<SEC-DOCUMENT>0001752724-22-001771.txt : 20220113
<SEC-HEADER>0001752724-22-001771.hdr.sgml : 20220113
<ACCEPTANCE-DATETIME>20220113095858
ACCESSION NUMBER:		0001752724-22-001771
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20211031
FILED AS OF DATE:		20220113
DATE AS OF CHANGE:		20220113
EFFECTIVENESS DATE:		20220113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001162027
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10573
		FILM NUMBER:		22528092

	BUSINESS ADDRESS:	
		STREET 1:		ALLIANCEBERNSTEIN LP
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2129692124

	MAIL ADDRESS:	
		STREET 1:		ALLIANCEBERNSTEIN LP
		STREET 2:		1345 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLIANCE NATIONAL MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20011108
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>primary_doc.xml
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles
of Amendment effective December 9, 2021</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALLIANCEBERNSTEIN
NATIONAL MUNICIPAL INCOME FUND, INC.</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLES OF
AMENDMENT</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THIS IS TO CERTIFY THAT:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FIRST</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; The charter of AllianceBernstein
National Municipal Income Fund, Inc., a Maryland corporation (the &#8220;Corporation&#8221;),
is hereby amended in the manner set forth on </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Schedule I</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> hereto</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECOND</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">T</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">h</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e amendments to the
charter of the Corporation (the &#8220;Charter&#8221;) as set forth above have been duly
advised by the Board of Directors and approved by the stockholders of the
Corporation as required by law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THIRD</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; These Articles of Amendment shall become effective at 12:01
a.m. on December 9, 2021 (the &#8220;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Effective
Time</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FOURTH</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; The amendments
to the Charter as set forth above do not increase the authorized stock of the
Corporation.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FIFTH</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; The
undersigned officer acknowledges these Articles of Amendment to be the corporate
act of the Corporation and, as to all matters or facts required to be verified
under oath, the undersigned officer acknowledges that, to the best of his
knowledge, information and belief, these matters and facts are true in all
material respects and that this statement is made under the penalties for
perjury.</font></p>

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

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

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

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

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[Signature Page Follows]</font></p>

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





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<a name="_bclHeader2"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS
WHEREOF, the Corporation has caused these Articles of Amendment to be executed
in its name and on its behalf by its Chief Financial Officer and attested to by
its Assistant Secretary on this </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1st</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> day of December, 2021.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;text-indent:-3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ATTEST:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ALLIANCEBERNSTEIN
NATIONAL MUNICIPAL INCOME FUND, INC.</font></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/Stephen J. Laffey</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/Joseph
J. Mantineo</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (SEAL)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:&#160; Stephen J. Laffey&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:
Joseph J. Mantineo</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title: Assistant Secretary&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:
Treasurer and Chief Financial Officer</font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Schedule
I</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Charter of the Corporation is amended as set forth herein in
connection with the 2021 Special Terms Period, which shall commence on the
Terms Period Commencement Date and end on the Terms Period Termination Date
(subject to early redemption of the 2019 VMTP Shares (as defined below) in
accordance with the terms of the Articles (as defined below)) and such period
to be referred to herein as the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2021 Special Terms Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,&#8221; the terms
of which are contained in and established by the Notice for the 2019 Variable
Rate MuniFund Term Preferred Shares (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2019</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VMTP Shares</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)
issued by AllianceBernstein National Municipal Income Fund, Inc. (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fund</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)
for the 2021 Special Terms Period, all in accordance with the Articles
Supplementary containing the terms of the 2019 VMTP Shares, effective August 28,
2019 (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Base</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), as amended by these Articles of
Amendment, containing the terms set forth in Article 1 and Article 2 hereof
(the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; and, together with the Base Articles, the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).&#160;
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc462185880"></a><a name="_Toc453779180"></a><a name="_Toc373157227"></a><a name="_Toc371123296"></a><a name="_Toc371123269"></a><a name="_Toc370899168"></a><a name="_Toc370576004"></a><b><font color=black face="times new roman bold" style="font-size:10.0pt;">ARTICLE 1</font></b><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"><br>
<br>
<a name="_Toc41471372"></a>DEFINITIONS</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576005"></a><a name="_Toc41471373"></a><a name="_Toc462185881"></a><a name="_Toc453779181"></a><a name="_Toc373157228"></a><a name="_Toc371123297"></a><a name="_Toc371123270"></a><a name="_Toc370899169"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1.1</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Definitions.&#160; During the 2021 Special Terms Period, unless
the context or use indicates another or different meaning or intent, each of
the following terms when used herein shall have the meaning ascribed to it
below, whether such term is used in the singular or plural and regardless of
tense; capitalized terms used herein but not defined herein have the respective
meanings therefor set forth in the Base Articles:</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2021 Special
Terms Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means the Special Terms Period commencing on and including
the Terms Period Commencement Date and ending on and including the Terms Period
Termination Date (subject to early redemption of the 2019 VMTP Shares in
accordance with the terms of the Articles).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Applicable Spread</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
means, with respect to any Rate Period for the 2019 VMTP Shares, the percentage
per annum set forth opposite the highest applicable credit rating most recently
assigned to the 2019 VMTP Shares by any Rating Agency in the table set forth
directly below on the Rate Determination Date for such Rate Period:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:36.5pt;width:402.500000pt;">
 <tr style="height:25.8pt;">
  <td width=50% style="border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:25.8pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">Long-Term Ratings*</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:25.8pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font><b><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">Applicable Percentage**</font></b></p>
  </td>
 </tr>
<tr style="height:12.95pt;">
  <td width=50% style="border:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.45pt;vertical-align:baseline;">S&amp;P Rating </font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.7pt;vertical-align:baseline;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.45pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">AAA to AA-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">0.91%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">A+ to A-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">1.91%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BBB+ to BBB-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">2.91%</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BB+ or lower***</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">3.91%</font></p>
  </td>
 </tr>
<tr style="height:167.1pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:167.1pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.6pt;vertical-align:baseline;">*And/or the equivalent ratings of an Other Rating Agency
  then rating the 2019 VMTP Shares utilizing the highest of the ratings of the
  Rating Agencies then rating the 2019 VMTP Shares.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:12.2pt;text-align:justify;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.6pt;vertical-align:baseline;">**Unless an
  Increased Rate Period is in effect and is continuing, in which case the
  Applicable Spread shall be 5.91% for such period.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:0in;margin-top:13.0pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.0pt;vertical-align:baseline;">*** Includes unrated.</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:167.1pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
</table></div>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
has the meaning set forth in the preamble above.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Early Term
Redemption Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means December 11, 2024.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Increased
Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means, with respect to any Increased Rate Period for the 2019 VMTP
Shares, the Index Rate for such Rate Period (or portion thereof) plus an
Applicable Spread of 5.91%.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Optional Redemption Premium</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means, with
respect to each 2019 VMTP Share to be redeemed at the option of the Fund, as
set forth in Section 2.6(c)(i) of the Base Articles, on any Optional Redemption
Date for a period of three years from the Terms Period Commencement Date, an
amount equal to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(A)&#160; if such Optional Redemption Date is less than one
year following the Terms Period Commencement Date, 1.0% of the Liquidation
Preference of the 2019 VMTP Shares subject to redemption or</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(B)&#160; if the
Optional Redemption Date for such 2019 VMTP Shares occurs on the date that is
one year or more from the Terms Period Commencement Date, zero.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Terms Period
Commencement Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means December 9, 2021.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Terms Period
Termination Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means the earliest of (i) any Redemption Date with
respect to any 2019 VMTP Shares to be redeemed on such date, (ii) the date on
which a succeeding Special Terms Period is declared and effective with respect
to the 2019 VMTP Shares, and (iii) provided that all Holders of the 2019 VMTP
Shares have made an affirmative election to retain, the Mandatory Tender Date
associated with the Early Term Redemption Date.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576006"></a><a name="_Toc41471374"></a><a name="_Toc462185882"></a><a name="_Toc453779182"></a><a name="_Toc373157229"></a><a name="_Toc371123298"></a><a name="_Toc371123271"></a><a name="_Toc370899170"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1.2</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Interpretation</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (a) The headings
preceding the text of Sections included herein are for convenience only and
shall not be deemed part hereof or be given any effect in interpreting this
document.&#160; The use of the masculine, feminine or neuter gender or the singular
or plural form of words herein shall not limit any provision hereof.&#160; The use
of the terms &#8220;including&#8221; or &#8220;include&#8221; shall in all cases herein mean
&#8220;including, without limitation&#8221; or &#8220;include, without limitation,&#8221;
respectively.&#160; Reference to any Person includes such Person&#8217;s successors and
assigns to the extent </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such successors and assigns are
permitted by the terms of any applicable agreement, and reference to a Person
in a particular capacity excludes such Person in any other capacity or
individually.&#160; Reference to any agreement (including this document), document
or instrument means such agreement, document or instrument as amended or
modified and in effect from time to time in accordance with the terms thereof
and, if applicable, the terms hereof.&#160; Except as otherwise expressly set forth
herein, reference to any law means such law as amended, modified, codified, replaced
or re-enacted, in whole or in part, including rules, regulations, enforcement
procedures and any interpretations promulgated thereunder.&#160; References to
Sections shall refer to those portions hereof, unless otherwise provided.&#160; The
use of the terms &#8220;hereunder,&#8221; &#8220;hereof,&#8221; &#8220;hereto&#8221; and words of similar import
shall refer to this document as a whole and not to any particular Article,
Section or clause hereof.</font></p>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>


</DIV>


<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b) The
Special Terms Period provisions set forth herein shall, during the Special
Terms Period designated herein, supersede the terms of the Base Articles to the
extent inconsistent therewith. Upon the Terms Period Termination Date, the
Special Terms Period provisions set forth herein shall no longer apply and the
terms of the Base Articles shall be in effect.&#160; </font></h3>

<h1 align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc462185884"></a><a name="_Toc453779184"></a><a name="_Toc373157231"></a><a name="_Toc371123300"></a><a name="_Toc371123273"></a><a name="_Toc370899172"></a><a name="_Toc370576008"></a><b><font color=black face="times new roman bold" style="font-size:10.0pt;">ARTICLE 2</font></b><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"><br>
<br>
<a name="_Toc41471376"></a>TERMS APPLICABLE TO THE <br>
2019 VARIABLE RATE MUNIFUND TERM PREFERRED SHARES<br>
THE 2021 SPECIAL TERMS PERIOD</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The 2019 VMTP Shares shall have the following terms
for the 2021 Special Terms Period:</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576010"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2.1</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Applicable Spread, Increased Rate, and Optional Redemption
Premium</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">During the term of the 2021
Special Terms Period, the defined terms &#8220;Applicable Spread&#8221;, &#8220;Increased Rate&#8221;,
and &#8220;Optional Redemption Premium&#8221; shall have the meanings ascribed to such
terms herein and as defined, shall supersede the definitions provided for in
the Base Articles.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576011"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2.2</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Early Term Redemption Date and Mandatory Tender Event.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Early Term Redemption Date as defined in the Base Articles
will not apply during the term of the 2021 Special Terms Period and the Early
Term Redemption Date will instead be set as December 11, 2024 as provided for
in Article 1 hereof.&#160; All terms in the Base Articles calculated in relation to
the Early Term Redemption Date will be calculated with respect to the Early
Term Redemption Date herein.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">During the term of the 2021 Special Terms Period, the language of
Section 2.5(a)(i)(A) of the Base Articles is removed and replaced by the
following: </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8220;any date that is 20 Business
Days prior to the Early Term Redemption Date,&#8221;.</font></h3>




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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles
of Amendment effective April 22, 2021</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALLIANCEBERNSTEIN
NATIONAL MUNICIPAL INCOME FUND, INC.</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLES OF
AMENDMENT</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THIS IS TO CERTIFY THAT:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FIRST</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; The charter of AllianceBernstein
National Municipal Income Fund, Inc., a Maryland corporation (the &#8220;Corporation&#8221;),
is hereby amended in the manner set forth on </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Schedule I</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> hereto</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECOND</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">T</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">h</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e amendments to the
charter of the Corporation (the &#8220;Charter&#8221;) as set forth above have been duly
advised by the Board of Directors and approved by the stockholders of the
Corporation as required by law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THIRD</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; These Articles of Amendment shall become effective at 12:01
a.m. on April 22, 2021 (the &#8220;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Effective
Time</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FOURTH</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; The amendments
to the Charter as set forth above do not increase the authorized stock of the
Corporation.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FIFTH</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160; The undersigned
officer acknowledges these Articles of Amendment to be the corporate act of the
Corporation and, as to all matters or facts required to be verified under oath,
the undersigned officer acknowledges that, to the best of his knowledge,
information and belief, these matters and facts are true in all material
respects and that this statement is made under the penalties for perjury.</font></p>

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

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

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

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

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[Signature Page Follows]</font></p>

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





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS
WHEREOF, the Corporation has caused these Articles of Amendment to be executed
in its name and on its behalf by its Chief Financial Officer and attested to by
its Assistant Secretary on this </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">20th</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> day of April, 2021.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;text-indent:-3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ATTEST:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ALLIANCEBERNSTEIN
NATIONAL MUNICIPAL INCOME FUND, INC.</font></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/Stephen J. Laffey</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/Joseph
J. Mantineo</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (SEAL)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:&#160; Stephen J. Laffey&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:
Joseph J. Mantineo</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title: Assistant Secretary&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:
Treasurer and Chief Financial Officer</font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Schedule
I</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Charter of the Corporation is amended as set forth herein in connection
with the 2021 Special Terms Period, which shall commence on the Terms Period
Commencement Date and end on the Terms Period Termination Date (subject to
early redemption of the 2018 VMTP Shares (as defined below) in accordance with
the terms of the Articles (as defined below)) and such period to be referred to
herein as the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2021 Special Terms Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,&#8221; the terms of which are
contained in and established by the Notice for the 2018 Variable Rate MuniFund
Term Preferred Shares (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2018</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VMTP Shares</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) issued by
AllianceBernstein National Municipal Income Fund, Inc. (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fund</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) for
the 2021 Special Terms Period, all in accordance with the Articles
Supplementary containing the terms of the 2018 VMTP Shares, effective December
19, 2018 (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Base</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), as amended by these Articles of
Amendment, containing the terms set forth in Article 1 and Article 2 hereof
(the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; and, together with the Base Articles, the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).&#160;
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc462185880"></a><a name="_Toc453779180"></a><a name="_Toc373157227"></a><a name="_Toc371123296"></a><a name="_Toc371123269"></a><a name="_Toc370899168"></a><a name="_Toc370576004"></a><b><font color=black face="times new roman bold" style="font-size:10.0pt;">ARTICLE 1</font></b><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"><br>
<br>
<a name="_Toc41471372"></a>DEFINITIONS</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576005"></a><a name="_Toc41471373"></a><a name="_Toc462185881"></a><a name="_Toc453779181"></a><a name="_Toc373157228"></a><a name="_Toc371123297"></a><a name="_Toc371123270"></a><a name="_Toc370899169"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1.1</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Definitions</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; During the 2021 Special
Terms Period, unless the context or use indicates another or different meaning
or intent, each of the following terms when used herein shall have the meaning
ascribed to it below, whether such term is used in the singular or plural and
regardless of tense; capitalized terms used herein but not defined herein have
the respective meanings therefor set forth in the Base Articles:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2021 Special
Terms Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means the Special Terms Period commencing on and including
the Terms Period Commencement Date and ending on and including the Terms Period
Termination Date (subject to early redemption of the 2018 VMTP Shares in
accordance with the terms of the Articles).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Applicable Spread</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
means, with respect to any Rate Period for the 2018 VMTP Shares, the percentage
per annum set forth opposite the highest applicable credit rating most recently
assigned to the 2018 VMTP Shares by any Rating Agency in the table set forth
directly below on the Rate Determination Date for such Rate Period:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:36.5pt;width:402.500000pt;">
 <tr style="height:25.8pt;">
  <td width=50% style="border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:25.8pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">Long-Term Ratings*</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:25.8pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font><b><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">Applicable Percentage**</font></b></p>
  </td>
 </tr>
<tr style="height:12.95pt;">
  <td width=50% style="border:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.45pt;vertical-align:baseline;">S&amp;P </font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.7pt;vertical-align:baseline;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.45pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">AAA to AA-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">1.05%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">A+ to A-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">2.05%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BBB+ to BBB-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">3.05%</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BB+ or lower***</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">4.05%</font></p>
  </td>
 </tr>
<tr style="height:167.1pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:167.1pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.6pt;vertical-align:baseline;">*And/or the equivalent ratings of an Other Rating Agency
  then rating the 2018 VMTP Shares utilizing the highest of the ratings of the
  Rating Agencies then rating the 2018 VMTP Shares.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:12.2pt;text-align:justify;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.6pt;vertical-align:baseline;">**Unless an
  Increased Rate Period is in effect and is continuing, in which case the
  Applicable Spread shall be 6.05% for such period.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:0in;margin-top:13.0pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.0pt;vertical-align:baseline;">*** Includes unrated.</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:167.1pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
</table></div>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Articles</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
has the meaning set forth in the preamble above.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Early Term
Redemption Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means April 24, 2024.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Increased Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
means, with respect to any Increased Rate Period for the 2018 VMTP Shares, the
Index Rate for such Rate Period (or portion thereof) plus an Applicable Spread
of 6.05%.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Optional Redemption Premium</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means, with respect
to each 2018 VMTP Share to be redeemed at the option of the Fund, as set forth
in Section 2.6(c)(i) of the Base Articles, on any Optional Redemption Date for
a period of three years from the Terms Period Commencement Date, an amount
equal to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(A)&#160; if such Optional Redemption Date is less than one
year following the Terms Period Commencement Date, 1.0% of the Liquidation
Preference of the 2018 VMTP Shares subject to redemption or</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(B)&#160; if the
Optional Redemption Date for such 2018 VMTP Shares occurs on the date that is
one year or more from the Terms Period Commencement Date, zero.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Terms Period
Commencement Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means April 22, 2021.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Terms Period
Termination Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means the earliest of (i) any Redemption Date with
respect to any 2018 VMTP Shares to be redeemed on such date, (ii) the date on
which a succeeding Special Terms Period is declared and effective with respect
to the 2018 VMTP Shares, and (iii) provided that all Holders of the 2018 VMTP
Shares have made an affirmative election to retain, the Mandatory Tender Date
associated with the Early Term Redemption Date.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576006"></a><a name="_Toc41471374"></a><a name="_Toc462185882"></a><a name="_Toc453779182"></a><a name="_Toc373157229"></a><a name="_Toc371123298"></a><a name="_Toc371123271"></a><a name="_Toc370899170"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1.2</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Interpretation</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (a) The headings
preceding the text of Sections included herein are for convenience only and
shall not be deemed part hereof or be given any effect in interpreting this document.&#160;
The use of the masculine, feminine or neuter gender or the singular or plural
form of words herein shall not limit any provision hereof.&#160; The use of the
terms &#8220;including&#8221; or &#8220;include&#8221; shall in all cases herein mean &#8220;including,
without limitation&#8221; or &#8220;include, without limitation,&#8221; respectively.&#160; Reference
to any Person includes such Person&#8217;s successors and assigns </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to
the extent such successors and assigns are permitted by the terms of any
applicable agreement, and reference to a Person in a particular capacity
excludes such Person in any other capacity or individually.&#160; Reference to any
agreement (including this document), document or instrument means such
agreement, document or instrument as amended or modified and in effect from
time to time in accordance with the terms thereof and, if applicable, the terms
hereof.&#160; Except as otherwise expressly set forth herein, reference to any law
means such law as amended, modified, codified, replaced or re-enacted, in whole
or in part, including rules, regulations, enforcement procedures and any interpretations
promulgated thereunder.&#160; References to Sections shall refer to those portions
hereof, unless otherwise provided.&#160; The use of the terms &#8220;hereunder,&#8221; &#8220;hereof,&#8221;
&#8220;hereto&#8221; and words of similar import shall refer to this document as a whole
and not to any particular Article, Section or clause hereof.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b) The
Special Terms Period provisions set forth herein shall, during the Special
Terms Period designated herein, supersede the terms of the Base Articles to the
extent inconsistent therewith. Upon the Terms Period Termination Date, the
Special Terms Period provisions set forth herein shall no longer apply and the
terms of the Base Articles shall be in effect.&#160; </font></h3>

<h1 align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc462185884"></a><a name="_Toc453779184"></a><a name="_Toc373157231"></a><a name="_Toc371123300"></a><a name="_Toc371123273"></a><a name="_Toc370899172"></a><a name="_Toc370576008"></a><b><font color=black face="times new roman bold" style="font-size:10.0pt;">ARTICLE 2</font></b><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"><br>
<br>
<a name="_Toc41471376"></a>TERMS APPLICABLE TO THE <br>
2018 VARIABLE RATE MUNIFUND TERM PREFERRED SHARES<br>
THE 2021 SPECIAL TERMS PERIOD</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The 2018 VMTP Shares shall have the following terms
for the 2021 Special Terms Period:</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576010"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2.1</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Applicable Spread, Increased Rate, and Optional Redemption
Premium</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">During the term of the 2021
Special Terms Period, the defined terms &#8220;Applicable Spread&#8221;, &#8220;Increased Rate&#8221;,
and &#8220;Optional Redemption Premium&#8221; shall have the meanings ascribed to such
terms herein and as defined, shall supersede the definitions provided for in
the Base Articles.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc370576011"></a><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2.2</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Early Term Redemption Date and Mandatory Tender Event.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Early Term Redemption Date as defined in the Base Articles
will not apply during the term of the 2021 Special Terms Period and the Early
Term Redemption Date will instead be set as April 24, 2024 as provided for in
Article 1 hereof.&#160; All terms in the Base Articles calculated in relation to the
Early Term Redemption Date will be calculated with respect to the Early Term
Redemption Date herein.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font color=black face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">During the term of the 2021 Special Terms Period, the language of
Section 2.5(a)(i)(A) of the Base Articles is removed and replaced by the
following: </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8220;any date that is 20 Business
Days prior the Early Term Redemption Date, or&#8221;.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&nbsp;</font></h3>




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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>4
<FILENAME>NCEN_811-10573_18692804_1021.htm
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Report of
Independent Registered Public Accounting Firm</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">To the Shareholders
and Board of Directors of AllianceBernstein National Municipal Income Fund, Inc.:</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">In planning and
performing our audit of the financial statements of AllianceBernstein National
Municipal Income Fund, Inc. (the &#8220;Fund&#8221;) as of and for the year ended October
31, 2021 in accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered the Fund&#8217;s internal control over
financial reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the effectiveness of
the Fund&#8217;s internal control over financial reporting. Accordingly, we express
no such opinion.&#160; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">The management of
the Fund is responsible for establishing and maintaining effective internal
control over financial reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. A fund&#8217;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. generally accepted accounting principles. A fund&#8217;s
internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the
assets of the fund; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with U.S. generally accepted accounting principles, and that
receipts and expenditures of the fund are being made only in accordance with
authorizations of management and directors of the fund; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a fund&#8217;s assets that could have a material
effect on the financial statements.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Because of its
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">A deficiency in
internal control over financial reporting exists when the design or operation of
a control does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the fund&#8217;s annual or
interim financial statements will not be prevented or detected on a timely
basis.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Our consideration
of the Fund&#8217;s internal control over financial reporting was for the limited
purpose described in the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material weaknesses under
standards established by the Public Company Accounting Oversight Board (United
States). However, we noted no deficiencies in the Fund&#8217;s internal control over
financial reporting and its operation, including controls over </font><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">safeguarding securities that we consider to be a material
weakness as defined above as of October 31, 2021.</font></p>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">This report is
intended solely for the information and use of management and the Board of
Directors of AllianceBernstein National Municipal Income Fund, Inc. and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
/s/ Ernst &amp; Young LLP</font></p>

<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">New
York, New York</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">December
29, 2021</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>




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<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>5
<FILENAME>NCEN_811-10573_22182078_1021.htm
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">Articles
Supplementary effective December 19, 2018</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">AllianceBernstein National Municipal Income
Fund, Inc.</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">Articles Supplementary</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">3,531 Shares</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">2018 Variable Rate MuniFund Term Preferred Shares</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">AllianceBernstein
National Municipal Income Fund, Inc., a Maryland corporation (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Fund&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">),
certifies that:</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">RECITALS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">FIRST: Under a power contained in Article FIFTH of the Fund&#8217;s Charter (the
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Charter&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">), the Board of Directors of the Fund, by duly adopted
resolutions, classified 3,531 shares of authorized but unissued shares of
common stock, par value $0.001 per share, of the Fund as a series of preferred
stock, par value $0.001 per share, designated as 2018 Variable Rate MuniFund
Term Preferred Shares, liquidation preference $25,000 per share, plus an amount
equal to accumulated but unpaid dividends thereon (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;2018 VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">),
with the following preferences, rights, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption, which, upon any restatement of the Charter, may
become part of Article FIFTH of the Charter, with any necessary or appropriate
renumbering or relettering of the sections or subsections hereof.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.4pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.45pt;vertical-align:baseline;">2018 VMTP SHARES</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.4pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.45pt;vertical-align:baseline;">DESIGNATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.4pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Preferred Shares:&#160; 3,531 shares of
authorized but unissued common stock, par value $0.001 per share, are classified
and designated as 2018 Variable
Rate MuniFund Term Preferred Shares, liquidation preference $25,000 per share,
plus an amount equal to accumulated but unpaid dividends thereon (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;2018 VMTP
Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">).&#160; The initial Dividend Period for the 2018 VMTP Shares shall be
the period from and including the Date of Original Issue thereof to and ending
on and including February 1, 2019.&#160; Each 2018 VMTP Share shall have a dividend
rate equal to the Dividend Rate.&#160; Each 2018 VMTP Share shall have such other
preferences, rights, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law or set forth in the Charter, as
set forth herein.&#160; The 2018 VMTP Shares shall constitute a separate series of
Preferred Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board
of Directors of the Fund may, in the future, authorize the issuance of
additional Preferred Shares with the same preferences, rights, voting powers,
restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption and other terms herein
described except to the extent such terms shall be altered in the Articles
Supplementary relating to such additional Preferred Shares.</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.1&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Definitions.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
Unless the context or use indicates another or different meaning or intent,
each of the following terms
shall have the meaning ascribed to it below, whether such term is used in the
singular or plural and regardless of tense:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;1940 Act&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the Investment Company Act of 1940,
as amended, or any successor statute.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;1940 Act Asset Coverage&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means &#8220;asset coverage,&#8221; as defined for
purposes of Section 18(h) of the 1940 Act, of at least 225% with respect to all
outstanding senior securities of the Fund which are shares of stock for
purposes of the 1940 Act, including all outstanding 2018 VMTP Shares (or such
other asset coverage as may in the future be specified in or under the 1940 Act
or by rule, regulation or order of United States Securities and Exchange
Commission as the minimum asset coverage for senior securities that are shares
of stock of a closed-end investment company).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:1.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;2018 VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> shall have the meaning as set forth in
the first paragraph under the caption &#8220;Designation&#8221; above.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:1.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:1.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Additional Amount Payment&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means a payment to a Holder of 2018 VMTP
Shares of an amount which, when combined with the amount of the portion of any
dividend to which a Taxable Allocation relates, and after imposition of U.S.
federal income tax, taking into account the assumptions in the immediately
following sentence, equals the after tax dollar amount of the dividend that
would have been received by such Holder if no Taxable Allocation had been made
with respect to such dividend.&#160; Such Additional Amount Payment shall be
calculated (i) without consideration being given to the time value of money;
(ii) assuming that no Holder is subject to the federal alternative minimum tax
with respect to dividends received from the Fund; and (iii) assuming that each
Taxable Allocation and each Additional Amount Payment (except to the extent
such Additional Amount Payment is reported as an exempt-interest dividend for
purposes of Section 852(b)(5) of the Code) would be taxable, (x) in the case of
either Purchaser (or (1) any entity taxed as a corporation that (i) joins in
filing a consolidated federal corporate income tax return with such Purchaser,
or (ii) is otherwise an affiliate of such Purchaser and is taxed as a
corporation (excluding any such entity that is taxed as a regulated investment
company under Subchapter M of the Code), or (2) any entity that is a direct or
indirect wholly-owned subsidiary of one or more of the entities described in
clause (1) (each of the entities described in clauses (1) or (2), a &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Corporate
Affiliate</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8221;)) at the maximum marginal regular federal corporate income tax
rate applicable to ordinary income or net capital gains, as applicable, in
effect at the time such Additional Amount Payment is paid, disregarding in each
case the effect of any state or local taxes, or (y) in the case of any other
Holder at the greater of (A) the rate expressed in clause (x), or (B) the
maximum marginal regular federal individual income tax rate applicable to
ordinary income or net capital gains, as applicable, in effect at the time such
Additional Amount Payment is paid, disregarding in each case the effect of any
state or local taxes, assuming that section 1411 of the Code is applicable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.3pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Adviser&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means AllianceBernstein L.P., a Delaware
limited partnership, or such other entity as shall be then serving as the
investment adviser of the Fund, and shall include, as appropriate, any
sub-adviser duly appointed by the Adviser.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Agent
Member&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means a Person
with an account at the Securities Depository that holds one or more 2018 VMTP
Shares through the Securities Depository, directly or indirectly, for a
Designated Owner and that will be authorized and instructed, directly or
indirectly, by a Designated Owner to disclose information to the Redemption and
Paying Agent with respect to such Designated Owner.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;AllianceBernstein Person&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means the Adviser or any affiliated
person of the Adviser (as defined in Section 2(a)(3) of the 1940 Act) (other
than the Fund, in the case of a redemption or purchase of the 2018 VMTP Shares,
which shares shall automatically return to the status of authorized but
unissued Common Shares).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Applicable Spread&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means, with respect to any Rate Period for the 2018 VMTP Shares,
the percentage per annum set forth opposite the highest applicable credit rating
most recently assigned to the 2018 VMTP Shares by any Rating Agency in the
table set forth directly below on the Rate Determination Date for such Rate
Period:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:36.5pt;width:402.500000pt;">
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  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">Long-Term Ratings*</font></b></p>
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 <td rowspan=2 valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
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<tr style="height:12.95pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.95pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.45pt;vertical-align:baseline;">S &amp;P</font><font color=black face="Times New Roman" style="font-size:8.5pt;line-height:12.45pt;vertical-align:baseline;"> </font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.7pt;vertical-align:baseline;">Applicable
  Percentage**</font></p>
  </td>
 </tr>
<tr style="height:13.45pt;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
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 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&nbsp;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">AAA to AA-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">0.90%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">A+ to A-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">1.90%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BBB+ to BBB-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">2.90%</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BB+ or lower***</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">3.90%</font></p>
  </td>
 </tr>
<tr style="height:151.95pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:151.95pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;line-height:12.6pt;vertical-align:baseline;">*And/or the equivalent ratings of an Other Rating Agency
  then rating the 2018 VMTP Shares utilizing the highest of the ratings of the
  Rating Agencies then rating the 2018 VMTP Shares.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:12.2pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;line-height:12.6pt;vertical-align:baseline;">**Unless an Increased Rate Period is in effect and is
  continuing, in which case the Applicable Spread shall be 5.90% for such
  period.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:0in;margin-top:13.0pt;"><font color=black face="Times New Roman" style="font-size:11.0pt;line-height:12.0pt;vertical-align:baseline;">*** Includes unrated.</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:151.95pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;APS&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> shall mean the Fund&#8217;s outstanding Auction Preferred
Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Asset Coverage&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means &#8220;asset coverage&#8221; of a class of
senior security that is a stock, as defined for purposes of Section 18(h) of
the 1940 Act as in effect on the date hereof, determined on the basis of values
calculated as of a time within 48 hours (only including Business Days) next
preceding the time of such determination.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#8220;Asset Coverage Cure Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to the failure by the
Fund to maintain Asset Coverage of at least 225% as of the close of business on
a Business Day (as required by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof), the date that is ten
(10) business days following such Business Day.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Asset Coverage Mandatory Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> shall have the
meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i)(A).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.05pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Banks&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">Section
2.17(a).</font></u></p>

