize economic benefit from the
commercialization and use of the Data, that such benefit will constitute part of the Bank&#146;s compensation for services under this Agreement or such other agreement, and the Bank and/or its Affiliates shall be entitled to retain and not be
required to disclose the amount of such economic benefit and profit to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly contemplated by this Agreement, nothing in this
Section&nbsp;9A shall limit the confidentiality and data-protection obligations of the Bank and its Affiliates under this Agreement and applicable law. The Bank shall cause any Affiliate, agent or service provider to which it has disclosed Data
pursuant to this Section&nbsp;9A to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Section 13 of the Agreement (Term and Termination) is hereby deleted in its entirety
and replaced with the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">&#147;13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Term and Termination</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Agreement shall remain in effect for a period of one year from the date first written above, and shall
automatically continue in effect thereafter with respect to the Fund unless terminated by either party at the end of such period or thereafter without penalty to the Fund on ninety (90)&nbsp;days&#146; prior written notice to the other party. The
Bank shall have the right to immediately terminate this Agreement upon termination of the Custodian Agreement dated as of August&nbsp;27, 2010 by and between the Bank and the Fund. Upon termination of this Agreement, the Fund shall pay to the Bank
such compensation as may be due under the terms hereof as of the date of such termination including reasonable out of pocket expenses incurred in connection with such termination.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Section 14 of the Agreement (Notices) is hereby deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">&#147;14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices shall be in writing and deemed given when delivered in person, by facsimile, by overnight
delivery through a commercial courier service, or by registered or certified mail, return receipt requested. Notices shall be addressed to each party at its address set forth below, or such other address as the recipient may have specified by
earlier notice to the sender. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="72%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If to the Fund:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">T<SMALL>HE</SMALL> T<SMALL>AIWAN</SMALL> F<SMALL>UND</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o State Street Bank and Trust Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1
Lincoln Street (SUM 0703)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Boston, MA 02111</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention: Brian Link</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-662-1504</FONT></FONT></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="72%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If to the Bank:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">S<SMALL>TATE</SMALL> S<SMALL>TREET</SMALL> B<SMALL>ANK</SMALL> <SMALL>AND</SMALL> T<SMALL>RUST</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o State Street Bank and Trust Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1
Lincoln Street (SUM 0703)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Boston, MA 02111</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention: Brian Link</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-662-1504</FONT></FONT></TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Section 15 of the Agreement
<FONT STYLE="white-space:nowrap">(Non-Assignability;</FONT> Amendment) is hereby deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;15&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment; Delegation; Amendment</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement may not be assigned by (a)&nbsp;the Fund without the written consent of the Bank or
(b)&nbsp;the Bank without the written consent of the Fund, except that the Bank may assign this Agreement to a successor of all or a substantial portion of its business, or to an affiliate of the Bank. The Bank shall retain the right to employ
agents, subcontractors, consultants and other third parties, including, without limitation, affiliates (each, a &#147;<B><I>Delegate</I></B>&#148; and collectively, the &#147;<B><I>Delegates</I></B>&#148;) to provide or assist it in the provision of
any part of the services stated herein or the discharge of any other obligations or duties under this Agreement without the consent or approval of the Fund. The Bank shall be responsible for the acts and omissions of any such Delegate so employed as
if the Bank had committed such acts and omissions itself. The Bank shall be responsible for the compensation of its Delegates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement may be amended by the parties hereto only if such amendment is in writing and signed by both
parties.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;<U> Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein without definition shall have the meanings ascribed to them in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly amended hereby, all other terms and conditions of the Agreement shall remain in full force and
effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as
original any signatures received via electronically transmitted form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall be governed by the
laws of the Commonwealth of Massachusetts, without giving effect to any conflict of laws rules<B>. </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[R<SMALL>EMAINDER</SMALL>
<SMALL>OF</SMALL> P<SMALL>AGE</SMALL> I<SMALL>NTENTIONALLY</SMALL> L<SMALL>EFT</SMALL> B<SMALL>LANK</SMALL>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, each of the parties has caused this Amendment to be
executed in its name and behalf by its duly authorized representative as of the date first written above. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt"><B>T<SMALL>HE</SMALL> T<SMALL>AIWAN</SMALL> F<SMALL>UND</SMALL>, I<SMALL>NC</SMALL>.</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ William C. Kirby</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">William C. Kirby</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman, Board of Directors</TD></TR>
</TABLE></DIV> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt"><B>S<SMALL>TATE</SMALL> S<SMALL>TREET</SMALL> B<SMALL>ANK</SMALL> <SMALL>AND</SMALL> T<SMALL>RUST</SMALL> C<SMALL>OMPANY</SMALL></B><SMALL></SMALL></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Andrew Erickson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Andrew Erickson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.(K)(5)
<SEQUENCE>8
<FILENAME>d410469dex99k5.htm
<DESCRIPTION>AMENDED AND RESTATED COMPLIANCE SERVICES AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Amended and Restated Compliance Services Agreement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>THE TAIWAN FUND, INC. </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED&nbsp;&amp; RESTATED </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>COMPLIANCE SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>AGREEMENT</B> made as of April&nbsp;19, 2022, by and between The Taiwan Fund, Inc. (the &#147;Fund&#148;), a Delaware
corporation, with its principal office and place of business at One Lincoln Street, Boston, Massachusetts 02111 and Foreside Fund Officer Services, LLC (f/k/a Foreside Compliance Services, LLC), a Delaware limited liability company with its
principal office and place of business at Three Canal Plaza, Suite 100, Portland, Maine, 04101 (&#147;Foreside&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> the Fund is registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as a
diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> the
Fund desires that Foreside perform certain compliance services for the Fund, and Foreside is willing to provide those services on the terms and conditions set forth in this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW THEREFORE,</B> for and in consideration of the mutual covenants and agreements contained herein, the Fund and Foreside
hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 1. APPOINTMENT; DELIVERY OF DOCUMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Fund hereby appoints Foreside, and Foreside hereby agrees, to provide a Chief Compliance
Officer (&#147;CCO&#148;), as described in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the 1940 Act (&#147;Rule <FONT STYLE="white-space:nowrap">38a-1&#148;),</FONT> for the period and on the terms and conditions set forth in this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;In connection therewith, the Fund has delivered to Foreside copies of: (i)&nbsp;the
Fund&#146;s Certificate of Incorporation and <FONT STYLE="white-space:nowrap">By-Laws</FONT> (collectively, as amended from time to time, &#147;Organizational Documents&#148;); (ii) the Fund&#146;s current Registration Statement, as amended or
supplemented, filed with the U.S. Securities and Exchange Commission (&#147;SEC&#148;) pursuant to the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), or the 1940 Act (the &#147;Registration Statement&#148;); (iii) the
Fund&#146;s current Prospectus and Statement of Additional Information, if any, or Private Offering Memorandum (collectively, as currently in effect and as amended or supplemented, the &#147;Disclosure Documents&#148;); (iv) any plan of distribution
or similar document adopted by the Fund-(&#147;Distribution Plan&#148;) and each current shareholder service plan or similar document adopted by the Fund (&#147;Service Plan&#148;); and (v)&nbsp;all policies and procedures adopted by the Fund with
respect to the Fund (e.g., valuation procedures), and shall promptly furnish Foreside with all amendments of or supplements to the foregoing. The Fund shall deliver to Foreside a certified copy of the resolution of the Board of Directors of the Fund
(the &#147;Board&#148;) appointing Foreside hereunder and authorizing the execution and delivery of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2. DUTIES OF FORESIDE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the approval of the Board, Foreside shall make available to act as the Fund&#146;s CCO
an employee or agent of Foreside who is qualified to be responsible for administering the Fund&#146;s compliance program as provided in Rule <FONT STYLE="white-space:nowrap">38a-1.</FONT> Such employee or agent shall be competent and knowledgeable
regarding the federal securities laws and shall, in the exercise of his or her duties to the Fund, act in good faith and in a manner reasonably believed by him or her </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">to be in the best interests of the Fund. Foreside&#146;s responsibility for the activities of the
CCO are limited to the extent that the designation, termination and level of compensation of the CCO shall be approved by the Board as provided by Rule <FONT STYLE="white-space:nowrap">38a-1.</FONT> Foreside shall oversee the activities of such
employee as CCO of the Fund and shall determine that such employee (A)&nbsp;is familiar with Foreside&#146;s operations regarding oversight of funds&#146; policies and procedures for compliance programs under Rule
<FONT STYLE="white-space:nowrap">38a-1,</FONT> (B) has ongoing access to Foreside&#146;s officers and senior employees regarding compliance issues, and (C)&nbsp;is promptly made aware of any changes to Foreside&#146;s operations regarding oversight
of funds&#146; policies and procedures for compliance programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to
the Fund, the CCO shall: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Report directly to the Board and respond to compliance-related
inquiries and requests made by the Board; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Review the Fund&#146;s compliance program&#146;s
policies and procedures including those policies and procedures of the Fund&#146;s adviser, <FONT STYLE="white-space:nowrap">sub-adviser,</FONT> administrator, principal underwriter, distributor, custodian and transfer agent, as applicable,
(collectively, &#147;Service Providers&#148;) that relate to the Fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Conduct periodic
reviews of the Fund&#146;s compliance program to incorporate any new or changed regulations, best practice recommendations or other guidelines that may be appropriate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Review no less frequently than annually, the adequacy of the policies and procedures of the Fund
and its Service Providers and the effectiveness of their implementation and, if appropriate based on such review, recommend changes to such policies and procedures; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;Apprise the Board of significant compliance events at the Fund or its Service Providers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;Design testing methods for the Fund&#146;s compliance program policies and procedures; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;Perform and document periodic testing of certain key control procedures (as appropriate to the
