-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HuStv/kV77s92OKtHEworFE2CEF8cEeyehGI5fuj7kcVg0aZyfQyZ2wlTPaMZdIv
 PbOAHH/tztQBSrSZTbYMJQ==

<SEC-DOCUMENT>0000905148-07-006278.txt : 20070927
<SEC-HEADER>0000905148-07-006278.hdr.sgml : 20070927
<ACCEPTANCE-DATETIME>20070927144156
ACCESSION NUMBER:		0000905148-07-006278
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070927
DATE AS OF CHANGE:		20070927
EFFECTIVENESS DATE:		20070927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		IRS NUMBER:				133553469
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		071139077

	BUSINESS ADDRESS:	
		STREET 1:		2 WORLD FINANCIAL CENTER
		STREET 2:		BUILDING B, 22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281-1712
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		2 WORLD FINANCIAL CENTER
		STREET 2:		BUILDING B, 22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281-1712

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>efc7-2318_4017g.htm
<DESCRIPTION>40-17G
<TEXT>
<html>

  <head>
    <title>efc7-2318_4017g.htm</title>
<!-- Licensed to: Sidley Austin LLP-->
<!-- Document Created using EDGARizer 4.0.1.0 -->
<!-- Copyright 2007 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><a name="page_1"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="33%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Chubb
              Group of Insurance Companies</font></strong>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><strong><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">DECLARATIONS</font></strong>&#160;
              </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="11%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="41%"><strong><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">FINANCIAL
              INSTITUTION INVESTMENT</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="39%"><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">15
              Mountain
              View Road, Warren, New Jersey 07059</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="41%"><strong><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">COMPANY
              ASSET
              PROTECTION BOND</font></strong>&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="9" nowrap width="46%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">NAME
              OF
              ASSURED (including its </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Subsidiaries</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">):</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond
              Number: </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">81392052</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="9" nowrap width="46%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">JAPAN
              SMALLER CAPITALIZATION FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="7" nowrap width="32%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">KOREA
              EQUITY FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="29%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">VIGILANT
              INSURANCE COMPANY</font></strong>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="11%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="29%"><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Incorporated
              under the laws of New York</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="9" nowrap width="46%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">TWO
              WORLD
              FINANCIAL CENTER, BUILDING B</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="41%"><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              stock
              insurance company herein called the COMPANY</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="24%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">NEW
              YORK, N
              Y 10281</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="11%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="29%"><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">55
              Water
              Street, New York NY 10041-2899</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">ITEM
              1.</font></strong>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="16%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">BOND
              PERIOD:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">from</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">12:01
              a.m.
              on</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="27%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">July
              31,
              2007</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="11%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">12:01
              a.m.
              on</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="27%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">July
              31,
              2008</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">ITEM
              2.</font></strong>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="9" nowrap width="44%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">LIMITS
              OF
              LIABILITY--DEDUCTIBLE AMOUNTS:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="15" nowrap width="87%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
&#8220;Not
              Covered&#8221; is inserted below opposite any specified INSURING CLAUSE, such
              INSURING CLAUSE</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="15" nowrap width="87%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              any
              other reference shall be deemed to be deleted. </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">There
              shall be no deductible applicable to any</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="11" nowrap width="67%">&#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">loss
              under INSURING CLAUSE 1. sustained by any Investment
              Company.</font></strong>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="11%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DEDUCTIBLE</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="24%">&#160;<u><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">INSURING
              CLAUSE</font></u>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><u><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">LIMIT
              OF
              LIABILITY</font></u>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%">&#160; &#160;<u><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">AMOUNT</font></u>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="11%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Employee</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1,125,000</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">0</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="19%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">On
              Premises</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1,125,000</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">25,000</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="11%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              Transit</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1,125,000</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">25,000</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">4.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="19%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Forgery
              or
              Alteration</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1
              125,000</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">25,000</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">5.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="19%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Extended
              Forgery</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1,125,000</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">25,000</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">6.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="19%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Counterfeit
              Money</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1,125,000</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">25,000</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">7.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="19%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Threats
              to
              Person</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Not
              Covered</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">N/A</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">8.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="19%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Computer
              System</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Not
              Covered</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">N/A</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">9.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="7" nowrap width="39%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Voice
              Initiated Funds Transfer Instruction</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Not
              Covered</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">N/A</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">10.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="33%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Uncollectible
              Items of Deposit</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Not
              Covered</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">N/A</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">11.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="19%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Audit
              Expense</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Not
              Covered</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="18%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">$
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">N/A</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">ITEM
              3.</font></strong>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="15" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">THE
              LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE
              FOLLOWING</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="11" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ENDORSEMENTS
              EXECUTED SIMULTANEOUSLY HEREWITH:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="16%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1
              -
              4</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="12%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
          </tr>
          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="17" nowrap width="95%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">IN
              WITNESS WHEREOF, THE COMPANY </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">has
              caused
              this Bond to be signed by its authorized officers, but it shall
              not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="13" nowrap width="75%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">be
              valid
              unless also signed by an authorized representative of the
              Company.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160;
</td>
          </tr>

      </table>
    </div><br><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98) - Vigilant</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1422 (Ed. 5-98) Page 1 of 1</font></td>
          </tr>