<p style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">&#160;&#8220;Board of Directors&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;"> means the Board of Directors of the Fund
or any duly authorized committee thereof as permitted by applicable law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Business Day&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means any day (a) other than a day on
which commercial banks in The City of New York, New York are required or
authorized by law or executive order to close and (b) on which the New York
Stock Exchange is not closed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Bylaws&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> mean the Bylaws of the Fund, as amended from time to time.
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Charter&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means the charter of the Fund as defined
under the MCGL, and as amended and supplemented from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:1.0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;">&#160;&#8220;Code&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;"> means the Internal Revenue Code of 1986, as amended.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Common Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means shares of common stock, par value
$0.001 per share, of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.65pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Custodian&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means a bank, as defined in Section
2(a)(5) of the 1940 Act, that complies with the Ratings Agency Guidelines and that
has the qualifications prescribed in paragraph 1 of Section 26(a) of the 1940
Act, or such other entity as shall be providing custodian services to the Fund
as permitted by the 1940 Act or any rule, regulation, or order thereunder, and
shall include, as appropriate, any similarly qualified sub-custodian duly
appointed by the Custodian.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#160;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Date of Original Issue&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means December
19, 2018.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.55in;margin-top:.2pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;">&#8220;Default&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;"> shall mean a Dividend Default or a
Redemption Default.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.6pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Deposit Securities&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means, as of any date, any United States
dollar-denominated security or other investment of a type described below that
either (i) is a demand obligation payable to the holder thereof on any Business
Day or (ii) has a maturity date, mandatory redemption date or mandatory payment
date, on its face or at the option of the holder, preceding the relevant
Redemption Date, Dividend Payment Date or other payment date in respect of
which such security or other investment has been deposited or set aside as a
Deposit Security:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.8pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">(1)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">cash or any cash
equivalent;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.1pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">(2)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">any U.S. Government
Obligation;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(3)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">any Municipal Security
that has a credit rating from at least one NRSRO that is the highest applicable
rating generally ascribed by such NRSRO to Municipal Securities with
substantially similar terms as of the date of the Articles Supplementary
containing the terms of the 2018 VMTP Shares were accepted for record by the SDAT
(or such rating's future equivalent), including (A) any such Municipal Security
that has been pre-refunded by the issuer thereof with the proceeds of such
refunding having been irrevocably deposited in trust or escrow for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">repayment thereof and (B) any such fixed or variable rate
Municipal Security that qualifies as an eligible security under Rule 2a-7 under
the 1940 Act;</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(4)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any investment in any
money market fund that is registered under the 1940 Act and qualifies under
Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule
12d1-1(b)(2) under the 1940 Act, and that invests principally in Municipal
Securities or U.S. Government Obligations or any combination thereof; or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(5)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any letter of credit
from a bank or other financial institution that has a credit rating from at
least one NRSRO that is the highest applicable rating generally ascribed by
such NRSRO to bank deposits or short-term debt of similar banks or other financial
institutions as of the date of the Articles Supplementary containing the terms
of the 2018 VMTP Shares were accepted for record by the SDAT (or such rating's
future equivalent).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Designated Owner&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means a Person in whose name the 2018 VMTP
Shares are recorded as beneficial owner of such 2018 VMTP Shares by the
Securities Depository, an Agent Member or other securities intermediary on the
records of such Securities Depository, Agent Member or securities intermediary,
as the case may be.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.2pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Default&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(g)(i).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Payment
Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
means the first Business Day of each calendar month following each Dividend
Period that any 2018 VMTP Shares are outstanding; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
that the first Dividend Payment Date for the 2018 VMTP Shares shall be the
first Business Day of the calendar month immediately following Date of Original
Issue.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> means, in the case
of the first Dividend Period, the period beginning on the Date of Original
Issue and ending on and including February 1, 2019 and for each subsequent
Dividend Period, the period beginning on and including the first calendar day
of the month following the month in which the previous Dividend Period ended
and ending on and including the last calendar day of such month.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to any Rate Period
and subject to the adjustment described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the
Index Rate for such Rate Period </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> the Applicable Spread for such Rate
Period</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> the Failed Remarketing Spread; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
that with respect to any Increased Rate Period, the Dividend Rate shall mean
the Increased Rate for such Increased Rate Period; and </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided further</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
that the Dividend Rate for any Rate Period shall in no event exceed the Maximum
Rate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Early Term Redemption Date</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8221; means every
3rd anniversary of the Date of Original Issue (for the avoidance of doubt, such
date to occur once every 3 years), provided that, an Early Term Redemption Date
shall be deemed not to have occurred with respect to any 2018 VMTP Shares for
which an election to retain is made pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.5(a)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> relating
to the Mandatory Tender Event occurring 15 Business Days prior to such Early
Term Redemption Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Early Term Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8221; means
the price per share equal to the Liquidation Preference per share plus an
amount equal to all unpaid dividends and other distributions on the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">2018 VMTP Shares accumulated from and including the Date
of Original Issue to (but excluding) the Early Term Redemption Date (whether or
not earned or declared by the Fund, but excluding interest thereon).</font></p>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.9pt;text-align:center;text-indent:27.0pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.4(d).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio Cure Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)(A).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Electronic Means&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means email transmission, facsimile
transmission or other similar electronic means of communication providing
evidence of transmission (but excluding online communications systems covered
by a separate agreement) acceptable to the sending party and the receiving
party, in any case if operative as between any two parties, or, if not
operative, by telephone (promptly confirmed by any other method set forth in
this definition), which, in the case of notices to the Redemption and Paying
Agent and the Custodian, shall be sent by such means to each of its
representatives set forth in the Redemption and Paying Agent Agreement and the
Custodian Agreement, respectively.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">&#8220;ELR Mandatory
Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section
2.6(b)(ii)(A).</font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Exchange Act&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means the U.S. Securities Exchange Act of
1934, as amended.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Extraordinary Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Extraordinary Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Failed Remarketing&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means shall have the meaning set forth in
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Failed Remarketing Spread&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means (i) initially and after the first
occurrence of a Failed Remarketing, 0% and (ii) following the second occurrence
of a Failed Remarketing, 0.15% multiplied by the number of Failed Remarketings
that have occurred after the first Failed Remarketing.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#8220;Fitch&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means Fitch Ratings, a part of the Fitch Group, which is
jointly owned by Fimalac, S.A. and Hearst Corporation, and any successor or
successors thereto.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#8220;Fund&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means AllianceBernstein National
Municipal Income Fund, Inc., a Maryland corporation, which is the issuer of the
2018 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Holder&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to the 2018 VMTP Shares, a Person in
whose name such security is registered in the registration books of the Fund
maintained by the Redemption and Paying Agent or otherwise.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Increased Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to any Increased Rate
Period for the 2018 VMTP Shares, the Index Rate for such Rate Period (or
portion thereof) </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> an Applicable Spread of 5.90%.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Increased
Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have
the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(g)(i).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Index Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to any Rate Period
for the 2018 VMTP Shares, the SIFMA Municipal Swap Index made available by 3:00
p.m., New York City time, on the Rate Determination Date for such Rate Period.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Initial Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with
respect to the 2018 VMTP Shares, the period commencing on and including the
Date of Original Issue thereof and ending on, and including, the next
succeeding calendar day that is a Wednesday (or if such Wednesday is not a
Business Day, the next succeeding Business Day).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidation Preference&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means $25,000 per share.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity Account Initial Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means with respect to the Term Redemption
Date the date that is six months prior to the Term Redemption Date and with
respect to the Early Term Redemption Date, the date that is six months prior to
the Early Term Redemption Date. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity Account Investment&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, as of any date, any United States
dollar-denominated security or other investment of a type described below that
either (i) is a demand obligation payable to the holder thereof on any Business
Day prior to either the Term Redemption Date or Early Term Redemption Date (as
the case may be) or (ii) has a maturity date, mandatory redemption date or
mandatory payment date, on its face or at the option of the holder, preceding
the Term Redemption Date or Early Term Redemption Date (as the case may be):</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(1)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any U.S. Treasury obligations
(all direct or fully guaranteed obligations); </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(2)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any Municipal Security
that has a credit rating from S&amp;P that is the highest applicable rating
generally ascribed by S&amp;P to Municipal Securities with substantially
similar terms as of the date of the Articles Supplementary containing the terms
of the 2018 VMTP Shares were accepted for record by the SDAT (or such rating's
future equivalent), including (A) any such Municipal Security that has been
pre-refunded by the issuer thereof with the proceeds of such refunding having
been irrevocably deposited in trust or escrow for the repayment thereof and (B)
any such fixed or variable rate Municipal Security that qualifies as an eligible
security under Rule 2a-7 under the 1940 Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity
Requirement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have
the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.12(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Mandatory Tender Event&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.5(a)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Mandatory Tender Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.5(a)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#160;&#8220;Mandatory Tender Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Mandatory Tender Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Market Value&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> of any asset of the Fund means, for
securities for which market quotations are readily available, the market value
thereof determined by an independent third-party pricing service designated
from time to time by the Board of Directors, which pricing service shall be
Standard &amp; Poor's Securities Evaluations, Inc./J. J. Kenny Co., Inc. (or
any successor thereto), Interactive Data Corporation (or any successor thereto)
or such other independent third-party pricing service broadly recognized in the
tax-exempt fund market. Market Value of any asset shall include any interest
accrued thereon. The pricing service values</font></p>








<p style="margin:0in;margin-bottom:.0001pt;margin-top:.35pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">portfolio securities at the mean between
the quoted bid and asked price or the yield equivalent when quotations are
readily available. Securities for which quotations are not readily available
are valued at fair value as determined by the pricing service using methods
that include consideration of: yields or prices of Municipal Securities of
comparable quality, type of issue, coupon, maturity and rating; state of
issuance; indications as to value from dealers; and general market conditions.
The pricing service may employ electronic data processing techniques or a
matrix system, or both, to determine recommended valuations.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Maximum Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> means 15% per annum.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;">&#8220;MGCL&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;"> means the Maryland
General Corporation Law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Moody&#8217;s&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;"> means Moody&#8217;s
Investors Service, Inc. and any successor or successors thereto.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Municipal Securities&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means municipal securities as described
under the heading &#8220;The Fund&#8217;s Investments&#8221; in the Information Statement for 2018
VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Notice of Redemption&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(e)(i).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Notice of Special Terms Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(h)(iii).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.1pt;text-align:justify;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Notice of Taxable Allocation&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Section
2.11(a).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;NRSRO&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means (i) each of Fitch, Moody's and S&amp;P so long as
such Person is a nationally recognized statistical rating organization within
the meaning of Section 3(a)(62) of the Exchange Act and (ii) any other
nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) of the Exchange Act that is not an &#8220;affiliated person&#8221; (as
defined in Section 2(a)(3) of the 1940 Act) of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(c)(i).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional Redemption Premium&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to each 2018 VMTP
Share to be redeemed at the option of the Fund as set forth in Section 2.6(c)(i)
on any Optional Redemption Date for a period of three years from the Date of
Original Issue, an amount equal to: if such Optional Redemption Date is not
more than one year from the Date of Original Issue, 1% of the Liquidation
Preference of the 2018 VMTP Shares subject to redemption. </font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:12.3pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#160;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Optional Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> shall have the meaning as set
forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Section 2.6(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.65pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;Original
VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> shall mean
the Variable Rate MuniFund Term Preferred Shares, $0.001 par value per share,
classified and designated pursuant to Articles Supplementary accepted for
record on August 31, 2015.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.65pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;Other Rating Agency&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means each Rating Agency, if any, other
than S&amp;P then providing a rating for the 2018 VMTP Shares pursuant to the
request of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Outstanding&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, as of any date with respect to 2018
VMTP Shares, the number of 2018 VMTP Shares theretofore issued by the Fund
except (without duplication):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any 2018 VMTP Shares
theretofore cancelled or redeemed or delivered to the Redemption and Paying
Agent for cancellation or redemption in accordance with the terms hereof; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any 2018 VMTP Shares as to
which the Fund shall have given a Notice of Redemption and irrevocably
deposited with the Redemption and Paying Agent sufficient Deposit Securities to
redeem such 2018 VMTP Shares in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c) &#160;&#160;&#160;&#160;&#160;&#160; any 2018 VMTP Shares as to
which the Fund shall be the Holder or the Designated Owner; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any 2018 VMTP Shares
represented by any certificate in lieu of which any new certificate has been
executed and delivered by the Fund.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Person&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means and includes an individual, a partnership, a trust,
a corporation, a limited liability company, an unincorporated association, a
joint venture or other entity or a government or any agency or political
subdivision thereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Preferred Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8221; shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Section
2.7(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Preferred Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means any authorized preferred stock, par
value $0.001 per share, of the Fund, including the Original VMTP Shares, 2018 VMTP
Shares and the APS, shares of any other series of such Preferred Shares
hereafter issued by the Fund, and any other shares of stock hereafter
authorized and issued by the Fund of a class or series having priority over any
other class or series as to distribution of assets or payment of dividends.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Purchase Agreement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the VMTP Purchase Agreement dated
as of December 19, 2018 between the Fund and the Purchasers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Purchasers&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means Banc of America Preferred Funding
Corporation and Blue Ridge Investments, L.L.C.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rate Determination Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to the Initial Rate
Period for the 2018 VMTP Shares, December 12, 2018 and, with respect to any
Subsequent Rate Period for the 2018 VMTP Shares, the last day of the
immediately preceding Rate Period or, if such day is not a Business Day, the
next succeeding Business Day; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided, however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> that the next
succeeding Rate Determination Date will be determined without regard to any
prior extension of a Rate Determination Date to a Business Day.</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the Initial Rate Period and any
Subsequent Rate Period of the 2018 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rating Agencies&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, as of any date and in respect of the
2018 VMTP Shares, (i) S&amp;P and (ii) any other NRSRO designated as a Rating
Agency on such date in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, in each case
(i) or (ii) above, to the extent it maintains a rating on the 2018 VMTP Shares
on such date and the Board of Directors has not terminated its designation as a
Rating Agency in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof. &#160;&#160;S&amp;P has
initially been designated as the Rating Agency for purposes of the 2018 VMTP
Shares. In the event that at any time any Rating Agency (i) ceases to be a
Rating Agency for purposes of the 2018 VMTP Shares and such Rating Agency has
been replaced by an Other Rating Agency in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof,
any references to any credit rating of such replaced Rating Agency in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">the terms of the 2018 VMTP Shares</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be
deleted for purposes hereof as provided below and shall be deemed instead to be
references to the equivalent credit rating of the Other Rating Agency that has replaced
such Rating Agency as of the most recent date on which such replacement Other Rating
Agency published credit ratings for the 2018 VMTP Shares or (ii) designates a
new rating definition for any credit rating of such Rating Agency with a
corresponding replacement rating definition for such credit rating of such
Rating Agency, any references to such replaced rating definition of such Rating
Agency contained herein shall instead be deemed to be references to such
corresponding replacement rating definition. In the event that at any time the
designation of any Rating Agency as a Rating Agency for purposes of the 2018 VMTP
Shares is terminated in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, any rating
of such terminated Rating Agency, to the extent it would have been taken into
account in any of the provisions herein, shall be disregarded, and only the
ratings of the then-designated Rating Agencies shall be taken into account.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rating Agency Guidelines&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the guidelines of any Rating
Agency, as they may be amended or modified from time to time, compliance with
which is required to cause such Rating Agency to continue to issue a rating
with respect to the 2018 VMTP Shares for so long as any 2018 VMTP Shares are
Outstanding. The Rating Agency Guidelines of S&amp;P include the criteria
described in Methodology And Assumptions for Market Value Securities published
by S&amp;P September 17, 2013, as may be amended at S&amp;P&#8217;s sole discretion,
and any other guidelines deemed relevant by S&amp;P.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Redemption
and Paying Agent&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> means Computershare Inc. and its successors or any
other redemption and paying agent appointed by the Fund with respect to the
2018 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Redemption and Paying Agent Agreement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means the Transfer Agency and Service
Agreement dated November 1, 2015, as amended December 19, 2018, by and among
the Redemption and Paying Agent, the Fund and certain other Persons, and as the
same may be amended, restated or modified from time to time, or any similar
agreement between the Fund and any other redemption and paying agent appointed
by the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;"> shall have the
meaning as set </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">forth</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;"> in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">Section 2.6(e)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#8220;Redemption Default&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;"> shall have the
meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">Section 2.2(g)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Redemption
Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;"> shall mean the
Term Redemption Price, the Asset Coverage Mandatory Redemption Price, the ELR
Mandatory Redemption Price, the Optional Redemption Price, the Extraordinary
Redemption Price or the Mandatory Tender Redemption Price, as applicable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Registered Investment Company&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">Section
2.17(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.3pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Registration
Rights Agreement&#8221; </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">means
the registration rights agreement entered into between the Fund and the
Purchasers dated as of December 19, 2018, as amended from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.3pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;SDAT&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> means the State Department of Assessments
and Taxation of Maryland.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.3pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Securities Act&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> means the U.S. Securities Act of 1933, as
amended.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.75pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Securities Depository&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> shall mean The Depository Trust Company
and its successors and assigns or any other securities depository selected by
the Fund that agrees to follow the procedures required to be followed by such
securities depository as set forth herein with respect to the 2018 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;SIFMA Municipal Swap Index&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means the Securities Industry and
Financial Markets Association Municipal Swap Index, or such other weekly,
high-grade index comprised of seven-day, tax-exempt variable rate demand notes
produced by Municipal Market Data, Inc. or its successor, or as otherwise
designated by the Securities Industry and Financial Markets Association; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> that if such index is no longer produced by Municipal Market
Data, Inc. or its successor, then SIFMA Municipal Swap Index shall mean (i) the
S&amp;P Weekly High Grade Municipal Index produced by Standard &amp; Poor's
Financial Services LLC or its successors or (ii) if the S&amp;P Weekly High
Grade Municipal Index is no longer produced, such other reasonably comparable
index selected in good faith by the Board of Directors of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;S&amp;P&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means S&amp;P Global Ratings, a Standard
&amp; Poor's Financial Services LLC business, and any successor or successors
thereto.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Subsequent Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means, with respect the 2018 VMTP Shares,
the period consisting of seven days, but adjusted in each case to reflect any
changes when the regular day that is a Rate Determination Date is not a
Business Day, from, and including, the first day following the Initial Rate
Period to, and including, the next Rate Determination Date and any period
thereafter from, and including, the first day following a Rate Determination
Date to, and including, the next succeeding Rate Determination Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">&#8220;Tax Event&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Section
2.2(g)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Taxable Allocation&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the allocation of any net capital
gain or other income taxable for regular federal individual income tax purposes
to a dividend paid in respect of the 2018 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Term Redemption Amount&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.12(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Term Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means December 31, 2048.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;Term Redemption Liquidity Account&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">Section
2.12(a).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">&#8220;Term Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Section
2.6(a)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;U.S. Government Obligations&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means direct obligations of the United
States or of its agencies or instrumentalities that are entitled to the full
faith and credit of the United States and that, other than United States
Treasury Bills, provide for the periodic payment of interest and the full
payment of principal at maturity or call for redemption.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Voting Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">1.2&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Interpretation.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> The headings
preceding the text of Sections included herein are for convenience only and
shall not be deemed part of the terms of the 2018 VMTP Shares or be given any
effect in interpreting the terms of the 2018 VMTP Shares. The use of the
masculine, feminine or neuter gender or the singular or plural form of words
herein shall not limit any provision of the terms of the 2018 VMTP Shares. The
use of the terms &#8220;including&#8221; or &#8220;include&#8221; shall in all cases herein mean &#8220;including,
without limitation&#8221; or &#8220;include, without limitation,&#8221; respectively. Reference
to any Person includes such Person's successors and assigns to the extent such
successors and assigns are permitted by the terms of any applicable agreement,
and reference to a Person in a particular capacity excludes such Person in any
other capacity or individually. Reference to any agreement, document or
instrument means such agreement, document or instrument as amended or modified
and in effect from time to time in accordance with the terms thereof and, if
applicable, the terms hereof. Except as otherwise expressly set forth herein,
reference to any law means such law as amended, modified, codified, replaced or
re-enacted, in whole or in part, including rules, regulations, enforcement
procedures and any interpretations promulgated thereunder. Underscored
references to Sections shall refer to those portions of the terms of the 2018
VMTP Shares. The use of the terms &#8220;hereunder,&#8221; &#8220;hereof,&#8221; &#8220;hereto&#8221; and words of
similar import shall refer to the terms of the 2018 VMTP Shares as a whole and
not to any particular Article, Section or clause of the terms of the 2018 VMTP
Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.1&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Number of
Shares; Ranking.</font></u></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">The initial number of
authorized 2018 VMTP Shares is 3,531.&#160; No fractional 2018 VMTP Shares shall be issued.
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">The 2018 VMTP Shares
shall rank on a parity with the Original VMTP Shares, the APS or shares of any
other class or series of Preferred Shares as to the payment of dividends and
the distribution of assets upon dissolution, liquidation or winding up of the
affairs of the Fund. The 2018 VMTP Shares shall have preference with respect to
the payment of dividends and as to distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Fund over the Common Shares as
set forth herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">No Holder of 2018 VMTP
Shares shall have, solely by reason of being such a Holder, any preemptive or
other right to acquire, purchase or subscribe for any 2018 VMTP Shares or
Common Shares or other securities of the Fund which it may hereafter issue or
sell.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">No Holder of 2018 VMTP
Shares shall be entitled to exercise the rights of an objecting stockholder
under Title 3, Subtitle 2 of the MGCL or any successor provision.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">2.2&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">Dividends and
Distributions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.8pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">The Holders of 2018 VMTP
Shares shall be entitled to receive, when, as and if authorized by, or under
authority granted by, the Board of Directors, and declared by the Fund out of
funds legally available therefor and in preference to dividends and other
distributions on Common Shares, cumulative cash dividends and other
distributions on each share of 2018 VMTP Shares at the Dividend Rate,
calculated as set forth herein, and no more. Dividends and other distributions
on the 2018 VMTP Shares shall accumulate from the Date of Original Issue. The
amount of dividends per share payable on 2018 VMTP Shares on any Dividend
Payment Date shall equal the sum of the dividends accumulated but not yet paid
for each Rate Period (or part thereof) in the related Dividend Period. &#160;The
amount of dividends per share accumulated for each such Rate Period (or part
thereof) shall be computed by (i) multiplying the Dividend Rate in effect for the
2018 VMTP Shares for such Rate Period (or part thereof) by a fraction, the
numerator of which shall be the actual number of days in such Rate Period (or
part thereof) and the denominator of which shall be the actual number of days
in the year in which such Rate Period (or such part thereof) occurs (365 or
366) and (ii) multiplying the product determined pursuant to clause (i) by the
Liquidation Preference.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Dividends on 2018 VMTP
Shares with respect to any Dividend Period shall be declared daily to the
Holders of such shares as their names shall appear on the registration books of
the Fund at the close of business on each day in such Dividend Period and shall
be paid as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(f)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(i)
No full dividends and other distributions shall be declared or paid on 2018 VMTP
Shares for any Dividend Period or part thereof unless full cumulative dividends
and other distributions due through the most recent dividend payment dates
therefor for all outstanding Preferred Shares ranking on a parity with the 2018
VMTP Shares, including the Original VMTP Shares, have been or contemporaneously
are declared and paid through the most recent dividend payment dates therefor.
If full cumulative dividends and other distributions due have not been declared
and paid on all such outstanding Preferred Shares of any series, any dividends
and other distributions being declared and paid on the 2018 VMTP Shares will be
declared and paid as nearly pro rata as possible in proportion to the
respective amounts of dividends and other distributions accumulated but unpaid
on each such series of Preferred Shares on the relevant dividend payment date
for such series. Subject to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof, and </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">
of the Purchase Agreement, no Holders of 2018 VMTP Shares shall be entitled to
any dividends and other distributions, whether payable in cash, property or
shares, in excess of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">full
cumulative dividends and other distributions as provided in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> on the 2018 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.05pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">For
so long as any 2018 VMTP Shares are Outstanding, the Fund shall not: (x)
declare any dividend or other distribution (other than a dividend or
distribution paid in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Common Shares) in respect of the
Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire
for consideration any Common Shares, or (z) pay any proceeds of the liquidation
of the Fund in respect of the Common Shares, unless, in each case, (A)
immediately thereafter, the Fund shall have 1940 Act Asset Coverage after
deducting the amount of such dividend or distribution or redemption or purchase
price or liquidation proceeds, (B) all cumulative dividends and other
distributions on all 2018 VMTP Shares and all other series of Preferred Shares
ranking on a parity with the 2018 VMTP Shares due on or prior to the date of
the applicable dividend, distribution, redemption, purchase or acquisition
shall have been declared and paid (or shall have been declared and Deposit
Securities or sufficient funds (in accordance with the terms of such Preferred
Shares) for the payment thereof shall have been deposited irrevocably with the
paying agent for such Preferred Shares) and (C) the Fund shall have deposited
Deposit Securities pursuant to and in accordance with the requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section
2.6(e)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> hereof with respect to Outstanding 2018 VMTP Shares to be
redeemed pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> hereof for
which a Notice of Redemption shall have been given or shall have been required
to be given in accordance with the terms hereof on or prior to the date of the
applicable dividend, distribution, redemption, purchase or acquisition.</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">13</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Any dividend payment made on 2018 VMTP
Shares shall first be credited against the dividends and other distributions
accumulated with respect to the earliest Dividend Period for the 2018 VMTP
Shares for which dividends and other distributions have not been paid.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Not later than 12:00
noon, New York City time, on the Dividend Payment Date for the 2018 VMTP
Shares, the Fund shall deposit with the Redemption and Paying Agent Deposit
Securities having an aggregate Market Value on such date sufficient to pay the
dividends and other distributions that are payable on such Dividend Payment
Date in respect to the 2018 VMTP Shares. The Fund may direct the Redemption and
Paying Agent with respect to the investment or reinvestment of any such Deposit
Securities so deposited prior to the Dividend Payment Date, provided that such
investment consists exclusively of Deposit Securities and provided further that
the proceeds of any such investment will be available as same day funds at the
opening of business on such Dividend Payment Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">All Deposit Securities
paid to the Redemption and Paying Agent for the payment of dividends payable on
the 2018 VMTP Shares shall be held in trust for the payment of such dividends
by the Redemption and Paying Agent for the benefit of the Holders of the 2018 VMTP
Shares entitled to the payment of such dividends pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(f)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof. Any moneys paid to the Redemption and Paying Agent in accordance with
the foregoing but not applied by the Redemption and Paying Agent to the payment
of dividends, including interest earned on such moneys while so held, will, to
the extent permitted by law, be repaid to the Fund as soon as possible after
the date on which such moneys were to have been so applied, upon request of the
Fund.&#160; </font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(f)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Dividends
on 2018 VMTP Shares as declared daily to the Holders thereof on such date as
provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> shall be paid on each Dividend Payment Date
to such Holders.&#160; Dividends in arrears on 2018 VMTP Shares for any past
Dividend Period may be declared and paid at any time, without reference to any
regular Dividend Payment Date, to the Holders of 2018 VMTP Shares as their
names appear on the registration books of the Fund on such date, not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">exceeding fifteen (15) calendar days preceding the
payment date thereof, as may be fixed by the Board of Directors. No interest or
sum of money in lieu of interest will be payable in respect of any dividend
payment or payments on 2018 VMTP Shares which may be in arrears.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(g)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">(i)
The Dividend Rate on 2018 VMTP Shares shall be adjusted to the Increased Rate
for each Increased Rate Period (as hereinafter defined). Subject to the cure
provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(g)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof, a Rate Period with respect to the
2018 VMTP Shares shall be deemed to be an </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Increased Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> if on
the first day of such Rate Period, (A) the Fund has failed to deposit with the
Redemption and Paying Agent by 12:00 noon, New York City time, on a Dividend
Payment Date, Deposit Securities (as a result of complying with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof or otherwise) that will provide funds available to the
Redemption and Paying Agent on such Dividend Payment Date sufficient to pay the
full amount of any dividend payable on such Dividend Payment Date (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend
Default&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> and such Dividend Default has not ended as contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(g)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof on or prior to such first day; (B) the Fund has failed to
deposit with the Redemption and Paying Agent by 12:00 noon, New York City time,
on an applicable Redemption Date, Deposit Securities that will provide funds
available to the Redemption and Paying Agent on such Redemption Date sufficient
to pay the full amount of the Redemption Price payable in respect of such
Redemption Date (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Redemption Default&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> and such Redemption Default has
not ended as contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(g)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof on or prior to
such first day; (C) any Rating Agency has withdrawn the credit rating required
to be maintained pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof other than due to the
Rating Agency ceasing to rate tax-exempt closed-end management investment
companies generally and such withdrawal is continuing; (D) a down grade of the 2018
VMTP Shares below BBB by S&amp;P (or the equivalent in the case of any Other
Rating Agency) has occurred and is continuing with respect to the 2018 VMTP
Shares; or (E) (i) a court or other applicable governmental authority has made
a final determination that for federal tax purposes the 2018 VMTP Shares do not
qualify as equity in the Fund and (ii) such determination results from an act
or failure to act on the part of the Fund (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Tax&#160; Event&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">. &#160;For the
avoidance of doubt, no determination by any court or other applicable
governmental authority that requires the Fund to make an Additional Amount
Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event
hereunder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the cure provisions
of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.2(g)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof, a Dividend Default or a Redemption
Default on the 2018 VMTP Shares shall end on the Business Day on which, by
12:00 noon, New York City time, an amount equal to all unpaid dividends on the 2018
VMTP Shares and any unpaid Redemption Price on the 2018 VMTP Shares shall have
been deposited irrevocably in trust in same-day funds with the Redemption and
Paying Agent.</font></p>