circumstances), including reviewing reports, investigating exceptions, and making inquiries of Fund management and Service Providers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;Conduct periodic site visits of the Service Providers as necessary; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;Deliver updates to the Fund or its Service Providers and provide training, as necessary; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;Establish a quarterly reporting process to the Board, including both written and oral reports. The
CCO will attend regularly scheduled board meetings as well as special meetings on an <FONT STYLE="white-space:nowrap">as-needed</FONT> basis; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;Prepare a written annual report for the Board and
attend Board meetings annually and as requested. Such report shall, at a minimum, address (A)&nbsp;the operation of the Fund&#146;s and its Service Providers&#146; policies and procedures since the last report to the Board; (B)&nbsp;any material
changes to such policies and procedures since the last report; (C)&nbsp;any recommendations for material changes to the policies and procedures as a result of the periodic or annual reviews referred to in Sections 2(b)(iii) and (iv)&nbsp;above; and
(D)&nbsp;any &#147;material compliance matters&#148; (as defined in Rule <FONT STYLE="white-space:nowrap">38a-1)</FONT> since the date of the last report; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;No less than annually, the CCO shall meet separately with the Fund&#146;s independent Directors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Foreside shall provide such other services and assistance relating to the affairs of the Fund
as the Fund may, from time to time, reasonably request pursuant to mutually acceptable compensation and implementation agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Foreside shall maintain records relating to its services, such as compliance policies and
procedures, relevant Board presentations, annual reviews, and other records, as are required to be maintained under the 1940 Act and Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> thereunder. Such reports shall be maintained in the manner and
for the periods as are required under the applicable rule or regulation. The books and records pertaining to the Fund that are in possession of Foreside shall be the property of the Fund. The Fund, or the Fund&#146;s authorized representatives,
shall have access to such books and records at all times during Foreside&#146;s normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided promptly by Foreside to the Fund or the
Fund&#146;s authorized representatives at the Fund&#146;s expense. In the event the Fund designates a successor that shall assume any of Foreside&#146;s obligations hereunder, Foreside shall, at its own cost and at the direction of the Fund,
transfer to such successor all relevant books, records and other data established or maintained by Foreside under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained herein shall be construed to require Foreside to perform any service that could
cause Foreside to be deemed an investment adviser for purposes of the 1940 Act or the Investment Advisers Act of 1940, as amended, (&#147;Advisers Act&#148;) or that could cause the Fund to act in contravention of the Fund&#146;s Prospectus or SAI,
if any, or Disclosure Documents or any provision of the 1940 Act. Except with respect to Foreside&#146;s duties as set forth in this Section&nbsp;2 and except as otherwise specifically provided herein, the Fund assumes all responsibility for
ensuring that the Fund complies with all applicable requirements of the Securities Act, the 1940 Act and any laws, rules and regulations of governmental authorities with jurisdiction over the Fund. All references to any law in this Agreement shall
be deemed to include reference to the applicable rules and regulations promulgated under authority of the law and all official interpretations of such law or rules or regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;In order for Foreside to perform the services required by this Section&nbsp;2, the Fund
(i)&nbsp;shall take reasonable steps to encourage all Service Providers to furnish any and all information to Foreside as reasonably requested by Foreside and assist Foreside as may be required and (ii)&nbsp;shall take reasonable steps to provide
Foreside with access to all records and documents maintained by the Fund or any Service Provider with respect to the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-3- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 3. STANDARD OF CARE; LIMITATION OF LIABILITY; INDEMNIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Foreside shall be under no duty to take any action except as set forth in Section&nbsp;2 hereof or
as specifically set forth herein or as may be specifically agreed to by Foreside in writing. Foreside shall use its best judgment and efforts in rendering the services described in this Agreement.Foreside shall not be liable to the Fund or any of
the Fund&#146;s shareholders for any action or inaction of Foreside relating to any event whatsoever in the absence of bad faith, willful misfeasance or negligence in the performance of Foreside&#146;s duties or obligations under this Agreement or
by reason of Foreside&#146;s reckless disregard of its duties and obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Fund agrees to indemnify and hold harmless Foreside, its employees and agents, directors and
officers, including, without limitation, the CCO (&#147;Foreside Indemnitees&#148;), against and from any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, and reasonable counsel fees arising out of
Foreside&#146;s actions taken or failures to act with respect to the Fund that are consistent with the standard of care set forth in Section&nbsp;3(a) or based,if applicable, on good faith reliance upon an item described in Section&nbsp;3(d) (a
&#147;Foreside Claim&#148;), so long as such actions or inactions do not constitute a breach of this Agreement or any representation or warranty contained herein. The Fund shall not be required to indemnify any Foreside Indemnitee if, prior to
admitting or settling any Foreside Claim against the Foreside Indemnitee, Foreside or the Foreside Indemnitee does not give the Fund written notice of and reasonable opportunity to defend against the Foreside Claim in its own name or in the name of
the Foreside Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Foreside agrees to indemnify and hold harmless the Fund, its
employees, Directors, officers and agents (&#147;Fund Indemnitees&#148;), against and from any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses of every
nature and character arising out of (i)&nbsp;Foreside&#146;s actions taken or failures to act with respect to the Fund that are not consistent with the standard of care set forth in Section&nbsp;3(a) or based, if applicable, on good faith reliance
upon an item described in Section&nbsp;3(d), (ii) any breach of this Agreement, or any representation or warranty contained herein, by Foreside, or (iii)&nbsp;Foreside&#146;s violation of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Foreside Indemnitee shall not be liable for any action taken or failure to act in
reasonable and good faith reliance upon, and in its performance of its duties hereunder arising out of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the advice of the Fund, the Fund&#146;s outside counsel, counsel to the Fund&#146;s independent
directors or the Fund&#146;s independent accountants; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;any oral instruction which it receives and which it
reasonably believes in good faith was transmitted by a person or persons authorized by the Board to give such oral instruction. Provided that Foreside has such reasonable belief in good faith, Foreside shall have no duty or obligation to make any
inquiry or effort of certification of such oral instruction; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;any written instruction or certified copy of any
resolution of the Board, and Foreside may rely upon the genuineness of any such document or copy thereof reasonably believed in good faith by Foreside to have been validly executed; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;as to genuineness, any signature, instruction, request, letter of transmittal, certificate,
opinion of counsel, statement, instrument, report, notice, consent, order, or other document reasonably believed in good faith by Foreside to be genuine and to have been signed or presented by or on behalf of the Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">and no Foreside Indemnitee shall be under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement,
oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument which Foreside reasonably believes in good faith to
be genuine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Foreside shall not be liable for the errors of other Service Providers or their
systems,except to the extent such Service Provider is an affiliate of Foreside. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Foreside represents and warrants to the Fund
that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;It is a limited liability company duly organized and existing and in good standing under
the laws of the State of Delaware; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;It is duly qualified to carry on its business in the State
of Maine; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;It is empowered under applicable laws and by its Operating Agreement to enter into
this Agreement and perform its duties under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;All requisite corporate
proceedings have been taken to authorize it to enter into this Agreement and perform its duties under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;It has access to the necessary facilities, equipment, and personnel to assist the CCO in the
performance of his or her duties and obligations under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, when
executed and delivered, will constitute a legal, valid and binding obligation of Foreside, enforceable against Foreside in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting the rights and remedies of creditors and secured parties and will not violate any agreement between Foreside and any third party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;It shall make available a person who is competent and knowledgeable regarding the federal
securities laws and is otherwise reasonably qualified to act as a CCO and who will, in the exercise of his or her duties to the Fund, act in good faith and in a manner reasonably believed by him or her to be in the best interests of the Fund; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;It shall compensate the CCO fairly, subject to the
Board&#146;s right under any applicable regulation (e.g., Rule <FONT STYLE="white-space:nowrap">38a-1)</FONT> to approve the designation, termination and level of compensation of the CCO. In addition, it shall not retaliate against the CCO should
the CCO inform the Board of a compliance failure or take aggressive action to ensure compliance with the federal securities laws by the Fund or a Service Provider; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;It shall report to the Board promptly if Foreside learns about CCO malfeasance or in the event the
CCO is terminated as a CCO by another fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;It shall report to the Board if at any time the
CCO is subject to the &#147;bad boy&#148; disqualifications as set forth in Section l 5(b)(4) of the Securities Exchange Act of 1934, as amended, or Section&nbsp;9 of the 1940 Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;The various procedures and systems which Foreside has implemented with regard to safekeeping from
loss or damage attributable to fire, theft or any other cause of the records and other data of the Fund and Foreside&#146;s records, data, equipment, facilities and other property used in the performance of its obligations hereunder are adequate and
Foreside will make such changes therein from time to time as are reasonably required for the performance of its obligations hereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;The CCO shall disclose to and obtain Board approval of any compensation received in any <FONT
STYLE="white-space:nowrap">non-cash</FONT> compensation program (i.e., stock option plans, stock awards, stock purchase plans) or similar program related to the Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;The CCO and Foreside shall disclose to the Fund any potential conflicts of interest that may
arise when the CCO or Foreside serves multiple clients; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;As an officer of the Fund, the CCO