      </table>
    </div>
    <div><!--$$/page=-->
</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div><a name="page_2"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY, in consideration of payment of the required premium, and in
              reliance</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">on
              the
              APPLICATION and all other statements made and information furnished
              to
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY
              by
              the ASSURED, and subject to the DECLARATIONS made a part of
              this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="7" nowrap width="75%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond
              and to
              all other terms and conditions of this Bond, agrees to pay the
              ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">for:</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Insuring
              Clauses</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Employee</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Larceny
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Embezzlement
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">committed
              by any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              alone or
              in collusion with others.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">On
              Premises</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              of
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">resulting
              directly from robbery, burglary, false pretenses,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">common
              law
              or statutory larceny, misplacement, mysterious unexplainable</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">disappearance,
              damage, destruction or removal, from the possession,
              custody or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">control
              of
              the ASSURED, while such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">is
              lodged
              or deposited at premises</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">located
              anywhere.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">In
              Transit</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              of
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">resulting
              directly from common law or statutory larceny,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">misplacement,
              mysterious unexplainable disappearance, damage or
              destruction,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">while
              the
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">is
              in
              transit anywhere:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">in
              an
              armored motor vehicle, including loading and unloading
              thereof,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">in
              the
              custody of a natural person acting as a messenger of the
              ASSURED,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">in
              the
              custody of a </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Transportation
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              being
              transported in a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">conveyance
              other than an armored motor vehicle provided, however, that</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">covered
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transported
              in such manner is limited to the following:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">written
              records,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">securities
              issued in registered form, which are not endorsed or are</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">restrictively
              endorsed, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">negotiable
              instruments not payable to bearer, which are not endorsed</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              are
              restrictively endorsed.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Coverage
              under this INSURING CLAUSE begins immediately on the receipt
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">such
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">by
              the
              natural person or </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Transportation
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              ends</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">immediately
              on delivery to the premises of the addressee or to any
              representative</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              the
              addressee located anywhere.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 1 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><!--$$/page=-->
<a name="page_3"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="20%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Insuring
              Clauses</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Forgery
              Or Alteration</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">4.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Forgery
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">on,
              or
              fraudulent material alteration of, any bills of exchange,</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">checks,
              drafts, acceptances, certificates of deposits, promissory notes,
              due</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">bills,
              money orders, orders upon public treasuries, letters of credit,
              other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">written
              promises, orders or directions to pay sums certain in money,
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">receipts
              for the withdrawal of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transferring,
              paying or delivering any funds or other
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or
              establishing</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">any
              credit
              or giving any value in reliance on any written instructions,
              advices</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              applications directed to the ASSURED authorizing or acknowledging
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transfer,
              payment, delivery or receipt of funds or other </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              which</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">instructions,
              advices or applications fraudulently purport to bear
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">handwritten
              signature of any customer of the ASSURED, or shareholder or</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">subscriber
              to shares of an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or of any
              financial</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">institution
              or </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">but
              which
              instructions, advices or applications either</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">bear
              a
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Forgery
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              have
              been fraudulently materially altered without the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">knowledge
              and consent of such customer, shareholder, subscriber,
              financial</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">institution
              or </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">;</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">excluding,
              however, under this INSURING CLAUSE any loss covered under</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">INSURING
              CLAUSE 5. of this Bond, whether or not coverage for INSURING</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">CLAUSE
              5.
              is provided for in the DECLARATIONS of this Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">For
              the
              purpose of this INSURING CLAUSE, a mechanically reproduced
              facsimile</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">signature
              is treated the same as a handwritten signature.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Extended
              Forgery</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">5.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from the ASSURED having, in good faith, and in
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ordinary
              course of business, for its own account or the account of others in
              any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="10%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">capacity:</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">acquired,
              accepted or received, accepted or received, sold or delivered,
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">given
              value, extended credit or assumed liability, in reliance on any
              original</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Securities,
              documents or other written instruments
              </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which
              prove
              to:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">bear
              a
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Forgery
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              a
              fraudulently material alteration,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">have
              been
              lost or stolen, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">be
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Counterfeit</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">guaranteed
              in writing or witnessed any signatures on any transfer,</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">assignment,
              bill of sale, power of attorney, guarantee, endorsement or
              other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">obligation
              upon or in connection with any </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Securities,
              documents or other</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">written
              instruments</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Actual
              physical possession, and continued actual physical possession if taken
              as</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">collateral,
              of such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Securities,
              documents or other written instruments
              </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">by
              an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee,
              Custodian</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or a
              Federal or State chartered deposit institution of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              is
              a condition precedent to the ASSURED having relied on such
              items.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Release
              or
              return of such collateral is an acknowledgment by the ASSURED that
              it</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">no
              longer
              relies on such collateral.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 2 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div><!--$$/page=-->
<a name="page_4"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="20%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Insuring
              Clauses</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Extended
              Forgery</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">For
              the
              purpose of this INSURING CLAUSE, a mechanically reproduced
              facsimile</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">signature
              is treated the same as a handwritten signature.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Counterfeit
              Money</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">6.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from the receipt by the ASSURED in good faith of
              any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Counterfeit
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">money.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Threats
              To Person</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">7.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from surrender of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">away
              from
              an office of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              as
              a result of a threat communicated to the ASSURED to do bodily</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">harm
              to an
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">as
              defined
              in Section 1.e. (1), (2) and (5), a </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Relative
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">invitee
              of
              such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or a
              resident of the household of such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              who</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">is,
              or
              allegedly is, being held captive provided, however, that prior to the
              surrender</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              such
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">:</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">who
              receives the threat has made a reasonable effort to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">notify
              an
              officer of the ASSURED who is not involved in such threat,
              and</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED
              has made a reasonable effort to notify the Federal Bureau of</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Investigation
              and local law enforcement authorities concerning such
              threat.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">It
              is
              agreed that for purposes of this INSURING CLAUSE, any </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED,
              as
              set forth in the preceding paragraph, shall be deemed to be
              an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              hereunder, but only with respect to the surrender of money,
              securities</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              other
              tangible personal property in which such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">has
              a legal
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">equitable
              interest.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Computer
              System</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">8.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from fraudulent:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">entries
              of
              data into, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">changes
              of
              data elements or programs within,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Computer
              System</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              provided
              the fraudulent entry or change causes:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">funds
              or
              other property to be transferred, paid or delivered,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              account
              of the ASSURED or of its customer to be added, deleted,</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">debited
              or
              credited, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              unauthorized account or a fictitious account to be debited or</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">credited.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 3 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div><a name="page_5"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="21%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Insuring
              Clauses</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Voice
              Initiated Funds</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">9.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Funds Transfer Instruction </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">directed</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Transfer
              Instruction</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              the
              ASSURED authorizing the transfer of dividends or redemption proceeds
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shares
              from
              a </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Customer's
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">account,
              provided such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Initiated
              Funds Transfer Instruction </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">was:</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">received
              at
              the ASSURED'S offices by those </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employees
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              the
              ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">specifically
              authorized to receive the </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Funds Transfer</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Instruction</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">made
              by a
              person purporting to be a </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Customer</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              and</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">made
              by
              said person for the purpose of causing the ASSURED or </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Customer</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              sustain
              a loss or making an improper personal financial gain for such</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">person
              or
              any other person.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              order
              for coverage to apply under this INSURING CLAUSE, all </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Funds
              Transfer Instructions </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">must
              be
              received and processed in accordance with</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              Designated Procedures outlined in the APPLICATION furnished to
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Uncollectible
              Items of</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">10.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Loss
              resulting directly from the ASSURED having credited an account of
              a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Deposit</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">customer,
              shareholder or subscriber on the faith of any </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Items
              of Deposit </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">prove
              to be
              uncollectible, provided that the crediting of such account
              causes:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">redemptions
              or withdrawals to be permitted,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shares
              to
              be issued, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">dividends
              to be paid,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">from
              an
              account of an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              order
              for coverage to apply under this INSURING CLAUSE, the ASSURED
              must</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">hold
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Items
              of Deposit </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">for
              the
              minimum number of days stated in the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">APPLICATION
              before permitting any redemptions or withdrawals, issuing any</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shares
              or
              paying any dividends with respect to such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Items
              of Deposit</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Items
              of Deposit </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              not
              be deemed uncollectible until the ASSURED'S</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">standard
              collection procedures have failed.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Audit
              Expense</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">11.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Expense
              incurred by the ASSURED for that part of the cost of audits
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">examinations
              required by any governmental regulatory authority or
              self-regulatory</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">organization
              to be conducted by such authority, organization or
              their appointee by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">reason
              of
              the discovery of loss sustained by the ASSURED and covered by
              this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="16">&#160;</td>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 4 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div><a name="page_6"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="23%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">General
              Agreements</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Additional
              Companies</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">A.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              more
              than one corporation, or </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or any
              combination of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Included
              As Assured</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">them
              is
              included as the ASSURED herein:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              total
              liability of the COMPANY under this Bond for loss or losses</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">sustained
              by any one or more or all of them shall not exceed the limit
              for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which
              the
              COMPANY would be liable under this Bond if all such loss were</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">sustained
              by any one of them.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Only
              the
              first named ASSURED shall be deemed to be the sole agent of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">others
              for
              all purposes under this Bond, including but not limited to the
              giving</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              receiving of any notice or proof required to be given and for the purpose
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">effecting
              or accepting any amendments to or termination of this Bond.
              The</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY
              shall furnish each </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">with
              a copy
              of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond
              and
              with any amendment thereto, together with a copy of each
              formal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">filing
              of
              claim by any other named ASSURED and notification of the terms
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              settlement of each such claim prior to the execution of such
              settlement.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY
              shall not be responsible for the proper application of any</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">payment
              made hereunder to the first named ASSURED.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(4)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Knowledge
              possessed or discovery made by any partner, director,
              trustee,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">officer
              or
              supervisory employee of any ASSURED shall constitute
              knowledge</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              discovery by all the ASSUREDS for the purposes of this Bond.</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(5)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              first named ASSURED ceases for any reason to be covered under
              this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond,
              then
              the ASSURED next named on the APPLICATION shall thereafter</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">be
              considered as the first named ASSURED for the purposes of this
              Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Representation
              Made By</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">B.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              ASSURED
              represents that all information it has furnished in the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Assured</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">APPLICATION
              for this Bond or otherwise is complete, true and correct.
              Such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">APPLICATION
              and other information constitute part of this Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              ASSURED
              must promptly notify the COMPANY of any change in any fact or</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">circumstance
              which materially affects the risk assumed by the
              COMPANY under</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">this
              Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Any
              intentional misrepresentation, omission, concealment or incorrect
              statement of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              material
              fact, in the APPLICATION or otherwise, shall be grounds for recision
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">this
              Bond.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 5 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div><a name="page_7"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="24%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">General
              Agreements</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Additional
              Offices Or</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">C.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              ASSURED, other than an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              while
              this Bond is in force,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Employees
              - Consolidation,</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">merges
              or
              consolidates with, or purchases or acquires assets or liabilities
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Merger
              Or Purchase Or</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">another
              institution, the ASSURED shall not have the coverage afforded under
              this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Acquisition
              Of Assets</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond
              for
              loss which has:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Or
              Liabilities - Notice To</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">occurred
              or
              will occur on premises, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Company</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">been
              caused
              or will be caused by an employee, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">arisen
              or
              will arise out of the assets or liabilities,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              such
              institution, unless the ASSURED:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">gives
              the
              COMPANY written notice of the proposed consolidation, merger
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">purchase
              or
              acquisition of assets or liabilities prior to the proposed
              effective</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">date
              of
              such action, and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">obtains
              the
              written consent of the COMPANY to extend some or all of the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">coverage
              provided by this Bond to such additional exposure, and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">on
              obtaining such consent, pays to the COMPANY an additional
              premium.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Change
              Of Control -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">D.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">When
              the
              ASSURED learns of a change in control (other than in an
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Notice
              To Company</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">),
              as set
              forth in Section 2(a) (9) of the Investment Company Act of</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1940,</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%">&#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED
              shall within sixty (60) days give written notice to the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY
              setting forth:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              names
              of the transferors and transferees (or the names of the
              beneficial</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">owners
              if
              the voting securities are registered in another name),</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              total
              number of voting securities owned by the transferors and the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transferees
              (or the beneficial owners), both immediately before and after
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transfer,
              and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              total
              number of outstanding voting securities.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Failure
              to
              give the required notice shall result in termination of coverage for
              any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              involving a transferee, to be effective on the date of such change
              in
              control.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Court
              Costs And</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">E.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY
              will indemnify the ASSURED for court costs and reasonable</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Attorneys&#8217;
Fees</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">attorneys'
              fees incurred and paid by the ASSURED in defense, whether or
              not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">successful,
              whether or not fully litigated on the merits and whether or not
              settled,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              any
              claim, suit or legal proceeding with respect to which the ASSURED
              would</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">be
              entitled
              to recovery under this Bond. However, with respect to
              INSURING</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">CLAUSE
              1.,
              this Section shall only apply in the event that:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">admits
              to
              being guilty of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Larceny
              or Embezzlement</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">is
              adjudicated to be guilty of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Larceny
              or Embezzlement</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="23">&#160;</td>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 6 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div><a name="page_8"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="25%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">General
              Agreements</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Court
              Costs And</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">in
              the
              absence of 1 or 2 above, an arbitration panel agrees, after a review
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Attorneys&#8217;
Fees</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              agreed
              statement of facts between the COMPANY and the ASSURED,</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">that
              an
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">would
              be
              found guilty of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Larceny
              or Embezzlement </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">if</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">such
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">were
              prosecuted.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              ASSURED
              shall promptly give notice to the COMPANY of any such suit or</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">legal
              proceeding and at the request of the COMPANY shall furnish copies of
              all</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">pleadings
              and pertinent papers to the COMPANY. The COMPANY may, at its</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">sole
              option, elect to conduct the defense of all or part of such legal
              proceeding.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              defense
              by the COMPANY shall be in the name of the ASSURED through</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">attorneys
              selected by the COMPANY. The ASSURED shall provide all
              reasonable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">information
              and assistance as required by the COMPANY for such defense.</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              COMPANY declines to defend the ASSURED, no settlement without
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">prior
              written consent of the COMPANY nor judgment against the ASSURED
              shall</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">determine
              the existence, extent or amount of coverage under this Bond.</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              amount demanded in any such suit or legal proceeding is within
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DEDUCTIBLE
              AMOUNT, if any, the COMPANY shall have no liability for court</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">costs
              and
              attorney's fees incurred in defending all or part of such suit or
              legal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">proceeding.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              amount demanded in any such suit or legal proceeding is in excess of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">LIMIT
              OF
              LIABILITY stated in ITEM 2. of the DECLARATIONS for the
              applicable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">INSURING
              CLAUSE, the COMPANY'S liability for court costs and attorney's
              fees</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">incurred
              in
              defending all or part of such suit or legal proceedings is limited
              to
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">proportion
              of such court costs and attorney's fees incurred that the LIMIT
              OF</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">LIABILITY
              stated in ITEM 2. of the DECLARATIONS for the applicable
              INSURING</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">CLAUSE
              bears to the total of the amount demanded in such suit or
              legal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">proceeding.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              amount demanded is any such suit or legal proceeding is in excess of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DEDUCTIBLE
              AMOUNT, if any, but within the LIMIT OF LIABILITY stated in
              ITEM</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td align="left" colspan="3" nowrap width="71%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;
              <font>of the DECLARATIONS for the applicable INSURING
              CLAUSE,
              the</font>&#160;</font></td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY'S
              liability for court costs and attorney's fees incurred in defending
              all
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">part
              of
              such suit or legal proceedings shall be limited to the proportion of
              such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">court
              costs
              or attorney's fees that the amount demanded that would be
              payable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">under
              this
              Bond after application of the DEDUCTIBLE AMOUNT, bears to the
              total</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">amount
              demanded.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Amounts
              paid by the COMPANY for court costs and attorneys' fees shall be
              in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="71%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">addition
              to
              the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</font>&#160;
              </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 7 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><!--$$/page=-->
</div><a name="page_9"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="19%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Definitions</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">As
              used in
              this Bond:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Computer
              System </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              a
              computer and all input, output, processing,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">storage,
              off-line media libraries, and communication facilities which
              are</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">connected
              to the computer and which are under the control and
              supervision</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              the
              operating system(s) or application(s) software used by the
              ASSURED.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Counterfeit
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              an
              imitation of an actual valid original which is intended</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              deceive
              and be taken as the original.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Custodian
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              the
              institution designated by an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">maintain
              possession and control of its assets.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">d.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Customer
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              an
              individual, corporate, partnership, trust customer,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shareholder
              or subscriber of an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which
              has a
              written</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">agreement
              with the ASSURED for </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Funds Transfer</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Instruction</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">e.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means:</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              officer
              of the ASSURED,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              natural
              person while in the regular service of the ASSURED at any of</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED'S premises and compensated directly by the ASSURED</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">through
              its
              payroll system and subject to the United States Internal</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Revenue
              Service Form W-2 or equivalent income reporting plans of</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">other
              countries, and whom the ASSURED has the right to control and</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">direct
              both
              as to the result to be accomplished and details and means</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">by
              which
              such result is accomplished in the performance of such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">service,</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(3)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              guest
              student pursuing studies or performing duties in any of the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED'S
              premises,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(4)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              attorney
              retained by the ASSURED and an employee of such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">attorney
              while either is performing legal services for the ASSURED,</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(5)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              natural
              person provided by an employment contractor to perform</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">employee
              duties for the ASSURED under the ASSURED'S supervision</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">at
              any of
              the ASSURED'S premises,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(6)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              employee
              of an institution merged or consolidated with the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              prior to the effective date of this Bond,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(7)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              director
              or trustee of the ASSURED, but only while performing acts</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">within
              the
              scope of the customary and usual duties of any officer or</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">other
              employee of the ASSURED or while acting as a member of any</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">committee
              duly elected or appointed to examine or audit or have</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="19%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">custody
              of
              or access to </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              the
              ASSURED, or</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 8 of 19</font></td>
          </tr>