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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii)&#160;&#160;&#160;&#160;&#160;&#160; No
Increased Rate Period with respect to any Dividend Default or Redemption
Default shall be deemed to have commenced if the amount of any dividend or any
Redemption Price due (if such Default is not solely due to the willful failure
of the Fund) is deposited irrevocably in trust, in same-day funds, with the
Redemption and Paying Agent by 12:00 noon, New York City time, on a Business
Day that is not later than three (3) Business Days after the applicable
Dividend Payment Date or Redemption Date with respect to which such Default
occurred, together with an amount equal to the Increased Rate applied to the
amount and period of such non-payment, determined as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;"> hereof.</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(h)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Designation
of Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Right to Declare a Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">.&#160; The Fund, acting in its sole
and absolute discretion but otherwise subject to the terms of these Articles
Supplementary, may designate a &#8220;Special Terms Period&#8221; with respect to the VMTP,
during which period, such terms may differ from those provided in these
Articles Supplementary and may include, without limitation, changes to the Dividend
Rate, Dividend Payment Dates, redemption provisions (including, without
limitation, the Term Redemption Date or the Early Term Redemption Date),
required Effective Leverage Ratio, and Additional Amount Payment provisions;
provided that such special terms shall not affect the parity ranking of the
VMTP to any other series of preferred shares of the Fund then outstanding with respect
to dividends or distribution of assets upon dissolution, liquidation or winding
up of the affairs of the Fund. &#160;</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">The effectiveness of any change to the terms
of the 2018 VMTP Shares pursuant to the exercise by the Fund of its option to
designate a Special Terms Period shall be subject to the filing of an amendment
to these terms of the 2018 VMTP Shares, which such amendment has been declared
advisable by the Board and approved by the holders of 2018 VMTP Shares in the
manner set forth in Section 2.7(a) hereof.&#160; For the avoidance of doubt, the terms
of any such Special Terms Period that may be provided pursuant to the foregoing
sentence, shall amend and/or replace the applicable provisions of these
Articles that are in effect at the time such Special Terms Period is declared. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Length of and Preconditions for Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">.&#160; Any Special Terms
Period shall commence on a designated Thursday and end on the earlier of a
designated Wednesday or the applicable Redemption Date.&#160; A designation of a
Special Terms Period shall be effective only if (1) notice thereof shall have
been given in accordance with paragraph (iii) below and this Section 2.2(h), (2)
full cumulative dividends and any amounts due with respect to redemptions
payable on the 2018 VMTP Shares prior to such date have been paid in full, (3)
such designation of a Special Terms Period shall not become effective prior to
12 months subsequent to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Date
of Original Issue</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">, (4) 100% of the
Outstanding 2018 VMTP Shares shall be subject to such Special Terms Period, and
(5) 100% of the Outstanding 2018 VMTP Shares subject to remarketing in
connection with the redemption triggered by the declaration of the Special
Terms Period are successfully remarketed (except to the extent any applicable
Holders of 2018 VMTP Shares have affirmatively elected to retain their 2018 VMTP
Shares for the Special Terms Period).&#160; Any failure to satisfy the preconditions
to a Special Terms Period shall result in such Special Terms Period not
becoming effective.</font></p>


<a name="_bclFooter16"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii)</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;"> Notice of
Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">.&#160; If the Fund proposes to designate a Special Terms
Period, not less than 20 Business Days (or such lesser number of days as may be
agreed to from time to time by the Holders of the 2018 VMTP Shares and the Remarketing
Settlement Agent) nor more than 30 Business Days prior to the date the Fund
proposes to designate as the first day of such Special Terms Period, a notice
(a &#8220;Notice of Special Terms Period&#8221;) shall be sent by the Fund by Electronic
Means (or by first-class mail, postage prepaid, where the 2018 VMTP Shares are
in physical form outside the book-entry system of the Securities Depository) to
the Holders of 2018 VMTP Shares with copies provided to the Remarketing
Settlement Agent, the Redemption and Paying Agent and via email to the initial
Holder in accordance with the notice provisions in the Purchase Agreement.&#160;
Each such notice shall state (A) that the Fund has exercised its option to propose
a Special Terms Period,&#160; (B) the Rate Determination Date immediately prior to
the first day of such Special Terms Period, (C) that such Special Terms Period
shall not commence if the conditions precedent thereto in the Articles
Supplementary are not satisfied, (D) a description of the special terms to be
applicable to the 2018 VMTP Shares and (E) the date upon which the 2018 VMTP
Shares shall be subject to remarketing (except to the extent affirmatively
retained by any applicable Holder of 2018 VMTP Shares).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.3&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Liquidation
Rights.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.95pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">In the event of any
liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary
or involuntary, the Holders of 2018 VMTP Shares shall be entitled to receive
out of the assets of the Fund available for distribution to stockholders, after
satisfying claims of creditors but before any distribution or payment shall be
made in respect of the Common Shares, a liquidation distribution equal to the
Liquidation Preference, plus an amount equal to all unpaid dividends and other
distributions on such shares accumulated to (but excluding) the date fixed for
such distribution or payment on the 2018 VMTP Shares (whether or not earned or
declared by the Fund, but excluding interest thereon), and such Holders shall
be entitled to no further participation in any distribution or payment in
connection with any such liquidation, dissolution or winding up.&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">If,
upon any liquidation, dissolution or winding up of the affairs of the Fund,
whether voluntary or involuntary, the assets of the Fund available for
distribution among the Holders of all Outstanding 2018 VMTP Shares and any
other outstanding Preferred Shares ranking on a parity with the 2018 VMTP
Shares shall be insufficient to permit the payment in full to such Holders of
the Liquidation Preference of such 2018 VMTP Shares plus accumulated and unpaid
dividends and other distributions on such shares as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Section
2.3(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;"> above and the amounts due upon liquidation with respect to such
other Preferred Shares, then such available assets shall be distributed among
the Holders of such 2018 VMTP Shares and such other Preferred Shares ratably in
proportion to the respective preferential liquidation amounts to which they are
entitled. In connection with any liquidation, dissolution or winding up of the
affairs of the Fund, whether voluntary or involuntary, unless and until the
Liquidation Preference on each Outstanding 2018 VMTP Share plus accumulated and
unpaid dividends and other distributions on such shares as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Section
2.3(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;"> above have been paid in full to the Holders of the 2018 VMTP Shares,
no dividends, distributions or other payments will be made on, and no
redemption, purchase or other acquisition by the Fund will be made by the Fund
in respect of, the Common Shares.</font></p>


<a name="_bclFooter17"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">17</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_18"></a><a name="_bclPageBorder18"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Neither the sale of
all or substantially all of the property or business of the Fund, nor the
merger, consolidation, conversion or reorganization of the Fund into or with
any other business or statutory trust, corporation or other entity, nor the
merger, consolidation, conversion or reorganization of any other business or
statutory trust, corporation or other entity into or with the Fund shall be a
dissolution, liquidation or winding up, whether voluntary or involuntary, for
the purpose of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.3.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.4&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Coverage &amp; Leverage
Tests.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.1pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Asset Coverage
Requirement.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For so long
as any the 2018 VMTP Shares are Outstanding, the Fund shall have Asset Coverage
of at least 225% as of the close of business on each Business Day. If the Fund
shall fail to maintain such Asset Coverage as of any time as of which such
compliance is required to be determined as aforesaid, the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall be applicable, which provisions to the extent
complied with shall constitute the sole remedy for the Fund's failure to comply
with the provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.85pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Calculation of
Asset Coverage.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For
purposes of determining whether the requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof are satisfied, (i) no 2018 VMTP Shares or other Preferred Shares shall
be deemed to be Outstanding for purposes of any computation required by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof if, prior to or concurrently with such determination,
sufficient Deposit Securities or other sufficient funds (in accordance with the
terms of the 2018 VMTP Shares or other Preferred Shares, as applicable) to pay
the full redemption price for the 2018 VMTP Shares or other Preferred Shares
(or the portion thereof to be redeemed) shall have been deposited in trust with
the paying agent for the 2018 VMTP Shares or other Preferred Shares and the
requisite Notice of Redemption for 2018 VMTP Shares or other Preferred Shares
(or the portion thereof to be redeemed) shall have been given, and (ii) the
Deposit Securities or other sufficient funds that shall have been so deposited
with the applicable paying agent shall not be included as assets of the Fund
for purposes of such computation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Effective Leverage
Ratio Requirement.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For so
long as the 2018 VMTP Shares are Outstanding, unless the Fund receives the prior
written consent of the Holders of 2018 VMTP Shares, the Effective Leverage
Ratio shall not exceed 45% as of the close of business on any Business Day;
provided, however, in the event that the Fund's Effective Leverage Ratio
exceeds 45% on any Business Day, solely by reason of fluctuations in the market
value of the Fund's portfolio securities, the Effective Leverage Ratio shall
not exceed 46%.&#160; If the Effective Leverage Ratio shall exceed the applicable
percentage provided in the preceding sentence as of any time as of which such
compliance is required to be determined as aforesaid, the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall be applicable, which provisions to the extent
complied with shall constitute the sole remedy for the Fund's failure to comply
with the provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.8pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Calculation of
Effective Leverage Ratio.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
For purposes of determining whether the requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof are satisfied, the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio&#8221; </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">on any date shall
mean the quotient of:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The sum of (A) the aggregate
liquidation preference of the Fund's &#8220;senior securities&#8221; (as that term is
defined in the 1940 Act) that are stock for purposes of the 1940 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Act, excluding, without duplication, (1) any such senior
securities for which the Fund has issued a Notice of Redemption and either has
delivered Deposit Securities or sufficient funds (in accordance with the terms
of such senior securities) to the paying agent for such senior securities or
otherwise has adequate Deposit Securities or sufficient funds on hand for the
purpose of such redemption and (2) any such senior securities that are to be
redeemed with net proceeds from the sale of the 2018 VMTP Shares, for which the
Fund has delivered Deposit Securities or sufficient funds (in accordance with
the terms of such senior securities) to the paying agent for such senior
securities or otherwise has adequate Deposit Securities or sufficient funds on
hand for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">purpose of such
redemption; (B) the aggregate principal amount of the Fund's &#8220;senior securities
representing indebtedness&#8221; (as that term is defined in the 1940 Act); and (C)
the aggregate principal amount of floating rate securities not owned by the
Fund that correspond to the associated inverse floating rate securities owned
by the Fund; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">divided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> by</font></p>
<a name="_bclFooter18"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_19"></a><a name="_bclPageBorder19"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)
&#160;&#160;&#160;&#160;&#160; The sum of (A) the Market Value of the Fund&#8217;s total assets (including
amounts attributable to senior securities, but excluding any assets consisting
of Deposit Securities or funds referred to in clauses (A)(1) and A(2) of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.4(d)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> above), less the amount of the Fund's accrued liabilities (other
than liabilities for the aggregate principal amount of senior securities
representing indebtedness, including floating rate securities), and (B) the
aggregate principal amount of floating rate securities not owned by the Fund
that correspond to the associated inverse floating rate securities owned by the
Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.5&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender and
Remarketing.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; The 2018 VMTP Shares shall be subject to mandatory tender and
remarketing as provided below: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender of
2018 VMTP Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to
the Holder&#8217;s election to retain provided for in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(iv)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
below, all 2018 VMTP Shares shall become subject to mandatory tender upon the
occurrence of either: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) any date that is 20 Business Days
prior to each 3rd anniversary of the Date of Original Issue (for the avoidance
of doubt, such date to occur once every 3 years), or </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) any date on which the Fund delivers a
Notice of Special Terms Period declaring a Special Terms Period pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(h)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> (each of (A) and (B), a &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender Event</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;).&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii) Upon the
occurrence of a Mandatory Tender Event, the Fund shall issue or cause to be
issued a notice of mandatory tender for remarketing on the Mandatory Tender
Date through the Securities Depository as a communication from the Securities Depository.&#160;
Such notice shall specify that such mandatory tender is subject to the 2018 VMTP
Share Holder&#8217;s election to retain as described in Section 2.5(a)(iv) of these
Articles Supplementary. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iii) The Mandatory
Tender Dates corresponding to the Mandatory Tender Events listed in Section
2.5(a)(i) above (each a &#8220;Mandatory Tender Date&#8221;) are as follows, with each
Mandatory Tender Date subject to the Holder&#8217;s election to retain in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.5(a)(iv)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">: </font></p>


<a name="_bclFooter19"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_20"></a><a name="_bclPageBorder20"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) in the
case of a Mandatory Tender Event described in Section 2.5(a)(i)(A), the date 20
Business Days following the date of such Mandatory Tender Event, and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) in the case of a Mandatory Tender
Event described in Section 2.5(a)(i)(B), the date on which such Special Terms
Period becomes effective (in the case of either (A) or (B), such date, the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory
Tender Date</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> above, the Holder of any 2018 VMTP Shares may elect to
retain the 2018 VMTP Shares by providing notice of such election to the Fund no
later than the 10<sup>th</sup> Business Day prior to the Mandatory Tender Date,
in which case the 2018 VMTP Shares of the electing Holder shall no longer be
subject to mandatory tender on the corresponding Mandatory Tender Date and
shall not be remarketed pursuant to the procedures described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.5(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> below; provided, however, with respect to any Mandatory Tender Event
occurring pursuant to 2.5(a)(i)(B), any such election to retain shall not be
effective unless accompanied or preceded by a consent to all amendments to the
terms of the 2018 VMTP Shares required in connection with a designation of a
Special Terms Period pursuant to Section 2.2(h)(i) above. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Remarketing of 2018
VMTP Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> &#160;2018 VMTP Shares
subject to mandatory tender shall be remarketed in accordance with the
following procedures: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  The
Holder of 2018 VMTP Shares subject to mandatory tender may enter into trade
documentation with a purchaser for such 2018 VMTP Shares with terms that are
reasonably satisfactory to both the Holder of the 2018 VMTP Shares and such purchaser
and providing for the sale of the 2018 VMTP Shares subject to mandatory tender
on the Mandatory Tender Date; provided that, following the remarketing of 2018 VMTP
Shares, via execution of such trade documentation, the Fund shall provide a
notice through the Securities Depository cancelling the mandatory tender with
respect to the 2018 VMTP Shares so remarketed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If 2018 VMTP
Shares subject to mandatory tender are not remarketed pursuant to paragraph (i)
with binding sale documentation in place by the 5<sup>th</sup> Business Day preceding
the Mandatory Tender Date, then the Fund and its agents shall take the
following remarketing actions:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) The Fund shall designate a Remarketing
Settlement Agent to assist with the remarketing. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) If any purchaser is identified for the
2018 VMTP Shares subject to mandatory tender, the Remarketing Settlement Agent
shall collect the Remarketing Purchase Price via wire transfer from such
purchaser on the Mandatory Tender Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(C) the Remarketing Settlement Agent shall
wire the Remarketing Purchase Price to the Securities Depository for delivery
to the current Holder of the 2018 VMTP Shares subject to mandatory tender on
the Mandatory Tender Date and direct that such shares be delivered to the
Remarketing Settlement Agent. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(D) The Remarketing Settlement Agent shall
then direct transfer of 2018 VMTP Shares subject to mandatory tender to the purchaser
on the Mandatory Tender Date. </font></p>


<a name="_bclFooter20"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">20</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_21"></a><a name="_bclPageBorder21"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iii) The following defined terms used in
this Section shall have the meanings described below: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) &#8220;Remarketing Settlement Agent&#8221; means
the entity appointed as such by the Fund with respect to the 2018 VMTP Shares
and any additional or successor entities appointed by the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) &#8220;Remarketing Purchase Price&#8221; means,
with respect to the 2018 VMTP Shares subject to a remarketing, a price per
share equal to the Liquidation Preference per share plus an amount equal to all
unpaid dividends and other distributions on the such 2018 VMTP Shares
accumulated from and including the Date of Original Issue to (but excluding) the
Mandatory Tender Date (whether or not earned or declared by the Fund, but
excluding interest thereon).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Failed Remarketing
and Mandatory Tender.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i) With respect to a Mandatory Tender
Event described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, if any 2018 VMTP Shares subject
to mandatory tender are not remarketed by the Mandatory Tender Date then a
failed remarketing shall be deemed to have occurred (a &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Failed Remarketing</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;)
that may trigger the application of a Failed Remarketing Spread as described in
the definition thereof; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii) With respect to a Mandatory Tender
Event described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> if any 2018 VMTP Shares subject
to mandatory tender are not remarketed by the Mandatory Tender Date then all
such 2018 VMTP Shares shall be redeemed by the Fund on the Mandatory Tender
Date pursuant to the Mandatory Tender Redemption procedure described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> below.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.6&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> &#160;The 2018
VMTP Shares shall be subject to redemption by the Fund as</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.65pt;vertical-align:baseline;">provided below:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Term Redemption and
Mandatory Tender Redemption.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Term Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
The Fund shall redeem all 2018 VMTP Shares then Outstanding on the Term
Redemption Date, at a price per share equal to the Liquidation Preference per
share plus an amount equal to all unpaid dividends and other distributions on the
2018 VMTP Shares accumulated from and including the Date of Original Issue to
(but excluding) the Term Redemption Date (whether or not earned or declared by
the Fund, but excluding interest thereon) (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Term Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory
Tender Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; Following a Mandatory Tender Event of the kind
described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, any 2018 VMTP Shares that are not subject
to an election to retain or have not been remarketed by to the Mandatory Tender
Date pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be redeemed by the Fund on such Mandatory
Tender Date (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender Redemption Date</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;), at a price per
share equal to the Liquidation Preference per share plus an amount equal to all
unpaid dividends and other distributions on the 2018 VMTP Shares accumulated
from and including the Date of Original Issue to (but excluding) the Mandatory
Tender Redemption Date (whether or not earned or declared by the Fund, but
excluding interest thereon) (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;). </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.7pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Asset Coverage and
Effective Leverage Ratio Mandatory Redemption.</font></u></p>