will be subject to the Fund&#146;s code of ethics and must report to the Fund&#146;s code of ethics review officer or as otherwise provided under the Fund&#146;s code of ethics; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xv)&nbsp;&nbsp;&nbsp;&nbsp;Foreside shall have adequate processes and procedures to address all aspects of services it
provides to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents and warrants to Foreside that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;It is a corporation duly organized and existing and in good standing under the laws of the State of
Delaware; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;It is empowered under applicable laws and by its Organizational Documents to enter
into this Agreement and perform its duties under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;All requisite corporate
proceedings have been taken to authorize it to enter into this Agreement and perform its duties under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;It is registered as a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management
investment company under the 1940 Act; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-6- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, when executed and delivered, will
constitute a legal, valid and binding obligation of the Fund, enforceable against the Fund in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;If the Fund offers shares of its common stock
(&#147;Shares&#148;) for sale, a registration statement under the Securities Act will be filed with respect to such offering and will be declared effective before any sale of Shares occurs and appropriate State securities law filings will be made
with respect to all Shares of the Fund being offered for sale; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;The CCO shall be covered by
the Fund&#146;s Directors&nbsp;&amp; Officers/Errors&nbsp;&amp; Omissions Policy (the &#147;Policy&#148;), and the Fund shall use commercially reasonable efforts to ensure that the CCO&#146;s coverage be (a)&nbsp;reinstated should the Policy be
cancelled or terminated; (b)&nbsp;continued after the CCO ceases to serve as the Fund&#146;s CCO on substantially the same terms as such coverage is provided for the Fund officers after such persons are no longer officers of the Fund; or
(c)&nbsp;continued in the event the Fund merges or terminates, on substantially the same terms as such coverage is provided for the Fund officers. The Fund shall provide Foreside with proof of current coverage, including a copy of the Policy, and
shall notify Foreside immediately should the Policy be cancelled or terminated; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;The CCO is
a named officer in the Fund&#146;s <FONT STYLE="white-space:nowrap">by-laws</FONT> and subject to the provisions of the Fund&#146;s Organizational Documents regarding indemnification of its officers; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has reported to the CCO any material compliance matter (as defined in Rule <FONT
STYLE="white-space:nowrap">38a-1)</FONT> if any, applicable to the Fund that has occurred and has come to the Fund&#146;s attention prior to the effective date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5. COMPENSATION AND EXPENSES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the compliance services provided by Foreside and the CCO pursuant to this
Agreement, the Fund shall pay Foreside the fees set forth in Appendix A hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All fees payable hereunder shall be
accrued daily by the Fund. The fees payable for the services listed in Appendix A hereto shall be payable monthly on the first business day of each calendar month for services to be performed during the following calendar month. If fees payable for
the services listed in Appendix A begin to accrue in the middle of a month or if this Agreement terminates before the end of any month, all fees for the period from that date to the end of that month or from the beginning of that month to the date
of termination, as the case may be, shall be prorated according to the proportion that the period bears to the full month in which the effectiveness or termination occurs. Upon the termination of this Agreement other than upon a breach by Foreside
the Fund shall pay to Foreside such compensation as shall be payable prior to the effective date of termination. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-7- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the services provided by Foreside
pursuant to this Agreement, the Fund agrees to reimburse Foreside for any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> charges reasonably incurred and adequately documented as set forth on Appendix A
hereto. Reimbursements shall be payable as incurred. Should the Fund exercise its right to terminate this Agreement, the Fund shall reimburse Foreside for all reasonably incurred and adequately documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and employee time associated with the copying and movement of records and material to any successor person and providing assistance to any successor person in the establishment of the
accounts and records necessary to carry out the successor&#146;s responsibilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Foreside
may, with respect to questions of law relating to its services hereunder, apply to and obtain the advice and opinion of counsel to the Fund or counsel to the Fund&#146;s independent directors; provided, however, that Foreside shall in all cases
first reasonably attempt to apply to and obtain the advice and opinion of <FONT STYLE="white-space:nowrap">in-house</FONT> counsel to Foreside. The costs of any such advice or opinion of counsel to the Fund or counsel to the Fund&#146;s independent
directors shall be borne by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall be responsible for and assumes the
obligation for payment of all of its expenses, including: (i)&nbsp;the fee payable under this Agreement; (ii)&nbsp;the fees payable to each investment adviser under an agreement between the investment adviser and the Fund; (iii)&nbsp;expenses of
issue and repurchase of Shares; (iv)&nbsp;interest charges, taxes and brokerage fees and commissions; (v)&nbsp;premiums of insurance for the Fund, the Directors, the CCO and other officers and fidelity bond premiums; (vi)&nbsp;fees, interest charges
and expenses of third parties, including the Fund&#146;s independent accountants, custodians, transfer agents, dividend disbursing agents and fund accountants; (vii)&nbsp;fees of pricing, interest, dividend, credit and other reporting services;
(viii)&nbsp;costs of membership in trade associations; (ix)&nbsp;telecommunications expenses; (x)&nbsp;fund&#146;s transmission expenses; (xi)&nbsp;auditing, legal and compliance expenses; (xii)&nbsp;costs of forming the Fund and maintaining its
existence; (xiii)&nbsp;costs of preparing, filing and printing the Fund&#146;s Prospectus, subscription application forms and shareholder reports and other communications and delivering them to existing shareholders, whether of record or beneficial;
(xiv)&nbsp;expenses of meetings of shareholders and proxy solicitations therefor; (xv)&nbsp;costs of maintaining books of original entry for portfolio and fund accounting and other required books and accounts, of calculating the net asset value of
Shares and of preparing tax returns; (xvi)&nbsp;costs of reproduction, stationery, supplies and postage; (xvii)&nbsp;fees and expenses of the Fund&#146;s Directors and officers; (xviii)&nbsp;costs of Board, Board committee, and other corporate
meetings; (xix)&nbsp;SEC registration fees and related expenses; and (xx)&nbsp;state, territory or foreign securities laws registration fees and related expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 6. EFFECTIVENESS, DURATION, TERMINATION AND ASSIGNMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective on the date first written above. Upon effectiveness of this
Agreement, it shall supersede all previous agreements between the parties hereto covering the subject matter hereof insofar as such Agreement may have been deemed to relate to the Fund, to include the agreement between the parties dated
January&nbsp;22, 2007. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall continue in effect until terminated. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated at any time, without
the payment of any penalty (i)&nbsp;by the Board on sixty (60)&nbsp;days&#146; written notice to Foreside or (ii)&nbsp;by Foreside on sixty (60)&nbsp;days&#146; written notice to the Fund; provided, however, that the Board will have the right and
authority to terminate the Fund&#146;s relationship with the CCO at any time, with or without cause. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Should the person acting as CCO be terminated by Foreside, the Board retains the right to terminate
the CCO as the Fund&#146;s CCO as described in (c)&nbsp;above. In this case, Foreside will provide a temporary CCO until a new, permanent one is found. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Sections 2(d), 3, 5(b), 6(e), 6(f), 7, 8, and12(a) shall survive any termination
of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) This Agreement and the rights and duties under this Agreement otherwise shall not be assignable by
either Foreside or the Fund except by the specific written consent of the other party.&nbsp;&nbsp;&nbsp;&nbsp;If the parties to this Agreement consent to assignment of all or any part of this Agreement, all terms and provisions of this Agreement
shall be binding upon, inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7. CONFIDENTIALITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Foreside agrees to treat all records and other information related to the Fund as proprietary information of the Fund and, on
behalf of itself and its employees, to keep confidential all such information, except that Foreside may: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;release such other information as approved by the Fund, which approval shall not be unreasonably
withheld, where Foreside is advised by counsel that it may be exposed to civil or criminal contempt proceedings for failure to release the information (provided, however, that Foreside shall seek the approval of the Fund as promptly as possible so
as to enable the Fund to pursue such legal or other action as it may desire to prevent the release of such information) or when so requested by the Fund; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Foreside shall abide by the Fund&#146;s privacy policy pursuant to Regulation <FONT
STYLE="white-space:nowrap">S-P</FONT> promulgated under Section&nbsp;504 of the Gramm-Leach-Bliley Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 8.
FORCE MAJEURE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Foreside shall not be responsible or liable for any failure or delay in performance of its obligations
under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of civil or military authority, national emergencies, strikes or other industrial action,
fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply; provided, however, that Foreside shall have reasonable disaster recovery plans in place.
In addition, to the extent Foreside&#146;s obligations hereunder are to oversee or monitor the activities of third parties, Foreside shall not be liable for any failure or delay in the performance of Foreside&#146;s duties caused, directly or
indirectly, by the failure or delay of such third parties in performing their respective duties or cooperating reasonably and in a timely manner with Foreside. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-9- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 9. ACTIVITIES OF FORESIDE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent necessary to perform Foreside&#146;s obligations under this Agreement, nothing
herein shall be deemed to limit or restrict Foreside&#146;s right, or the right of any of Foreside&#146;s managers, officers or employees who also may be a Director, officer or employee of the Fund, or persons who are otherwise affiliated persons of
the Fund to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, Fund, firm,
individual or association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to prior written approval of the Fund, Foreside may
subcontract any or all of its functions or responsibilities pursuant to this Agreement to one or more persons, which may be affiliated persons of Foreside, who agree to comply with the terms of this Agreement; provided, that any such subcontracting
shall not relieve Foreside of its responsibilities hereunder. Foreside may pay those persons for their services, but no such payment will increase Foreside&#146;s compensation or reimbursement of expenses from the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 10. COOPERATION WITH INDEPENDENT ACCOUNTANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Foreside shall cooperate with the Fund&#146;s independent public accountants and shall take reasonable action to make all
necessary information available to the accountants for the performance of the accountants&#146; duties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 11.