      </table>
    </div>
    <div><!--$$/page=-->
</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_10"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Definitions</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(8)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">each
              natural person, partnership or corporation authorized by
              written</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">agreement
              with the ASSURED to perform services as electronic data</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">processor
              of checks or other accounting records related to such checks
              but</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">only
              while
              such person, partnership or corporation is actually
              performing</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">such
              services and not:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">creating,
              preparing, modifying or maintaining the ASSURED'S</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">computer
              software or programs, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">acting
              as
              transfer agent or in any other agency capacity in issuing</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">checks,
              drafts or securities for the ASSURED,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(9)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">any
              partner, officer or employee of an investment advisor, an
              underwriter</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(distributor),
              a transfer agent or shareholder accounting
              recordkeeper, or an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">administrator,
              for an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">while
              performing acts coming</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">within
              the
              scope of the customary and usual duties of an officer or
              employee</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              an
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              acting
              as a member of any committee duly</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">elected
              or
              appointed to examine, audit or have custody of or access to</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">an
              Investment Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              term
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              not
              include any partner, officer or employee of a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transfer
              agent, shareholder accounting recordkeeper or administrator:</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which
              is
              not an "affiliated person" (as defined in Section 2(a) of the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Investment
              Company Act of 1940) of an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              investment advisor or underwriter (distributor) of such
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which
              is a
              "bank" (as defined in Section 2(a) of the Investment</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Company
              Act
              of 1940).</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">This
              Bond
              does not afford coverage in favor of the employers of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">persons
              as
              set forth in e. (4), (5) and (8) above, and upon payment to</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED
              by the COMPANY resulting directly from </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Larceny
              or</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Embezzlement
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">committed
              by any of the partners, officers or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">employees
              of such employers, whether acting alone or in collusion</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">with
              others, an assignment of such of the ASSURED'S rights and</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">causes
              of
              action as it may have against such employers by reason of</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">such
              acts
              so committed shall, to the extent of such payment, be given</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">by
              the
              ASSURED to the COMPANY, and the ASSURED shall execute</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">all
              papers
              necessary to secure to the COMPANY the rights provided</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">for
              herein.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Each
              employer of persons as set forth in e.(4), (5) and (8) above and
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">partners,
              officers and other employees of such employers shall
              collectively</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">be
              deemed
              to be one person for all the purposes of this Bond;
              excepting,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">however,
              the fifth paragraph of Section 13.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Independent
              contractors not specified in e.(4), (5) or (8) above,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">intermediaries,
              agents, brokers or other representatives of the
              same general</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">character
              shall not be considered </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employees</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 9 of 19</font></td>
          </tr>