<a name="_bclFooter21"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:11.95pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Asset
Coverage Mandatory Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> (A) If the Fund fails to</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">comply with the Asset Coverage requirement as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof as of any time as of which such compliance is required to be
determined in accordance with such </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">and such failure is
not cured as of the Asset Coverage Cure Date other than as a result of the
redemption required by this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> the Fund shall, to the
extent permitted by the 1940 Act and the MGCL, by the close of business on the
Business Day next following such Asset Coverage Cure Date, cause a Notice of Redemption
to be issued, and cause to be deposited Deposit Securities or other sufficient
funds in trust with the Redemption and Paying Agent or other applicable paying
agent, in each case in accordance with the terms of the Preferred Shares to be
redeemed, for the redemption of a sufficient number of Preferred Shares, which
at the Fund&#8217;s sole option (to the extent permitted by the 1940 Act and the MGCL)
may include any number or proportion of 2018 VMTP Shares to enable it to meet
the requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof. In the event that any 2018
VMTP Shares then Outstanding are to be redeemed pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
the Fund shall redeem such shares at a price per share equal to the Liquidation
Preference per share plus an amount equal to all unpaid dividends and other
distributions on such share accumulated from and including the Date of Original
Issue to (but excluding) the date fixed for such redemption by the Board of
Directors (whether or not earned or declared by the Fund, but excluding
interest thereon) (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Asset Coverage Mandatory Redemption Price&#8221;).</font></u></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:2.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(B) On the Redemption Date for a redemption contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(b)(i)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof, the Fund shall redeem at the Asset Coverage Mandatory
Redemption Price, out of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">funds legally
available therefor, such number of Preferred Shares (which may include at the
sole option of the Fund any number or proportion of 2018 VMTP Shares) as shall
be equal to the lesser of (x) the minimum number of Preferred Shares, the
redemption of which, if deemed to have occurred immediately prior to the
opening of business on the Asset Coverage Cure Date, would result in the Fund
having Asset Coverage on such Asset Coverage Cure Date of at least 225%
(provided, however, that if there is no such minimum number of 2018 VMTP Shares
and other Preferred Shares the redemption or retirement of which would have
such result, all 2018 VMTP Shares and other Preferred Shares then outstanding
shall be redeemed), and (y) the maximum number of Preferred Shares that can be
redeemed out of funds expected to be legally available therefor in accordance
with the Charter and applicable law. Notwithstanding the foregoing, in the
event that Preferred Shares are redeemed pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">
the Fund may at its sole option, but is not required to, redeem a sufficient
number of 2018 VMTP Shares pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> that, when
aggregated with other Preferred Shares redeemed by the Fund, would result, if
deemed to have occurred immediately prior to the opening of business on the
Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset
Coverage Cure Date of up to and including 225%. The Fund shall effect such
redemption on the date fixed by the Fund therefor, which date shall not be
later than thirty (30) calendar days after such Asset Coverage Cure Date,
except that if the Fund does not have funds legally available for the
redemption of all of the required number of 2018 VMTP Shares and other
Preferred Shares which have been designated to be redeemed or the Fund
otherwise is unable to effect such redemption on or prior to thirty (30)
calendar days after such Asset Coverage Cure Date, the Fund shall redeem those 2018
VMTP Shares and other Preferred Shares which it was unable to redeem on the
earliest practicable date on which it is able to effect such redemption. If
fewer than all of the Outstanding 2018 VMTP Shares are to be redeemed pursuant
to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> the number of 2018 VMTP Shares to be redeemed
shall be redeemed (A) pro rata among the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Outstanding 2018
VMTP Shares, (B) by lot or (C) in such other manner as the Board of Directors
may determine to be fair and equitable that is in accordance with the 1940 Act;
provided, in each such case, that such method of redemption as set forth in
clause (A), (B) or (C) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> shall be subject to
any applicable procedures established by the Securities Depository. </font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">22</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Effective
Leverage Ratio Mandatory Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> (A) If (x) the</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Fund fails to comply with the Effective
Leverage Ratio requirement as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section 2.4(c) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">hereof as of
any time as of which such compliance is required to be determined in accordance
with such </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section 2.4(c),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> (y) the Fund fails to comply with the
Effective Leverage Ratio requirement determined as set forth in Section 6.12 of
the Purchase Agreement if such requirement shall still be in effect in
accordance with the terms of such Purchase Agreement, or (z) with respect to
any other series of 2018 VMTP Shares issued pursuant to the terms of the 2018
VMTP Shares, the Fund fails to comply with any additional requirements relating
to the determination of the Effective Leverage Ratio requirement determined
pursuant to the Purchase Agreement or pursuant to the terms of the 2018 VMTP
Shares and, in any such case, such failure is not cured as of the close of
business on the date that is ten Business Days following the Business Day on
which such non-compliance is first determined (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio
Cure Date&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> other than as a result of the redemption required by this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section
2.6(b)(ii),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> the Fund shall not later than the close of business on the
Business Day next following the Effective Leverage Ratio Cure Date cause the
Effective Leverage Ratio (determined in accordance with the requirements
applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">to the
determination of the Effective Leverage Ratio, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">pursuant to the terms of the 2018 VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">and the Purchase
Agreement for any applicable series of 2018 VMTP Shares in respect of which the
Effective Leverage Ratio is being determined) to not exceed the Effective
Leverage Ratio required under </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.4(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof as so determined, by
(x) engaging in transactions involving or relating to the floating rate
securities not owned by the Fund and/or the inverse floating rate securities
owned by the Fund, including the purchase, sale or retirement thereof, (y) to
the extent permitted by the 1940 Act and the MGCL, cause a Notice of Redemption
to be issued, and cause to be deposited Deposit Securities or other sufficient
funds in trust with the Redemption and Paying Agent or other applicable paying
agent, in each case in accordance with the terms of the Preferred Shares to be
redeemed, for the redemption at the redemption price specified in the terms of
such Preferred Shares of a sufficient number of Preferred Shares, which at the
Fund's sole option (to the extent permitted by the 1940 Act and the MGCL) may
include any number or proportion of 2018 VMTP Shares, or (z) engaging in any
combination of the actions contemplated by clauses (x) and (y) of this sentence
of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">. In the event that any 2018 VMTP Shares are to
be redeemed pursuant to clause (y) of the penultimate sentence of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, the Fund shall redeem such 2018 VMTP Shares at a price per
share equal to the Liquidation Preference per share plus an amount equal to all
unpaid dividends and other distributions on such share accumulated from and
including the Date of Original Issue to (but excluding) the date fixed for such
redemption by the Board of Directors (whether or not earned or declared by the
Fund, but excluding interest thereon) (the &#8220;ELR Mandatory Redemption Price&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:2.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) On the Redemption Date for a
redemption contemplated by clause (y) of the penultimate sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the Fund shall not redeem more than the maximum
number of Preferred Shares that can be redeemed out of funds expected to be legally
available therefor in accordance with the Charter and applicable law. If the
Fund is unable to redeem the required number of 2018 VMTP Shares and other
Preferred Shares which </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">have been designated to be
redeemed in accordance with clause (y) of the penultimate sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof due to the unavailability of legally available funds,
the Fund shall redeem those 2018 VMTP Shares and other Preferred Shares which
it was unable to redeem on the earliest practicable date on which it is able to
effect such redemption. If fewer than all of the Outstanding 2018 VMTP Shares
are to be redeemed pursuant to clause (y) of the penultimate sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the number of 2018 VMTP Shares to be redeemed shall
be redeemed (A) pro rata among the Outstanding 2018 VMTP Shares, (B) by lot or
(C) in such other manner as the Board of Directors may determine to be fair and
equitable that is in accordance with the 1940 Act; provided, in each such case,
that such method of redemption as set forth in clause (A), (B) or (C) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be subject to any applicable procedures established by the Securities
Depository.</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">23</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Optional
Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; </font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(c)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the Fund may at its option at any time on any Business
Day (an </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional Redemption Date&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> redeem in whole or from time to time
in part the Outstanding 2018 VMTP Shares, at a redemption price per 2018 VMTP
Share (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional Redemption Price&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> equal to (x) the Liquidation
Preference per 2018 VMTP Share </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> (y) an amount equal to all unpaid
dividends and other distributions on such 2018 VMTP Share accumulated from and
including the Date of Original Issue to (but excluding) the Optional Redemption
Date (whether or not earned or declared by the Fund, but excluding interest
thereon) </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> (z) the Optional Redemption Premium per share (if any)
that is applicable to an optional redemption of 2018 VMTP Shares that is
effected on such Optional Redemption Date. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.2pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">If fewer than all of
the outstanding 2018 VMTP Shares are to be redeemed pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof, the 2018 VMTP Shares to be redeemed shall be selected either (A) pro
rata among the Holders of the 2018 VMTP Shares, (B) by lot or (C) in such other
manner as the Board of Directors may determine to be fair and equitable;
provided, in each such case, that such method of redemption as set forth in
clause (A), (B) or (C) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be subject to
any applicable procedures established by the Securities Depository. Subject to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">the terms of the 2018 VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">and
applicable law, the Board of Directors will have the full power and authority
to prescribe the terms and conditions upon which 2018 VMTP Shares will be
redeemed pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.95pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">The Fund may not on
any date deliver a Notice of Redemption pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(e)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof
in respect of a redemption contemplated to be effected pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> unless on such date the Fund has available Deposit Securities for
the Optional Redemption Date contemplated by such Notice of Redemption having a
Market Value not less than the amount (including any applicable premium) due to
Holders of 2018 VMTP Shares by reason of the redemption of such 2018 VMTP Shares
on such Optional Redemption Date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Extraordinary
Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; In the event
the Fund is (i) converted from a closed-end to an open-end investment company
or (ii) voluntarily liquidated, the Fund shall on any Business Day (the
&#8220;Extraordinary Redemption Date&#8221;) redeem in whole the 2018 VMTP Shares, at a
redemption price per 2018 VMTP Share (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Extraordinary Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;)
equal to (x) the Liquidation Preference plus (y) an amount equal to all unpaid
dividends and other distributions on such 2018 VMTP Share accumulated from and
including the Date of Original </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Issue to (but
excluding) the Extraordinary Redemption Date (whether or not earned or declared
by the Fund).</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">24</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.15pt;text-indent:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Procedures for
Redemption.</font></u></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:1.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Fund
shall determine or be required to redeem, in whole or in part, 2018 VMTP Shares
pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6(a)(i), (a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(b), (c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">
hereof, the Fund shall deliver a notice of redemption (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Notice of
Redemption&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, by overnight delivery, by first class mail, postage prepaid
or by Electronic Means to Holders thereof, or request the Redemption and Paying
Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first
class mail, postage prepaid or by Electronic Means. A Notice of Redemption
shall be provided not more than forty-five (45) calendar days prior to the date
fixed for redemption and not less than ten (10) Business Days prior to the date
fixed for redemption pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6(a)(ii), (c) or (d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof
in such Notice of Redemption. Each such Notice of Redemption shall state: (A)
the date fixed for the redemption of such 2018 VMTP Shares pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(a)(i), (a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(b), (c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Redemption
Date&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">; (B) the number of 2018 VMTP Shares to be redeemed; (C) the CUSIP
number for 2018 VMTP Shares; (D) the applicable Redemption Price on a per share
basis; (E) if applicable, the place or places where the certificate(s) for such
shares (properly endorsed or assigned for transfer, if the Board of Directors
requires and the Notice of Redemption states) are to be surrendered for payment
of the Redemption Price; (F) that dividends on the 2018 VMTP Shares to be
redeemed will cease to accumulate from and after such Redemption Date; and (G)
the provisions of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">the terms of the 2018 VMTP
Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">under which such redemption is being made. If fewer than all 2018
VMTP Shares held by any Holder are to be redeemed, the Notice of Redemption
delivered to such Holder shall also specify the number of 2018 VMTP Shares to
be redeemed from such Holder and, if applicable, the method of determining such
number. The Fund may provide in any Notice of Redemption relating to a
redemption contemplated to be effected pursuant to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">the terms of the 2018 VMTP Shares</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> that such redemption is subject
to one or more conditions precedent and that the Fund shall not be required to
effect such redemption unless each such condition has been satisfied at the
time or times and in the manner specified in such Notice of Redemption. No
defect in the Notice of Redemption or delivery thereof shall affect the
validity of redemption proceedings, except as required by applicable law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">If the Fund shall give
a Notice of Redemption, then at any time from and after the giving of such
Notice of Redemption and prior to 12:00 noon, New York City time, on the
Redemption Date (so long as any conditions precedent to such redemption have
been met or waived by the Fund), the Fund shall (A) deposit with the Redemption
and Paying Agent Deposit Securities having an aggregate Market Value on the
date thereof no less than the Redemption Price of the 2018 VMTP Shares to be
redeemed on the Redemption Date and (B) give the Redemption and Paying Agent
irrevocable instructions and authority to pay the applicable Redemption Price
to the Holders of the 2018 VMTP Shares called for redemption on the Redemption
Date. The Fund may direct the Redemption and Paying Agent with respect to the
investment of any Deposit Securities consisting of cash so deposited prior to
the Redemption Date, provided that the proceeds of any such investment shall be
available at the opening of business on the Redemption Date as same day funds.
Notwithstanding the provisions of clause (A) of the preceding sentence, if the
Redemption Date is the Term Redemption Date or the Early Term Redemption Date,
then such deposit of Deposit Securities (which may come in whole or in part
from the Term Redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Liquidity Account) shall be
made no later than fifteen (15) calendar days prior to the Term Redemption Date
or Early Term Redemption Date, respectively.</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">25</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Upon the date of the
deposit of such Deposit Securities, all rights of the Holders of the 2018 VMTP
Shares so called for redemption shall cease and terminate except the right of
the Holders thereof to receive the Redemption Price thereof and such 2018 VMTP
Shares shall no longer be deemed Outstanding for any purpose whatsoever (other
than (A) the transfer thereof prior to the applicable Redemption Date and (B)
the accumulation of dividends thereon in accordance with the terms hereof up to
(but excluding) the applicable Redemption Date, which accumulated dividends,
unless previously declared and paid as contemplated by the last sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Section
2.6(e)(vi)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> below, shall be payable only as part of the applicable
Redemption Price on the Redemption Date). The Fund shall be entitled to
receive, promptly after the Redemption Date, any Deposit Securities in excess
of the aggregate Redemption Price of the 2018 VMTP Shares called for redemption
on the Redemption Date. Any Deposit Securities so deposited that are unclaimed
at the end of three hundred sixty-five (365) calendar days from the Redemption
Date shall, to the extent permitted by law, be repaid to the Fund, after which
the Holders of the 2018 VMTP Shares so called for redemption shall look only to
the Fund for payment of the Redemption Price thereof. The Fund shall be
entitled to receive, from time to time after the Redemption Date, any interest
on the Deposit Securities so deposited.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(iv)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">On or after the
Redemption Date, each Holder of 2018 VMTP Shares in certificated form (if any)
that are subject to redemption shall surrender the certificate(s) representing
such 2018 VMTP Shares to the Fund at the place designated in the Notice of
Redemption and shall then be entitled to receive the Redemption Price for such 2018
VMTP Shares, without interest, and, in the case of a redemption of fewer than
all the 2018 VMTP Shares represented by such certificate(s), a new certificate
representing the 2018 VMTP Shares that were not redeemed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(v)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Notwithstanding the
other provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, except as otherwise required by
law, the Fund shall not redeem any 2018 VMTP Shares or other series of
Preferred Shares ranking on a parity with the 2018 VMTP Shares with respect to
dividends and other distributions unless all accumulated and unpaid dividends
and other distributions on all Outstanding 2018 VMTP Shares and such other
series of Preferred Shares for all applicable past dividend periods (whether or
not earned or declared by the Fund) (x) shall have been or are contemporaneously
paid or (y) shall have been or are contemporaneously declared and Deposit
Securities or sufficient funds (in accordance with the terms of such 2018 VMTP
Shares or other Preferred Shares) for the payment of such dividends and other
distributions shall have been or are contemporaneously deposited with the
Redemption and Paying Agent or other applicable paying agent for such 2018 VMTP
Shares or other Preferred Shares in accordance with the terms of such 2018 VMTP
Shares or other Preferred Shares; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">however</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, that the
foregoing shall not prevent the purchase or acquisition of Outstanding 2018
VMTP Shares pursuant to an otherwise lawful purchase or exchange offer made on
the same terms to Holders of all Outstanding 2018 VMTP Shares and any such
other series of Preferred Shares for which all accumulated and unpaid dividends
and other distributions have not been paid.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(vi)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">To the extent that any
redemption for which a Notice of Redemption has been provided is not made by
reason of the absence of legally available funds therefor in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">accordance with the Charter and applicable law, such
redemption shall be made as soon as practicable to the extent such funds become
available. In the case of any redemption pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof, no Redemption Default shall be deemed to have occurred if the Fund
shall fail to deposit in trust with the Redemption and Paying Agent the
Redemption Price with respect to any shares where (A) the Notice of Redemption
relating to such redemption provided that such redemption was subject to one or
more conditions precedent and (B) any such condition precedent shall not have
been satisfied at the time or times and in the manner specified in such Notice
of Redemption. Notwithstanding the fact that a Notice of Redemption has been
provided with respect to any 2018 VMTP Shares, dividends may be declared and
paid on such 2018 VMTP Shares in accordance with their terms if Deposit
Securities for the payment of the Redemption Price of such 2018 VMTP Shares
shall not have been deposited in trust with the Redemption and Paying Agent for
that purpose.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(f)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Redemption and
Paying Agent as Trustee of Redemption Payments by Fund.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> All Deposit Securities transferred to the
Redemption and Paying Agent for payment of the Redemption Price of 2018 VMTP
Shares called for redemption shall be held in trust by the Redemption and
Paying Agent for the benefit of Holders of 2018 VMTP Shares so to be redeemed
until paid to such Holders in accordance with the terms hereof or returned to
the Fund in accordance with the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(e)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> above.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(g)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Compliance
With Applicable Law.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> In effecting any redemption pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> the Fund shall use its best efforts to comply with all applicable
conditions precedent to effecting such redemption under the 1940 Act and the
MGCL, but shall effect no redemption except in accordance with the 1940 Act and
the MGCL.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(h)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Modification of
Redemption Procedures.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">
Notwithstanding the foregoing provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> the Fund
may, in its sole discretion and without a stockholder vote, modify the
procedures set forth above with respect to notification of redemption for the 2018
VMTP Shares, provided that such modification does not materially and adversely
affect the Holders of the 2018 VMTP Shares or cause the Fund to violate any
applicable law, rule or regulation; and provided further that no such
modification shall in any way alter the rights or obligations of the Redemption
and Paying Agent without its prior consent.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">2.7&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Voting Rights.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">One
Vote Per 2018 VMTP Share.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> Except as otherwise provided in the Charter or as
otherwise required by law, (i) each Holder of 2018 VMTP Shares shall be
entitled to one vote for each 2018 VMTP Share held by such Holder on each matter
submitted to a vote of stockholders of the Fund, and (ii) the Holders of
outstanding Preferred Shares, including Outstanding 2018 VMTP Shares, and
Common Shares shall vote together as a single class; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">provided, however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">
that the holders of outstanding Preferred Shares, including Outstanding 2018
VMTP Shares, shall be entitled, as a class, to the exclusion of the Holders of
all other securities and Common Shares of the Fund, to elect two directors of
the Fund at all times (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Preferred Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8221;). Subject to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.7(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the Holders of outstanding Common Shares and Preferred
Shares, including 2018 VMTP Shares, voting together as a single class, shall
elect the balance of the directors.&#160; The Preferred Directors shall be
designated by the Board of Directors and, if the Board of Directors is
classified, the Board of Directors shall designate the classes in which </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">the Preferred Directors shall serve. Notwithstanding
clause (ii) of this Section 2.7(a), the Holders of 2018 VMTP Shares shall have
exclusive voting rights on a Charter amendment that would alter only the
contract rights of the 2018 VMTP Shares, as expressly set forth in these terms
of the 2018 VMTP Shares, in connection with the designation of a Special Terms
Period.&#160; Any such Charter amendment shall be approved by the affirmative vote
or consent of (a) the Holders of a majority of the 2018 VMTP Shares then
Outstanding or (b) in connection with a remarketing of the 2018 VMTP Shares, the
prospective Holders of a majority of the 2018 VMTP Shares Outstanding as of a
future effective date who are approving the Charter amendment pursuant to the
advanced consent procedure authorized by MGCL Section 2-505(f), or any
successor provision.</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">27</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.3pt;page-break-after:avoid;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.6pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.6pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Voting For
Additional Directors.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;page-break-after:avoid;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Voting Period.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> During any period in which any one or
more of the conditions described in clauses (A) or (B) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
shall exist (such period being referred to herein as a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Voting Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">),
the number of directors constituting the Board of Directors shall be
automatically increased by the smallest number that, when added to the two directors
elected exclusively by the Holders of Preferred Shares, including 2018 VMTP
Shares, would constitute a majority of the Board of Directors as so increased
by such smallest number; and the Holders of Preferred Shares, including 2018
VMTP Shares, shall be entitled, voting as a class on a one-vote-per-share basis
(to the exclusion of the Holders of all other securities and classes of capital
stock of the Fund), to elect such smallest number of additional directors,
together with the two directors that such Holders are in any event entitled to
elect. A Voting Period shall commence:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.7in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">if, at the close of
business on any dividend payment date for any outstanding Preferred Shares,
including any Outstanding 2018 VMTP Shares, accumulated dividends (whether or
not earned or declared) on such outstanding Preferred Shares equal to at least
two (2) full years&#8217; dividends shall be due and unpaid and sufficient cash or
specified securities shall not have been deposited with the Redemption and
Paying Agent or other applicable paying agent for the payment of such
accumulated dividends; or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.7in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">if at any time Holders
of Preferred Shares are otherwise entitled under the 1940 Act to elect a
majority of the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Upon the termination of a Voting Period, the voting rights
described in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall cease, subject always,
however, to the revesting of such voting rights in the Holders of Preferred
Shares upon the further occurrence of any of the events described in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Notice
of Special Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> As soon as practicable after the accrual of any right
of the Holders of Preferred Shares to elect additional directors as described
in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> hereof, the Fund shall call a special meeting of
such Holders and notify the Redemption and Paying Agent and/or such other Person
as is specified in the terms of such Preferred Shares to receive notice (i) by
mailing or delivery by Electronic Means or (ii) in such other manner and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">by such other means
as are specified in the terms of such Preferred Shares, a notice of such
special meeting to such Holders, such meeting to be held not less than ten (10)
nor more than thirty (30) calendar days after the date of the delivery by
Electronic Means or mailing of such notice or the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">delivery
of such notice by such other means as are described in clause (ii) above. If
the Fund fails to call such a special meeting, it may be called at the expense
of the Fund by any such Holder on like notice. The record date for determining
the Holders of Preferred Shares entitled to notice of and to vote at such
special meeting shall be the close of business on the fifth (5<sup>th</sup>)
Business Day preceding the calendar day on which such notice is mailed or
otherwise delivered. At any such special meeting and at each meeting of Holders
of Preferred Shares held during a Voting Period at which directors are to be
elected, such Holders, voting together as a class (to the exclusion of the holders
of all other securities and classes of capital stock of the Fund), shall be
entitled to elect the number of directors prescribed in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">
hereof on a one-vote-per-share basis.</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">28</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Terms of Office of
Existing Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> The
terms of office of the incumbent directors of the Fund at the time of a special
meeting of Holders of Preferred Shares to elect additional directors in
accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof shall not be affected by the
election at such meeting by the Holders of 2018 VMTP Shares and such other
Holders of Preferred Shares of the number of directors that they are entitled
to elect, and the directors so elected by the Holders of 2018 VMTP Shares and
such other Holders of Preferred Shares, together with the two (2) directors
elected by the Holders of Preferred Shares in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">
hereof and the remaining directors elected by the Holders of the Common Shares
and Preferred Shares, shall constitute the duly elected directors of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.2pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iv)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Terms
of Office of Certain Directors to Terminate Upon Termination of Voting Period.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> Simultaneously with
the termination of a Voting Period, the terms of office of the additional directors
elected by the Holders of the Preferred Shares pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
hereof shall terminate, the remaining directors shall constitute the directors
of the Fund and the voting rights of the Holders of Preferred Shares to elect
additional directors pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall cease,
subject to the provisions of the last sentence of such </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:11.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Holders of 2018
VMTP Shares to Vote on Certain Matters.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Certain Amendments
Requiring Approval of 2018 VMTP Shares. </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Except as otherwise provided herein,
so long as any 2018 VMTP Shares are Outstanding, the Fund shall not, without
the affirmative vote or consent of the Holders of at least a majority of the 2018
VMTP Shares Outstanding at the time, voting together as a separate class,
amend, alter or repeal any provisions of the Charter, whether by merger,
consolidation or otherwise, so as to materially and adversely affect any
preference, right or power of such 2018 VMTP Shares or the Holders thereof; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided,
however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> that </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">a change in the
capitalization of the Fund in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.9</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall
not be considered to materially and adversely affect the rights and preferences
of the 2018 VMTP Shares, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">a division of a 2018 VMTP Share shall be
deemed to materially and adversely affect such preferences, rights or powers
only if the terms of such division materially and adversely affect the Holders
of the 2018 VMTP Shares, and </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided, further,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> that no amendment,
alteration, or repeal of the obligation of the Fund to pay the Term Redemption
Price on the Term Redemption Date and to pay the Early Term Redemption Price on
the Early Term Redemption Date, or accumulate dividends at the Dividend Rate shall
be effected without, in each case, the prior unanimous vote or consent of the
Holders of the Preferred Shares.&#160; For purposes of the foregoing, no matter
shall be deemed to materially and adversely affect any preference, right or
power of a 2018 VMTP Share or the Holder thereof unless such matter (i) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">alters or abolishes any preferential right of such 2018
VMTP Share, or (ii) creates, alters or abolishes any right in respect of
redemption of such 2018 VMTP Share (other than solely as a result of a division
of a 2018 VMTP Share). So long as any 2018 VMTP Shares are Outstanding, the
Fund shall not, without the affirmative vote or consent of the Holders of at
least sixty-six and two-thirds percent (66 2/3%) of the 2018 VMTP Shares
Outstanding at the time, voting as a separate class, file a voluntary
application for relief under Federal bankruptcy law or any similar application
under state law for so long as the Fund is solvent and does not foresee
becoming insolvent.</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">29</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.85pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">1940
Act Matters.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> Unless a higher percentage is provided for in the Charter, the
affirmative vote of the Holders of at least &#8220;a majority of the outstanding
Preferred Shares,&#8221; including 2018 VMTP Shares Outstanding at the time, voting
as a separate class, shall be required (A) to approve any conversion of the
Fund from a closed-end to an open-end investment company, (B) to approve any
plan of reorganization (as such term is used in the 1940 Act) adversely
affecting such shares, or (C) to approve any other action requiring a vote of
security holders of the Fund under Section 13(a) of the 1940 Act. For purposes
of the foregoing, the vote of a &#8220;majority of the outstanding Preferred Shares&#8221;
means the vote at an annual or special meeting duly called of (i) sixty-seven
percent (67%) or more of such shares present at a meeting, if the Holders of
more than fifty percent (50%) of such shares are present or represented by
proxy at such meeting, or (ii) more than fifty percent (50%) of such shares,
whichever is less.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(d)&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Voting Rights Set Forth Herein Are Sole Voting
Rights.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> Unless otherwise required by applicable law or the Charter, the
Holders of 2018 VMTP Shares shall not have any relative rights or preferences
or other special rights with respect to voting such 2018 VMTP Shares other than
those specifically set forth in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">however</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">,
that nothing in the Charter shall be deemed to preclude or limit the right of
the Fund (to the extent permitted by applicable law) to contractually agree
with any Holder or Designated Owner of 2018 VMTP Shares that any action or
inaction by the Fund shall require the consent or approval of such Holder or
Designated Owner.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">No Cumulative
Voting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> The Holders of 2018
VMTP Shares shall have no rights to cumulative voting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(f)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Voting for Directors
Sole Remedy for Fund's Failure to Declare or Pay Dividends.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> In the event that the Fund fails to
declare or pay any dividends on the 2018 VMTP Shares on the Dividend Payment
Date therefor, the exclusive remedy of the Holders of the 2018 VMTP Shares
shall be the right to vote for directors pursuant to the provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.7.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> Nothing in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(f)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be deemed to affect the
obligation of the Fund to accumulate and, if permitted by applicable law and
the Charter, pay dividends at the Increased Rate in the circumstances
contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(g)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(g)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Holders Entitled to
Vote.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For purposes of
determining any rights of the Holders of 2018 VMTP Shares to vote on any
matter, whether such right is created by the Charter, by statute or otherwise,
no Holder of 2018 VMTP Shares shall be entitled to vote any 2018 VMTP Share and
no 2018 VMTP Shares shall be deemed to be Outstanding for the purpose of voting
or determining the number of shares required to constitute a quorum if, prior
to or concurrently with the time of determination of shares entitled to vote or
the time of the actual vote on the matter, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">the case
may be, the requisite Notice of Redemption with respect to such 2018 VMTP Shares
shall have been given in accordance with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">the
terms of the 2018 VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">and Deposit Securities for the payment of
the Redemption Price of such 2018 VMTP Shares shall have been deposited in
trust with the Redemption and Paying Agent for that purpose. No 2018 VMTP Shares
held by the Fund shall have any voting rights or be deemed to be Outstanding for
voting or for calculating the voting percentage required on any other matter or
other purposes.</font></p>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">30</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.8&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Rating Agencies.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">The Fund shall use
commercially reasonable efforts to cause the Rating Agencies to issue long-term
credit ratings with respect to the 2018 VMTP Shares for so long as the 2018
VMTP Shares are Outstanding. The Fund shall notify the Rating Agencies prior to
amending the Articles Supplementary, and prior to a change in the Fund&#8217;s
custodian.&#160; The Fund shall use commercially reasonable efforts to comply with
any applicable Rating Agency Guidelines. The Fund will provide to the Rating
Agencies any ongoing information deemed necessary by the Rating Agencies to
rate the 2018 VMTP Shares, including but not limited to, notice of any Special
Terms Period, Mandatory Tender Event or Optional Redemption. With respect to
S&amp;P, if S&amp;P is then providing a rating for 2018 VMTP Shares pursuant to
the request of the Fund, this information will be e-mailed as requested to [</font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">CDOLeveragedFundSurveillance@standardandpoors.com]</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> or such other
e-mail address provided to the Fund by S&amp;P. If a Rating Agency shall cease
to rate the securities of tax-exempt closed-end management investment companies
generally, the Board of Directors shall terminate the designation of such
Rating Agency as a Rating Agency hereunder. The Board of Directors may elect to
terminate the designation of any Rating Agency as a Rating Agency hereunder
with respect to the 2018 VMTP Shares so long as either (i) immediately
following such termination, there would be at least one Rating Agency with
respect to the 2018 VMTP Shares or (ii) it replaces the terminated Rating
Agency with another NRSRO and provides notice thereof to the Holders of the 2018
VMTP Shares; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> that such replacement shall not occur unless such
replacement Other Rating Agency shall have at the time of such replacement (i)
published a rating for the 2018 VMTP Shares and (ii) entered into an agreement
with the Fund to continue to publish such rating subject to the Rating Agency's
customary conditions. The Board of Directors may also elect to designate one or
more other NRSROs as Other Rating Agencies hereunder with respect to the 2018
VMTP Shares by notice to the Holders of the 2018 VMTP Shares. The Rating Agency
Guidelines of any Rating Agency may be amended by such Rating Agency without
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">vote, consent or approval
of the Fund, the Board of Directors or any Holder of Preferred Shares,
including any 2018 VMTP Shares, or Common Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.9&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Issuance of Additional
Preferred Shares.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">So long as any 2018 VMTP Shares are
Outstanding, the Fund may, without the vote or consent of the Holders thereof,
authorize, establish and create and issue and sell one or more series of
Preferred Shares ranking on a parity with 2018 VMTP Shares as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or the
winding up of the affairs of the Fund, in addition to then Outstanding 2018
VMTP Shares, and authorize, issue and sell additional shares of any series of
Preferred Shares then outstanding or so established and created, including
additional series of 2018 VMTP Shares, in each case in accordance with
applicable law, provided that the Fund shall, immediately after giving effect
to the issuance of such Preferred Shares and to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">its
receipt and application of the proceeds thereof, including to the redemption of
Preferred Shares with such proceeds, have Asset Coverage (calculated in the
same manner as is contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof) of at least
225% and Effective Leverage Ratio (calculated in the same manner as is
contemplated by Section 2.4(c) hereof) not to exceed 45%. For the avoidance of
doubt, this Section 2.9 shall not limit the power of the Fund to issue
additional Common Shares.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.10&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Status of Redeemed or
Repurchased 2018 VMTP Shares.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2018 VMTP Shares that at any time have
been redeemed or purchased by the Fund shall, after such redemption or
purchase, have the status of authorized but unissued Common Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">2.11&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">Distributions
with Respect to Taxable Allocations.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Whenever a Taxable Allocation is to be
paid by the Fund with respect to the 2018 VMTP Shares with respect to any
Dividend Period and either the Increased Rate or the Maximum Rate is not in
effect during such Dividend Period, the Fund shall comply with either clause
(a) or clause (b) and in all cases, clause (c) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11:</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Fund may provide notice to
the Redemption and Paying Agent prior to the commencement of any Dividend
Period for the 2018 VMTP Shares of the amount of the Taxable Allocation that
will be made in respect of the 2018 VMTP Shares for such Dividend Period (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Notice
of Taxable Allocation&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">). Such Notice of Taxable Allocation will state the
amount of the dividends payable in respect of each 2018 VMTP Share for such
Dividend Period that will be treated as a Taxable Allocation and the adjustment
to the Dividend Rate for each Rate Period (or portion thereof) included in such
Dividend Period that will be required to pay the Additional Amount Payment in
respect of the Taxable Allocation paid on such 2018 VMTP Share for such
Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in
addition to and in conjunction with the payment of regular dividends for such
Dividend Period, a supplemental distribution in respect of each 2018 VMTP Share
for such Dividend Period equal to the Additional Amount Payment payable in
respect of the Taxable Allocation paid on such 2018 VMTP Share for such
Dividend Period. The Fund will use commercially reasonable efforts to effect
the distribution of Taxable Allocations in respect of 2018 VMTP Shares as
provided in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, and shall only effect the distribution
of Taxable Allocation pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> and/or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof if such commercially reasonable efforts do not reasonably permit the
Fund to effect the distribution of a Taxable Allocation as contemplated by this
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Fund does not provide a
Notice of Taxable Allocation as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof with
respect to a Taxable Allocation that is made in respect of 2018 VMTP Shares,
the Fund may make one or more supplemental distributions to the Holders of 2018
VMTP Shares equal to the amount of such Taxable Allocation. Any such
supplemental distribution in respect of 2018 VMTP Shares may be declared and
paid on any date, without reference to any regular Dividend Payment Date, to
the Holders of 2018 VMTP Shares as their names appear on the registration books
of the Fund on such date, not exceeding fifteen (15) calendar days preceding
the payment date of such supplemental distribution, as may be fixed by the
Board of Directors.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>


<a name="_bclFooter32"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">32</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">&#160;If
in connection with a redemption of 2018 VMTP Shares, the Fund makes a Taxable
Allocation without having either given advance notice thereof pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section
2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> hereof or made one or more supplemental distributions pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section
2.11(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> hereof, the Fund shall direct the Redemption and Paying Agent to
send an Additional Amount Payment in respect of such Taxable Allocation to each
Holder of 2018 VMTP Shares at such Holder's address as the same appears or last
appeared on the registration books of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Except as required by the
Purchase Agreement, for so long as the applicable provisions of the Purchase
Agreement shall be in effect, the Fund shall not be required to pay Additional
Amount Payments with respect to the 2018 VMTP Shares with respect to any net
capital gain or other taxable income determined by the Internal Revenue Service
to be allocable in a manner different from the manner used by the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">2.12&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">Liquidity
Account and Liquidity Requirement for Term Redemption and Early Term Redemption.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On or
prior to the Liquidity Account Initial Date with respect to the 2018 VMTP Shares,
the Fund shall cause the Custodian to segregate, by means of appropriate
identification on its books and records or otherwise in accordance with the
Custodian's normal procedures, from the other assets of the Fund (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Term
Redemption Liquidity Account&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">) Liquidity Account Investments with a Market
Value equal to at least one hundred ten percent (110%) of the Term Redemption
Amount with respect to the 2018 VMTP Shares. The </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Term Redemption Amount&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">
shall be equal to the Term Redemption Price to be paid on the Term Redemption
Date (or, if applicable, the Early Term Redemption Price to be paid on the
Early Term Redemption Date) for the 2018 VMTP Shares, based on the number of 2018
VMTP Shares then Outstanding, assuming for this purpose that the Dividend Rate
for the 2018 VMTP Shares in effect at the time of the creation of the Term
Redemption Liquidity Account will be the Dividend Rate in effect for the 2018
VMTP Shares until the Term Redemption Date (or, if applicable, the Early Term
Redemption Date). If, on any date after the Liquidity Account Initial Date, the
aggregate Market Value of the Liquidity Account Investments included in the
Term Redemption Liquidity Account for the 2018 VMTP Shares as of the close of
business on any Business Day is less than one hundred ten percent (110%) of the
Term Redemption Amount with respect to the 2018 VMTP Shares, then the Fund
shall cause the Custodian and the Adviser to take all such necessary actions,
including segregating additional assets of the Fund as Liquidity Account
Investments, so that the aggregate Market Value of the Liquidity Account
Investments included in the Term Redemption Liquidity Account for the 2018 VMTP
Shares is at least equal to one hundred ten percent (110%) of the Term
Redemption Amount with respect to the 2018 VMTP Shares not later than the close
of business on the next succeeding Business </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Day. With respect to assets of the Fund
segregated as Liquidity Account Investments with respect to the 2018 VMTP Shares,
the Adviser, on behalf of the Fund, shall be entitled to instruct the Custodian
on any date to release any Liquidity Account Investments from such segregation
and to substitute therefor other Liquidity Account Investments, so long as (i)
the assets of the Fund segregated as Liquidity Account Investments at the close
of business on such date have a Market Value equal to at least one hundred ten
percent (110%) of the Term Redemption Amount with respect to the 2018 VMTP
Shares and (ii) the assets of the Fund designated and segregated as Deposit
Securities at the close of business on such date have a Market Value equal to
at least the Liquidity Requirement (if any) determined in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.12(b) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">below with respect to the 2018 VMTP Shares for such date. The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Fund shall cause the Custodian not to permit any lien,
security interest or encumbrance to be created or permitted to exist on or in
respect of any Liquidity Account Investments included in the Term Redemption
Liquidity Account for the 2018 VMTP Shares, other than liens, security
interests or encumbrances arising by operation of law and any lien of the
Custodian with respect to the payment of its fees or repayment for its
advances.</font></p>
<a name="_bclFooter33"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">33</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:11.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Market
Value of the Deposit Securities held in the Term Redemption</font></p>