SERVICE DAYS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nothing contained in this Agreement is intended to or shall require Foreside, in any capacity under this
Agreement, to perform any functions or duties on any day other than a business day of the Fund.&nbsp;&nbsp;&nbsp;&nbsp;Functions or duties normally scheduled to be performed on any day which is not a business day of the Fund shall be performed on,
and as of, the next business day, unless otherwise required by law. Nothing in this Section, however, shall relieve the CCO from reporting to the Board at a regularly scheduled Board meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 12. MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Neither party to this Agreement shall be liable to the other party for consequential damages under
any provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;No provisions of this Agreement may be amended or modified in
any manner except by a written agreement properly authorized and executed by both parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and the provisions of this Agreement shall be construed and
interpreted under and in accordance with, the laws of the State of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-10- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed by the parties hereto
on any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or
otherwise invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or
provision held to be illegal or invalid. This Agreement shall be construed as if drafted jointly by both Foreside and the Fund and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;Section headings in this Agreement are included for convenience only and are not to be used to
construe or interpret this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Notices, requests, instructions and communications
received by the parties at their respective principal places of business set forth above, or at such other address as a party may have designated in writing, shall be deemed to have been properly given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Each of the undersigned warrants and represents that they have full power and authority to sign
this Agreement on behalf of the party indicated and that their signature will bind the party indicated to the terms hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;affiliated person&#148; shall have the meanings ascribed thereto in the
1940 Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-11- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF, </B>the parties hereto have caused this Agreement to be executed in their
names and on their behalf by and through their duly authorized officers, as of the day and year first above written. </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>THE TAIWAN FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g410469g01v63.jpg" ALT="LOGO">
</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD WIDTH="86%"></TD></TR>

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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Name/title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William C. Kirby</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>FORESIDE FUND OFFICER SERVICES, LLC</B></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g410469g02v63.jpg" ALT="LOGO">
</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Charles S. Todd, Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">-12- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>THE TAIWAN FUND, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>COMPLIANCE SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Appendix A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>As of
April&nbsp;19, 2022 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>a.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>CCO Designation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">The Fund&#146;s Board of Directors shall designate the individual to serve as the Fund&#146;s CCO, consistent with the terms of this
Agreement. Changes to the individual serving in such capacity shall not require specific amendment to this Agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>b.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>Fees </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">The Fund shall pay Foreside a fee at the annual rate of $60,000, with a fee service increase from $60,000 to $66,000 which will take effect on
September&nbsp;1, 2022, for the services to be provided by Foreside, including providing an employee or agent of Foreside to serve as the CCO of the Fund, under this Agreement. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>c.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Out-Of-Pocket</FONT></FONT> and Related
Expenses.</U></B> The Fund shall reimburse Foreside for the following <FONT STYLE="white-space:nowrap">out-of-pocket</FONT> and ancillary expenses: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">communications </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">postage and delivery services </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">reproduction </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">reasonable travel expenses (including business class level service) for the CCO incurred in connection with his
oversight of the compliance programs of the Service Providers </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">reasonable travel expenses (including business class level service) incurred in connection with travel
requested by the Board and agreed in advance </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">other expenses incurred in connection with providing the services described in this Agreement if approved by
the Administrator </P></TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(6)
<SEQUENCE>9
<FILENAME>d410469dex99k6.htm
<DESCRIPTION>THIRD AMENDED AND RESTATED PFO/TREASURER SERVICES AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Third Amended and Restated PFO/Treasurer Services Agreement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THIRD AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PFO/TREASURER SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>THIS THIRD AMENDED AND RESTATED AGREEMENT </B>(the &#147;Agreement&#148;) made as of April&nbsp;19, 2022, by and between
The Taiwan Fund, Inc. (the &#147;Fund&#148;), a Delaware corporation, with its principal office and place of business at c/o State Street Bank and Trust Company at One Lincoln Street, Boston, Massachusetts 02111, and Foreside Management Services,
LLC, a Delaware limited liability company with its principal office and place of business at Three Canal Plaza, Suite 100, Portland, Maine 0410 1 (&#147;Foreside&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS, </B>the Fund and Foreside entered into that certain PFO/Treasurer Services Agreement dated May&nbsp;8, 2010 (the
&#147;Original Agreement&#148;) pursuant to which Foreside provided certain services to the Fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS, </B>the
Fund and Foreside entered into an Amended and Restated PFO/Treasurer Services Agreement dated January 1<B>, </B>2015 (the &#147;A&amp;R Agreement&#148;) pursuant to which Foreside updated certain services to the Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Fund and Foreside entered into a Second Amended and Restated PFO/Treasurer Services Agreement dated
March&nbsp;1, 2015 (the &#147;2<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP> A&amp;R Agreement&#148;) pursuant to which Foreside updated certain services to the Fund and the parties now wish to amend and restate the 2<SUP
STYLE="font-size:75%; vertical-align:top">nd</SUP> A&amp;R Agreement in the form of this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS, </B>the
Fund is registered under the Investment Company Act of 1940, as amended (the&#147;1940 Act&#148;), as a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS, </B>the Fund desires that Foreside perform certain services and Foreside is willing to provide those services on
the terms and conditions set forth in this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW THEREFORE, </B>for and in consideration of the mutual
covenants and agreements contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Fund and Foreside hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 1. APPOINTMENT; DELIVERY OF DOCUMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; The Fund hereby appoints Foreside, and Foreside hereby agrees, to provide an individual to serve
as the Fund&#146;s Principal Financial Officer and Treasurer (&#147;PFO/Treasurer&#148;) for the period and on the terms and conditions set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; In connection therewith, the Fund has delivered to Foreside copies of, and shall promptly furnish
Foreside with all amendments of or supplements to: (i)&nbsp;the Fund&#146;s Articles of Incorporation and Bylaws (collectively, as amended from time to time, &#147;Organizational Documents&#148;); and (ii)&nbsp;the Fund&#146;s current Registration
Statement, as amended or supplemented, filed with the U.S. Securities and Exchange Commission (&#147;SEC&#148;) pursuant to the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), or the 1940 Act (the &#147;Registration
Statement&#148;). The Fund shall also deliver to Foreside a certified copy of the resolution of the Board of Directors of the Fund (the &#147;Board&#148;) appointing the PFO/Treasurer hereunder and authorizing the execution and delivery of this
Agreement. In addition, the Fund shall deliver, or cause to deliver, to Foreside upon Foreside&#146;s reasonable request any other documents that would enable Foreside to perform the services described in this Agreement. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 2. DUTIES OF FORESIDE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; Subject to the approval of the Board, Foreside shall make available an individual who is competent
and knowledgeable regarding the management and internal controls of the Fund to serve as the PFO/Treasurer, who will have the authority normally incident to such office, including the authority to execute documents required to be executed by the
Fund&#146;s &#147;Principal Financial Officer&#148; and &#147;Treasurer&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreside
and/or the PFO/Treasurer, as an agent of Foreside, shall provide the services as set forth on Appendix A hereto (the &#147;Services&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp; Foreside shall maintain records relating to the Services, such as policies and procedures,
relevant Board presentations, and other records (collectively, the &#147;Records&#148;), as are required to be maintained under the relevant securities laws and regulations. The Records shall be maintained in the manner and for the periods as are
required under such laws and regulations. The Records shall be the property of the Fund. The Fund, or the Fund&#146;s authorized representatives, shall have access to the Records at all times during Foreside&#146;s normal business hours. Upon the
reasonable request of the Fund, copies of any of the Records shall be provided promptly by Foreside to the Fund or the Fund&#146;s authorized representatives at the Fund&#146;s expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained herein shall be construed to require Foreside to perform any service
that could cause Foreside to be deemed an investment adviser for purposes of the 1940 Act or the Investment Advisers Act of 1940, as amended, or that could cause the Fund to act in contravention of the Fund&#146;s Registration Statement or any
provision of the 1940 Act. Except with respect to Foreside&#146;s duties as set forth in this Section&nbsp;2 and, except as otherwise specifically provided herein, the Fund assumes all responsibility for ensuring that the Fund complies with all
applicable requirements of the Securities Act, the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), the 1940 Act and any laws, rules and regulations of governmental authorities with jurisdiction over the Fund. All
references to any law in this Agreement shall be deemed to include reference to the applicable rules and regulations promulgated under authority of the law and all official interpretations of such law or rules or regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp; In order for Foreside to perform the Services, the Fund shall take reasonable steps to
(i)&nbsp;encourage all of its service providers to furnish any and all information to Foreside as reasonably requested; and (ii)&nbsp;ensure that Foreside has access to all relevant records and documents maintained by the Fund or any service
provider to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside may provide other services and assistance relating