      </table>
    </div>
    <div><!--$$/page=-->
</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_11"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Definitions</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">f.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Forgery
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              the
              signing of the name of another natural person with the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">intent
              to
              deceive but does not mean a signature which consists in whole or
              in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">part
              of
              one's own name, with or without authority, in any capacity for
              any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">purpose.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">g.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              any
              investment company registered under the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Investment
              Company Act of 1940 and listed under the NAME OF ASSURED</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">on
              the
              DECLARATIONS.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">h.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Items
              of Deposit </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              one
              or more checks or drafts drawn upon a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">financial
              institution in the United States of America.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">i.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Larceny
              or Embezzlement </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              larceny or embezzlement as defined in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Section
              37
              of the Investment Company Act of 1940.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">j.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              money, revenue and other stamps; securities; including any</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">note,
              stock, treasury stock, bond, debenture, evidence of
              indebtedness,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">certificate
              of deposit, certificate of interest or participation in any
              profit-</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">sharing
              agreement, collateral trust certificate, preorganization certificate
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">subscription,
              transferable share, investment contract, voting trust
              certificate,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">certificate
              of deposit for a security, fractional undivided interest in oil, gas,
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">other
              mineral rights, any interest or instruments commonly known as
              a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">security
              under the Investment Company Act of 1940, any other certificate
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">interest
              or
              participation in, temporary or interim certificate for, receipt
              for,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">guarantee
              of, or warrant or right to subscribe to or purchase any of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">foregoing;
              bills of exchange; acceptances; checks; withdrawal orders;
              money</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">orders;
              travelers' letters of credit; bills of lading; abstracts of title;
              insurance</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">policies,
              deeds, mortgages on real estate and/or upon chattels and
              interests</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">therein;
              assignments of such policies, deeds or mortgages; other
              valuable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">papers,
              including books of accounts and other records used by the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              in
              the conduct of its business (but excluding all electronic
              data</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">processing
              records); and, all other instruments similar to or in the nature
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              foregoing in which the ASSURED acquired an interest at the time of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED'S
              consolidation or merger with, or purchase of the principal</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">assets
              of,
              a predecessor or which are held by the ASSURED for any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">purpose
              or
              in any capacity and whether so held gratuitously or not and</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">whether
              or
              not the ASSURED is liable therefor.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">k.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Relative
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              the
              spouse of an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              partner
              of the ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              any
              unmarried child supported wholly by, or living in the home of,
              such</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              partner
              and being related to them by blood, marriage or legal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">guardianship.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">l.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Securities,
              documents or other written instruments
              </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              original</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(including
              original counterparts) negotiable or non-negotiable instruments,
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">assignments
              thereof, which in and of themselves represent an equitable</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">interest,
              ownership, or debt and which are in the ordinary course of
              business</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transferable
              by delivery of such instruments with any
              necessary</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="9%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="63%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">endorsements
              or assignments.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 10 of 19</font></td>
          </tr>