<p style="margin:0in;margin-bottom:.15in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Liquidity Account for
the 2018 VMTP Shares, from and after the 15<sup>th</sup> day of the calendar
month (or if such day is not a Business Day, the next succeeding Business Day)
that is the number of months preceding the calendar month in which the Term
Redemption Date (or, if applicable, the Early Term Redemption Date) occurs, in
each case as specified in the table set forth below, shall not be less than the
percentage of the Term Redemption Amount set forth below opposite such number
of months (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity Requirement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">), but in all cases subject to the
provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.12(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> below:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:94.75pt;width:277.899994pt;">
 <tr style="height:13.2pt;">
  <td width=52% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.7pt;vertical-align:baseline;">Number of Months</font></p>
  </td>
 <td width=48% style="border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.95pt;vertical-align:baseline;">Value of Deposit</font></p>
  </td>
 </tr>
<tr style="height:13.7pt;">
  <td width=52% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">Preceding Month of</font></p>
  </td>
 <td width=48% style="border-right:solid windowtext 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">Securities as Percentage</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td width=52% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">Term Redemption Date</font></p>
  </td>
 <td width=48% style="border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">of Term Redemption</font></p>
  </td>
 </tr>
<tr style="height:13.7pt;">
  <td rowspan=2 valign=top width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;(or Early Term Redemption Date, as applicable):</font></p>
  </td>
 <td width=48% style="border-right:solid black 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">Amount</font></p>
  </td>
 </tr>
<tr style="height:13.4pt;">
  <td valign=top width=48% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:13.4pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">5</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">20%</font></p>
  </td>
 </tr>
<tr style="height:14.2pt;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">4</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">40%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">3</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">60%</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.35pt;vertical-align:baseline;">2</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.35pt;vertical-align:baseline;">80%</font></p>
  </td>
 </tr>
<tr style="height:14.6pt;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.15pt;vertical-align:baseline;">1</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.15pt;vertical-align:baseline;">100%</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:11.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:1.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">If the aggregate
Market Value of the Deposit Securities included in the Term Redemption
Liquidity Account for the 2018 VMTP Shares as of the close of business on any
Business Day is less than the Liquidity Requirement for such Business Day, then
the Fund shall cause the segregation of additional or substitute Deposit
Securities in respect of the Term Redemption Liquidity Account, so that the
aggregate Market Value of the Deposit Securities included in the Term
Redemption Liquidity Account for the 2018 VMTP Shares is at least equal to the
Liquidity Requirement not later than the close of business on the next
succeeding Business Day.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">The Deposit Securities
included in the Term Redemption Liquidity Account for the 2018 VMTP Shares may
be applied by the Fund, in its discretion, towards </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">payment of the Term Redemption Price (or the Early Term Redemption
Price, as applicable) as contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">Section 2.6(e)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;"> hereof. Upon the
deposit by the Fund with the Redemption and Paying Agent of Deposit Securities
having an initial combined Market Value sufficient to effect the redemption of
the 2018 VMTP Shares on the Term Redemption Date in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">Section 2.6(e)(ii)
</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">hereof, the requirement of the Fund to maintain the Term Redemption
Liquidity Account as contemplated by this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">Section 2.12</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;"> shall lapse and
be of no further force and effect.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.4pt;line-height:13.65pt;vertical-align:baseline;">2.13&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">Global Certificate.</font></u></p>


<a name="_bclFooter34"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">34</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_35"></a><a name="_bclPageBorder35"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Prior to the
commencement of a Voting Period, (i) all 2018 VMTP Shares Outstanding from time
to time shall be represented by one global certificate registered in the name
of the Securities Depository or its nominee and (ii) no registration of
transfer of the 2018 VMTP Shares shall be made on the registration books of the
Fund to any Person other than the Securities Depository or its nominee or
transferee. The foregoing restriction on registration of transfer shall be
conspicuously noted on the face or back of the global certificates.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.8pt;line-height:13.65pt;vertical-align:baseline;">2.14&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">Notice.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.8pt;line-height:13.65pt;vertical-align:baseline;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">All notices or communications hereunder,
unless otherwise specified in the terms of the 2018 VMTP Shares, shall be
sufficiently given if in writing and delivered in person, by telecopier, by
Electronic Means or by overnight delivery. Notices delivered pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">Section
2.14</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> shall be deemed given on the date received, except as otherwise
provided by the MGCL for notices of stockholders&#8217; meetings.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">2.15&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">Actions
on Other than Business Days.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">Unless otherwise provided herein, if the
date for making any payment, performing any act or exercising any right, in
each case as provided for in the terms of the 2018 VMTP Shares, is not a
Business Day, such payment shall be made, act performed or right exercised on
the next succeeding Business Day, with the same force and effect as if made or
done on the nominal date provided therefor, and, with respect to any payment so
made, no dividends, interest or other amount shall accrue for the period
between such nominal date and the date of payment.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.55pt;line-height:13.8pt;vertical-align:baseline;">2.16&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.8pt;vertical-align:baseline;">Modification.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.55pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">To the extent permitted by applicable law,
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof and the Purchase Agreement, the Board of
Directors, without the vote of the Holders of 2018 VMTP Shares, may interpret,
supplement, or amend the provisions of these </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">terms
of the 2018 VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">to supply any omission, resolve any
inconsistency or ambiguity or to cure, correct or supplement any defective or
inconsistent provision, including any provision that becomes defective after
the date hereof because of impossibility of performance or any provision that
is inconsistent with any provision of any other Preferred Shares of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.65pt;line-height:11.25pt;vertical-align:baseline;">2.17&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:11.25pt;vertical-align:baseline;">Transfers.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.65pt;line-height:11.25pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">A Designated Owner or Holder may
sell, transfer or otherwise dispose of 2018 VMTP Shares only in whole shares
and only (i)(A) to Persons that it reasonably believes are qualified
institutional buyers (&#8220;QIBs&#8221;) that are: (X) registered closed-end management
investment companies, the shares of which are traded on a national securities
exchange, and registered open-end management investment companies, in each case
that (1) are either sponsored or managed by an entity listed on Schedule 2 to
the Purchase Agreement or any other entity that is controlled by, controlling
or under common control with an entity listed on Schedule 2 to the Purchase
Agreement and (2) invest primarily in municipal obligations (each, a &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Registered
Investment Company</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;); (Y) banks or entities that are 100% direct or
indirect subsidiaries of banks&#8217; publicly traded parent holding companies
(collectively &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Banks</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;); or (Z) insurance companies, in each case,
pursuant to Rule 144A under the Securities Act (&#8220;Rule 144A&#8221;) or another
available exemption </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">from registration under the
Securities Act, in a manner not involving any public offering within the
meaning of Section 4(a)(2) of the Securities Act, (B) to tender option bond
trusts (or other similar investment vehicles) in which all investors are
Persons that such Designated Owner or Holder reasonably believes are QIBs that
are Registered Investment Companies, Banks or insurance companies (or, in the
case of a tender option bond trust (or other similar investment vehicles) in
which the Holder or an affiliate of the Holder retains a residual interest), or
(C) to other investors with the prior written consent of the Issuer and (ii)
unless the prior written consent of each of the Issuer and the Majority
Participants has been obtained, not to AllianceBernstein Persons if such
AllianceBernstein Persons would, after such sale and transfer, own more than
20% of the Outstanding 2018 VMTP Shares.&#160; Any transfer in violation of the
foregoing restrictions shall be void </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">ab initio</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">. In connection with any
transfer of the 2018 VMTP Shares, each transferee (including, in the case of a
tender option bond trust (or other similar investment vehicles), the depositor
or trustee or other Person thereunder acting on behalf of such transferee) will
be required to deliver to the Issuer a transferee certificate set forth as </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Exhibit
C</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> to the Purchase Agreement no later than the date of the transfer.&#160; The
restrictions on transfer in this Section 2.17(a) shall not apply to any 2018
VMTP Shares registered under the Securities Act pursuant to the Registration Rights Agreement</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.8pt;vertical-align:baseline;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">or any subsequent transfer of such registered 2018
VMTP Shares thereafter.</font></p>
<a name="_bclFooter35"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">35</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_36"></a><a name="_bclPageBorder36"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">If at any time the
Fund is not furnishing information pursuant to Section 13 or 15(d) of the
Exchange Act, in order to preserve the exemption for resales and transfers under
Rule 144A, the Fund shall furnish, or cause to be furnished, to holders of 2018
VMTP Shares and prospective purchasers of 2018 VMTP Shares, upon request,
information with respect to the Fund satisfying the requirements of subsection
(d)(4) of Rule 144A.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.4pt;line-height:13.8pt;vertical-align:baseline;">2.18&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.8pt;vertical-align:baseline;">No Additional Rights.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.4pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Unless otherwise required by applicable law
or the Charter, the Holders of 2018 VMTP Shares shall not have any relative
rights or preferences or other special rights with respect to such 2018 VMTP
Shares other than those specifically set forth in the terms of these 2018 VMTP
Shares; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> that nothing in the terms of these 2018
VMTP Shares shall be deemed
to preclude or limit the right of the Fund (to the extent permitted by
applicable law) to contractually agree with any Holder or Designated Owner of 2018
VMTP Shares with regard to any special rights of such Holder or Designated Owner
with respect to its investment in the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECOND:&#160;
The 2018 VMTP Shares have been classified and designated by the Board of
Directors under the authority contained in the Charter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THIRD:&#160;
These Articles Supplementary have been approved by the Board of Directors in
the manner and by the vote required by law.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FOURTH:&#160;
The undersigned Officer of the Fund acknowledges these Articles Supplementary
to be the corporate act of the Fund and, as to all matters or facts required to
be verified under oath, the undersigned Officer acknowledges that, to the best
of his knowledge, information and belief, these matters and facts are true in
all material respects and that this statement is made under the penalties for
perjury.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">36</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_37"></a><a name="_bclPageBorder37"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FIFTH:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; These Articles Supplementary to the
charter of the Corporation will be effective on December 19, 2018, as permitted
by Section 2-208(d) of the Maryland General Corporation Law.</font></b></p>

<p style="margin-bottom:11.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[SIGNATURE
PAGE&nbsp;FOLLOWS]</font></p>









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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">37</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_38"></a><a name="_bclPageBorder38"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=left style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS
WHEREOF, the Fund has caused these Articles Supplementary to be signed in its
name and on its behalf by its President and attested to by its Assistant
Secretary on this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">18th</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> day of December, 2018.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td valign=top width=49% style="padding:0in .25in 0in 0in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;">ATTEST:</font></p>
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=51% style="padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;text-transform:uppercase;">ALLIANCEBERNSTEIN </font><font color=black face="Times New Roman" style="font-size:12.0pt;letter-spacing:-.3pt;text-transform:uppercase;">National
  Municipal Income Fund, Inc.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=49% style="padding:0in .25in 0in 0in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;">/s/Stephen
  J. Laffey</font></u><font color=black face="Times New Roman" style="font-size:12.0pt;"><br>
  Name:&#160; Stephen J. Laffey<br>
  Title: Assistant Secretary</font></p>
  </td>
 <td valign=top width=51% style="padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;">/s/Robert
  M. Keith</font></u><font color=black face="Times New Roman" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  (SEAL)<br>
  Name: Robert M. Keith<br>
  Title: President</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=49% style="padding:0in .25in 0in 0in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>
  </td>
 <td valign=top width=51% style="padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=2 valign=top width=100% style="padding:0in .25in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;text-transform:uppercase;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;text-transform:uppercase;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;text-transform:uppercase;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;text-transform:uppercase;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;text-transform:uppercase;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;text-transform:uppercase;">[Signature page to Articles Supplementary Of
  <br>
  AllianceBernstein National Municipal Income Fund, Inc.]</font></p>
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>
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<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>6
<FILENAME>NCEN_811-10573_12206456_1021.htm
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ANMIF N-CEN Item 3.1b.i</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">Articles
Supplementary effective August 28, 2019</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">AllianceBernstein National Municipal Income
Fund, Inc.</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">Articles Supplementary</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">5,754 Shares</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:13.45pt;vertical-align:baseline;">2019 Variable Rate MuniFund Term Preferred Shares</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">AllianceBernstein
National Municipal Income Fund, Inc., a Maryland corporation (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Fund&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">),
certifies that:</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">RECITALS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">FIRST: Under a power contained in Article FIFTH of the Fund&#8217;s Charter (the
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Charter&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">), the Board of Directors of the Fund, by duly adopted
resolutions, classified 5,754 shares of authorized but unissued shares of
common stock, par value $0.001 per share, of the Fund as a series of preferred
stock, par value $0.001 per share, designated as 2019 Variable Rate MuniFund
Term Preferred Shares, liquidation preference $25,000 per share, plus an amount
equal to accumulated but unpaid dividends thereon (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;2019 VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">),
with the following preferences, rights, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption, which, upon any restatement of the Charter, may
become part of Article FIFTH of the Charter, with any necessary or appropriate
renumbering or relettering of the sections or subsections hereof.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.4pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.45pt;vertical-align:baseline;">2019 VMTP SHARES</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.4pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.45pt;vertical-align:baseline;">DESIGNATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.4pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Preferred Shares:&#160; 5,754 shares of
authorized but unissued common stock, par value $0.001 per share, are
classified and designated as 2019 Variable Rate MuniFund Term Preferred Shares, liquidation
preference $25,000 per share, plus an amount equal to accumulated but unpaid
dividends thereon (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;2019 VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">).&#160; The initial Dividend Period
for the 2019 VMTP Shares shall be the period from and including the Date of
Original Issue thereof to and ending on and including September 30, 2019.&#160; Each
2019 VMTP Share shall have a dividend rate equal to the Dividend Rate.&#160; Each 2019
VMTP Share shall have such other preferences, rights, voting powers,
restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those
required by applicable law or set forth in the Charter, as set forth herein.&#160;
The 2019 VMTP Shares shall constitute a separate series of Preferred Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board
of Directors of the Fund may, in the future, authorize the issuance of
additional Preferred Shares with the same preferences, rights, voting powers,
restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption and other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">terms herein described except to the extent such terms
shall be altered in the Articles Supplementary relating to such additional
Preferred Shares.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.1&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Definitions.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
Unless the context or use indicates another or different meaning or intent,
each of the following terms
shall have the meaning ascribed to it below, whether such term is used in the
singular or plural and regardless of tense:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;1940 Act&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the Investment Company Act of 1940,
as amended, or any successor statute.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;1940 Act Asset Coverage&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means &#8220;asset coverage,&#8221; as defined for
purposes of Section 18(h) of the 1940 Act, of at least 225% with respect to all
outstanding senior securities of the Fund which are shares of stock for
purposes of the 1940 Act, including all outstanding 2019 VMTP Shares (or such
other asset coverage as may in the future be specified in or under the 1940 Act
or by rule, regulation or order of United States Securities and Exchange
Commission as the minimum asset coverage for senior securities that are shares
of stock of a closed-end investment company).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.65pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;2015 VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> shall mean the Variable Rate MuniFund
Term Preferred Shares, $0.001 par value per share, classified and designated
pursuant to Articles Supplementary accepted for record on August 31, 2015.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;2018 VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> shall mean the 2018 Variable Rate
MuniFund Term Preferred Shares, $0.001 par value per share, classified and
designated pursuant to Articles Supplementary accepted for record on December
19, 2018.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;2019 VMTP Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> shall have the meaning as set forth in
the first paragraph under the caption &#8220;Designation&#8221; above.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:1.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:1.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Additional Amount Payment&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means a payment to a Holder of 2019 VMTP
Shares of an amount which, when combined with the amount of the portion of any
dividend to which a Taxable Allocation relates, and after imposition of U.S.
federal income tax, taking into account the assumptions in the immediately
following sentence, equals the after tax dollar amount of the dividend that
would have been received by such Holder if no Taxable Allocation had been made
with respect to such dividend.&#160; Such Additional Amount Payment shall be
calculated (i) without consideration being given to the time value of money;
(ii) assuming that no Holder is subject to the federal alternative minimum tax
with respect to dividends received from the Fund; and (iii) assuming that each
Taxable Allocation and each Additional Amount Payment (except to the extent
such Additional Amount Payment is reported as an exempt-interest dividend for
purposes of Section 852(b)(5) of the Code) would be taxable, (x) in the case of
the Purchaser (or (1) any entity taxed as a corporation that (i) joins in
filing a consolidated federal corporate income tax return with the Purchaser,
or (ii) is otherwise an affiliate of the Purchaser and is taxed as a
corporation (excluding any such entity that is taxed as a regulated investment
company under Subchapter M of the Code), or (2) any entity that is a direct or
indirect wholly-owned subsidiary of one or more of the entities described in
clause (1) (each of the entities described in clauses (1) or (2), a &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Corporate
Affiliate</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8221;)) at the maximum marginal regular federal corporate income tax
rate applicable to ordinary income or net capital gains, as applicable, in
effect at the time such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Additional Amount Payment is
paid, disregarding in each case the effect of any state or local taxes, or (y)
in the case of any other Holder at the greater of (A) the rate expressed in
clause (x), or (B) the maximum marginal regular federal individual income tax
rate applicable to ordinary income or net capital gains, as applicable, in
effect at the time such Additional Amount Payment is paid, disregarding in each
case the effect of any state or local taxes, assuming that section 1411 of the
Code is applicable.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.3pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Adviser&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means AllianceBernstein L.P., a Delaware
limited partnership, or such other entity as shall be then serving as the
investment adviser of the Fund, and shall include, as appropriate, any
sub-adviser duly appointed by the Adviser.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Agent Member&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means a Person with an account at the
Securities Depository that holds one or more 2019 VMTP Shares through the
Securities Depository, directly or indirectly, for a Designated Owner and that
will be authorized and instructed, directly or indirectly, by a Designated
Owner to disclose information to the Redemption and Paying Agent with respect
to such Designated Owner.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;AllianceBernstein Person&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means the Adviser or any affiliated
person of the Adviser (as defined in Section 2(a)(3) of the 1940 Act) (other
than the Fund, in the case of a redemption or purchase of the 2019 VMTP Shares,
which shares shall automatically return to the status of authorized but
unissued Common Shares).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Applicable Spread&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means, with respect to any Rate Period for the 2019 VMTP Shares,
the percentage per annum set forth opposite the highest applicable credit
rating most recently assigned to the 2019 VMTP Shares by any Rating Agency in
the table set forth directly below on the Rate Determination Date for such Rate
Period:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:36.5pt;width:402.500000pt;">
 <tr style="height:13.45pt;">
  <td width=50% style="border:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">Long-Term Ratings*</font></b></p>
  </td>
 <td rowspan=2 valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.95pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.95pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.45pt;vertical-align:baseline;">S &amp;P</font><font color=black face="Times New Roman" style="font-size:8.5pt;line-height:12.45pt;vertical-align:baseline;"> </font><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.45pt;vertical-align:baseline;">Rating</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.7pt;vertical-align:baseline;">Applicable
  Percentage**</font></p>
  </td>
 </tr>
<tr style="height:13.45pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:13.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">AAA to AA-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">0.98%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">A+ to A-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.65pt;vertical-align:baseline;">1.98%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BBB+ to BBB-</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">2.98%</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:23.55pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">BB+ or lower***</font></p>
  </td>
 <td width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:12.9pt;vertical-align:baseline;">3.98%</font></p>
  </td>
 </tr>
<tr style="height:151.95pt;">
  <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:151.95pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;line-height:12.6pt;vertical-align:baseline;">*And/or the equivalent ratings of an Other Rating Agency
  then rating the 2019 VMTP Shares utilizing the highest of the ratings of the
  Rating Agencies then rating the 2019 VMTP Shares.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:5.4pt;margin-top:12.2pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;line-height:12.6pt;vertical-align:baseline;">**Unless an Increased Rate Period is in effect and is continuing,
  in which case the Applicable Spread shall be 5.98% for such period.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:0in;margin-top:13.0pt;"><font color=black face="Times New Roman" style="font-size:11.0pt;line-height:12.0pt;vertical-align:baseline;">*** Includes unrated.</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:151.95pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>


<a name="_bclFooter3"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;APS&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> shall mean the Fund&#8217;s outstanding Auction
Preferred Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Asset Coverage&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means &#8220;asset coverage&#8221; of a class of
senior security that is a stock, as defined for purposes of Section 18(h) of
the 1940 Act as in effect on the date hereof, determined on the basis of values
calculated as of a time within 48 hours (only including Business Days) next
preceding the time of such determination.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#8220;Asset Coverage Cure Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to the failure by the
Fund to maintain Asset Coverage of at least 225% as of the close of business on
a Business Day (as required by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof), the date that is ten
(10) business days following such Business Day.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Asset Coverage
Mandatory Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i)(A).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.05pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Banks&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">Section
2.17(a).</font></u></p>

<p style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">&#160;&#8220;Board of Directors&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;"> means the Board of Directors of the Fund
or any duly authorized committee thereof as permitted by applicable law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Business Day&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means any day (a) other than a day on
which commercial banks in The City of New York, New York are required or
authorized by law or executive order to close and (b) on which the New York
Stock Exchange is not closed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Bylaws&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> mean the Bylaws of the Fund, as amended from time to time.
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Charter&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means the charter of the Fund as defined
under the MCGL, and as amended and supplemented from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:1.0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;">&#160;&#8220;Code&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;"> means the Internal Revenue Code of 1986, as amended.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Common Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means shares of common stock, par value
$0.001 per share, of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.65pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Custodian&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means a bank, as defined in Section
2(a)(5) of the 1940 Act, that complies with the Ratings Agency Guidelines and that
has the qualifications prescribed in paragraph 1 of Section 26(a) of the 1940
Act, or such other entity as shall be providing custodian services to the Fund
as permitted by the 1940 Act or any rule, regulation, or order thereunder, and
shall include, as appropriate, any similarly qualified sub-custodian duly
appointed by the Custodian.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#160;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Date of Original Issue&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means August
28, 2019.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.55in;margin-top:.2pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;">&#8220;Default&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:25.75pt;vertical-align:baseline;"> shall mean a Dividend Default or a
Redemption Default.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.6pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Deposit Securities&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> means, as of any date, any United States
dollar-denominated security or other investment of a type described below that
either (i) is a demand obligation payable to the holder thereof on any Business
Day or (ii) has a maturity date, mandatory redemption date or mandatory payment
date, on its face or at the option of the holder, preceding the relevant
Redemption Date, Dividend Payment Date or other payment date in respect of
which such security or other investment has been deposited or set aside as a
Deposit Security:</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.8pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">(1)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">cash or any cash
equivalent;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.1pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">(2)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">any U.S. Government
Obligation;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(3)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">any Municipal Security
that has a credit rating from at least one NRSRO that is the highest applicable
rating generally ascribed by such NRSRO to Municipal Securities with
substantially similar terms as of the date that the Articles Supplementary
containing the terms of the 2019 VMTP Shares were accepted for record by the SDAT
(or such rating's future equivalent), including (A) any such Municipal Security
that has been pre-refunded by the issuer thereof with the proceeds of such
refunding having been irrevocably deposited in trust or escrow for the
repayment thereof and (B) any such fixed or variable rate Municipal Security
that qualifies as an eligible security under Rule 2a-7 under the 1940 Act;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(4)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any investment in any
money market fund that is registered under the 1940 Act and qualifies under
Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule
12d1-1(b)(2) under the 1940 Act, and that invests principally in Municipal
Securities or U.S. Government Obligations or any combination thereof; or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(5)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any letter of credit
from a bank or other financial institution that has a credit rating from at
least one NRSRO that is the highest applicable rating generally ascribed by
such NRSRO to bank deposits or short-term debt of similar banks or other financial
institutions as of the date that the Articles Supplementary containing the
terms of the 2019 VMTP Shares were accepted for record by the SDAT (or such
rating's future equivalent).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Designated Owner&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means a Person in whose name the 2019 VMTP
Shares are recorded as beneficial owner of such 2019 VMTP Shares by the
Securities Depository, an Agent Member or other securities intermediary on the
records of such Securities Depository, Agent Member or securities intermediary,
as the case may be.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.2pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Default&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(g)(i).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Payment
Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
means the first Business Day of each calendar month following each Dividend
Period that any 2019 VMTP Shares are outstanding; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
that the first Dividend Payment Date for the 2019 VMTP Shares shall be October
1, 2019.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> means, in the case
of the first Dividend Period, the period beginning on the Date of Original
Issue and ending on and including September 30, 2019 and for each subsequent
Dividend Period, the period beginning on and including the first calendar day
of the month following the month in which the previous Dividend Period ended
and ending on and including the last calendar day of such month.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to any Rate Period
and subject to the adjustment described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the
Index Rate for such Rate Period </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> the Applicable Spread for such Rate
Period</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> the Failed Remarketing Spread; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
that with respect to any Increased Rate Period, the Dividend Rate shall mean
the Increased Rate for such Increased Rate Period; and </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided further</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
that the Dividend Rate for any Rate Period shall in no event exceed the Maximum
Rate.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Early Term Redemption Date</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8221; means (i)
every 3rd anniversary of the Date of Original Issue (for the avoidance of
doubt, such date to occur once every 3 years), </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> that the first
Early Term Redemption Date shall occur on August 29, 2022, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">further</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">
that, an Early Term Redemption Date shall be deemed not to have occurred with
respect to any 2019 VMTP Shares for which an election to retain is made
pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.5(a)(iv)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> relating to the Mandatory Tender Event occurring
20 Business Days prior to such Early Term Redemption Date and (ii) each
Mandatory Tender Date as described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.5(a)(iii)(C)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Early Term Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8221; means
the price per share equal to the Liquidation Preference per share plus an amount
equal to all unpaid dividends and other distributions on the 2019 VMTP Shares
accumulated from and including the Date of Original Issue to (but excluding)
the Early Term Redemption Date (whether or not earned or declared by the Fund,
but excluding interest thereon).</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.9pt;text-align:center;text-indent:27.0pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.4(d).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio Cure Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)(A).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Electronic Means&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means email transmission, facsimile
transmission or other similar electronic means of communication providing
evidence of transmission (but excluding online communications systems covered
by a separate agreement) acceptable to the sending party and the receiving
party, in any case if operative as between any two parties, or, if not
operative, by telephone (promptly confirmed by any other method set forth in
this definition), which, in the case of notices to the Redemption and Paying
Agent and the Custodian, shall be sent by such means to each of its
representatives set forth in the Redemption and Paying Agent Agreement and the
Custodian Agreement, respectively.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">&#8220;ELR Mandatory
Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section
2.6(b)(ii)(A).</font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Exchange Act&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means the U.S. Securities Exchange Act of
1934, as amended.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Extraordinary Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Extraordinary Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Failed Remarketing&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means shall have the meaning set forth in
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Failed Remarketing Spread&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means (i) initially and after the first
occurrence of a Failed Remarketing, 0% and (ii) following the second occurrence
of a Failed Remarketing, 0.15% multiplied by the number of Failed Remarketings
that have occurred after the first Failed Remarketing.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#8220;Fitch&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means Fitch Ratings, a part of the Fitch Group, which is
jointly owned by Fimalac, S.A. and Hearst Corporation, and any successor or
successors thereto.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#8220;Fund&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
means AllianceBernstein National Municipal Income Fund, Inc., a Maryland
corporation, which is the issuer of the 2019 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Holder&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to the 2019 VMTP Shares, a Person in
whose name such security is registered in the registration books of the Fund
maintained by the Redemption and Paying Agent or otherwise.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Increased Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to any Increased Rate
Period for the 2019 VMTP Shares, the Index Rate for such Rate Period (or
portion thereof) </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> an Applicable Spread of 5.98%.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Increased Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(g)(i).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Index Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to any Rate Period
for the 2019 VMTP Shares, the SIFMA Municipal Swap Index made available by 3:00
p.m., New York City time, on the Rate Determination Date for such Rate Period.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Initial Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with
respect to the 2019 VMTP Shares, the period commencing on and including the
Date of Original Issue thereof and ending on, and including, the next
succeeding calendar day that is a Wednesday (or if such Wednesday is not a
Business Day, the next succeeding Business Day).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidation Preference&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means $25,000 per share.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity Account Initial Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means with respect to the Term Redemption
Date the date that is six months prior to the Term Redemption Date and with
respect to the Early Term Redemption Date, the date that is six months prior to
the Early Term Redemption Date. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity Account Investment&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, as of any date, any United States
dollar-denominated security or other investment of a type described below that
either (i) is a demand obligation payable to the holder thereof on any Business
Day prior to either the Term Redemption Date or Early Term Redemption Date (as
the case may be) or (ii) has a maturity date, mandatory redemption date or
mandatory payment date, on its face or at the option of the holder, preceding
the Term Redemption Date or Early Term Redemption Date (as the case may be):</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(1)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any U.S. Treasury obligations
(all direct or fully guaranteed obligations); </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(2)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any Municipal Security
that has a credit rating from S&amp;P that is the highest applicable rating
generally ascribed by S&amp;P to Municipal Securities with substantially
similar terms as of the date that the Articles Supplementary containing the
terms of the 2019 VMTP Shares were accepted for record by the SDAT (or such
rating's future equivalent), including (A) any such Municipal Security that has
been pre-refunded by the issuer thereof with the proceeds of such refunding
having been irrevocably deposited in trust or escrow for the repayment thereof
and (B) any such fixed or variable rate Municipal Security that qualifies as an
eligible security under Rule 2a-7 under the 1940 Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity
Requirement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have
the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.12(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Mandatory Tender Event&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.5(a)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Mandatory Tender Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.5(a)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#160;&#8220;Mandatory Tender Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Mandatory Tender Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Market Value&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> of any asset of the Fund means, for
securities for which market quotations are readily available, the market value
thereof determined by an independent third-party pricing service designated
from time to time by the Board of Directors, which pricing service shall be
Standard &amp; Poor's Securities Evaluations, Inc./J. J. Kenny Co., Inc. (or
any successor thereto), Interactive Data Corporation (or any successor thereto)
or such other independent third-party pricing service broadly recognized in the
tax-exempt fund market. Market Value of any asset shall include any interest
accrued thereon. The pricing service values portfolio securities at the mean
between the quoted bid and asked price or the yield equivalent when quotations
are readily available. Securities for which quotations are not readily
available are valued at fair value as determined by the pricing service using
methods that include consideration of: yields or prices of Municipal Securities
of comparable quality, type of issue, coupon, maturity and rating; state of
issuance; indications as to value from dealers; and general market conditions.
The pricing service may employ electronic data processing techniques or a
matrix system, or both, to determine recommended valuations.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Maximum Rate&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> means 15% per annum.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;">&#8220;MGCL&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;"> means the Maryland
General Corporation Law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Moody&#8217;s&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.65pt;vertical-align:baseline;"> means Moody&#8217;s
Investors Service, Inc. and any successor or successors thereto.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Municipal Securities&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means municipal securities as described
under the heading &#8220;The Fund&#8217;s Investments&#8221; in the Information Statement for 2019
VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Notice of Redemption&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(e)(i).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Notice of Special Terms Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(h)(iii).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.1pt;text-align:justify;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Notice of Taxable Allocation&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Section
2.11(a).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;NRSRO&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means (i) each of Fitch, Moody's and S&amp;P so long as
such Person is a nationally recognized statistical rating organization within
the meaning of Section 3(a)(62) of the Exchange Act and (ii) any other
nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) of the Exchange Act that is not an &#8220;affiliated person&#8221; (as
defined in Section 2(a)(3) of the 1940 Act) of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(c)(i).</font></u></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional
Redemption Premium&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
means, with respect to each 2019 VMTP Share to be redeemed at the option of the
Fund as set forth in Section 2.6(c)(i) on any Optional Redemption Date, an
amount equal to: (i) if such Optional Redemption Date is not more than one year
from the Date of Original Issue, 1% of the Liquidation Preference of the 2019 VMTP
Shares subject to redemption and (ii) if such Optional Redemption Date is more
than one year from the Date of Original Issue, zero. </font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:12.3pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#160;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Optional Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> shall have the meaning as set
forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Section 2.6(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.65pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#160;&#8220;Other Rating Agency&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means each Rating Agency, if any, other
than S&amp;P then providing a rating for the 2019 VMTP Shares pursuant to the
request of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Outstanding&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, as of any date with respect to 2019
VMTP Shares, the number of 2019 VMTP Shares theretofore issued by the Fund
except (without duplication):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any 2019 VMTP Shares
theretofore cancelled or redeemed or delivered to the Redemption and Paying
Agent for cancellation or redemption in accordance with the terms hereof; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any 2019 VMTP Shares as to
which the Fund shall have given a Notice of Redemption and irrevocably
deposited with the Redemption and Paying Agent sufficient Deposit Securities to
redeem such 2019 VMTP Shares in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c) &#160;&#160;&#160;&#160;&#160;&#160; any 2019 VMTP Shares as to
which the Fund shall be the Holder or the Designated Owner; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">any 2019 VMTP Shares
represented by any certificate in lieu of which any new certificate has been
executed and delivered by the Fund.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Person&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means and includes an individual, a partnership, a trust,
a corporation, a limited liability company, an unincorporated association, a
joint venture or other entity or a government or any agency or political
subdivision thereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Preferred Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8221; shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Section
2.7(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Preferred Shares&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means any authorized preferred stock, par
value $0.001 per share, of the Fund, including the 2018 VMTP Shares, 2019 VMTP
Shares and APS, shares of any other series of such Preferred Shares hereafter
issued by the Fund, and any other shares of stock hereafter authorized and
issued by the Fund of a class or series having priority over any other class or
series as to distribution of assets or payment of dividends.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Purchase Agreement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the VMTP Purchase Agreement dated
as of August 28, 2019 between the Fund and the Purchaser.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Purchaser&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means Banc of America Preferred Funding
Corporation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rate Determination Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, with respect to the Initial Rate
Period for the 2019 VMTP Shares, August 21, 2019 and, with respect to any
Subsequent Rate Period for the 2019 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">VMTP Shares, the
last day of the immediately preceding Rate Period or, if such day is not a
Business Day, the next succeeding Business Day; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided, however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> that
the next succeeding Rate Determination Date will be determined without regard
to any prior extension of a Rate Determination Date to a Business Day.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the Initial Rate Period and any
Subsequent Rate Period of the 2019 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rating Agencies&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means, as of any date and in respect of the
2019 VMTP Shares, (i) S&amp;P and (ii) any other NRSRO designated as a Rating
Agency on such date in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, in each case
(i) or (ii) above, to the extent it maintains a rating on the 2019 VMTP Shares
on such date and the Board of Directors has not terminated its designation as a
Rating Agency in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof. &#160;&#160;S&amp;P has
initially been designated as the Rating Agency for purposes of the 2019 VMTP
Shares. In the event that at any time any Rating Agency (i) ceases to be a
Rating Agency for purposes of the 2019 VMTP Shares and such Rating Agency has
been replaced by an Other Rating Agency in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof,
any references to any credit rating of such replaced Rating Agency in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">the terms of the 2019 VMTP Shares</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be
deleted for purposes hereof as provided below and shall be deemed instead to be
references to the equivalent credit rating of the Other Rating Agency that has replaced
such Rating Agency as of the most recent date on which such replacement Other
Rating Agency published credit ratings for the 2019 VMTP Shares or (ii)
designates a new rating definition for any credit rating of such Rating Agency
with a corresponding replacement rating definition for such credit rating of
such Rating Agency, any references to such replaced rating definition of such Rating
Agency contained herein shall instead be deemed to be references to such
corresponding replacement rating definition. In the event that at any time the
designation of any Rating Agency as a Rating Agency for purposes of the 2019 VMTP
Shares is terminated in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, any rating
of such terminated Rating Agency, to the extent it would have been taken into
account in any of the provisions herein, shall be disregarded, and only the
ratings of the then-designated Rating Agencies shall be taken into account.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Rating Agency Guidelines&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the guidelines of any Rating
Agency, as they may be amended or modified from time to time, compliance with
which is required to cause such Rating Agency to continue to issue a rating
with respect to the 2019 VMTP Shares for so long as any 2019 VMTP Shares are
Outstanding. The Rating Agency Guidelines of S&amp;P include the criteria
described in Methodology And Assumptions for Market Value Securities published
by S&amp;P September 17, 2013, as may be amended at S&amp;P&#8217;s sole discretion,
and any other guidelines deemed relevant by S&amp;P.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.95pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Redemption
and Paying Agent&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> means Computershare Inc. and its successors or any
other redemption and paying agent appointed by the Fund with respect to the 2019
VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Redemption and Paying Agent Agreement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means the Transfer Agency and Service
Agreement dated November 1, 2015, as amended December 19, 2018 and August 28,
2019, by and among the Redemption and Paying Agent, the Fund and certain other
Persons, and as the same may be amended, restated or modified from time to
time, or any similar agreement between the Fund and any other redemption and
paying agent appointed by the Fund.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;"> shall have the meaning as set </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">forth</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">
in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">Section 2.6(e)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#8220;Redemption Default&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;"> shall have the
meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">Section 2.2(g)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.75pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;"> shall mean the Term Redemption Price, the
Asset Coverage Mandatory Redemption Price, the ELR Mandatory Redemption Price, the
Optional Redemption Price, the Extraordinary Redemption Price or the Mandatory
Tender Redemption Price, as applicable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.25pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">&#8220;Registered Investment Company&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">Section
2.17(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.3pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Registration
Rights Agreement&#8221; </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">means
the registration rights agreement entered into between the Fund and the
Purchaser dated as of August 28, 2019, as amended from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.3pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;SDAT&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> means the State Department of Assessments
and Taxation of Maryland.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.3pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#8220;Securities Act&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;"> means the U.S. Securities Act of 1933, as
amended.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.75pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&#8220;Securities Depository&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> shall mean The Depository Trust Company
and its successors and assigns or any other securities depository selected by
the Fund that agrees to follow the procedures required to be followed by such
securities depository as set forth herein with respect to the 2019 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;SIFMA Municipal Swap Index&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means the Securities Industry and
Financial Markets Association Municipal Swap Index, or such other weekly,
high-grade index comprised of seven-day, tax-exempt variable rate demand notes
produced by Municipal Market Data, Inc. or its successor, or as otherwise
designated by the Securities Industry and Financial Markets Association; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> that if such index is no longer produced by Municipal Market
Data, Inc. or its successor, then SIFMA Municipal Swap Index shall mean (i) the
S&amp;P Weekly High Grade Municipal Index produced by Standard &amp; Poor's
Financial Services LLC or its successors or (ii) if the S&amp;P Weekly High
Grade Municipal Index is no longer produced, such other reasonably comparable
index selected in good faith by the Board of Directors of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;S&amp;P&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> means S&amp;P Global Ratings, a Standard
&amp; Poor's Financial Services LLC business, and any successor or successors
thereto.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;Subsequent Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means, with respect the 2019 VMTP Shares,
the period consisting of seven days, but adjusted in each case to reflect any
changes when the regular day that is a Rate Determination Date is not a
Business Day, from, and including, the first day following the Initial Rate
Period to, and including, the next Rate Determination Date and any period
thereafter from, and including, the first day following a Rate Determination
Date to, and including, the next succeeding Rate Determination Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">&#8220;Tax Event&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Section
2.2(g)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Taxable Allocation&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> means the allocation of any net capital
gain or other income taxable for regular federal individual income tax purposes
to a dividend paid in respect of the 2019 VMTP Shares.</font></p>