to the affairs of the Fund as the Fund may, from time to time, request subject to mutually acceptable compensation and implementation agreements. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 3. STANDARD OF CARE; LIMITATION OF LIABILITY; INDEMNIFICATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; Foreside shall be under no duty to take any action except as specifically set forth herein or as
may be specifically agreed to by Foreside in writing. Foreside shall use its best judgment and efforts in rendering the Services and shall not be liable to the Fund or any of the Fund&#146;s stockholders for any action or inaction of Foreside or the
PFO/Treasurer relating to any event whatsoever in the absence of bad faith, reckless disregard, gross negligence or willful misfeasance. Further, neither Foreside nor the PFO/Treasurer shall be liable to the Fund or any of the Fund&#146;s
stockholders for any action taken, or failure to act, in good faith reliance upon: (i)&nbsp;the advice and opinion of Fund counsel; and/or (ii)&nbsp;any certified copy of any resolution of the Board. Neither Foreside nor the PFO/Treasurer shall be
under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument,
report, notice, consent, order, or any other document or instrument which Foreside and/or the PFO/Treasurer reasonably believe in good faith to be genuine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; The Fund agrees to indemnify and hold harmless Foreside, its affiliates and each of their
respective directors, officers, employees and agents and any person who controls Foreside within the meaning of Section&nbsp;15 of the Securities Act (any of Foreside, its affiliates, their respective officers, employees, agents and directors or
such control persons, for purposes of this paragraph, a &#147;Foreside indemnitee&#148;) against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages
or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i)&nbsp;Foreside&#146;s performance of its duties under this Agreement, or (ii)&nbsp;the breach of any obligation, representation or warranty
under this Agreement by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">In no case (i)&nbsp;is the indemnity of the Fund in favor of any Foreside Indemnitee to
be deemed to protect the Foreside Indemnitee against any liability to which the Foreside Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its
reckless disregard of its obligations and duties under this Agreement, or (ii)&nbsp;is the Fund to be liable with respect to any claim made against any Foreside Indemnitee unless the Foreside Indemnitee notifies the Fund in writing of the claim
within a reasonable time after the summons or other first written notification giving information of the nature of the claim are served upon the Foreside Indemnitee (or after the Foreside Indemnitee receives notice of service on any designated
agent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Failure to notify the Fund of any claim shall not relieve the Fund from any liability that it may have to any
Foreside Indemnitee unless failure or delay to so notify the Fund prejudices the Fund&#146;s ability to defend against such claim. The Fund shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the
defense of any suit brought to enforce any claims, but if the Fund elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Foreside Indemnitee, defendant or defendants in the suit. In the event
the Fund elects to assume the defense of any suit and retain counsel, the Foreside Indemnitee, defendant or defendants in the suit, shall bear the fees and expenses of any </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">
additional counsel retained by them. If the Fund does not elect to assume the defense of any suit, it will reimburse the Foreside Indemnitee, defendant or defendants in the suit, for the
reasonable fees and expenses of any counsel retained by them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp; Foreside agrees to indemnify
and hold harmless the Fund and each of its directors and officers and any person who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act (for purposes of this paragraph, the Fund and each of its directors and officers and
its controlling persons are collectively referred to as the &#147;Fund Indemnitees&#148;) against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages
or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i)&nbsp;the breach of any obligation, representation or warranty under this Agreement by Foreside, or (ii)&nbsp;Foreside&#146;s failure to comply
in any material respect with applicable securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">In no case (i)&nbsp;is the indemnity of Foreside in favor of any
Fund Indemnitee to be deemed to protect any Fund Indemnitee against any liability to which such Fund Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason
of its reckless disregard of its obligations and duties under this Agreement, or (ii)&nbsp;is Foreside to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Fund Indemnitee unless the Fund
Indemnitee notifies Foreside in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim are served upon the Fund Indemnitee (or after the Fund Indemnitee has
received notice of service on any designated agent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Failure to notify Foreside of any claim shall not relieve Foreside
from any liability that it may have to the Fund Indemnitee against whom such action is brought unless failure or delay to so notify Foreside prejudices Foreside&#146;s ability to defend against such claim. Foreside shall be entitled to participate
at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if Foreside elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Fund
Indemnitee, defendant or defendants in the suit. In the event that Foreside elects to assume the defense of any suit and retain counsel, the Fund Indemnitee, defendant or defendants in the suit, shall bear the fees and expenses of any additional
counsel retained by them. If Foreside does not elect to assume the defense of any suit, it will reimburse the Fund Indemnitee, defendant or defendants in the suit, for the reasonable fees and expenses of any counsel retained by them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp; No indemnified party shall settle any claim against it for which it intends to seek
indemnification from the indemnifying party, under the terms of section 3(b) or 3(c) above, without prior written notice to and consent from the indemnifying pa1ty, which consent shall not be unreasonably withheld. No indemnified or indemnifying
party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp; Foreside shall not be liable for the errors of other service providers to the Fund or their
systems. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 4. REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; Foreside covenants, represents and warrants to the Fund that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is a limited liability company duly organized and in good standing under the laws
of the State of Delaware; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is duly qualified to carry on its
business in the State of Maine; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is empowered under applicable laws and by
its Operating Agreement to enter into this Agreement and perform its duties under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all requisite corporate proceedings have been taken to authorize it to enter into this
Agreement and perfo1m its duties under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has access to the
necessary facilities, equipment, and personnel with the requisite knowledge and experience to assist the PFO/Treasurer in the performance of his or her duties and obligations under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; this Agreement, when executed and delivered, will constitute a legal, valid and
binding obligation of Foreside, enforceable against Foreside in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured
parties; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it shall report to the Board promptly if Foreside learns about
PFO/Treasurer malfeasance or in the event the PFO/Treasurer is terminated as an officer by another fund or terminated by Foreside; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it shall comply with all applicable laws; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it shall maintain policies of insurance reasonable and customary for its
business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp; The Fund covenants, represents and warrants to Foreside that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is a corporation duly organized and in good standing under the laws of
the State of Delaware; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp; it is empowered under applicable laws and by its Organizational
Documents to enter into this Agreement and perforn1 its duties under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp; all
requisite corporate proceedings have been taken to authorize it to enter into this Agreement and perform its duties under this Agreement; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp; it is a
<FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the 1940 Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp; this Agreement, when executed and delivered, will constitute a legal, valid and binding
obligation of the Fund, enforceable against the Fund in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured
parties; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp; a Registration Statement under the Securities Act and the Exchange Act is and will
remain effective and appropriate State securities law filings have been made and will continue to be made with respect the Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp; the PFO/Treasurer shall be covered by the Fund&#146;s Directors&nbsp;&amp; Officers Liability
Insurance Policy (the &#147;Policy&#148;), and the Fund shall use reasonable efforts to ensure that such coverage be (a)&nbsp;reinstated should the Policy be cancelled; (b)&nbsp;continued after the PFO/Treasurer ceases to serve as an officer of the
Fund on substantially the same terms as such coverage is provided for all other Fund officers after such persons are no longer officers of the Fund; and (c)&nbsp;continued in the event the Fund merges or terminates, on substantially the same terms
as such coverage is provided for all other Fund officers (and for a period no less than the term of coverage for any other officer or director of the Fund). The Fund shall provide Foreside with proof of current coverage, including a copy of the
Policy, and shall notify Foreside immediately should the Policy be cancelled or terminated; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp; the PFO/Treasurer is a named officer in the Fund&#146;s corporate resolutions and subject to
the provisions of the Fund&#146;s Organizational Documents regarding indemnification of its officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 5. COMPENSATION AND
EXPENSES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; In consideration of the services provided by Foreside pursuant to this
Agreement, the Fund shall pay Foreside the fees and expenses set forth in Appendix B hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">All fees payable hereunder
shall be accrued daily by the Fund and shall be payable monthly in arrears on the first business day of each calendar month for services performed during the prior calendar month. All
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> charges incurred by Foreside shall be paid as incurred. If fees begin to accrue in the middle of a month or if this Agreement terminates before the end of
any month, all fees for the period from that date to the end of that month or from the beginning of that month to the date of termination, as the case may be, shall be prorated according to the proportion that the period bears to the full month in
which the effectiveness or termination occurs. Upon the termination of this Agreement, the Fund shall pay to Foreside such compensation as shall be due and payable as of the effective date of termination. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; Foreside may, with respect to questions of law
relating to its services hereunder, apply to and obtain the advice and opinion of Fund counsel. The costs of any such advice or opinion shall be borne by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp; The PFO/Treasurer is serving solely as an officer of the Fund and neither the PFO/Treasurer nor