      </table>
    </div>
    <div><!--$$/page=-->
</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_12"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Definitions</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">m.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Subsidiary
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              any
              organization that, at the inception date of this Bond,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">is
              named in
              the APPLICATION or is created during the BOND PERIOD and</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              which
              more than fifty percent (50%) of the outstanding securities or
              voting</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">rights
              representing the present right to vote for election of directors is
              owned</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              controlled by the ASSURED either directly or through one or more of
              its</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">subsidiaries.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">n.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Transportation
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              any
              organization which provides its own</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              its
              leased vehicles for transportation or which provides freight
              forwarding</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              air
              express services.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">o.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Election </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              any
              election concerning dividend options</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">available
              to </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shareholders
              or subscribers which is</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">requested
              by voice over the telephone.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">p.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Redemption </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              any
              redemption of shares issued by an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which
              is
              requested by voice over the telephone.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">q.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Funds Transfer Instruction </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">means
              any
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Redemption
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Election</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">For
              the
              purposes of these definitions, the singular includes the plural and
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">plural
              includes the singular, unless otherwise indicated.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">General
              Exclusions -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">This
              bond does not directly or indirectly cover:</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Applicable
              to All Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              not
              reported to the COMPANY in writing within sixty (60) days
              after</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clauses</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">termination
              of this Bond as an entirety;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              due to
              riot or civil commotion outside the United States of America
              and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Canada,
              or
              any loss due to military, naval or usurped power, war or</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">insurrection.
              This Section 2.b., however, shall not apply to loss
              which occurs</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">in
              transit
              in the circumstances recited in INSURING CLAUSE 3., provided</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">that
              when
              such transit was initiated there was no knowledge on the part
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">any
              person
              acting for the ASSURED of such riot, civil commotion,
              military,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">naval
              or
              usurped power, war or insurrection;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from the effects of nuclear fission or fusion or
              radioactivity;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">d.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              of
              potential income including, but not limited to, interest and
              dividends</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">not
              realized by the ASSURED or by any customer of the ASSURED;</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">e.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">damages
              of
              any type for which the ASSURED is legally liable, except</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">compensatory
              damages, but not multiples thereof, arising from a
              loss</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">covered
              under this Bond;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">f.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">costs,
              fees
              and expenses incurred by the ASSURED in establishing the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">existence
              of or amount of loss under this Bond, except to the extent
              covered</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">under
              INSURING CLAUSE 11.;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">g.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from indirect or consequential loss of any nature;</font>&#160;
              </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 11 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_13"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="50%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="50%">&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">General
              Exclusions -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">h.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from dishonest acts by any member of the Board of
              Directors</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Applicable
              to All Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              Board of
              Trustees of the ASSURED who is not an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              acting</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clauses</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">alone
              or in
              collusion with others;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">i.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss,
              or
              that part of any loss, resulting solely from any violation by
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              or
              by any </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">:</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              any law
              regulating:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              issuance, purchase or sale of securities,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">securities
              transactions on security or commodity exchanges or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              over
              the counter market,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">investment
              companies,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">d.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">investment
              advisors, or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              any rule
              or regulation made pursuant to any such law; or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">j.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              of
              confidential information, material or data;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">k.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from voice requests or instructions received over
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">telephone,
              provided however, this Section 2.k. shall not apply to
              INSURING</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">CLAUSE
              7.
              or 9.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr>
            <td colspan="11">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Specific
              Exclusions -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="7" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">This
              Bond does not directly or indirectly cover:</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Applicable
              To All Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              caused
              by an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              provided,
              however, this Section 3.a. shall not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clauses
              Except Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">apply
              to
              loss covered under INSURING CLAUSE 2. or 3. which results</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clause
              1.</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">directly
              from misplacement, mysterious unexplainable disappearance, or</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">damage
              or
              destruction of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">;</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              through the surrender of property away from premises of the
              ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">as
              a result
              of a threat:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(1)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              do
              bodily harm to any natural person, except loss of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">in</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">transit
              in
              the custody of any person acting as messenger of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED,
              provided that when such transit was initiated there was no</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">knowledge
              by the ASSURED of any such threat, and provided further</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">that
              this
              Section 3.b. shall not apply to INSURING CLAUSE 7., or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(2)</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="55%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              do
              damage to the premises or </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              the
              ASSURED;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from payments made or withdrawals from any account</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">involving
              erroneous credits to such account;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">d.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              involving </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Items
              of Deposit </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">which
              are
              not finally paid for any reason</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">provided
              however, that this Section 3.d. shall not apply to INSURING</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">CLAUSE
              10.;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">e.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              of
              property while in the mail;</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="2">&#160;</td>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 12 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div><a name="page_14"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="23%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Specific
              Exclusions -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">f.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from the failure for any reason of a financial or
              depository</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Applicable
              To All Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">institution,
              its receiver or other liquidator to pay or deliver
              funds or other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clauses
              Except Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              the
              ASSURED provided further that this Section 3.f. shall not</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clause
              1.</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">apply
              to
              loss of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">resulting
              directly from robbery, burglary,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">misplacement,
              mysterious unexplainable disappearance,
              damage,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">destruction
              or removal from the possession, custody or control of the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED.</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">g.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              of
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">while
              in
              the custody of a </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Transportation
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">provided
              however, that this Section 3.g. shall not apply to INSURING</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">CLAUSE
              3.;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">h.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from entries or changes made by a natural person
              with</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">authorized
              access to a </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Computer
              System </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">who
              acts in
              good faith on</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">instructions,
              unless such instructions are given to that person by
              a software</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">contractor
              or its partner, officer, or employee authorized by the ASSURED
              to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">design,
              develop, prepare, supply, service, write or implement programs
              for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED's </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Computer
              System</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">;
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">i.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting directly or indirectly from the input of data into a
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Computer</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">System
              </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">terminal,
              either on the premises of the customer of the ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              under
              the control of such a customer, by a customer or other person
              who</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">had
              authorized access to the customer's authentication mechanism.</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Specific
              Exclusions -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">4.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">This
              bond does not directly or indirectly cover:</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Applicable
              To All Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from the complete or partial non-payment of or default on
              any</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clauses
              Except Insuring</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loan
              whether such loan was procured in good faith or through trick,
              artifice,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Clauses
              1., 4., And 5.</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">fraud
              or
              false pretenses; provided, however, this Section 4.a. shall not
              apply</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              INSURING
              CLAUSE 8.;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              resulting from forgery or any alteration;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              involving a counterfeit provided, however, this Section 4.c. shall
              not</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">apply
              to
              INSURING CLAUSE 5. or 6.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Limit
              Of Liability/Non-</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">5.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">At
              all
              times prior to termination of this Bond, this Bond shall continue in
              force
              for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Reduction
              And Non-</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              limit
              stated in the applicable sections of ITEM 2. of the
              DECLARATIONS,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Accumulation
              Of Liability</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">notwithstanding
              any previous loss for which the COMPANY may have
              paid or be</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">liable
              to
              pay under this Bond provided, however, that the liability of the
              COMPANY</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">under
              this
              Bond with respect to all loss resulting from:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">any
              one act
              of burglary, robbery or hold-up, or attempt thereat, in which
              no</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">is
              concerned or implicated, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">any
              one
              unintentional or negligent act on the part of any one person</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">resulting
              in damage to or destruction or misplacement of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">all
              acts,
              other than those specified in a. above, of any one person, or</font>&#160;
              </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="16">&#160;</td>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 13 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><!--$$/page=-->
</div>
    <div>&#160;</div><a name="page_15"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="23%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Limit
              Of Liability/Non-</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">d.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">any
              one
              casualty or event other than those specified in a., b., or c.
              above,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Reduction
              And Non-</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              be
              deemed to be one loss and shall be limited to the applicable LIMIT
              OF</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Accumulation
              Of Liability</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">LIABILITY
              stated in ITEM 2. of the DECLARATIONS of this Bond irrespective
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              total
              amount of such loss or losses and shall not be cumulative in
              amounts</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">from
              year
              to year or from period to period.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">All
              acts,
              as specified in c. above, of any one person which</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">i.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">directly
              or
              indirectly aid in any way wrongful acts of any other person
              or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">persons,
              or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ii.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">permit
              the
              continuation of wrongful acts of any other person or persons</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">whether
              such acts are committed with or without the knowledge of the
              wrongful</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">acts
              of the
              person so aided, and whether such acts are committed with or
              without</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              intent
              to aid such other person, shall be deemed to be one loss with
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">wrongful
              acts of all persons so aided.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Discovery</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">6.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">This
              Bond
              applies only to loss first discovered by an officer of the
              ASSURED</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">during
              the
              BOND PERIOD. Discovery occurs at the earlier of an officer of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              being aware of:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">facts
              which
              may subsequently result in a loss of a type covered by this
              Bond,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              actual
              or potential claim in which it is alleged that the ASSURED is
              liable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              a third
              party,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">regardless
              of when the act or acts causing or contributing to such loss
              occurred,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">even
              though
              the amount of loss does not exceed the applicable DEDUCTIBLE</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">AMOUNT,
              or
              the exact amount or details of loss may not then be known.</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Notice
              To Company -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">7.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              ASSURED
              shall give the COMPANY notice thereof at the earliest</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Proof
              - Legal Proceedings</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">practicable
              moment, not to exceed sixty (60) days after discovery of loss,
              in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Against
              Company</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              amount
              that is in excess of 50% of the applicable DEDUCTIBLE</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">AMOUNT,
              as
              stated in ITEM 2. of the DECLARATIONS.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              ASSURED
              shall furnish to the COMPANY proof of loss, duly sworn to,</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">with
              full
              particulars within six (6) months after such discovery.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Securities