<a name="_bclFooter11"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Term
Redemption Amount&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall
have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.12(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Term Redemption Date&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> means December 31, 2049.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">&#8220;Term Redemption Liquidity Account&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;vertical-align:baseline;">Section
2.12(a).</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.95pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">&#8220;Term Redemption Price&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Section
2.6(a)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#8220;U.S. Government Obligations&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> means direct obligations of the United
States or of its agencies or instrumentalities that are entitled to the full
faith and credit of the United States and that, other than United States
Treasury Bills, provide for the periodic payment of interest and the full
payment of principal at maturity or call for redemption.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Voting Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall have the meaning as set forth in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">1.2&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Interpretation.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> The headings
preceding the text of Sections included herein are for convenience only and
shall not be deemed part of the terms of the 2019 VMTP Shares or be given any
effect in interpreting the terms of the 2019 VMTP Shares. The use of the
masculine, feminine or neuter gender or the singular or plural form of words
herein shall not limit any provision of the terms of the 2019 VMTP Shares. The
use of the terms &#8220;including&#8221; or &#8220;include&#8221; shall in all cases herein mean &#8220;including,
without limitation&#8221; or &#8220;include, without limitation,&#8221; respectively. Reference
to any Person includes such Person's successors and assigns to the extent such
successors and assigns are permitted by the terms of any applicable agreement,
and reference to a Person in a particular capacity excludes such Person in any
other capacity or individually. Reference to any agreement, document or
instrument means such agreement, document or instrument as amended or modified
and in effect from time to time in accordance with the terms thereof and, if
applicable, the terms hereof. Except as otherwise expressly set forth herein,
reference to any law means such law as amended, modified, codified, replaced or
re-enacted, in whole or in part, including rules, regulations, enforcement
procedures and any interpretations promulgated thereunder. Underscored
references to Sections shall refer to those portions of the terms of the 2019
VMTP Shares. The use of the terms &#8220;hereunder,&#8221; &#8220;hereof,&#8221; &#8220;hereto&#8221; and words of
similar import shall refer to the terms of the 2019 VMTP Shares as a whole and
not to any particular Article, Section or clause of the terms of the 2019 VMTP
Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.1&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Number of
Shares; Ranking.</font></u></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">The initial number of
authorized 2019 VMTP Shares is 5,754.&#160; No fractional 2019 VMTP Shares shall be
issued. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">The 2019 VMTP Shares
shall rank on a parity with the 2018 VMTP Shares, the APS or shares of any
other class or series of Preferred Shares as to the payment of dividends and
the distribution of assets upon dissolution, liquidation or winding up of the
affairs of the Fund. The 2019 VMTP Shares shall have preference with respect to
the payment of dividends and as to distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Fund over the Common Shares as
set forth herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>


<a name="_bclFooter12"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">12</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">No Holder of 2019 VMTP
Shares shall have, solely by reason of being such a Holder, any preemptive or
other right to acquire, purchase or subscribe for any 2019 VMTP Shares or
Common Shares or other securities of the Fund which it may hereafter issue or
sell.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">No Holder of 2019 VMTP
Shares shall be entitled to exercise the rights of an objecting stockholder
under Title 3, Subtitle 2 of the MGCL or any successor provision.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">2.2&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">Dividends and
Distributions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.8pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">The Holders of 2019 VMTP
Shares shall be entitled to receive, when, as and if authorized by, or under
authority granted by, the Board of Directors, and declared by the Fund out of
funds legally available therefor and in preference to dividends and other
distributions on Common Shares, cumulative cash dividends and other
distributions on each share of 2019 VMTP Shares at the Dividend Rate,
calculated as set forth herein, and no more. Dividends and other distributions
on the 2019 VMTP Shares shall accumulate from the Date of Original Issue. The
amount of dividends per share payable on 2019 VMTP Shares on any Dividend
Payment Date shall equal the sum of the dividends accumulated but not yet paid
for each Rate Period (or part thereof) in the related Dividend Period. &#160;The
amount of dividends per share accumulated for each such Rate Period (or part
thereof) shall be computed by (i) multiplying the Dividend Rate in effect for the
2019 VMTP Shares for such Rate Period (or part thereof) by a fraction, the
numerator of which shall be the actual number of days in such Rate Period (or
part thereof) and the denominator of which shall be the actual number of days
in the year in which such Rate Period (or such part thereof) occurs (365 or
366) and (ii) multiplying the product determined pursuant to clause (i) by the
Liquidation Preference.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Dividends on 2019 VMTP
Shares with respect to any Dividend Period shall be declared daily to the
Holders of such shares as their names shall appear on the registration books of
the Fund at the close of business on each day in such Dividend Period and shall
be paid as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(f)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(i)
No full dividends and other distributions shall be declared or paid on 2019 VMTP
Shares for any Dividend Period or part thereof unless full cumulative dividends
and other distributions due through the most recent dividend payment dates
therefor for all outstanding Preferred Shares ranking on a parity with the 2019
VMTP Shares, including the 2018 VMTP Shares, have been or contemporaneously are
declared and paid through the most recent dividend payment dates therefor. If
full cumulative dividends and other distributions due have not been declared
and paid on all such outstanding Preferred Shares of any series, any dividends
and other distributions being declared and paid on the 2019 VMTP Shares will be
declared and paid as nearly pro rata as possible in proportion to the
respective amounts of dividends and other distributions accumulated but unpaid
on each such series of Preferred Shares on the relevant dividend payment date
for such series. Subject to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof, and </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">
of the Purchase Agreement, no Holders of 2019 VMTP Shares shall be entitled to
any dividends and other distributions, whether payable in cash, property or
shares, in excess of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">full
cumulative dividends and other distributions as provided in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
on the 2019 VMTP Shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.05pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">For
so long as any 2019 VMTP Shares are Outstanding, the Fund shall not: (x)
declare any dividend or other distribution (other than a dividend or
distribution paid in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Common Shares) in respect of the
Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire
for consideration any Common Shares, or (z) pay any proceeds of the liquidation
of the Fund in respect of the Common Shares, unless, in each case, (A)
immediately thereafter, the Fund shall have 1940 Act Asset Coverage after
deducting the amount of such dividend or distribution or redemption or purchase
price or liquidation proceeds, (B) all cumulative dividends and other
distributions on all 2019 VMTP Shares and all other series of Preferred Shares
ranking on a parity with the 2019 VMTP Shares due on or prior to the date of
the applicable dividend, distribution, redemption, purchase or acquisition
shall have been declared and paid (or shall have been declared and Deposit
Securities or sufficient funds (in accordance with the terms of such Preferred
Shares) for the payment thereof shall have been deposited irrevocably with the Redemption
and Paying Agent for such Preferred Shares) and (C) the Fund shall have
deposited Deposit Securities pursuant to and in accordance with the
requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(e)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> hereof with respect to Outstanding 2019
VMTP Shares to be redeemed pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">
hereof for which a Notice of Redemption shall have been given or shall have
been required to be given in accordance with the terms hereof on or prior to
the date of the applicable dividend, distribution, redemption, purchase or
acquisition.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">13</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Any dividend payment made on 2019 VMTP
Shares shall first be credited against the dividends and other distributions
accumulated with respect to the earliest Dividend Period for the 2019 VMTP
Shares for which dividends and other distributions have not been paid.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Not later than 12:00
noon, New York City time, on the Dividend Payment Date for the 2019 VMTP
Shares, the Fund shall deposit with the Redemption and Paying Agent Deposit
Securities having an aggregate Market Value on such date sufficient to pay the
dividends and other distributions that are payable on such Dividend Payment
Date in respect to the 2019 VMTP Shares. The Fund may direct the Redemption and
Paying Agent with respect to the investment or reinvestment of any such Deposit
Securities so deposited prior to the Dividend Payment Date, provided that such
investment consists exclusively of Deposit Securities and provided further that
the proceeds of any such investment will be available as same day funds at the
opening of business on such Dividend Payment Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">All Deposit Securities
paid to the Redemption and Paying Agent for the payment of dividends payable on
the 2019 VMTP Shares shall be held in trust for the payment of such dividends
by the Redemption and Paying Agent for the benefit of the Holders of the 2019 VMTP
Shares entitled to the payment of such dividends pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(f)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof. Any moneys paid to the Redemption and Paying Agent in accordance with
the foregoing but not applied by the Redemption and Paying Agent to the payment
of dividends, including interest earned on such moneys while so held, will, to
the extent permitted by law, be repaid to the Fund as soon as possible after
the date on which such moneys were to have been so applied, upon request of the
Fund.&#160; </font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(f)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Dividends
on 2019 VMTP Shares as declared daily to the Holders thereof on such date as
provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> shall be paid on each Dividend Payment Date
to such Holders.&#160; Dividends in arrears on 2019 VMTP Shares for any past
Dividend Period may be declared and paid at any time, without reference to any
regular Dividend Payment Date, to the Holders of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">2019 VMTP
Shares as their names appear on the registration books of the Fund on such
date, not exceeding fifteen (15) calendar days preceding the payment date
thereof, as may be fixed by the Board of Directors. No interest or sum of money
in lieu of interest will be payable in respect of any dividend payment or
payments on 2019 VMTP Shares which may be in arrears.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">14</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(g)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">(i)
The Dividend Rate on 2019 VMTP Shares shall be adjusted to the Increased Rate
for each Increased Rate Period (as hereinafter defined). Subject to the cure
provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(g)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof, a Rate Period with respect to the
2019 VMTP Shares shall be deemed to be an </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Increased Rate Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> if on
the first day of such Rate Period, (A) the Fund has failed to deposit with the
Redemption and Paying Agent by 12:00 noon, New York City time, on a Dividend
Payment Date, Deposit Securities (as a result of complying with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof or otherwise) that will provide funds available to the
Redemption and Paying Agent on such Dividend Payment Date sufficient to pay the
full amount of any dividend payable on such Dividend Payment Date (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Dividend
Default&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> and such Dividend Default has not ended as contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(g)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof on or prior to such first day; (B) the Fund has failed to
deposit with the Redemption and Paying Agent by 12:00 noon, New York City time,
on an applicable Redemption Date, Deposit Securities that will provide funds
available to the Redemption and Paying Agent on such Redemption Date sufficient
to pay the full amount of the Redemption Price payable in respect of such
Redemption Date (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Redemption Default&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> and such Redemption Default has
not ended as contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(g)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof on or prior to
such first day; (C) any Rating Agency has withdrawn the credit rating required
to be maintained pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.8</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof other than due to the
Rating Agency ceasing to rate tax-exempt closed-end management investment
companies generally and such withdrawal is continuing; (D) a down grade of the 2019
VMTP Shares below BBB by S&amp;P (or the equivalent in the case of any Other
Rating Agency) has occurred and is continuing with respect to the 2019 VMTP
Shares; or (E) (i) a court or other applicable governmental authority has made
a final determination that for federal tax purposes the 2019 VMTP Shares do not
qualify as equity in the Fund and (ii) such determination results from an act
or failure to act on the part of the Fund (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Tax&#160; Event&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">. &#160;For the
avoidance of doubt, no determination by any court or other applicable
governmental authority that requires the Fund to make an Additional Amount
Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event
hereunder. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the cure provisions
of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.2(g)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof, a Dividend Default or a Redemption
Default on the 2019 VMTP Shares shall end on the Business Day on which, by
12:00 noon, New York City time, an amount equal to all unpaid dividends on the 2019
VMTP Shares and any unpaid Redemption Price on the 2019 VMTP Shares shall have
been deposited irrevocably in trust in same-day funds with the Redemption and
Paying Agent.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;vertical-align:baseline;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; No
Increased Rate Period with respect to any Dividend Default or Redemption
Default shall be deemed to have commenced if the amount of any dividend or any
Redemption Price due (if such Default is not solely due to the willful failure
of the Fund) is deposited irrevocably in trust, in same-day funds, with the
Redemption and Paying Agent by 12:00 noon, New York City time, on a Business Day
that is not later than three (3) Business Days after the applicable Dividend
Payment Date or Redemption Date with respect to which such Default occurred,
together with an amount equal to the Increased Rate applied to the amount and
period of such non-payment, determined as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;vertical-align:baseline;">Section 2.2(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;vertical-align:baseline;"> hereof.</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(h)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Designation
of Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Right to Declare a Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">.&#160; The Fund, acting in its sole
and absolute discretion but otherwise subject to the terms of these Articles
Supplementary, may designate a &#8220;Special Terms Period&#8221; with respect to the 2019 VMTP
Shares (which, for the avoidance of doubt, shall apply to all of the 2019 VMTP
Shares), during which period, such terms may differ from those provided in
these Articles Supplementary and may include, without limitation, changes to
the Dividend Rate, Dividend Payment Dates, redemption provisions (including,
without limitation, the Term Redemption Date or the Early Term Redemption Date),
required Effective Leverage Ratio, and Additional Amount Payment provisions;
provided that such special terms shall not affect the parity ranking of the 2019
VMTP Shares to any other series of preferred shares of the Fund then
outstanding with respect to dividends or distribution of assets upon
dissolution, liquidation or winding up of the affairs of the Fund. &#160;</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">The effectiveness of
any change to the terms of the 2019 VMTP Shares pursuant to the exercise by the
Fund of its option to designate a Special Terms Period shall be subject to the
filing of an amendment to these terms of the 2019 VMTP Shares, which such
amendment has been declared advisable by the Board and approved by the holders
of 2019 VMTP Shares in the manner set forth in Section 2.7(a) hereof.&#160; For the
avoidance of doubt, the terms of any such Special Terms Period that may be
provided pursuant to the foregoing sentence, shall amend and/or replace the
applicable provisions of these Articles that are in effect at the time such
Special Terms Period is declared. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Length of and Preconditions for Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">.&#160; Any Special Terms
Period shall commence on a designated Thursday and end on the earlier of a
designated Wednesday or the applicable Redemption Date.&#160; A designation of a
Special Terms Period shall be effective only if (1) notice thereof shall have
been given in accordance with paragraph (iii) below and this Section 2.2(h), (2)
full cumulative dividends and any amounts due with respect to redemptions
payable on the 2019 VMTP Shares prior to such date have been paid in full, (3)
such designation of a Special Terms Period shall not become effective prior to
12 months subsequent to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Date
of Original Issue</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">, (4) 100% of the
Outstanding 2019 VMTP Shares shall be subject to such Special Terms Period, and
(5) 100% of the Outstanding 2019 VMTP Shares subject to remarketing in
connection with the redemption triggered by the declaration of the Special
Terms Period are successfully remarketed (except to the extent any applicable
Holders of 2019 VMTP Shares have affirmatively elected to retain their 2019 VMTP
Shares for the Special Terms Period).&#160; Any failure to satisfy the preconditions
to a Special Terms Period shall result in such Special Terms Period not
becoming effective.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii)</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">
Notice of Special Terms Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">.&#160; If the Fund proposes to designate a
Special Terms Period, not less than 20 Business Days (or such lesser number of
days as may be agreed to from time to time by the Holders of the 2019 VMTP
Shares and the Remarketing Settlement Agent) nor more than 30 Business Days prior
to the date the Fund proposes to designate as the first day of such Special
Terms Period, a notice (a &#8220;Notice of Special Terms Period&#8221;) shall be sent by
the Fund by Electronic Means (or by first-class mail, postage prepaid, where
the 2019 VMTP Shares are in physical form outside the book-entry system of the
Securities Depository) to the Holders of 2019 VMTP Shares with copies provided
to the Remarketing Settlement Agent, the Redemption and Paying Agent and via
email to the initial Purchaser in accordance with the notice provisions in the
Purchase Agreement.&#160; Each such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">notice shall state (A)
that the Fund has exercised its option to propose a Special Terms Period,&#160; (B)
the Rate Determination Date immediately prior to the first day of such Special Terms
Period, (C) that such Special Terms Period shall not commence if the conditions
precedent thereto in the Articles Supplementary are not satisfied, (D) a
description of the special terms to be applicable to the 2019 VMTP Shares and
(E) the date upon which the 2019 VMTP Shares shall be subject to remarketing
(except to the extent affirmatively retained by any applicable Holder of 2019 VMTP
Shares).</font></p>
<a name="_bclFooter16"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.3&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Liquidation
Rights.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.95pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">In the event of any
liquidation, dissolution or winding up of the affairs of the Fund, whether
voluntary or involuntary, the Holders of 2019 VMTP Shares shall be entitled to
receive out of the assets of the Fund available for distribution to stockholders,
after satisfying claims of creditors but before any distribution or payment
shall be made in respect of the Common Shares, a liquidation distribution equal
to the Liquidation Preference, plus an amount equal to all unpaid dividends and
other distributions on such shares accumulated to (but excluding) the date
fixed for such distribution or payment on the 2019 VMTP Shares (whether or not
earned or declared by the Fund, but excluding interest thereon), and such
Holders shall be entitled to no further participation in any distribution or
payment in connection with any such liquidation, dissolution or winding up.&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">If,
upon any liquidation, dissolution or winding up of the affairs of the Fund,
whether voluntary or involuntary, the assets of the Fund available for
distribution among the Holders of all Outstanding 2019 VMTP Shares and any
other outstanding Preferred Shares ranking on a parity with the 2019 VMTP
Shares shall be insufficient to permit the payment in full to such Holders of
the Liquidation Preference of such 2019 VMTP Shares plus accumulated and unpaid
dividends and other distributions on such shares as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Section
2.3(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;"> above and the amounts due upon liquidation with respect to such
other Preferred Shares, then such available assets shall be distributed among
the Holders of such 2019 VMTP Shares and such other Preferred Shares ratably in
proportion to the respective preferential liquidation amounts to which they are
entitled. In connection with any liquidation, dissolution or winding up of the
affairs of the Fund, whether voluntary or involuntary, unless and until the
Liquidation Preference on each Outstanding 2019 VMTP Share plus accumulated and
unpaid dividends and other distributions on such shares as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">Section
2.3(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;"> above have been paid in full to the Holders of the 2019 VMTP Shares,
no dividends, distributions or other payments will be made on, and no
redemption, purchase or other acquisition by the Fund will be made by the Fund
in respect of, the Common Shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Neither the sale of
all or substantially all of the property or business of the Fund, nor the
merger, consolidation, conversion or reorganization of the Fund into or with
any other business or statutory trust, corporation or other entity, nor the
merger, consolidation, conversion or reorganization of any other business or
statutory trust, corporation or other entity into or with the Fund shall be a
dissolution, liquidation or winding up, whether voluntary or involuntary, for
the purpose of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.3.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.4&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Coverage &amp; Leverage
Tests.</font></u></p>