Foreside shall be responsible for, or have any obligation to pay, any of the expenses of the Fund. All Fund expenses shall be the sole obligation of the Fund, which shall pay or cause to be paid all Fund expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 6. EFFECTIVENESS, DURATION, TERMINATION AND ASSIGNMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall become effective on the date indicated above or at such time as Foreside
commences providing the Services, whichever is later (the &#147;Effective Date&#148;). Upon the Effective Date, this Agreement shall constitute the entire agreement between the patties and shall supersede all previous agreements between the parties,
whether oral or written, relating to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall continue in
effect until terminated in accordance with the provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement
may be terminated at any time, without the payment of any penalty (i)&nbsp;by the Board on sixty (60)&nbsp;days&#146; written notice to Foreside or (ii)&nbsp;by Foreside on sixty (60)&nbsp;days&#146; written notice to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of Sections 3, 6(d), 7, 10, 11, and 12 shall survive any termination of
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and the rights and duties under this Agreement shall not be
assignable by either Foreside or the Fund except by the specific written consent of the other party. All terms and provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and
permitted assigns of the parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>SECTION 7. CONFIDENTIALITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Each party shall comply with the laws and regulations applicable to it in connection with its use of confidential information,
including, without limitation, Regulation <FONT STYLE="white-space:nowrap">S-P</FONT> (if applicable). Foreside agrees to treat all records and other information related to the Fund as proprietary information of the Fund and, on behalf of itself and
its employees, to keep confidential all such information, except that Foreside may release such other information (a)&nbsp;as approved in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where Foreside
is advised by counsel that it may be exposed to civil or criminal contempt proceedings for failure to release the information (provided, however, that Foreside shall seek the approval of the Fund as promptly as possible so as to enable the Fund to
pursue such legal or other action as it may desire to prevent the release of such information) or (b)&nbsp;when so requested by the Fund. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 8. FORCE MAJEURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Foreside shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control including, without limitation, acts of civil or military authority, national emergencies, fire, mechanical breakdowns, flood or catastrophe, acts of
God, insurrection, war, riots or failure of the mails, transportation, communication system or power supply. In addition, to the extent Foreside&#146;s obligations hereunder are to oversee or monitor the activities of third parties, Foreside shall
not be liable for any failure or delay in the performance of Foreside&#146;s duties caused, directly or indirectly, by the failure or delay of such third parties in performing their respective duties or cooperating reasonably and in a timely manner
with Foreside. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 9. ACTIVITIES OF FORESIDE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; Except to the extent necessary to perform Foreside&#146;s obligations under this Agreement,
nothing herein shall be deemed to limit or restrict Foreside&#146;s right, or the right of any of Foreside&#146;s managers, officers or employees who also may be a director, trustee, officer or employee of the Fund (including, without limitation,
the PFO/Treasurer), or who are otherwise affiliated persons of the Fund, to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to
render services of any kind to any other corporation, trust, firm, individual or association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;
Upon prior approval by the Fund, Foreside may subcontract any or all of its functions or responsibilities pursuant to this Agreement to one or more persons, which may be affiliated persons of Foreside who agree to comply with the terms of this
Agreement; provided, that any such subcontracting shall not relieve Foreside of its responsibilities hereunder. Foreside may pay those persons for their services, but no such payment will increase Foreside&#146;s compensation or reimbursement of
expenses from the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 10. COOPERATION WITH INDEPENDENT PUBLIC ACCOUNTANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Foreside shall cooperate with the Fund&#146;s independent public accountants and shall take reasonable action to make all
necessary information available to the accountants for the performance of such accountants&#146; duties. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 11. LIMITATION OF STOCKHOLDER AND DIRECTOR LIABILITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The directors of the Fund and the stockholders of the Fund shall not be liable for any obligations of the Fund under this
Agreement, and Foreside agrees that, in asserting any rights or claims under this Agreement, it shall look only to the assets and property of the Fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>SECTION 12. MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; Neither party to this Agreement shall be liable to the other party for consequential, special or
indirect damages under any provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be governed by,
and the provisions of this Agreement shall be construed and interpreted under and in accordance with, the laws of the State of Delaware, without regard to the conflict of laws provisions thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be executed by the parties hereto in any number of counterparts, and all of the
counterparts taken together shall be deemed to constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp; If any
part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining po1tion or po1tions shall be considered severable and not be affected, and the rights and obligations of the parties shall
be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid. This Agreement shall be construed as if drafted jointly by both Foreside and the Fund and no presumptions shall arise
favoring any party by virtue of authorship of any provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp; Section
headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp; Notices, requests, instructions and communications received by the parties at their respective
principal places of business, or at such other address as a party may have designated in w1iting, shall be deemed to have been properly given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp; Except with respect to any meeting of the board of Directors of the Fund (or a Committee thereof)
that is held on a day that is not a Fund business day, nothing contained in this Agreement is intended to or shall require Foreside, in any capacity hereunder, to perform any functions or duties on any day other than a Fund business day. Except as
aforesaid, functions or duties normally scheduled to be performed on any day which is not a Fund business day shall be performed on, and as of, the next Fund business day, unless otherwise required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;affiliate&#148; and all forms thereof used herein shall have the meanings ascribed
thereto in the 1940 Act. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF, </B>the pai1ies hereto have caused this Agreement to be executed in their
names and on their behalf by and through their duly authorized officers, as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>THE TAIWAN FUND, INC.</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="middle"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">


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</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">William C. Kirby</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman of the Board</TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>FORESIDE MANAGEMENT SERVICES, LLC</B></P></TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">David Whitaker, President</TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>Appendix A</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Services </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Attend and represent the Fund at periodic board meetings as necessary; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Make all necessary representations and certifications including obtaining
<FONT STYLE="white-space:nowrap">sub-certifications</FONT> from various providers (i.e., Sarbanes-Oxley certifications, conformity with GAAP principles, fraud certifications, SEC filings, management representation letters to fund auditors);
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Oversee the preparation of the fund&#146;s financial statements, including reviewing the Fund&#146;s accounting
policies and disclosures; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Review and sign as PFO/Treasurer all shareholder communications and all SEC filings as required;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Undertake periodic risk-based reviews of the Fund&#146;s service provider operations to ensure compliance with
Fund policies and accounting statement requirements; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Design and recommend disclosure controls and procedures for financial statements to ensure that all relevant Fund
financial information is properly disclosed to the executive officers and the Board; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Ensure the fund administrator is in compliance with Board policies, procedures,
<FONT STYLE="white-space:nowrap">by-laws</FONT> and resolutions as they pertain to expense management; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Oversee the budgeting process and authorize the procedures and authorities under which the fund administrator
will make expense payments on behalf of the Fund; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Coordinate timing of financial statement preparation and filings; review as per certification requirements;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Assist with the negotiation of contracts related to audit fees and fees for services with service providers and
independent accountants; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Represent the Fund as PFO/Treasurer at SEC examinations as required; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Present materials to the Board, audit committees and senior management, as required or requested;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Periodic review of performance of each service provider against the Fund&#146;s policies, procedures and
contracts in cooperation with the Fund&#146;s CCO; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Other attendant duties of PFO/Treasurer as required. </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Appendix B</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(1) Fees for the Services </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#ffffff"><B>Recurring Fees</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><B>Per Year</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt" BGCOLOR="#ffffff">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee for the services of the Foreside PFO/Treasurer</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$60,000 with a fee service increase from $60,000 to $66,000 which will take effect on September&nbsp;1, 2022</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>(2)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Out-Of-Pocket</FONT></FONT> and Related
Expenses: </B>The Fund shall also reimburse Foreside for reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> and ancillary expenses incurred in the provision of services pursuant to this
Agreement, including but not limited to the following: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">communications; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">postage and delivery services; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">record storage and retention (imaging and microfilm storage) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">reproduction; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">reasonable travel expenses incurred in connection with the provision of the services pursuant to this
Agreement; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">any other expenses incurred in connection with the provision of the services pursuant to this Agreement.