              listed in a proof of loss shall be identified by certificate or
              bond</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">numbers,
              if
              issued with them.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">d.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Legal
              proceedings for the recovery of any loss under this Bond shall not
              be</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">brought
              prior to the expiration of sixty (60) days after the proof of loss
              is
              filed</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">with
              the
              COMPANY or after the expiration of twenty-four (24) months
              from</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              discovery of such loss.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">e.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">This
              Bond
              affords coverage only in favor of the ASSURED. No claim,
              suit,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">action
              or
              legal proceedings shall be brought under this Bond by anyone</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">other
              than
              the ASSURED.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="19">&#160;</td>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 14 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div><a name="page_16"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="23%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Notice
              To Company -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">f.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Proof
              of
              loss involving </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Voice
              Initiated Funds Transfer Instruction </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Proof
              - Legal Proceedings</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">include
              electronic recordings of such instructions.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Against
              Company</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Deductible
              Amount</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">8.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY
              shall not be liable under any INSURING CLAUSES of this Bond</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">on
              account
              of loss unless the amount of such loss, after deducting the net
              amount</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              all
              reimbursement and/or recovery obtained or made by the ASSURED,
              other</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">than
              from
              any Bond or policy of insurance issued by an insurance company
              and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">covering
              such loss, or by the COMPANY on account thereof prior to payment
              by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              COMPANY
              of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ITEM
              3. of
              the DECLARATIONS, and then for such excess only, but in no
              event</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">for
              more
              than the applicable LIMITS OF LIABILITY stated in ITEM 2. of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DECLARATIONS.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">There
              shall
              be no deductible applicable to any loss under INSURING CLAUSE
              1.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">sustained
              by any </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Valuation</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">9.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">BOOKS
              OF ACCOUNT OR OTHER RECORDS</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              value
              of any loss of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">consisting
              of books of account or other records</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">used
              by the
              ASSURED in the conduct of its business shall be the amount paid
              by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED
              for blank books, blank pages, or other materials which replace
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">lost
              books
              of account or other records, plus the cost of labor paid by
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              for
              the actual transcription or copying of data to reproduce such
              books</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              account
              or other records.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              value
              of any loss of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">other
              than
              books of account or other records</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">used
              by the
              ASSURED in the conduct of its business, for which a claim is
              made</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              be
              determined by the average market value of such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">on
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">business
              day immediately preceding discovery of such loss provided,
              however,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">that
              the
              value of any </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">replaced
              by
              the ASSURED with the consent of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY
              and
              prior to the settlement of any claim for such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              be
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">actual
              market value at the time of replacement.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              the case
              of a loss of interim certificates, warrants, rights or other securities,
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">production
              of which is necessary to the exercise of subscription,
              conversion,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">redemption
              or deposit privileges, the value of them shall be the market value
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">such
              privileges immediately preceding their expiration if said loss is not
              discovered</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">until
              after
              their expiration. If no market price is quoted for such
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">such
              privileges, the value shall be fixed by agreement between the
              parties.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">OTHER
              PROPERTY</font></strong>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              value
              of any loss of </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              other
              than as stated above, shall be the actual</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">cash
              value
              or the cost of repairing or replacing such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">with
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">like
              quality and value, whichever is less.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 15 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div><a name="page_17"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="21%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Securities
              Settlement</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">10.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              the
              event of a loss of securities covered under this Bond, the COMPANY
              may,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">at
              its sole
              discretion, purchase replacement securities, tender the value of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">securities
              in money, or issue its indemnity to effect replacement
              securities.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              indemnity required from the ASSURED under the terms of this
              Section</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">against
              all
              loss, cost or expense arising from the replacement of securities by
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY'S
              indemnity shall be:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">for
              securities having a value less than or equal to the
              applicable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DEDUCTIBLE
              AMOUNT - one hundred (100%) percent;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">for
              securities having a value in excess of the DEDUCTIBLE AMOUNT
              but</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">within
              the
              applicable LIMIT OF LIABILITY - the percentage that the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DEDUCTIBLE
              AMOUNT bears to the value of the securities;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">for
              securities having a value greater than the applicable LIMIT OF
              LIABILITY</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">-
              the
              percentage that the DEDUCTIBLE AMOUNT and portion in excess
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              applicable LIMIT OF LIABILITY bears to the value of the
              securities.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              value
              referred to in Section 10.a., b., and c. is the value in accordance
              with</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Section
              9,
              VALUATION, regardless of the value of such securities at the time
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">loss
              under
              the COMPANY'S indemnity is sustained.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY
              is not required to issue its indemnity for any portion of a loss
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">securities
              which is not covered by this Bond; however, the COMPANY may do
              so</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">as
              a
              courtesy to the ASSURED and at its sole discretion.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              ASSURED
              shall pay the proportion of the Company's premium charge for
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Company's
              indemnity as set forth in Section 10.a., b., and c. No portion of
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">LIMIT
              OF
              LIABILITY shall be used as payment of premium for any
              indemnity</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">purchased
              by the ASSURED to obtain replacement securities.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="14%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Subrogation
&#8211;
Assignment
              -&#160;</font></i></td>
            <td align="left" colspan="2" nowrap width="15%"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">&#160;11.<font size="3">&#160;</font></font></td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              the
              event of a payment under this Bond, the COMPANY shall be subrogated
              to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Recovery</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">all
              of the
              ASSURED'S rights of recovery against any person or entity to the
              extent</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              such
              payment. On request, the ASSURED shall deliver to the COMPANY
              an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">assignment
              of the ASSURED'S rights, title and interest and causes of
              action</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">against
              any
              person or entity to the extent of such payment.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Recoveries,
              whether effected by the COMPANY or by the ASSURED, shall be</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">applied
              net
              of the expense of such recovery in the following order:</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">first,
              to
              the satisfaction of the ASSURED'S loss which would otherwise
              have</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">been
              paid
              but for the fact that it is in excess of the applicable LIMIT
              OF</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">LIABILITY,</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">second,
              to
              the COMPANY in satisfaction of amounts paid in settlement of</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED'S claim,</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">third,
              to
              the ASSURED in satisfaction of the applicable DEDUCTIBLE</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">AMOUNT,
              and</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 16 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_18"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="24%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Subrogation
              - Assignment -</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">d.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">fourth,
              to
              the ASSURED in satisfaction of any loss suffered by the</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Recovery</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              which was not covered under this Bond.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Recovery
              from reinsurance or indemnity of the COMPANY shall not be deemed
              a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">recovery
              under this section.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Cooperation
              Of Assured</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">12.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">At
              the
              COMPANY'S request and at reasonable times and places designated
              by</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              COMPANY, the ASSURED shall:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">submit
              to
              examination by the COMPANY and subscribe to the same under</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">oath,</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">produce
              for
              the COMPANY'S examination all pertinent records, and</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">cooperate
              with the COMPANY in all matters pertaining to the loss.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              ASSURED
              shall execute all papers and render assistance to secure to
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY
              the
              rights and causes of action provided for under this Bond. The</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              shall do nothing after loss to prejudice such rights or causes of
              action.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Termination</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">13.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the Bond
              is for a sole ASSURED, it shall not be terminated unless written
              notice</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              have
              been given by the acting party to the affected party and to
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Securities
              and Exchange Commission, Washington, D.C., not less than sixty
              (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">days
              prior
              to the effective date of such termination.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the Bond
              is for a joint ASSURED, it shall not be terminated unless written
              notice</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              have
              been given by the acting party to the affected party, and by
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY
              to
              all ASSURED </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Companies </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              to the
              Securities and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Exchange
              Commission, Washington, D.C., not less than sixty (60) days prior
              to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              effective date of such termination.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">This
              Bond
              will terminate as to any one ASSURED, other than an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">:</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">immediately
              on the taking over of such ASSURED by a receiver or other</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">liquidator
              or by State or Federal officials, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">immediately
              on the filing of a petition under any State or Federal
              statute</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">relative
              to
              bankruptcy or reorganization of the ASSURED, or assignment
              for</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              benefit
              of creditors of the ASSURED, or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">immediately
              upon such ASSURED ceasing to exist, whether through merger</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">into
              another entity, disposition of all of its assets or
              otherwise.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY
              shall refund the unearned premium computed at short rates in</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">accordance
              with the standard short rate cancellation tables if terminated by
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              or
              pro rata if terminated for any other reason.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 17 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_19"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Termination</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              any
              partner, director, trustee, or officer or supervisory employee of
              an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              not
              acting in collusion with an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">learns
              of
              any dishonest act</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">committed
              by such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">at
              any
              time, whether in the employment of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED
              or
              otherwise, whether or not such act is of the type covered under
              this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond,
              and
              whether against the ASSURED or any other person or entity,
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ASSURED:</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">shall
              immediately remove such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">from
              a
              position that would enable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">such
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              cause
              the ASSURED to suffer a loss covered by this</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond;
              and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">within
              forty-eight (48) hours of learning that an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">has
              committed</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">any
              dishonest act, shall notify the COMPANY, of such action and provide
              full</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">particulars
              of such dishonest act.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY
              may terminate coverage as respects any </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">sixty
              (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">days
              after
              written notice is received by each ASSURED </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              the
              Securities and Exchange Commission, Washington, D.C. of its desire
              to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">terminate
              this Bond as to such </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Other
              Insurance</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">14.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Coverage
              under this Bond shall apply only as excess over any valid and
              collectible</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">insurance,
              indemnity or suretyship obtained by or on behalf of:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              ASSURED,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Transportation
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              or</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">c.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">another
              entity on whose premises the loss occurred or which employed
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">person
              causing the loss or engaged the messenger conveying the
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">involved.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Conformity</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">15.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              any
              limitation within this Bond is prohibited by any law controlling this
              Bond's</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">construction,
              such limitation shall be deemed to be amended so as
              to equal the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">minimum
              period of limitation provided by such law.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Change
              or Modification</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">16.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">This
              Bond
              or any instrument amending or affecting this Bond may not be
              changed</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              modified
              orally. No change in or modification of this Bond shall be
              effective</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">except
              when
              made by written endorsement to this Bond signed by an
              authorized</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">representative
              of the COMPANY.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              this
              Bond is for a sole ASSURED, no change or modification which
              would</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">adversely
              affect the rights of the ASSURED shall be effective prior to sixty
              (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">days
              after
              written notice has been furnished to the Securities and
              Exchange</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Commission,
              Washington, D.C., by the acting party.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="3">&#160;</td>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 18 of 19</font></td>
          </tr>