<a name="_bclFooter17"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">17</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_18"></a><a name="_bclPageBorder18"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.1pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Asset Coverage
Requirement.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For so long
as any the 2019 VMTP Shares are Outstanding, the Fund shall have Asset Coverage
of at least 225% as of the close of business on each Business Day. If the Fund
shall fail to maintain such Asset Coverage as of any time as of which such
compliance is required to be determined as aforesaid, the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall be applicable, which provisions to the extent
complied with shall constitute the sole remedy for the Fund's failure to comply
with the provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.85pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Calculation of
Asset Coverage.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For
purposes of determining whether the requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof are satisfied, (i) no 2019 VMTP Shares or other Preferred Shares shall
be deemed to be Outstanding for purposes of any computation required by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof if, prior to or concurrently with such determination,
sufficient Deposit Securities or other sufficient funds (in accordance with the
terms of the 2019 VMTP Shares or other Preferred Shares, as applicable) to pay
the full redemption price for the 2019 VMTP Shares or other Preferred Shares
(or the portion thereof to be redeemed) shall have been deposited in trust with
the Redemption and Paying Agent for the 2019 VMTP Shares or applicable paying
agent for the other Preferred Shares and the requisite Notice of Redemption for
2019 VMTP Shares or other Preferred Shares (or the portion thereof to be
redeemed) shall have been given, and (ii) the Deposit Securities or other
sufficient funds that shall have been so deposited with the applicable paying
agent shall not be included as assets of the Fund for purposes of such
computation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Effective Leverage
Ratio Requirement.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For so
long as the 2019 VMTP Shares are Outstanding, unless the Fund receives the prior
written consent of the Holders of 2019 VMTP Shares, the Effective Leverage
Ratio shall not exceed 45% as of the close of business on any Business Day;
provided, however, in the event that the Fund's Effective Leverage Ratio
exceeds 45% on any Business Day, solely by reason of fluctuations in the market
value of the Fund's portfolio securities, the Effective Leverage Ratio shall
not exceed 46%.&#160; If the Effective Leverage Ratio shall exceed the applicable
percentage provided in the preceding sentence as of any time as of which such
compliance is required to be determined as aforesaid, the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall be applicable, which provisions to the extent
complied with shall constitute the sole remedy for the Fund's failure to comply
with the provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.8pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Calculation of
Effective Leverage Ratio.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
For purposes of determining whether the requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof are satisfied, the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio&#8221; </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">on any date shall
mean the quotient of:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The sum of (A) the aggregate
liquidation preference of the Fund's &#8220;senior securities&#8221; (as that term is
defined in the 1940 Act) that are stock for purposes of the 1940 Act,
excluding, without duplication, (1) any such senior securities for which the
Fund has issued a Notice of Redemption and either has delivered Deposit
Securities or sufficient funds (in accordance with the terms of such senior
securities) to the applicable paying agent for such senior securities or
otherwise has adequate Deposit Securities or sufficient funds on hand for the
purpose of such redemption and (2) any such senior securities that are to be
redeemed with net proceeds from the sale of the 2019 VMTP Shares, for which the
Fund has delivered Deposit Securities or sufficient funds (in accordance with
the terms of such senior securities) to the applicable paying agent for such
senior securities or otherwise has adequate Deposit Securities or sufficient
funds on hand for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">purpose
of such redemption; (B) the aggregate principal amount of the Fund's &#8220;senior securities
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">representing indebtedness&#8221; (as that term is defined in
the 1940 Act); and (C) the aggregate principal amount of floating rate
securities not owned by the Fund that correspond to the associated inverse
floating rate securities owned by the Fund; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">divided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> by</font></p>
<a name="_bclFooter18"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_19"></a><a name="_bclPageBorder19"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)
&#160;&#160;&#160;&#160;&#160; The sum of (A) the Market Value of the Fund&#8217;s total assets (including
amounts attributable to senior securities, but excluding any assets consisting
of Deposit Securities or funds referred to in clauses (A)(1) and A(2) of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.4(d)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> above), less the amount of the Fund's accrued liabilities (other
than liabilities for the aggregate principal amount of senior securities
representing indebtedness, including floating rate securities), and (B) the
aggregate principal amount of floating rate securities not owned by the Fund
that correspond to the associated inverse floating rate securities owned by the
Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.5&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender and
Remarketing.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; The 2019 VMTP Shares shall be subject to mandatory tender and
remarketing as provided below: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender of
2019 VMTP Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to
the Holder&#8217;s election to retain provided for in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(iv)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
below, all 2019 VMTP Shares shall become subject to mandatory tender upon the
occurrence of: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) any date that is 20 Business Days
prior to each 3rd anniversary of the Date of Original Issue (for the avoidance
of doubt, such date to occur once every 3 years), </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) any date on which the Fund delivers a
Notice of Special Terms Period declaring a Special Terms Period pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.2(h)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(C) the date that is 20 Business Days
prior to the last day of any Special Terms Period, provided that no subsequent
Special Terms Period has been designated and agreed by the Holder (each of (A),
(B) and (C), a &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender Event</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;).&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii) Upon the
occurrence of a Mandatory Tender Event, the Fund shall issue or cause to be
issued a notice of mandatory tender for remarketing on the Mandatory Tender
Date through the Securities Depository as a communication from the Securities Depository.&#160;
Such notice shall specify that such mandatory tender is subject to the 2019 VMTP
Share Holder&#8217;s election to retain as described in Section 2.5(a)(iv) of these
Articles Supplementary. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iii) The Mandatory
Tender Dates corresponding to the Mandatory Tender Events listed in Section
2.5(a)(i) above (each a &#8220;Mandatory Tender Date&#8221;) are as follows, with each
Mandatory Tender Date subject to the Holder&#8217;s election to retain in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.5(a)(iv)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) in the case of a Mandatory Tender
Event described in Section 2.5(a)(i)(A), the date 20 Business Days following
the date of such Mandatory Tender Event, </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) in the case of a Mandatory Tender
Event described in Section 2.5(a)(i)(B), the date on which such Special Terms
Period becomes effective, and</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_20"></a><a name="_bclPageBorder20"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(C) in the
case of a Mandatory Tender Event described in Section 2.5(a)(i)(C), the last
day of the related Special Terms Period (in the case of (A), (B), or (C), such
date, the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender Date</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> above, the Holder of any 2019 VMTP Shares may elect to
retain the 2019 VMTP Shares by providing notice of such election to the Fund no
later than the 10<sup>th</sup> Business Day prior to the Mandatory Tender Date,
in which case the 2019 VMTP Shares of the electing Holder shall no longer be subject
to mandatory tender on the corresponding Mandatory Tender Date and shall not be
remarketed pursuant to the procedures described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> below;
provided, however, with respect to any Mandatory Tender Event occurring
pursuant to 2.5(a)(i)(B), any such election to retain shall not be effective
unless accompanied or preceded by a consent to all amendments to the terms of
the 2019 VMTP Shares required in connection with a designation of a Special
Terms Period pursuant to Section 2.2(h)(i) above. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Remarketing of 2019
VMTP Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> &#160;2019 VMTP Shares
subject to mandatory tender shall be remarketed in accordance with the
following procedures: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  The
Holder of 2019 VMTP Shares subject to mandatory tender may enter into trade
documentation with a purchaser for the 2019 VMTP Shares (which, for the
avoidance of doubt, shall be with respect to all the 2019 VMTP Shares) with
terms that are reasonably satisfactory to both the Holder of the 2019 VMTP Shares
and such purchaser and providing for the sale of the 2019 VMTP Shares subject
to mandatory tender on the Mandatory Tender Date; provided that, following the
remarketing of the 2019 VMTP Shares, via execution of such trade documentation,
the Fund shall provide a notice through the Securities Depository cancelling
the mandatory tender with respect to the 2019 VMTP Shares so remarketed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If all the
2019 VMTP Shares subject to mandatory tender are not remarketed pursuant to
paragraph (i) with binding sale documentation in place by the 5<sup>th</sup>
Business Day preceding the Mandatory Tender Date, then the Fund and its agents
shall take the following remarketing actions:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) The Fund shall designate a Remarketing
Settlement Agent to assist with the remarketing. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) If any purchaser is identified for the
2019 VMTP Shares (which, for the avoidance of doubt, shall be with respect to
all the 2019 VMTP Shares) subject to mandatory tender, the Remarketing
Settlement Agent shall collect the Remarketing Purchase Price via wire transfer
from such purchaser on the Mandatory Tender Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(C) the Remarketing Settlement Agent shall
wire the Remarketing Purchase Price to the Securities Depository for delivery
to the current Holder of the 2019 VMTP Shares subject to mandatory tender on
the Mandatory Tender Date and direct that such shares be delivered to the
Remarketing Settlement Agent. </font></p>


<a name="_bclFooter20"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">20</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_21"></a><a name="_bclPageBorder21"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(D) The
Remarketing Settlement Agent shall then direct transfer of 2019 VMTP Shares
subject to mandatory tender to the purchaser on the Mandatory Tender Date. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iii) The following defined terms used in
this Section shall have the meanings described below: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A) &#8220;Remarketing Settlement Agent&#8221; means
the entity appointed as such by the Fund with respect to the 2019 VMTP Shares
and any additional or successor entities appointed by the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) &#8220;Remarketing Purchase Price&#8221; means,
with respect to the 2019 VMTP Shares subject to a remarketing, a price per
share equal to the Liquidation Preference per share plus an amount equal to all
unpaid dividends and other distributions on the such 2019 VMTP Shares accumulated
from and including the Date of Original Issue to (but excluding) the Mandatory
Tender Date (whether or not earned or declared by the Fund, but excluding
interest thereon).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Failed Remarketing
and Mandatory Tender.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i) With respect to a Mandatory Tender
Event described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, if the 2019 VMTP Shares subject
to mandatory tender are not remarketed by the Mandatory Tender Date then a
failed remarketing shall be deemed to have occurred (which, for the avoidance
of doubt, shall be with respect to all the 2019 VMTP Shares subject to the
mandatory tender) (a &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Failed Remarketing</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;) that may trigger the
application of a Failed Remarketing Spread as described in the definition
thereof; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii) With respect to a Mandatory Tender
Event described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(C)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> if
any 2019 VMTP Shares subject to mandatory tender are not remarketed by the
Mandatory Tender Date then all such 2019 VMTP Shares shall be redeemed by the
Fund on the Mandatory Tender Date pursuant to the Mandatory Tender Redemption
procedure described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> below.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.6&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> &#160;The 2019
VMTP Shares shall be subject to redemption by the Fund as</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.65pt;vertical-align:baseline;">provided below:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Term Redemption and
Mandatory Tender Redemption.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Term Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
The Fund shall redeem all 2019 VMTP Shares then Outstanding on the Term
Redemption Date, at a price per share equal to the Liquidation Preference per
share plus an amount equal to all unpaid dividends and other distributions on the
2019 VMTP Shares accumulated from and including the Date of Original Issue to
(but excluding) the Term Redemption Date (whether or not earned or declared by
the Fund, but excluding interest thereon) (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Term Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory
Tender Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; Following a Mandatory Tender Event of the kind
described in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(A) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(a)(i)(C)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, any 2019
VMTP Shares that are not subject to an election to retain or have not been remarketed
by to the Mandatory Tender Date pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.5(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be redeemed
by the Fund on such Mandatory Tender Date (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory Tender Redemption
Date</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;), at a price per share equal to the Liquidation </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Preference
per share plus an amount equal to all unpaid dividends and other distributions
on the 2019 VMTP Shares accumulated from and including the Date of Original
Issue to (but excluding) the Mandatory Tender Redemption Date (whether or not
earned or declared by the Fund, but excluding interest thereon) (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Mandatory
Tender Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;). </font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.7pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Asset Coverage and
Effective Leverage Ratio Mandatory Redemption.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:11.95pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Asset
Coverage Mandatory Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> (A) If the Fund fails to</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">comply with the Asset Coverage requirement as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.4(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof as of any time as of which such compliance is required to be
determined in accordance with such </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(a) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">and such failure is
not cured as of the Asset Coverage Cure Date other than as a result of the
redemption required by this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> the Fund shall, to the
extent permitted by the 1940 Act and the MGCL, by the close of business on the
Business Day next following such Asset Coverage Cure Date, cause a Notice of Redemption
to be issued, and cause to be deposited Deposit Securities or other sufficient
funds in trust with the Redemption and Paying Agent or other applicable paying
agent, in each case in accordance with the terms of the Preferred Shares to be
redeemed, for the redemption of a sufficient number of Preferred Shares, which
at the Fund&#8217;s sole option (to the extent permitted by the 1940 Act and the MGCL)
may include any number or proportion of 2019 VMTP Shares to enable it to meet
the requirements of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof. In the event that any 2019
VMTP Shares then Outstanding are to be redeemed pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
the Fund shall redeem such shares at a price per share equal to the Liquidation
Preference per share plus an amount equal to all unpaid dividends and other
distributions on such share accumulated from and including the Date of Original
Issue to (but excluding) the date fixed for such redemption by the Board of
Directors (whether or not earned or declared by the Fund, but excluding
interest thereon) (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Asset Coverage Mandatory Redemption Price&#8221;).</font></u></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:2.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(B) On the Redemption Date for a redemption contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(b)(i)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof, the Fund shall redeem at the Asset Coverage Mandatory
Redemption Price, out of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">funds legally
available therefor, such number of Preferred Shares (which may include at the
sole option of the Fund any number or proportion of 2019 VMTP Shares) as shall
be equal to the lesser of (x) the minimum number of Preferred Shares, the
redemption of which, if deemed to have occurred immediately prior to the
opening of business on the Asset Coverage Cure Date, would result in the Fund
having Asset Coverage on such Asset Coverage Cure Date of at least 225%
(provided, however, that if there is no such minimum number of 2019 VMTP Shares
and other Preferred Shares the redemption or retirement of which would have
such result, all 2019 VMTP Shares and other Preferred Shares then outstanding
shall be redeemed), and (y) the maximum number of Preferred Shares that can be
redeemed out of funds expected to be legally available therefor in accordance
with the Charter and applicable law. Notwithstanding the foregoing, in the event
that Preferred Shares are redeemed pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">
the Fund may at its sole option, but is not required to, redeem a sufficient
number of 2019 VMTP Shares pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> that, when
aggregated with other Preferred Shares redeemed by the Fund, would result, if
deemed to have occurred immediately prior to the opening of business on the
Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset
Coverage Cure Date of up to and including 225%. The Fund shall effect such
redemption on the date fixed by the Fund therefor, which date shall not be
later than thirty (30) calendar days after such Asset Coverage Cure Date,
except that if the Fund does not have funds legally available for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">the redemption of all of the required number of 2019 VMTP
Shares and other Preferred Shares which have been designated to be redeemed or
the Fund otherwise is unable to effect such redemption on or prior to thirty
(30) calendar days after such Asset Coverage Cure Date, the Fund shall redeem
those 2019 VMTP Shares and other Preferred Shares which it was unable to redeem
on the earliest practicable date on which it is able to effect such redemption.
If fewer than all of the Outstanding 2019 VMTP Shares are to be redeemed
pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> the number of 2019 VMTP Shares to be
redeemed shall be redeemed (A) pro rata among the Outstanding 2019 VMTP Shares,
(B) by lot or (C) in such other manner as the Board of Directors may determine
to be fair and equitable that is in accordance with the 1940 Act; provided, in
each such case, that such method of redemption as set forth in clause (A), (B)
or (C) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.6(b)(i)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> shall be subject to any applicable
procedures established by the Securities Depository. </font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Effective
Leverage Ratio Mandatory Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> (A) If (x) the</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Fund fails to comply with the Effective
Leverage Ratio requirement as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section 2.4(c) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">hereof as of
any time as of which such compliance is required to be determined in accordance
with such </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section 2.4(c),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> (y) the Fund fails to comply with the Effective
Leverage Ratio requirement determined as set forth in Section 6.12 of the
Purchase Agreement if such requirement shall still be in effect in accordance
with the terms of such Purchase Agreement, or (z) with respect to any other series
of 2019 VMTP Shares issued pursuant to the terms of the 2019 VMTP Shares, the
Fund fails to comply with any additional requirements relating to the
determination of the Effective Leverage Ratio requirement determined pursuant
to the Purchase Agreement or pursuant to the terms of the 2019 VMTP Shares and,
in any such case, such failure is not cured as of the close of business on the
date that is ten Business Days following the Business Day on which such
non-compliance is first determined (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">&#8220;Effective Leverage Ratio Cure Date&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">
other than as a result of the redemption required by this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section 2.6(b)(ii),</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">
the Fund shall not later than the close of business on the Business Day next
following the Effective Leverage Ratio Cure Date cause the Effective Leverage
Ratio (determined in accordance with the requirements applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">to the determination of the Effective
Leverage Ratio, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">pursuant to the terms
of the 2019 VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">and the Purchase Agreement for any applicable series
of 2019 VMTP Shares in respect of which the Effective Leverage Ratio is being
determined) to not exceed the Effective Leverage Ratio required under </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.4(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof as so determined, by (x) engaging in transactions involving
or relating to the floating rate securities not owned by the Fund and/or the
inverse floating rate securities owned by the Fund, including the purchase,
sale or retirement thereof, (y) to the extent permitted by the 1940 Act and the
MGCL, cause a Notice of Redemption to be issued, and cause to be deposited
Deposit Securities or other sufficient funds in trust with the Redemption and
Paying Agent or other applicable paying agent, in each case in accordance with
the terms of the Preferred Shares to be redeemed, for the redemption at the
redemption price specified in the terms of such Preferred Shares of a
sufficient number of Preferred Shares, which at the Fund's sole option (to the
extent permitted by the 1940 Act and the MGCL) may include any number or
proportion of 2019 VMTP Shares, or (z) engaging in any combination of the
actions contemplated by clauses (x) and (y) of this sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.
In the event that any 2019 VMTP Shares are to be redeemed pursuant to clause
(y) of the penultimate sentence of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, the Fund
shall redeem such 2019 VMTP Shares at a price per share equal to the
Liquidation Preference per share plus an amount equal to all unpaid dividends
and other distributions on such share accumulated from and including the Date
of Original Issue to (but excluding) the date fixed for such redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">by the Board of Directors (whether or not earned or
declared by the Fund, but excluding interest thereon) (the &#8220;ELR Mandatory
Redemption Price&#8221;).</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:2.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B) On the Redemption Date for a
redemption contemplated by clause (y) of the penultimate sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the Fund shall not redeem more than the maximum
number of Preferred Shares that can be redeemed out of funds expected to be legally
available therefor in accordance with the Charter and applicable law. If the
Fund is unable to redeem the required number of 2019 VMTP Shares and other
Preferred Shares which have been designated to be redeemed in accordance with
clause (y) of the penultimate sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof
due to the unavailability of legally available funds, the Fund shall redeem
those 2019 VMTP Shares and other Preferred Shares which it was unable to redeem
on the earliest practicable date on which it is able to effect such redemption.
If fewer than all of the Outstanding 2019 VMTP Shares are to be redeemed
pursuant to clause (y) of the penultimate sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(ii)(A)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof, the number of 2019 VMTP Shares to be redeemed shall be redeemed (A) pro
rata among the Outstanding 2019 VMTP Shares, (B) by lot or (C) in such other
manner as the Board of Directors may determine to be fair and equitable that is
in accordance with the 1940 Act; provided, in each such case, that such method
of redemption as set forth in clause (A), (B) or (C) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(b)(ii)(B)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
shall be subject to any applicable procedures established by the Securities Depository.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Optional
Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; </font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(c)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the Fund may at its option at any time on any Business
Day (an </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional Redemption Date&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> redeem in whole or from time to time
in part the Outstanding 2019 VMTP Shares, at a redemption price per 2019 VMTP
Share (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Optional Redemption Price&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> equal to (x) the Liquidation
Preference per 2019 VMTP Share </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> (y) an amount equal to all unpaid
dividends and other distributions on such 2019 VMTP Share accumulated from and
including the Date of Original Issue to (but excluding) the Optional Redemption
Date (whether or not earned or declared by the Fund, but excluding interest
thereon) </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">plus</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> (z) the Optional Redemption Premium per share (if any)
that is applicable to an optional redemption of 2019 VMTP Shares that is
effected on such Optional Redemption Date. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.2pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">If fewer than all of
the outstanding 2019 VMTP Shares are to be redeemed pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof, the 2019 VMTP Shares to be redeemed shall be selected either (A) pro
rata among the Holders of the 2019 VMTP Shares, (B) by lot or (C) in such other
manner as the Board of Directors may determine to be fair and equitable;
provided, in each such case, that such method of redemption as set forth in
clause (A), (B) or (C) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be subject to
any applicable procedures established by the Securities Depository. Subject to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">the terms of the 2019 VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">and
applicable law, the Board of Directors will have the full power and authority
to prescribe the terms and conditions upon which 2019 VMTP Shares will be
redeemed pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.95pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">The Fund may not on
any date deliver a Notice of Redemption pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(e)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof in respect of a redemption contemplated to be effected pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> unless on such date the Fund has available Deposit Securities for
the Optional Redemption Date contemplated by such Notice of Redemption having a
Market Value not less </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">than the amount (including any
applicable premium) due to Holders of 2019 VMTP Shares by reason of the
redemption of such 2019 VMTP Shares on such Optional Redemption Date.</font></p>
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</DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.15pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Extraordinary
Redemption.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160; In the event
the Fund is (i) converted from a closed-end to an open-end investment company
or (ii) voluntarily liquidated, the Fund shall on any Business Day (the
&#8220;Extraordinary Redemption Date&#8221;) redeem in whole the 2019 VMTP Shares, at a
redemption price per 2019 VMTP Share (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Extraordinary Redemption Price</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;)
equal to (x) the Liquidation Preference plus (y) an amount equal to all unpaid
dividends and other distributions on such 2019 VMTP Share accumulated from and
including the Date of Original Issue to (but excluding) the Extraordinary
Redemption Date (whether or not earned or declared by the Fund).</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.15pt;text-indent:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Procedures for
Redemption.</font></u></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:1.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Fund
shall determine or be required to redeem, in whole or in part, 2019 VMTP Shares
pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6(a)(i), (a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(b), (c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">
hereof, the Fund shall deliver a notice of redemption (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Notice of
Redemption&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, by overnight delivery, by first class mail, postage prepaid
or by Electronic Means to Holders thereof, or request the Redemption and Paying
Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first
class mail, postage prepaid or by Electronic Means. A Notice of Redemption
shall be provided not more than forty-five (45) calendar days prior to the date
fixed for redemption and not less than ten (10) Business Days prior to the date
fixed for redemption pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6(a)(ii), (c) or (d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof
in such Notice of Redemption. Each such Notice of Redemption shall state: (A)
the date fixed for the redemption of such 2019 VMTP Shares pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.6(a)(i), (a)(ii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(b), (c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(d)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">&#8220;Redemption
Date&#8221;)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">; (B) the number of 2019 VMTP Shares to be redeemed; (C) the CUSIP
number for 2019 VMTP Shares; (D) the applicable Redemption Price on a per share
basis; (E) if applicable, the place or places where the certificate(s) for such
shares (properly endorsed or assigned for transfer, if the Board of Directors
requires and the Notice of Redemption states) are to be surrendered for payment
of the Redemption Price; (F) that dividends on the 2019 VMTP Shares to be
redeemed will cease to accumulate from and after such Redemption Date; and (G)
the provisions of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">the terms of the 2019 VMTP
Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">under which such redemption is being made. If fewer than all 2019
VMTP Shares held by any Holder are to be redeemed, the Notice of Redemption
delivered to such Holder shall also specify the number of 2019 VMTP Shares to
be redeemed from such Holder and, if applicable, the method of determining such
number. The Fund may provide in any Notice of Redemption relating to a
redemption contemplated to be effected pursuant to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">the terms of the 2019 VMTP Shares</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> that such redemption is subject
to one or more conditions precedent and that the Fund shall not be required to
effect such redemption unless each such condition has been satisfied at the
time or times and in the manner specified in such Notice of Redemption. No
defect in the Notice of Redemption or delivery thereof shall affect the
validity of redemption proceedings, except as required by applicable law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">If the Fund shall give
a Notice of Redemption, then at any time from and after the giving of such
Notice of Redemption and prior to 12:00 noon, New York City time, on the
Redemption Date (so long as any conditions precedent to such redemption have
been met or waived by the Fund), the Fund shall (A) deposit with the Redemption
and Paying Agent Deposit Securities having an aggregate Market Value on the
date thereof no less than the Redemption Price </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">of the 2019
VMTP Shares to be redeemed on the Redemption Date and (B) give the Redemption
and Paying Agent irrevocable instructions and authority to pay the applicable
Redemption Price to the Holders of the 2019 VMTP Shares called for redemption
on the Redemption Date. The Fund may direct the Redemption and Paying Agent
with respect to the investment of any Deposit Securities consisting of cash so
deposited prior to the Redemption Date, provided that the proceeds of any such
investment shall be available at the opening of business on the Redemption Date
as same day funds. Notwithstanding the provisions of clause (A) of the
preceding sentence, if the Redemption Date is the Term Redemption Date or the
Early Term Redemption Date, then such deposit of Deposit Securities (which may
come in whole or in part from the Term Redemption Liquidity Account) shall be
made no later than fifteen (15) calendar days prior to the Term Redemption Date
or Early Term Redemption Date, respectively.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">25</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Upon the date of the
deposit of such Deposit Securities, all rights of the Holders of the 2019 VMTP
Shares so called for redemption shall cease and terminate except the right of
the Holders thereof to receive the Redemption Price thereof and such 2019 VMTP
Shares shall no longer be deemed Outstanding for any purpose whatsoever (other
than (A) the transfer thereof prior to the applicable Redemption Date and (B)
the accumulation of dividends thereon in accordance with the terms hereof up to
(but excluding) the applicable Redemption Date, which accumulated dividends,
unless previously declared and paid as contemplated by the last sentence of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Section
2.6(e)(vi)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;"> below, shall be payable only as part of the applicable
Redemption Price on the Redemption Date). The Fund shall be entitled to
receive, promptly after the Redemption Date, any Deposit Securities in excess
of the aggregate Redemption Price of the 2019 VMTP Shares called for redemption
on the Redemption Date. Any Deposit Securities so deposited that are unclaimed
at the end of three hundred sixty-five (365) calendar days from the Redemption
Date shall, to the extent permitted by law, be repaid to the Fund, after which
the Holders of the 2019 VMTP Shares so called for redemption shall look only to
the Fund for payment of the Redemption Price thereof. The Fund shall be
entitled to receive, from time to time after the Redemption Date, any interest
on the Deposit Securities so deposited.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(iv)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">On or after the
Redemption Date, each Holder of 2019 VMTP Shares in certificated form (if any)
that are subject to redemption shall surrender the certificate(s) representing
such 2019 VMTP Shares to the Fund at the place designated in the Notice of
Redemption and shall then be entitled to receive the Redemption Price for such 2019
VMTP Shares, without interest, and, in the case of a redemption of fewer than
all the 2019 VMTP Shares represented by such certificate(s), a new certificate
representing the 2019 VMTP Shares that were not redeemed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(v)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Notwithstanding the
other provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, except as otherwise required by
law, the Fund shall not redeem any 2019 VMTP Shares or other series of
Preferred Shares ranking on a parity with the 2019 VMTP Shares with respect to
dividends and other distributions unless all accumulated and unpaid dividends
and other distributions on all Outstanding 2019 VMTP Shares and such other
series of Preferred Shares for all applicable past dividend periods (whether or
not earned or declared by the Fund) (x) shall have been or are contemporaneously
paid or (y) shall have been or are contemporaneously declared and Deposit
Securities or sufficient funds (in accordance with the terms of such 2019 VMTP
Shares or other Preferred Shares) for the payment of such dividends and other
distributions shall have been or are contemporaneously deposited with the
Redemption and Paying Agent or other applicable paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">agent
for such 2019 VMTP Shares or other Preferred Shares in accordance with the
terms of such 2019 VMTP Shares or other Preferred Shares; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">however</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">,
that the foregoing shall not prevent the purchase or acquisition of Outstanding
2019 VMTP Shares pursuant to an otherwise lawful purchase or exchange offer
made on the same terms to Holders of all Outstanding 2019 VMTP Shares and any
such other series of Preferred Shares for which all accumulated and unpaid
dividends and other distributions have not been paid.</font></p>
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</DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(vi)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">To the extent that any
redemption for which a Notice of Redemption has been provided is not made by
reason of the absence of legally available funds therefor in accordance with
the Charter and applicable law, such redemption shall be made as soon as
practicable to the extent such funds become available. In the case of any
redemption pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof, no Redemption Default
shall be deemed to have occurred if the Fund shall fail to deposit in trust
with the Redemption and Paying Agent the Redemption Price with respect to any
shares where (A) the Notice of Redemption relating to such redemption provided
that such redemption was subject to one or more conditions precedent and (B)
any such condition precedent shall not have been satisfied at the time or times
and in the manner specified in such Notice of Redemption. Notwithstanding the
fact that a Notice of Redemption has been provided with respect to any 2019
VMTP Shares, dividends may be declared and paid on such 2019 VMTP Shares in
accordance with their terms if Deposit Securities for the payment of the
Redemption Price of such 2019 VMTP Shares shall not have been deposited in
trust with the Redemption and Paying Agent for that purpose.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(f)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Redemption and
Paying Agent as Trustee of Redemption Payments by Fund.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> All Deposit Securities transferred to the
Redemption and Paying Agent for payment of the Redemption Price of 2019 VMTP
Shares called for redemption shall be held in trust by the Redemption and
Paying Agent for the benefit of Holders of 2019 VMTP Shares so to be redeemed
until paid to such Holders in accordance with the terms hereof or returned to
the Fund in accordance with the provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.6(e)(iii)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> above.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(g)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Compliance
With Applicable Law.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> In effecting any redemption pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section
2.6,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> the Fund shall use its best efforts to comply with all applicable
conditions precedent to effecting such redemption under the 1940 Act and the
MGCL, but shall effect no redemption except in accordance with the 1940 Act and
the MGCL.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(h)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Modification of
Redemption Procedures.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">
Notwithstanding the foregoing provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.6,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> the Fund
may, in its sole discretion and without a stockholder vote, modify the
procedures set forth above with respect to notification of redemption for the 2019
VMTP Shares, provided that such modification does not materially and adversely
affect the Holders of the 2019 VMTP Shares or cause the Fund to violate any
applicable law, rule or regulation; and provided further that no such
modification shall in any way alter the rights or obligations of the Redemption
and Paying Agent without its prior consent.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">2.7&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Voting Rights.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">One
Vote Per 2019 VMTP Share.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> Except as otherwise provided in the Charter or as
otherwise required by law, (i) each Holder of 2019 VMTP Shares shall be
entitled to one vote for each 2019 VMTP Share held by such Holder on each matter
submitted to a vote of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">stockholders of the Fund, and
(ii) the Holders of outstanding Preferred Shares, including Outstanding 2019
VMTP Shares, and Common Shares shall vote together as a single class; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">provided,
however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> that the holders of outstanding Preferred Shares, including
Outstanding 2019 VMTP Shares, shall be entitled, as a class, to the exclusion
of the Holders of all other securities and Common Shares of the Fund, to elect
two directors of the Fund at all times (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Preferred Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8221;).
Subject to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof, the Holders of outstanding Common
Shares and Preferred Shares, including 2019 VMTP Shares, voting together as a
single class, shall elect the balance of the directors.&#160; The Preferred Directors
shall be designated by the Board of Directors and, if the Board of Directors is
classified, the Board of Directors shall designate the classes in which the Preferred
Directors shall serve. Notwithstanding clause (ii) of this Section 2.7(a), the
Holders of 2019 VMTP Shares shall have exclusive voting rights on a Charter
amendment that would alter only the contract rights of the 2019 VMTP Shares, as
expressly set forth in these terms of the 2019 VMTP Shares, in connection with
the designation of a Special Terms Period.&#160; Any such Charter amendment shall be
approved by the affirmative vote or consent of (a) the Holders of a majority of
the 2019 VMTP Shares then Outstanding or (b) in connection with a remarketing
of the 2019 VMTP Shares, the prospective Holders of a majority of the 2019 VMTP
Shares Outstanding as of a future effective date who are approving the Charter
amendment pursuant to the advanced consent procedure authorized by MGCL Section
2-505(f), or any successor provision.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">27</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.3pt;page-break-after:avoid;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.6pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.6pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Voting For
Additional Directors.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.9pt;page-break-after:avoid;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Voting Period.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> During any period in which any one or
more of the conditions described in clauses (A) or (B) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
shall exist (such period being referred to herein as a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Voting Period&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">),
the number of directors constituting the Board of Directors shall be
automatically increased by the smallest number that, when added to the two directors
elected exclusively by the Holders of Preferred Shares, including 2019 VMTP
Shares, would constitute a majority of the Board of Directors as so increased
by such smallest number; and the Holders of Preferred Shares, including 2019
VMTP Shares, shall be entitled, voting as a class on a one-vote-per-share basis
(to the exclusion of the Holders of all other securities and classes of capital
stock of the Fund), to elect such smallest number of additional directors,
together with the two directors that such Holders are in any event entitled to
elect. A Voting Period shall commence:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.7in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(A)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">if, at the close of
business on any dividend payment date for any outstanding Preferred Shares,
including any Outstanding 2019 VMTP Shares, accumulated dividends (whether or
not earned or declared) on such outstanding Preferred Shares equal to at least
two (2) full years&#8217; dividends shall be due and unpaid and sufficient cash or
specified securities shall not have been deposited with the Redemption and
Paying Agent or other applicable paying agent for the payment of such
accumulated dividends; or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.7in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(B)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">if at any time Holders
of Preferred Shares are otherwise entitled under the 1940 Act to elect a
majority of the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Upon the termination of a Voting Period, the voting rights
described in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> shall cease, subject always,
however, to the revesting of such voting rights in the Holders of Preferred
Shares upon the further occurrence of any of the events described in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section
2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">28</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_29"></a><a name="_bclPageBorder29"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Notice
of Special Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> As soon as practicable after the accrual of any right
of the Holders of Preferred Shares to elect additional directors as described
in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;"> hereof, the Fund shall call a special meeting of
such Holders and notify the Redemption and Paying Agent and/or such other
Person as is specified in the terms of such Preferred Shares to receive notice
(i) by mailing or delivery by Electronic Means or (ii) in such other manner and
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">by such
other means as are specified in the terms of such Preferred Shares, a notice of
such special meeting to such Holders, such meeting to be held not less than ten
(10) nor more than thirty (30) calendar days after the date of the delivery by
Electronic Means or mailing of such notice or the delivery of such notice by
such other means as are described in clause (ii) above. If the Fund fails to
call such a special meeting, it may be called at the expense of the Fund by any
such Holder on like notice. The record date for determining the Holders of
Preferred Shares entitled to notice of and to vote at such special meeting
shall be the close of business on the fifth (5<sup>th</sup>) Business Day
preceding the calendar day on which such notice is mailed or otherwise
delivered. At any such special meeting and at each meeting of Holders of
Preferred Shares held during a Voting Period at which directors are to be
elected, such Holders, voting together as a class (to the exclusion of the holders
of all other securities and classes of capital stock of the Fund), shall be
entitled to elect the number of directors prescribed in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">
hereof on a one-vote-per-share basis.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(iii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Terms of Office of
Existing Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> The
terms of office of the incumbent directors of the Fund at the time of a special
meeting of Holders of Preferred Shares to elect additional directors in
accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> hereof shall not be affected by the
election at such meeting by the Holders of 2019 VMTP Shares and such other
Holders of Preferred Shares of the number of directors that they are entitled
to elect, and the directors so elected by the Holders of 2019 VMTP Shares and
such other Holders of Preferred Shares, together with the two (2) directors
elected by the Holders of Preferred Shares in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">
hereof and the remaining directors elected by the Holders of the Common Shares
and Preferred Shares, shall constitute the duly elected directors of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.2pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(iv)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Terms
of Office of Certain Directors to Terminate Upon Termination of Voting Period.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> Simultaneously with
the termination of a Voting Period, the terms of office of the additional directors
elected by the Holders of the Preferred Shares pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">
hereof shall terminate, the remaining directors shall constitute the directors
of the Fund and the voting rights of the Holders of Preferred Shares to elect
additional directors pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall cease,
subject to the provisions of the last sentence of such </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(b)(i)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:11.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Holders of 2019
VMTP Shares to Vote on Certain Matters.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.15pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Certain Amendments
Requiring Approval of 2019 VMTP Shares. </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Except as otherwise provided herein,
so long as any 2019 VMTP Shares are Outstanding, the Fund shall not, without
the affirmative vote or consent of the Holders of at least a majority of the 2019
VMTP Shares Outstanding at the time, voting together as a separate class,
amend, alter or repeal any provisions of the Charter, whether by merger,
consolidation or otherwise, so as to materially and adversely affect any
preference, right or power of such 2019 VMTP Shares or the Holders thereof; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided,
however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> that </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">a change in the
capitalization of the Fund in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.9</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> hereof shall
not be considered to materially and adversely affect the rights and preferences
of the 2019 VMTP Shares, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">a division of a 2019 VMTP Share shall be
deemed to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">materially and adversely affect such
preferences, rights or powers only if the terms of such division materially and
adversely affect the Holders of the 2019 VMTP Shares, and </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">provided, further,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
that no amendment, alteration, or repeal of the obligation of the Fund to pay
the Term Redemption Price on the Term Redemption Date and to pay the Early Term
Redemption Price on the Early Term Redemption Date, or accumulate dividends at
the Dividend Rate shall be effected without, in each case, the prior unanimous
vote or consent of the Holders of the Preferred Shares.&#160; For purposes of the
foregoing, no matter shall be deemed to materially and adversely affect any
preference, right or power of a 2019 VMTP Share or the Holder thereof unless
such matter (i) alters or abolishes any preferential right of such 2019 VMTP
Share, or (ii) creates, alters or abolishes any right in respect of redemption
of such 2019 VMTP Share (other than solely as a result of a division of a 2019
VMTP Share). So long as any 2019 VMTP Shares are Outstanding, the Fund shall
not, without the affirmative vote or consent of the Holders of at least sixty-six
and two-thirds percent (66 2/3%) of the 2019 VMTP Shares Outstanding at the
time, voting as a separate class, file a voluntary application for relief under
Federal bankruptcy law or any similar application under state law for so long
as the Fund is solvent and does not foresee becoming insolvent.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.85pt;text-align:justify;text-indent:1.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(ii)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">1940
Act Matters.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> Unless a higher percentage is provided for in the Charter, the
affirmative vote of the Holders of at least &#8220;a majority of the outstanding
Preferred Shares,&#8221; including 2019 VMTP Shares Outstanding at the time, voting
as a separate class, shall be required (A) to approve any conversion of the
Fund from a closed-end to an open-end investment company, (B) to approve any
plan of reorganization (as such term is used in the 1940 Act) adversely
affecting such shares, or (C) to approve any other action requiring a vote of
security holders of the Fund under Section 13(a) of the 1940 Act. For purposes
of the foregoing, the vote of a &#8220;majority of the outstanding Preferred Shares&#8221;
means the vote at an annual or special meeting duly called of (i) sixty-seven
percent (67%) or more of such shares present at a meeting, if the Holders of
more than fifty percent (50%) of such shares are present or represented by
proxy at such meeting, or (ii) more than fifty percent (50%) of such shares,
whichever is less.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">(d)&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Voting Rights Set Forth Herein Are Sole Voting
Rights.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> Unless otherwise required by applicable law or the Charter, the
Holders of 2019 VMTP Shares shall not have any relative rights or preferences
or other special rights with respect to voting such 2019 VMTP Shares other than
those specifically set forth in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Section 2.7</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">however</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">,
that nothing in the Charter shall be deemed to preclude or limit the right of
the Fund (to the extent permitted by applicable law) to contractually agree
with any Holder or Designated Owner of 2019 VMTP Shares that any action or
inaction by the Fund shall require the consent or approval of such Holder or
Designated Owner.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">No Cumulative
Voting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> The Holders of 2019
VMTP Shares shall have no rights to cumulative voting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(f)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Voting for Directors
Sole Remedy for Fund's Failure to Declare or Pay Dividends.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> In the event that the Fund fails to
declare or pay any dividends on the 2019 VMTP Shares on the Dividend Payment
Date therefor, the exclusive remedy of the Holders of the 2019 VMTP Shares
shall be the right to vote for directors pursuant to the provisions of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.7.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> Nothing in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(f)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> shall be deemed to affect the
obligation of the Fund to accumulate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">and, if permitted
by applicable law and the Charter, pay dividends at the Increased Rate in the
circumstances contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.2(g)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">30</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(g)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Holders Entitled to
Vote.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> For purposes of
determining any rights of the Holders of 2019 VMTP Shares to vote on any
matter, whether such right is created by the Charter, by statute or otherwise,
no Holder of 2019 VMTP Shares shall be entitled to vote any 2019 VMTP Share and
no 2019 VMTP Shares shall be deemed to be Outstanding for the purpose of voting
or determining the number of shares required to constitute a quorum if, prior
to or concurrently with the time of determination of shares entitled to vote or
the time of the actual vote on the matter, as the case may be, the requisite
Notice of Redemption with respect to such 2019 VMTP Shares shall have been
given in accordance with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">the terms of the 2019
VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">and Deposit Securities for the payment of the Redemption
Price of such 2019 VMTP Shares shall have been deposited in trust with the
Redemption and Paying Agent for that purpose. No 2019 VMTP Shares held by the
Fund shall have any voting rights or be deemed to be Outstanding for voting or
for calculating the voting percentage required on any other matter or other
purposes.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.8&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Rating Agencies.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">The Fund shall use
commercially reasonable efforts to cause the Rating Agencies to issue long-term
credit ratings with respect to the 2019 VMTP Shares for so long as the 2019
VMTP Shares are Outstanding. The Fund shall notify the Rating Agencies prior to
amending the Articles Supplementary, and prior to a change in the Fund&#8217;s
custodian.&#160; The Fund shall use commercially reasonable efforts to comply with
any applicable Rating Agency Guidelines. The Fund will provide to the Rating
Agencies any ongoing information deemed necessary by the Rating Agencies to
rate the 2019 VMTP Shares, including but not limited to, notice of any Special
Terms Period, Mandatory Tender Event or Optional Redemption. With respect to
S&amp;P, if S&amp;P is then providing a rating for 2019 VMTP Shares pursuant to
the request of the Fund, this information will be e-mailed as requested to [</font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">CDOLeveragedFundSurveillance@standardandpoors.com]</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> or such other
e-mail address provided to the Fund by S&amp;P. If a Rating Agency shall cease
to rate the securities of tax-exempt closed-end management investment companies
generally, the Board of Directors shall terminate the designation of such
Rating Agency as a Rating Agency hereunder. The Board of Directors may elect to
terminate the designation of any Rating Agency as a Rating Agency hereunder
with respect to the 2019 VMTP Shares so long as either (i) immediately
following such termination, there would be at least one Rating Agency with
respect to the 2019 VMTP Shares or (ii) it replaces the terminated Rating
Agency with another NRSRO and provides notice thereof to the Holders of the 2019
VMTP Shares; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;"> that such replacement shall not occur unless such
replacement Other Rating Agency shall have at the time of such replacement (i)
published a rating for the 2019 VMTP Shares and (ii) entered into an agreement
with the Fund to continue to publish such rating subject to the Rating Agency's
customary conditions. The Board of Directors may also elect to designate one or
more other NRSROs as Other Rating Agencies hereunder with respect to the 2019
VMTP Shares by notice to the Holders of the 2019 VMTP Shares. The Rating Agency
Guidelines of any Rating Agency may be amended by such Rating Agency without
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">vote, consent or approval
of the Fund, the Board of Directors or any Holder of Preferred Shares,
including any 2019 VMTP Shares, or Common Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.9&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Issuance of Additional
Preferred Shares.</font></u></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">31</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_32"></a><a name="_bclPageBorder32"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">So long as any 2019 VMTP Shares are
Outstanding, the Fund may, without the vote or consent of the Holders thereof,
authorize, establish and create and issue and sell one or more series of
Preferred Shares ranking on a parity with 2019 VMTP Shares as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or the
winding up of the affairs of the Fund, in addition to then Outstanding 2019
VMTP Shares, and authorize, issue and sell additional shares of any series of
Preferred Shares then outstanding or so established and created, including
additional series of 2019 VMTP Shares, in each case in accordance with
applicable law, provided that the Fund shall, immediately after giving effect
to the issuance of such Preferred Shares and to its receipt and application of
the proceeds thereof, including to the redemption of Preferred Shares with such
proceeds, have Asset Coverage (calculated in the same manner as is contemplated
by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.4(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof) of at least 225% and Effective Leverage Ratio
(calculated in the same manner as is contemplated by Section 2.4(c) hereof) not
to exceed 45%. For the avoidance of doubt, this Section 2.9 shall not limit the
power of the Fund to issue additional Common Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2.10&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Status of Redeemed or
Repurchased 2019 VMTP Shares.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">2019 VMTP Shares that at any time have
been redeemed or purchased by the Fund shall, after such redemption or
purchase, have the status of authorized but unissued Common Shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">2.11&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">Distributions
with Respect to Taxable Allocations.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Whenever a Taxable Allocation is to be
paid by the Fund with respect to the 2019 VMTP Shares with respect to any
Dividend Period and either the Increased Rate or the Maximum Rate is not in
effect during such Dividend Period, the Fund shall comply with either clause
(a) or clause (b) and in all cases, clause (c) of this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11:</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Fund may provide notice to
the Redemption and Paying Agent prior to the commencement of any Dividend
Period for the 2019 VMTP Shares of the amount of the Taxable Allocation that
will be made in respect of the 2019 VMTP Shares for such Dividend Period (a </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Notice
of Taxable Allocation&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">). Such Notice of Taxable Allocation will state the
amount of the dividends payable in respect of each 2019 VMTP Share for such
Dividend Period that will be treated as a Taxable Allocation and the adjustment
to the Dividend Rate for each Rate Period (or portion thereof) included in such
Dividend Period that will be required to pay the Additional Amount Payment in
respect of the Taxable Allocation paid on such 2019 VMTP Share for such
Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in
addition to and in conjunction with the payment of regular dividends for such
Dividend Period, a supplemental distribution in respect of each 2019 VMTP Share
for such Dividend Period equal to the Additional Amount Payment payable in
respect of the Taxable Allocation paid on such 2019 VMTP Share for such
Dividend Period. The Fund will use commercially reasonable efforts to effect
the distribution of Taxable Allocations in respect of 2019 VMTP Shares as
provided in this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">, and shall only effect the distribution
of Taxable Allocation pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> and/or </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">
hereof if such commercially reasonable efforts do not reasonably permit the
Fund to effect the distribution of a Taxable Allocation as contemplated by this
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></p>