</P></TD></TR></TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(R)
<SEQUENCE>10
<FILENAME>d410469dex99r.htm
<DESCRIPTION>CODE OF ETHICS OF THE FUND
<TEXT>
<HTML><HEAD>
<TITLE>Code of Ethics of the Fund</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>THE TAIWAN FUND, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Code of Ethics </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(Effective: July&nbsp;23, 2019) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><U>Purpose.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This Code of Ethics has been adopted by the Board of Directors of The Taiwan Fund, Inc. in accordance with Rule <FONT
STYLE="white-space:nowrap">17j-1(b)</FONT> under the Investment Company Act of 1940, as amended (the &#147;Act&#148;). Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> under the Act generally proscribes fraudulent or manipulative practices with
respect to purchases or sales of securities held or to be acquired by investment companies, if effected by associated persons of such companies. The purpose of this Code of Ethics is to provide regulations and procedures consistent with the Act and
Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> designed to give effect to the general prohibitions set forth in Rule <FONT STYLE="white-space:nowrap">17j-1(a)</FONT> as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">It shall be unlawful for any affiliated person of or principal underwriter for a registered investment company, or any
affiliated person of an investment adviser of or principal underwriter for a registered investment company in connection with the purchase or sale, directly or indirectly, by such persons of a security held or to be acquired, as defined in this
section, by such registered investment company &#151; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(1) To employ any device, scheme or artifice to
defraud such registered investment company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(2) To make to such registered investment company any untrue
statement of a material fact or omit to state to such registered investment company a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon any such registered investment company; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(4) To engage in any manipulative practice with respect
to such registered investment company. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><U>Definitions.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) &#147;Fund&#148; means The Taiwan Fund, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) &#147;Access person&#148; means any Advisory person of the Fund or of the Investment Adviser of the Fund. If an
Investment Adviser&#146;s primary business is advising the Fund or other advisory clients, all of the Investment Adviser&#146;s directors, officers, and general partners are presumed to be Access persons of the Fund. All of the Fund&#146;s
directors, officers (other than the Assistant Secretary of the Fund), and general partners are presumed to be Access persons of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) &#147;Administrator&#148; means State Street Bank and Trust Company. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) &#147;Advisory person&#148; of the Fund or an Investment Adviser means:
(i)&nbsp;any director, officer, general partner or employee of the Fund or that Investment Adviser (or of any company in a control relationship to the Fund or such Investment Adviser) who, in connection with his or her regular functions or duties,
makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii)&nbsp;any natural person
in a control relationship to the Fund or that Investment Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e) A security is &#147;being considered for purchase or sale&#148; when a recommendation to purchase or sell a security has
been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f) &#147;Beneficial ownership&#148; shall be interpreted in the same manner as it would be in determining whether a person
is subject to the provisions of Section&nbsp;16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities which an Access
person has or acquires. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g) &#147;Control&#148; shall have the same meaning as that set forth in Section&nbsp;2(a)(9) of
the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(h) &#147;Covered Security&#148; means a security as defined in Section&nbsp;2(a)(36) of the Act, except that
it does not include: (i)&nbsp;direct obligations of the Government of the United States; (ii)&nbsp;bankers&#146; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase
agreements; and (iii)&nbsp;shares issued by <FONT STYLE="white-space:nowrap">open-end</FONT> registered investment companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i) &#147;Disinterested director&#148; means a director of the Fund who is not an &#147;interested person&#148; of the Fund
within the meaning of Section&nbsp;2(a)(19) of the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(j) &#147;Investment Adviser&#148; means Allianz Global
Investors U.S. LLC and any duly authorized subadviser performing portfolio management services in connection with the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(k) &#147;Purchase or sale of a Covered Security&#148; includes, <U>inter</U> <U>alia</U>, the writing of an option to
purchase or sell a Covered Security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(l) As used in this Code, &#147;security held or to be acquired&#148; by the Fund
shall mean (i)&nbsp;any covered security which, within the most recent 15 days, is or has been held by the Fund; or is being or has been considered by the Fund or the Investment Adviser for purchase by the Fund; and (ii)&nbsp;any option to purchase
or sell, and any security convertible into or exchangeable for, a covered security described in clause (i)&nbsp;of this Section&nbsp;2(n). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(m) &#147;Automatic Investment Plan&#148; means a program in which regular periodic purchases (or withdrawals) are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><U>Prohibited Purchases and Sales.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) Except as exempted in Section&nbsp;4 below, no Access person shall purchase or sell, directly or indirectly, any security
in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which to his or her actual knowledge at the time of such purchase or sale: (i)&nbsp;is being considered for purchase or sale by the
Fund; or (ii)&nbsp;is being purchased or sold by the Fund. This prohibition shall continue with respect to an Advisory person until at least 15 days after the time that the Advisory person decides not to recommend such purchase or sale, or if such
recommendation is made, until at least 15 days after the time that the Fund decides not to enter into, or completes, such recommended purchase or sale. This prohibition shall apply to any purchase or sale by any Access person of any option to
purchase or sell, or any security convertible into or exchangeable for a security being purchased or sold by, or actively considered for recommendation to, the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) No Access person shall reveal to any other person (except in the normal course of his or her duties on behalf of the
Fund) any information regarding securities transactions by the Fund or consideration by the Fund or the Investment Adviser of any such securities transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) No Access person shall recommend any securities transaction by the Fund without having disclosed his or her interest, if
any, in such securities or the issuer thereof, including without limitation (i)&nbsp;his or her direct or indirect beneficial ownership of any securities of such issuer, (ii)&nbsp;any contemplated transaction by such person in such securities,
(iii)&nbsp;any position with such issuer or its affiliates, and (iv)&nbsp;any present or proposed business relationship between such issuer or its affiliates, on the one hand, and such person or any party in which such person has a significant
interest, on the other; provided, however, that in the event the interest of such Access person in such securities or issuer is not material to his or her personal net worth and any contemplated transaction by such person in such securities cannot
reasonably be expected to have a material adverse effect on any such transaction by the Fund or on the market for the securities generally, such Access person shall not be required to disclose his or her interest in the securities or issuer thereof
in connection with any such recommendation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) No Advisory person of an Investment Adviser shall acquire, directly or
indirectly, any beneficial ownership in any security in an initial public offering or in a private placement without first obtaining written approval from that Investment Adviser in accordance with that Investment Adviser&#146;s Code of Ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e) No Access person shall engage in transactions, directly or indirectly, involving shares of the Fund during the time
period beginning two weeks before a meeting of the Fund&#146;s Board of Directors. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><U>Exempted Transactions.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The prohibitions of Section&nbsp;3 of this Code of Ethics shall not apply to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) Purchases or sales effected in any account over which the Access person has no direct or indirect influence or control.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) Purchases or sales which are not eligible for purchase or sale by the Fund, except that all acquisitions of
beneficial ownership in securities in initial public offerings or private placements shall be subject to the approval requirements of Section&nbsp;3(d). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) Purchases or sales which are nonvolitional on the part of either the Access
person or the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) Purchases which are part of an automatic dividend reinvestment plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e) Purchases effected upon the exercise of rights issued by an issuer <U>pro</U> <U>rata</U> to all holders of a class of
its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)
Purchases or sales which are only remotely potentially harmful to the Fund because they would be very unlikely to affect a highly institutional market, or because they clearly are not related economically to the securities to be purchased, sold or
held by the Fund. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><U>Reporting Requirements of Access Persons.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Unless excepted by Section&nbsp;6, Section&nbsp;7 or Section&nbsp;8 of this Code, every Access person of the Fund must report
to the Fund, respectively as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Initial Holdings Reports</U>. No
later than ten days after the person becomes an Access person, an Access person shall submit an initial holdings report. The information must be current as of a date no more than 45 days prior to the date the person becomes an Access person. The
initial holdings report shall contain the following information (on the report form attached hereto as Appendix A): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The title, number of shares and principal amount of each Covered Security in which
the Access person had any direct or indirect beneficial ownership when the person became an Access person; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The name of any broker, dealer or bank with whom the Access person maintained an
account in which any securities were held for the direct or indirect benefit of the Access person as of the date the person became an Access person; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The date that the report is submitted by the Access person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Quarterly Transaction Reports</U>. No later than 30 days after the end of each calendar
quarter, an Access person shall submit a quarterly transaction report. The quarterly transaction report shall contain the following information (on the report form attached hereto as Appendix B): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any transaction during the quarter in a Covered Security in which
the Access person had any direct or indirect beneficial ownership: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;The date
of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;The nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition); </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;The price of the Covered Security at
which the transaction was effected; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;The name of the broker, dealer or bank
with or through which the transaction was effected; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(E)&nbsp;&nbsp;&nbsp;&nbsp;The date that the
report is submitted by the Access person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any account
established by the Access person in which any securities were held during the quarter for the direct or indirect benefit of the Access person: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;The name of the broker, dealer or bank with whom the Access person established the
account; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;The date the account was established; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;The date that the report is submitted by the Access person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) <U>Annual Holdings Reports</U>. An Access person shall submit an annual holdings report. The information must be current
as of a date no more than 45 days before the report is submitted. The annual holdings report shall contain the following information (on the report form attached hereto as Appendix C): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;The title, number of shares and principal amount of each Covered Security in
which the Access person had any direct or indirect beneficial ownership; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)
&nbsp;&nbsp;&nbsp;&nbsp;The name of any broker, dealer or bank with whom the Access person maintains an account in which any securities are held for the direct or indirect benefit of the Access person; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii) &nbsp;&nbsp;&nbsp;&nbsp;The date that the report is submitted by the Access person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) <U>Disclaimer of Beneficial Ownership</U>. Any report may contain a statement declaring that the reporting of any such
transaction shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the covered security to which the report relates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e) <U>SEC Inspection</U>. Information supplied in the reports is available for inspection by the SEC at any time during the
five-year period following the end of the fiscal year in which each report is made. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Exceptions from Reporting Requirements.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) A person need not make a report under Section&nbsp;5 of this Code with respect to transactions effected for, and Covered
Securities held in, any account over which the person has no direct or indirect influence or control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) A person need
not make a report with respect to transactions that have received prior approval of an Investment Adviser in accordance with that Investment Adviser&#146;s Code of Ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) A disinterested director of the Fund who would be required to make a report solely by reason of being a Fund director,
need not make: </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;an initial holdings report or an
annual holdings report as provided in this Code; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;A quarterly transaction
report under this Code, unless the director knew, or in the ordinary course of fulfilling his or her official duties as a Fund director, should have known, that during the <FONT STYLE="white-space:nowrap">15-day</FONT> period immediately before or
after the director&#146;s transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or the Investment Adviser considered purchasing or selling the Covered Security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;An Access person subject to securities transaction reporting requirements of the Code of Ethics of
an Investment Adviser or Foreside Financial Group, LLC, or any of its affiliates (collectively, &#147;Foreside&#148;), need not make a report under Section&nbsp;5 of this Code if the Code of Ethics to which the Access person is subject contains