      </table>
    </div>
    <div><!--$$/page=-->
</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_20"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="25%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Conditions
              And</font></i></strong>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><strong><i><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Limitations</font></i></strong>&#160;
              </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%">&#160; </td>
          </tr>
          <tr>
            <td colspan="3">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">Change
              or Modification</font></i>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              this
              Bond is for a joint ASSURED, no charge or modification which
              would</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><i><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif;">(continued)</font></i>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">adversely
              affect the rights of the ASSURED shall be effective prior to sixty
              (60)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">days
              after
              written notice has been furnished to all insured </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Companies</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              to the
              Securities and Exchange Commission, Washington, D.C., by the</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY.</font>&#160;
</td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond (5-98)</font><br><font size="1" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-1421 (Ed. 5-98) Page 19 of 19</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><!--$$/page=-->
</div><a name="page_21"/>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="188">&#160;</td>
            <td nowrap><strong><i><font size="2" style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif;">Important
              Notice:</font></i></strong></td>
          </tr>

      </table>
    </div>
    <div align="left"><strong><font size="2" style="FONT-FAMILY: Arial-BoldMT,Arial,Helvetica,sans-serif;">The
      SEC
      Requires Proof of Your Fidelity Insurance Policy</font></strong></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">Your
      company is now required to file an electronic copy of your fidelity
      insurance coverage (Chubb&#8217;s ICAP Bond policy) to the Securities and Exchange
      Commission (SEC), according to rules adopted by the SEC on June 12,
      2006.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">Chubb
      is in the process of providing your agent/broker with an electronic
      copy of your insurance policy as well as instructions on how to submit this
      proof of fidelity insurance coverage to the SEC. You can expect to receive
      this
      information from your agent/broker shortly.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">The
      electronic copy of your policy is provided by Chubb solely as a
      convenience and does not affect the terms and conditions of coverage as set
      forth in the paper policy you receive by mail. The terms and conditions of
      the
      policy mailed to you, which are the same as those set forth in the electronic
      copy, constitute the entire agreement between your company and
      Chubb.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">If
      you have any questions, please contact your agent or
      broker.</font></div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">Form
      14-02-12160 (ed. 7/2006)</font></div>
    <div align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div align="left">&#160;</div>
    <div align="left">&#160;</div><!--$$/page=-->
<a name="page_22"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="100%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160;<strong><font size="4" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">IMPORTANT
              NOTICE TO POLICYHOLDERS</font></strong>&#160; </td>
          </tr>
          <tr>
            <td>&#160; </td>
          </tr>
          <tr>
            <td>&#160; </td>
          </tr>
          <tr>
            <td>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">All
              of the
              members of the Chubb Group of Insurance companies doing business in
              the
              United</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">States
              (hereinafter &#8220;Chubb&#8221;) distribute their products through licensed insurance
              brokers and agents</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(&#8220;producers&#8221;).
              Detailed information regarding the types of
              compensation paid by Chubb to producers on</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">US
              insurance transactions is available under the Producer Compensation
              link
              located at the bottom of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">page
              at
              www.chubb.com, or by calling 1-866-588-9478. Additional information
              may be
              available from your</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">producer.</font>&#160;
</td>
          </tr>
          <tr>
            <td>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Thank
              you
              for choosing Chubb.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">10-02-1295
      (ed. 5/2007)</font></div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_23"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">ENDORSEMENT/RIDER</font></strong>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Effective
              date of</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">this
              endorsement/rider: </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">July
              31,
              2007</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="56%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">VIGILANT
              INSURANCE COMPANY</font></strong>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Endorsement/Rider
              No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">To
              be
              attached to and</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">form
              a part
              of Bond No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">81392052</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Issued
              to:
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">JAPAN
              SMALLER CAPITALIZATION FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">KOREA
              EQUITY FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#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 size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">AMEND
              DEFINITION OF EMPLOYEE ENDORSEMENT</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              consideration of the premium charged, it is agreed that the term
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Employee</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              as
              defined in Section 1.,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Definitions,
              of the Conditions and Limitations of this Bond is
              amended by deleting paragraph (9) and replacing</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">it
              with the
              following:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(9)
              any
              partner, officer or employee of an investment adviser, an underwriter
              (distributor), a transfer</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">agent
              or
              shareholder accounting recordkeeper, or an administrator, sub-advisor
              or
              sub-</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">administrator,
              for an </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">,
              including
              any partner, officer or employee of Nomura</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Securities
              International, Inc. who is an officer of the ASSURED, while performing
              acts coming</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">within
              the
              scope of the customary and usual duties of a partner, officer or employee
              of an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              acting
              as a member of any committee duly elected or appointed to</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">examine,
              audit or have custody of or access to </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              an
              </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Company</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              title
              and any headings in this endorsement/rider are solely for convenience
              and
              form no part of the terms</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              conditions of coverage.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="26%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="28%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="98%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">All
              other
              terms, conditions and limitations of this Bond shall remain
              unchanged.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="center">&#160;</div>
    <div>&#160;</div>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">Q07-1991
      (08/2007) Page 1</font></div>
    <div align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div align="left">&#160;</div>
    <div align="left">&#160;</div><!--$$/page=-->
<a name="page_24"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">VIGILANT
              INSURANCE COMPANY</font></strong>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#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 size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Endorsement
              No.: </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#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 size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond
              Number:</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">81392052</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="72%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">NAME
              OF
              ASSURED: </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">JAPAN
              SMALLER CAPITALIZATION FUND, INC.</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">KOREA
              EQUITY FUND, INC.</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">NEW
              YORK AMENDATORY ENDORSEMENT</font></strong>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="72%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">It
              is
              agreed that this Bond is amended as follows:</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">By
              adding
              to Section 13, Termination, the following:</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bonds
              In
              Effect Sixty (60) Days Or Less</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              this
              Bond has been in effect for less than sixty (60) days and if it is
              not a
              renewal Bond, the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY
              may
              terminate it for any reason by mailing or delivering to the ASSURED
              and to
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">authorized
              agent or broker, if any, written notice of termination at least sixty
              (60)
              days before the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">effective
              date of termination.</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bonds
              In
              Effect More Than Sixty (60) Days</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              this
              Bond has been in effect for sixty (60) days or more, or if it is a
              renewal
              of a Bond issued by the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY,
              it
              may be terminated by the COMPANY by mailing or delivering to the ASSURED
              and to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              authorized agent or broker, if any, written notice of termination at
              least
              sixty (60) days before the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">effective
              date of termination. Furthermore, when the Bond is a renewal or has
              been
              in effect for sixty</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">(60)
              days
              or more, the COMPANY may terminate only for one or more of the reasons
              stated in 1-7</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">below.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Nonpayment
              of premium;</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Conviction
              of a crime arising out of acts increasing the hazard insured against
              ;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Discovery
              of fraud or material misrepresentation in the obtaining of this Bond
              or in
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">presentation
              of a claim thereunder;</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">4.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Violation
              of any provision of this Bond that substantially and materially increases
              the hazard</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">insured
              against, and which occurred subsequent to inception of the current
              BOND
              PERIOD;</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">5.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              applicable, material physical change in the property insured, occurring
              after issuance or last</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">annual
              renewal anniversary date of this Bond, which results in the property
              becoming uninsurable</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">in
              accordance with the COMPANY's objective, uniformly applied underwriting
              standards in effect</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">at
              the time
              this Bond was issued or last renewed; or material change in the nature
              or
              extent of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">this
              Bond
              occurring after issuance or last annual renewal anniversary date of
              this
              Bond, which</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">causes
              the
              risk of loss to be substantially and materially increased beyond that
              contemplated at</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              time
              this Bond was issued or last renewed;</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="25%">&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond - New York</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-2863 (Rev. 7-03) Page 1</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><!--$$/page=-->
</div><a name="page_25"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">6.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">A
              determination by the Superintendent of Insurance that continuation
              of the
              present premium</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">volume
              of
              the COMPANY would jeopardize the COMPANY's policyholders, creditors
              or
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">public,
              or
              continuing the Bond itself would place the COMPANY in violation of
              any
              provision of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">New
              York
              Insurance Code; or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">7.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Where
              the
              COMPANY has reason to believe, in good faith and with sufficient cause,
              that there is</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a
              probable
              risk or danger that the </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Property
</font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">will
              be
              destroyed by the ASSURED for the purpose of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">collecting
              the insurance proceeds.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Notice
              Of
              Termination</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Notice
              of
              termination under this SECTION shall be mailed to the ASSURED and to
              the
              authorized</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">agent
              or
              broker, if any, at the address shown on the DECLARATIONS of this Bond.
              The
              COMPANY,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">however,
              may deliver any notice instead of mailing it.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Return
              Premium Calculations</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              COMPANY
              shall refund the unearned premium computed pro rata if this Bond is
              terminated by the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">COMPANY."</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">By
              adding a
              new Section reading as follows:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">"Section
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">17</font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.
              Election
              To Conditionally Renew / Nonrenew This Bond</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Conditional
              Renewal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              COMPANY conditionally renews this Bond subject to:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Change
              of
              limits of liability ;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Change
              in
              type of coverage;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Reduction
              of coverage;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">4.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Increased
              deductible;</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">5.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Addition
              of
              exclusion; or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">6.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Increased
              premiums in excess of 10%, exclusive of any premium increase due to
              and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">commensurate
              with insured value added; or as a result of experience
              rating, retrospective rating</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              audit;
              the COMPANY shall send notice as provided in Notices Of Nonrenewal
              And
              Conditional</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Renewal
              immediately below.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="5" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Notices
              Of
              Nonrenewal And Conditional Renewal</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              the
              COMPANY elects not to renew this Bond, or to conditionally renew this
              Bond
              as provided</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">herein,
              the
              COMPANY shall mail or deliver written notice to the ASSURED at least
              sixty
              (60) but</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">not
              more
              than one hundred twenty (120) days before:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">a.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              expiration date; or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">b.</font>&#160;
</td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              anniversary date if this Bond has been written for a term of more than
              one
              year.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="5">&#160;</td>
            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond - New York</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-2863 (Rev. 7-03) Page 2</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_26"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Notice
              shall be mailed or delivered to the ASSURED at the address shown on
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DECLARATIONS
              of this Bond and the authorized agent or broker, if
              any. If notice is mailed,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">proof
              of
              mailing shall be sufficient proof of notice.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Paragraphs
              1. and 2. immediately above shall not apply when the ASSURED, authorized
              agent</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              broker,
              or another insurer has mailed or delivered written notice to the COMPANY
              that the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="5%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond
              has
              been replaced or is no longer desired.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">By
              adding
              to General Agreement B., Representations Made By Assured, the
              following:</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">No
              misrepresentation shall be deemed material unless knowledge by the
              COMPANY
              would have lead</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="94%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">to
              the
              COMPANY'S refusal to write this Bond.</font>&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="99%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">This
              Endorsement applies to loss discovered after 12:01 a.m. on </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">July
              31,
              2007</font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">.</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="99%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ALL
              OTHER
              TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</font>&#160;
              </td>
          </tr>

      </table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">Date:
</font><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">August
      27,
      2007</font></div>
    <div>&#160;</div><br>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ICAP
              Bond - New York</font><br><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              17-02-2863 (Rev. 7-03) Page 3</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_27"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">ENDORSEMENT/RIDER</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Effective
              date of</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">this
              endorsement/rider: </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">July
              31,
              2007</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="56%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">VIGILANT
              INSURANCE COMPANY</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Endorsement/Rider
              No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">3</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">To
              be
              attached to and</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">form
              a part
              of Bond No.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">81392052</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="73%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Issued
              to:
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">JAPAN
              SMALLER CAPITALIZATION FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">KOREA
              EQUITY FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="93%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">DELETING
              VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</font>&#160;
              </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ENDORSEMENT</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="7" nowrap width="98%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">In
              consideration of the premium charged, it is agreed that this Bond is
              amended as follows:</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">1.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="93%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              paragraph titled Other Property in Section 9, Valuation, is deleted
              in its
              entirety.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">2.</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="93%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              third
              paragraph in Section 16, Change or Modification, is deleted in its
              entirety and replaced with</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              following:</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="93%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              this
              Bond is for a joint ASSURED, no change or modification which would
              adversely affect the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="93%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">rights
              of
              the ASSURED shall be effective prior to sixty (60) days after written
              notice has been</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="5" nowrap width="93%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">furnished
              to all insured </font><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Investment
              Companies </font></strong><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">and
              the
              Securities and Exchange Commission,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="3%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="35%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Washington,
              D.C., by the COMPANY.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7" width="98%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7" width="98%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="7" nowrap width="98%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">The
              title
              and any headings in this endorsement/rider are solely for convenience
              and
              form no part of the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="3" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">terms
              and
              conditions of coverage.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="31%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="73%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">All
              other
              terms, conditions and limitations of this Bond shall remain
              unchanged.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="23%">&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="center">&#160;</div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td nowrap><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">17-02-2437
              (12/2006) rev. Page 1</font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div><a name="page_28"/>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Effective
              date of</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="14%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="41%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">this
              endorsement: </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">July
              31,
              2007</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="57%"><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">VIGILANT
              INSURANCE COMPANY</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Endorsement
              No.: </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">4</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="57%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">To
              be
              attached to and form a part of </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Bond</font>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="14%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Number:</font>&#160;
</td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="41%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">81392052</font>&#160;
</td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="99%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Issued
              to:
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">JAPAN
              SMALLER CAPITALIZATION FUND, INC.</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="40%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">KOREA
              EQUITY FUND, INC.</font>&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="14%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="41%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="99%">&#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">COMPLIANCE
              WITH APPLICABLE TRADE SANCTION LAWS
              RIDER</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="99%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">It
              is
              agreed that this insurance does not apply to the extent that trade
              or
              economic sanctions or other laws</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="99%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              regulations prohibit the coverage provided by this insurance.</font>&#160;
              </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" colspan="5" nowrap width="99%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">ALL
              OTHER
              TERMS AND CONDITIONS OF THIS </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">BOND
              </font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">REMAIN
              UNCHANGED.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">Date:
</font><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">August
      27,
      2007</font></div>
    <div>&#160;</div><br>
    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif;">Form
      14-02-9228 (Ed. 4/2004)</font><!--$$/page=-->
</div>
    <div align="left">&#160;</div>
    <div align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div align="left">&#160;</div><a name="page_29"/>
    <div align="left">
    </div>
    <div>&#160;</div>
    <div>
      <table>