<a name="_bclFooter32"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">32</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_33"></a><a name="_bclPageBorder33"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
the Fund does not provide a Notice of Taxable Allocation as provided in </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section
2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof with respect to a Taxable Allocation that is made in respect
of 2019 VMTP Shares, the Fund may make one or more supplemental distributions
to the Holders of 2019 VMTP Shares equal to the amount of such Taxable
Allocation. Any such supplemental distribution in respect of 2019 VMTP Shares
may be declared and paid on any date, without reference to any regular Dividend
Payment Date, to the Holders of 2019 VMTP Shares as their names appear on the
registration books of the Fund on such date, not exceeding fifteen (15)
calendar days preceding the payment date of such supplemental distribution, as
may be fixed by the Board of Directors.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">&#160;If
in connection with a redemption of 2019 VMTP Shares, the Fund makes a Taxable
Allocation without having either given advance notice thereof pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section
2.11(a)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> hereof or made one or more supplemental distributions pursuant to </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;">Section
2.11(b)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;vertical-align:baseline;"> hereof, the Fund shall direct the Redemption and Paying Agent to
send an Additional Amount Payment in respect of such Taxable Allocation to each
Holder of 2019 VMTP Shares at such Holder's address as the same appears or last
appeared on the registration books of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Except as required by the
Purchase Agreement, for so long as the applicable provisions of the Purchase
Agreement shall be in effect, the Fund shall not be required to pay Additional
Amount Payments with respect to the 2019 VMTP Shares with respect to any net
capital gain or other taxable income determined by the Internal Revenue Service
to be allocable in a manner different from the manner used by the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">2.12&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">Liquidity
Account and Liquidity Requirement for Term Redemption and Early Term Redemption.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.15pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On or
prior to the Liquidity Account Initial Date with respect to the 2019 VMTP Shares,
the Fund shall cause the Custodian to segregate, by means of appropriate
identification on its books and records or otherwise in accordance with the
Custodian's normal procedures, from the other assets of the Fund (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Term
Redemption Liquidity Account&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">) Liquidity Account Investments with a Market
Value equal to at least one hundred ten percent (110%) of the Term Redemption
Amount with respect to the 2019 VMTP Shares. The </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Term Redemption Amount&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">
shall be equal to the Term Redemption Price to be paid on the Term Redemption
Date (or, if applicable, the Early Term Redemption Price to be paid on the
Early Term Redemption Date) for the 2019 VMTP Shares, based on the number of 2019
VMTP Shares then Outstanding, assuming for this purpose that the Dividend Rate for
the 2019 VMTP Shares in effect at the time of the creation of the Term
Redemption Liquidity Account will be the Dividend Rate in effect for the 2019
VMTP Shares until the Term Redemption Date (or, if applicable, the Early Term
Redemption Date). If, on any date after the Liquidity Account Initial Date, the
aggregate Market Value of the Liquidity Account Investments included in the
Term Redemption Liquidity Account for the 2019 VMTP Shares as of the close of
business on any Business Day is less than one hundred ten percent (110%) of the
Term Redemption Amount with respect to the 2019 VMTP Shares, then the Fund
shall cause the Custodian and the Adviser to take all such necessary actions,
including segregating additional assets of the Fund as Liquidity Account
Investments, so that the aggregate Market Value of the Liquidity Account
Investments included in the Term Redemption Liquidity Account for the 2019 VMTP
Shares is at least equal to one hundred ten percent (110%) of the Term
Redemption Amount with respect to the 2019 VMTP Shares not later than the close
of business on the next succeeding Business </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Day. With respect to assets of the Fund
segregated as Liquidity </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Account Investments with
respect to the 2019 VMTP Shares, the Adviser, on behalf of the Fund, shall be
entitled to instruct the Custodian on any date to release any Liquidity Account
Investments from such segregation and to substitute therefor other Liquidity
Account Investments, so long as (i) the assets of the Fund segregated as
Liquidity Account Investments at the close of business on such date have a
Market Value equal to at least one hundred ten percent (110%) of the Term
Redemption Amount with respect to the 2019 VMTP Shares and (ii) the assets of the
Fund designated and segregated as Deposit Securities at the close of business
on such date have a Market Value equal to at least the Liquidity Requirement
(if any) determined in accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.12(b) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">below with
respect to the 2019 VMTP Shares for such date. The Fund shall cause the
Custodian not to permit any lien, security interest or encumbrance to be
created or permitted to exist on or in respect of any Liquidity Account
Investments included in the Term Redemption Liquidity Account for the 2019 VMTP
Shares, other than liens, security interests or encumbrances arising by
operation of law and any lien of the Custodian with respect to the payment of
its fees or repayment for its advances.</font></p>
<a name="_bclFooter33"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">33</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_34"></a><a name="_bclPageBorder34"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:11.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Market
Value of the Deposit Securities held in the Term Redemption</font></p>

<p style="margin:0in;margin-bottom:.15in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Liquidity Account for
the 2019 VMTP Shares, from and after the 15<sup>th</sup> day of the calendar
month (or if such day is not a Business Day, the next succeeding Business Day)
that is the number of months preceding the calendar month in which the Term
Redemption Date (or, if applicable, the Early Term Redemption Date) occurs, in
each case as specified in the table set forth below, shall not be less than the
percentage of the Term Redemption Amount set forth below opposite such number
of months (the </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">&#8220;Liquidity Requirement&#8221;</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">), but in all cases subject to the
provisions of </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;">Section 2.12(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;line-height:13.8pt;vertical-align:baseline;"> below:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:94.75pt;width:277.899994pt;">
 <tr style="height:13.2pt;">
  <td width=52% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.7pt;vertical-align:baseline;">Number of Months</font></p>
  </td>
 <td width=48% style="border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.95pt;vertical-align:baseline;">Value of Deposit</font></p>
  </td>
 </tr>
<tr style="height:13.7pt;">
  <td width=52% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">Preceding Month of</font></p>
  </td>
 <td width=48% style="border-right:solid windowtext 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">Securities as Percentage</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td width=52% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">Term Redemption Date</font></p>
  </td>
 <td width=48% style="border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.75pt;vertical-align:baseline;">of Term Redemption</font></p>
  </td>
 </tr>
<tr style="height:13.7pt;">
  <td rowspan=2 valign=top width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;(or Early Term Redemption Date, as
  applicable):</font></p>
  </td>
 <td width=48% style="border-right:solid black 1.0pt;height:13.7pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.65pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:11.5pt;vertical-align:baseline;">Amount</font></p>
  </td>
 </tr>
<tr style="height:13.4pt;">
  <td valign=top width=48% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:13.4pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;vertical-align:baseline;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">5</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">20%</font></p>
  </td>
 </tr>
<tr style="height:14.2pt;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">4</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.2pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">40%</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">3</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:.2in;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.9pt;vertical-align:baseline;">60%</font></p>
  </td>
 </tr>
<tr style="height:14.15pt;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.35pt;vertical-align:baseline;">2</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.35pt;vertical-align:baseline;">80%</font></p>
  </td>
 </tr>
<tr style="height:14.6pt;">
  <td width=52% style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;height:14.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.15pt;vertical-align:baseline;">1</font></p>
  </td>
 <td width=48% style="border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;height:14.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" style="font-size:12.0pt;line-height:13.15pt;vertical-align:baseline;">100%</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:11.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:1.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">If the aggregate
Market Value of the Deposit Securities included in the Term Redemption
Liquidity Account for the 2019 VMTP Shares as of the close of business on any
Business Day is less than the Liquidity Requirement for such Business Day, then
the Fund shall cause the segregation of additional or substitute Deposit
Securities in respect of the Term Redemption Liquidity Account, so that the
aggregate Market Value of the Deposit Securities included in the Term
Redemption Liquidity Account for the 2019 VMTP Shares is at least equal to the
Liquidity Requirement not later than the close of business on the next
succeeding Business Day.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:13.75pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">The Deposit Securities
included in the Term Redemption Liquidity Account for the 2019 VMTP Shares may
be applied by the Fund, in its discretion, towards </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">payment of the Term Redemption Price (or the Early Term Redemption
Price, as applicable) as contemplated by </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">Section 2.6(e)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">
hereof. Upon the deposit by the Fund with the Redemption and Paying Agent of
Deposit Securities having an initial combined Market Value sufficient to effect
the redemption of the 2019 VMTP Shares on the Term Redemption Date in
accordance with </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">Section 2.6(e)(ii) </font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">hereof, the requirement of the Fund
to maintain the Term Redemption Liquidity Account as contemplated by this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;">Section
2.12</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.75pt;vertical-align:baseline;"> shall lapse and be of no further force and effect.&#160; </font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">34</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_35"></a><a name="_bclPageBorder35"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.4pt;line-height:13.65pt;vertical-align:baseline;">2.13&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">Global Certificate.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.1pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Prior to the commencement of a Voting
Period, (i) all 2019 VMTP Shares Outstanding from time to time shall be
represented by one global certificate registered in the name of the Securities
Depository or its nominee and (ii) no registration of transfer of the 2019 VMTP
Shares shall be made on the registration books of the Fund to any Person other
than the Securities Depository or its nominee or transferee. The foregoing
restriction on registration of transfer shall be conspicuously noted on the
face or back of the global certificates.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.05pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.8pt;line-height:13.65pt;vertical-align:baseline;">2.14&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">Notice.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.8pt;line-height:13.65pt;vertical-align:baseline;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.8pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">All notices or communications hereunder,
unless otherwise specified in the terms of the 2019 VMTP Shares, shall be
sufficiently given if in writing and delivered in person, by telecopier, by
Electronic Means or by overnight delivery. Notices delivered pursuant to this </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">Section
2.14</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;"> shall be deemed given on the date received, except as otherwise
provided by the MGCL for notices of stockholders&#8217; meetings.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">2.15&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">Actions
on Other than Business Days.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.65pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">Unless otherwise provided herein, if the
date for making any payment, performing any act or exercising any right, in
each case as provided for in the terms of the 2019 VMTP Shares, is not a
Business Day, such payment shall be made, act performed or right exercised on
the next succeeding Business Day, with the same force and effect as if made or
done on the nominal date provided therefor, and, with respect to any payment so
made, no dividends, interest or other amount shall accrue for the period
between such nominal date and the date of payment.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.85pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.55pt;line-height:13.8pt;vertical-align:baseline;">2.16&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.8pt;vertical-align:baseline;">Modification.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.55pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">To the extent permitted by applicable law,
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Section 2.7(c)</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> hereof and the Purchase Agreement, the Board of
Directors, without the vote of the Holders of 2019 VMTP Shares, may interpret,
supplement, or amend the provisions of these </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.8pt;vertical-align:baseline;">terms
of the 2019 VMTP Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">to supply any omission, resolve any
inconsistency or ambiguity or to cure, correct or supplement any defective or
inconsistent provision, including any provision that becomes defective after
the date hereof because of impossibility of performance or any provision that
is inconsistent with any provision of any other Preferred Shares of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.65pt;line-height:11.25pt;vertical-align:baseline;">2.17&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:11.25pt;vertical-align:baseline;">Transfers.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.65pt;line-height:11.25pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">A Designated Owner or Holder may
sell, transfer or otherwise dispose of 2019 VMTP Shares only in whole shares
and only (i)(A) to Persons that it reasonably believes are qualified
institutional buyers (&#8220;QIBs&#8221;) that are: (X) registered closed-end management
investment </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">companies, the shares of which are traded
on a national securities exchange, and registered open-end management
investment companies, in each case that (1) are either sponsored or managed by
an entity listed on Schedule 2 to the Purchase Agreement or any other entity
that is controlled by, controlling or under common control with an entity
listed on Schedule 2 to the Purchase Agreement and (2) invest primarily in
municipal obligations (each, a &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Registered Investment Company</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;); (Y)
banks or entities that are 100% direct or indirect subsidiaries of banks&#8217;
publicly traded parent holding companies (collectively &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Banks</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#8221;); or (Z)
insurance companies, in each case, pursuant to Rule 144A under the Securities
Act (&#8220;Rule 144A&#8221;) or another available exemption from registration under the
Securities Act, in a manner not involving any public offering within the
meaning of Section 4(a)(2) of the Securities Act, (B) to tender option bond
trusts (or other similar investment vehicles) in which all investors are
Persons that such Designated Owner or Holder reasonably believes are QIBs that
are Registered Investment Companies, Banks or insurance companies (or, in the
case of a tender option bond trust (or other similar investment vehicles) in
which the Holder or an affiliate of the Holder retains a residual interest), or
(C) to other investors with the prior written consent of the Issuer and (ii)
unless the prior written consent of each of the Issuer and the Majority
Participants has been obtained, not to AllianceBernstein Persons if such
AllianceBernstein Persons would, after such sale and transfer, own more than
20% of the Outstanding 2019 VMTP Shares.&#160; Any transfer in violation of the foregoing
restrictions shall be void </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">ab initio</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">. In connection with any transfer of
the 2019 VMTP Shares, each transferee (including, in the case of a tender
option bond trust (or other similar investment vehicles), the depositor or
trustee or other Person thereunder acting on behalf of such transferee) will be
required to deliver to the Issuer a transferee certificate set forth as </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Exhibit
C</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> to the Purchase Agreement no later than the date of the transfer.&#160; The
restrictions on transfer in this Section 2.17(a) shall not apply to any 2019
VMTP Shares registered under the Securities Act pursuant to the Registration Rights Agreement</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.8pt;vertical-align:baseline;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">or any subsequent transfer of such registered 2019
VMTP Shares thereafter.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">35</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">If at any time the
Fund is not furnishing information pursuant to Section 13 or 15(d) of the
Exchange Act, in order to preserve the exemption for resales and transfers
under Rule 144A, the Fund shall furnish, or cause to be furnished, to holders
of 2019 VMTP Shares and prospective purchasers of 2019 VMTP Shares, upon
request, information with respect to the Fund satisfying the requirements of
subsection (d)(4) of Rule 144A.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.4pt;line-height:13.8pt;vertical-align:baseline;">2.18&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:13.8pt;vertical-align:baseline;">No Additional Rights.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.4pt;line-height:13.8pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">Unless otherwise required by applicable law
or the Charter, the Holders of 2019 VMTP Shares shall not have any relative
rights or preferences or other special rights with respect to such 2019 VMTP
Shares other than those specifically set forth in the terms of these 2019 VMTP
Shares; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;">however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:baseline;"> that nothing in the terms of these 2019
VMTP Shares shall be deemed
to preclude or limit the right of the Fund (to the extent permitted by
applicable law) to contractually agree with any Holder or Designated Owner of 2019
VMTP Shares with regard to any special rights of such Holder or Designated
Owner with respect to its investment in the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECOND:&#160;
The 2019 VMTP Shares have been classified and designated by the Board of
Directors under the authority contained in the Charter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THIRD:&#160;
These Articles Supplementary have been approved by the Board of Directors in
the manner and by the vote required by law.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">36</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_37"></a><a name="_bclPageBorder37"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FOURTH:&#160; The undersigned Officer of the Fund acknowledges
these Articles Supplementary to be the corporate act of the Fund and, as to all
matters or facts required to be verified under oath, the undersigned Officer
acknowledges that, to the best of his knowledge, information and belief, these
matters and facts are true in all material respects and that this statement is
made under the penalties for perjury.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FIFTH:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; These
Articles Supplementary to the charter of the Corporation will be effective on August
28, 2019, as permitted by Section 2-208(d) of the Maryland General Corporation
Law.</font></b></p>

<p style="margin-bottom:11.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[SIGNATURE PAGE&nbsp;FOLLOWS]</font></p>









<a name="_bclFooter37"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">37</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_38"></a><a name="_bclPageBorder38"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=left style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS
WHEREOF, the Fund has caused these Articles Supplementary to be signed in its
name and on its behalf by its President and attested to by its Assistant
Secretary on this 27th day of August, 2019.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td valign=top width=50% style="padding:0in .25in 0in 0in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;">ATTEST:</font></p>
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;text-transform:uppercase;">ALLIANCEBERNSTEIN </font><font color=black face="Times New Roman" style="font-size:12.0pt;letter-spacing:-.3pt;text-transform:uppercase;">National
  Municipal Income Fund, Inc.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=50% style="padding:0in .25in 0in 0in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;">/s/Stephen
  J. Laffey</font></u><font color=black face="Times New Roman" style="font-size:12.0pt;"><br>
  Name:&#160; Stephen J. Laffey<br>
  Title: Assistant Secretary</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;">/r/Robert
  M. Keith</font></u><font color=black face="Times New Roman" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  (SEAL)<br>
  Name: Robert M. Keith<br>
  Title: President</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:390.0pt;text-align:center;"><font color=white face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-transform:uppercase;">[Signature page to</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-transform:uppercase;"> Articles Supplementary Of <br>
AllianceBernstein National Municipal Income Fund, Inc.]</font></p>




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