provisions that are substantially similar, including reporting obligations, to those in this Code and complies with Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> under the Act. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Code Provisions Applicable Only to the Investment Adviser.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Code of Ethics</U>. The provisions of each Investment Adviser&#146;s Code of Ethics are hereby
adopted as the Code of Ethics of the Fund applicable to Advisory persons of that Investment Adviser. A violation of an Investment Adviser&#146;s Code of Ethics by an Advisory person of that Investment Adviser shall also constitute a violation of
this Code of Ethics. Any amendment or revision of an Investment Adviser&#146;s Code of Ethics shall be deemed to be an amendment or revision of Section&nbsp;7(a) of this Code of Ethics, and any such amendment or revision shall be promptly furnished
to the Board of Directors of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports</U>. Advisory persons of an Investment
Adviser shall file the reports required by that Investment Adviser&#146;s Code of Ethics. Such filings shall be deemed to be filings with the Fund under this Code of Ethics, and shall at all times be available to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Issues and Certification Report</U>. At periodic intervals established by the Board of
Directors of the Fund, but no less frequently than annually, the Compliance Officer of each Investment Adviser shall provide a written report to the Board of Directors of the Fund of all issues involving its Advisory persons under the Investment
Adviser&#146;s Code of Ethics during such period including, but not limited to, information about material code or procedure violations and sanctions imposed in response to those material violations. Additionally, each Investment Adviser will
provide the Board of Directors of the Fund a written certification which certifies to the Board of Directors of the Fund that the Investment Adviser has adopted procedures reasonably necessary to prevent its Access persons from violating its code of
ethics. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Code Provisions Applicable Only to Foreside</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Code of Ethics</U>. The provisions of Foreside&#146;s Code of Ethics are hereby adopted as the
Code of Ethics of the Fund applicable to Advisory persons of Foreside. A violation of Foreside&#146;s Code of Ethics by an Advisory person of Foreside shall also constitute a violation of this Code of Ethics. Any amendment or revision of
Foreside&#146;s Code of Ethics shall be deemed to be an amendment or revision of Section&nbsp;7(a) of this Code of Ethics, and any such amendment or revision shall be promptly furnished to the Board of Directors of the Fund. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports</U>. Advisory persons of Foreside shall
file the reports required by Foreside&#146;s Code of Ethics. Such filings shall be deemed to be filings with the Fund under this Code of Ethics, and shall at all times be available to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Issues and Certification Report</U>. At periodic intervals established by the Board of
Directors of the Fund, but no less frequently than annually, the Chief Compliance Officer of Foreside shall provide a written report to the Board of Directors of the Fund of all issues involving its Advisory persons under Foreside&#146;s Code of
Ethics during such period including, but not limited to, information about material code or procedure violations and sanctions imposed in response to those material violations. Additionally, Foreside will provide the Board of Directors of the Fund a
written certification which certifies to the Board of Directors of the Fund that Foreside has adopted procedures reasonably necessary to prevent its Advisory persons from violating its code of ethics. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.<U></U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Review of Reports. </U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">Each Investment Adviser will review the reports filed by its Advisory persons under the Investment Adviser&#146;s code of ethics and will
report violations to the Board of Directors of the Fund. Foreside will review the reports filed under this Code and the reports filed by its Advisory persons under its code of ethics and will report violations to the Board of Directors of the Fund.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Notification of Reporting Obligation.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">The Fund will identify all of its Access persons who are required to make reports under this Code and will inform those Access persons of
their reporting obligations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Annual Certification.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">All Access persons shall certify annually (on the form attached hereto as Appendix D) in writing to the Fund that they have read the Code and
recognize that they are subject to the Code&#146;s provisions, that they have complied and will comply with such provisions and that they have reported all personal securities transactions, holdings and securities accounts required to be disclosed
or reported pursuant to the Code. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Approval and Reports.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Approval</U>. The Fund&#146;s Board of Directors, including a majority of disinterested
directors, must approve this Code, and any material changes to this Code. The Board of Directors must base its approval of this Code and any material change thereto on a determination that the Code contains provisions reasonably necessary to prevent
Access persons from engaging in conduct prohibited by the preamble to this Code. The Board of Directors must approve a material change to this Code no later than six months after the adoption of the material change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports</U>. At least annually, the Fund will furnish to the Board of Directors for the Board
of Directors to consider, a written report that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Describes any issues arising
under the Code or procedures since the last report to the Board of Directors, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to material violations; </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Certifies that the Fund has adopted
and are following procedures reasonably necessary to prevent Access persons from violating the Code; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Provides any recommended changes to the Code. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><U>Sanctions.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">Upon discovering a violation of this Code of Ethics, the Board of Directors of the Fund may impose such sanctions as it deems appropriate,
including, <U>inter</U> <U>alia</U>, a letter of censure or suspension or termination of the employment of the violator. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Approved:&nbsp; April&nbsp;26,
2010 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Revised:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July&nbsp;19, 2010 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:11pt; font-family:Times New Roman">February&nbsp;23, 2012 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:11pt; font-family:Times New Roman">July&nbsp;18, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:11pt; font-family:Times New Roman">July&nbsp;23, 2019 </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Appendix A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>INITIAL REPORT OF SECURITIES HOLDINGS AND ACCOUNTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Date on which I become an Access Person __________________ </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Amount and Title of</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Covered
Security:</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:9pt; font-family:Times New Roman">Name of Broker</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; font-size:9pt; font-family:Times New Roman">Dealer or Bank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:9pt; font-family:Times New Roman">Check Type of Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Pers.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Immed.&nbsp;Fam.&nbsp;Fiduciary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">The above is a record of (i)&nbsp;every covered security in which I had any direct or indirect beneficial ownership on the date
I became an Access Person as more fully defined in the Fund&#146;s Code of Ethics; and (ii)&nbsp;the name of each broker, dealer or bank with whom I maintained an account in which any securities were held for my direct or in direct benefit as of the
date I became an access person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Date:_______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Signature:_________________________________________________ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:Times New Roman">Note
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report shall not be construed as an admission by
me that I have any direct or indirect beneficial ownership in the securities reported, which have been marked by me with an asterisk(*). Such securities holdings are reported solely to meet the standards imposed by Rule <FONT
STYLE="white-space:nowrap">17j-1</FONT> under the Investment Company Act of 1940. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Note
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copies of brokerage statements are attached to this signed report in lieu of the above </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Note 3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report must be submitted within 10 days after becoming
an Access Person. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Appendix B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>QUARTERLY REPORT OF SECURITIES TRANSACTIONS AND ACCOUNTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>For Calendar Quarter Ending __________________ </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="26%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Amount&nbsp;and&nbsp;Title&nbsp;of</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Covered&nbsp;Security:</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Date</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Bought&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sold</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="center"><FONT STYLE="font-size:8pt">Price</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Name&nbsp;of&nbsp;Broker</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Dealer&nbsp;or&nbsp;Bank&nbsp;and</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Date&nbsp;Account&nbsp;was</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Established</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5" ROWSPAN="2">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Check Type of Account</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:0.50em; font-size:9pt; font-family:Times New Roman" align="left">Pers.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immed.&nbsp;Fam.&nbsp;Fiduciary</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Approved&nbsp;by:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">(if&nbsp;applicable)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">The above is a record of (i)&nbsp;every transaction during the quarter in a covered security in which I had or by reason of
which I acquired any direct or indirect beneficial ownership as more fully defined in the Fund&#146;s Code of Ethics; and (ii)&nbsp;each account established by me with a broker, dealer or bank in which any securities were held during the quarter for
my direct or indirect benefit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Date:_______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; Signature:_________________________________________________ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:Times New Roman">Note
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the transaction is other than a sale or purchase,
please explain the transaction below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:Times New Roman">Note
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of debt securities, include principal
amount, interest rate and maturity date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:Times New Roman">Note
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report shall not be construed as an admission by
me that I have acquired any direct or indirect beneficial ownership in the securities involved in the transaction reported, which have been marked by me with an asterisk(*). Such transactions are reported solely to meet the standards imposed by Rule
<FONT STYLE="white-space:nowrap">17j-1</FONT> under the Investment Company Act of 1940. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Note
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copies of brokerage statements are attached to this signed report in lieu of the above. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Note 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report must be submitted within
10 days after the end of the calendar quarter. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Appendix C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>ANNUAL REPORT OF SECURITIES HOLDINGS AND ACCOUNTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>For Calendar Year Ending December&nbsp;31, _____ </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Amount and Title of</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Covered
Security:</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Name of Broker</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Dealer or
Bank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:9pt; font-family:Times New Roman">Check Type of Account</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Pers.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Immed.&nbsp;Fam.&nbsp;Fiduciary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-left:8pt">See attached</TD>
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</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">The above is a record of (i)&nbsp;every covered security in which I had any direct or indirect beneficial ownership on the above
calendar year end date as more fully defined in the Fund&#146;s Code of Ethics; and (ii)&nbsp;the name of each broker, dealer or bank with whom I maintain an account in which my securities were held for my direct or in direct benefit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Date:_______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; Signature:_________________________________________________ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:Times New Roman">Note
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report shall not be construed as an admission by
me that I have any direct or indirect beneficial ownership in the securities reported, which have been marked by me with an asterisk(*). Such securities holdings are reported solely to meet the standards imposed by Rule <FONT
STYLE="white-space:nowrap">17j-1</FONT> under the Investment Company Act of 1940. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Note
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of brokerage statements are attached to this signed report in lieu of the above </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Note 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report must be filed within 30 days after the calendar
year end. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Appendix D </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>ANNUAL CERTIFICATION FORM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This is to certify that I have read and understand the Code of Ethics of The Taiwan Fund, Inc., as amended, and that I
recognize that I am subject to the provisions thereof and will comply with these provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This is to further certify
that I have complied with the requirements of the Code of Ethics and that I have reported all personal securities transactions, holdings and securities accounts required to be disclosed or reported pursuant to the Code of Ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; text-indent:5%; font-size:11pt; font-family:Times New Roman">Please sign your name here:________________________ </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; text-indent:5%; font-size:11pt; font-family:Times New Roman">Please print your name here:________________________ </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; text-indent:5%; font-size:11pt; font-family:Times New Roman">Please date here:________________ </P>
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