          <tr>
            <td width="255">&#160;</td>
            <td nowrap><strong><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Chubb
&amp;
              Son</font></strong><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">,
              div.
              of Federal Insurance Company</font></strong><br><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">as
              manager of the member insurers of the </font></strong><br><strong><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">Chubb
              Group of Insurance Companies</font></strong></td>
          </tr>

      </table>
    </div>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="100%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160;<strong><font size="5" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">POLICYHOLDER</font></strong>&#160;
</td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%">&#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160;<strong><font size="5" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">DISCLOSURE
              NOTICE OF</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><strong><font size="5" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">TERRORISM
              INSURANCE COVERAGE</font></strong>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><strong><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">(for
              policies
              with no terrorism exclusion or sublimit)</font></strong>&#160;
              </td>
          </tr>

      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">You
              are hereby
              notified that, under the Terrorism Risk Insurance Act of 2002 (the
              &#8220;Act&#8221;)</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">effective
              November
              26, 2002, this policy makes available to you insurance for
              losses</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">arising
              out of
              certain acts of international terrorism. Terrorism is defined as any
              act</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">certified
              by the
              Secretary of the Treasury, in concurrence with the Secretary of State
              and</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">the
              Attorney
              General of the United States, to be an act of terrorism; to be a violent
              act or</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">an
              act that is
              dangerous to human life, property or infrastructure; to have resulted
              in</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">damage
              within the
              United States, or outside the United States in the case of an air
              carrier</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              vessel or the
              premises of a United States Mission; and to have been committed by
              an</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">individual
              or
              individuals acting on behalf of any foreign person or foreign interest,
              as
              part</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">of
              an effort to
              coerce the civilian population of the United States or to influence
              the
              policy</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">or
              affect the
              conduct of the United States Government by coercion.</font>&#160; </td>
          </tr>
          <tr>
            <td>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">You
              should know
              that the insurance provided by your policy for losses caused by acts
              of</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">terrorism
              is
              partially reimbursed by the United States under the formula set forth
              in
              the</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Act.
              Under this
              formula, the United States pays 90% of covered terrorism losses
              that</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">exceed
              the
              statutorily established deductible to be paid by the insurance
              company</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">providing
              the
              coverage. The portion of your policy&#8217;s annual premium that is attributable
              to</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">insurance
              for such
              acts of terrorism is: $ </font><strong><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif;">-0-.</font></strong>&#160;
              </td>
          </tr>
          <tr>
            <td>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">If
              you have any
              questions about this notice, please contact your agent or
              broker.</font>&#160; </td>
          </tr>

      </table>
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="1">

          <tr valign="bottom">
            <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif;">Form
              10-02-1281 (Ed. 1/2003)</font>&#160; </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="65%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><img src="efc7-2318_marshlogo.jpg" alt="">&#160;</font></td>
              <td width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Meredith
                A. Frick</strong></font></font>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Assistant
                  Vice President</font></div>
                <div>&#160;</div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Marsh
                  USA Inc.</font></div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1166&#160;Avenue
                  of the Americas</font></div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">New
                  York, NY 10036</font></div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">212
                  345 9556 Fax 212 345 3706</font></div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Meredith
                  A. Frick@marsh.com</font></div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">www.marsh.com<font size="3">&#160;</font></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><a name="Date">September
        17, 2007</a><a name="page_29"/></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><a name="MMC_Subject">Mr.
        Kenneth Munt</a><a name="page_29"/></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Senior
        Vice President, Corporate Secretary</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Nomura
        Asset Management USA Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Two
        World
        Financial Center, Building B</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">New
        York,
        NY&#160;10281-1712</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif;">Subject</font><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif;">:</font><a name="Greeting">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<strong>Japan
        Smaller Capitalization Fund, Inc. / Korea Equity Fund, Inc.</strong></a><a name="page_29"/></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        ICAP Bond No. 8139-2052</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        Vigilant Insurance Company (Chubb)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        July 31, 2007 &#8211; July 31, 2008</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dear
        Ken:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
        are
        pleased to enclose the above captioned policy issued by Vigilant Insurance
        Company (Chubb).&#160;&#160;The policy is for an annual period of July 31, 2007
&#8211; July 31, 2008.&#160;&#160;The terms of the policy are outlined
        below.</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Insurer:&#160;</font></td>
              <td width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Vigilant
                Insurance Company (Chubb)&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">First
                Name Assured:&#160;</font></td>
              <td width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Japan
                Smaller Capitalization Fund, Inc.&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Korea
                Equity Fund, Inc.</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Limit
                of Liability:&#160;</font></td>
              <td width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$1,125,000&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Policy
                Period:&#160;</font></td>
              <td width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                31, 2007--July 31, 2008&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Annual
                Premium:&#160;</font></td>
              <td width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$8.250&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Commission:&#160;</font></td>
              <td width="74%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">15%&#160;</font></td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Insuring
                  Clause</strong></font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Limit
                  of Liability</strong></font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Deductible
                  Amount</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Employee</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$1,125,000</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$0</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Premises</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$1,125,000</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$25,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Transit</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$1,125,000</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$25,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Forgery
                  or Alteration</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$1,125,000</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$25,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Extended
                  Forgery</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$1,125,000</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$25,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Counterfeit
                  Currency</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$1,125,000</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$25,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Threats
                  to Person</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Not
                  Covered</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">N/A</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Computer
                  System</font></div>
              </td>
              <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Not
                  Covered</font></div>
              </td>
              <td align="justify" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">N/A</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><img src="efc7-2318_marshlogo.jpg" alt=""></font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Page
        2</font></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">September
        17, 2007</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="top" width="27%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Voice
                    Initiated Transfer Instruction</font></div>
                </td>
                <td align="justify" valign="top" width="25%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Not
                    Covered</font></div>
                </td>
                <td align="justify" valign="top" width="21%" style="BORDER-RIGHT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">N/A</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="27%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Uncollectible
                    Items of Deposit</font></div>
                </td>
                <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Not
                    Covered</font></div>
                </td>
                <td align="justify" valign="top" width="21%" style="BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">N/A</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="27%" style="BORDER-LEFT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Audit
                    Expense</font></div>
                </td>
                <td align="justify" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Not
                    Covered</font></div>
                </td>
                <td align="justify" valign="top" width="21%" style="BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">N/A</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Endorsements
          that will are attached to the policy are as follows:</font></div>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amended
                  Employee Definition Endorsement <em>(intent as expiring, wording
                  re-drafted)</em></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">New
                  York Amendatory Endorsement (as
                  expiring)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Deleting
                  Valuation &#8211; Other Property Endorsement <em>(intent as expiring, wording
                  re-drafted)</em></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Compliance
                  With Applicable Trade Sanction Laws
                  Endorsement<strong><em>&#160;</em></strong>(as
                  expiring)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><a name="Closing"><br></a><a name="page_29"/></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
        have
        had an opportunity to review the policy for accuracy and have found all to
        be in
        accordance with the terms and conditions previously negotiated.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>You
        should review the enclosed policy and advise Marsh within 30 days following
        your
        receipt of this letter of anything which you believe is not in accordance
        with
        the negotiated coverage and terms.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Please
        be aware that &#8220;this bond applies only to loss first discovered by an officer of
        the Assured during the Bond Period.&#160;&#160;Discovery occurs at the earlier
        of an officer of the Assured being aware of:</strong></font></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>a)&#160;&#160;</strong></font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Facts
                  which may subsequently result in a loss of a type covered by this
                  Bond,
                  or</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>b)&#160;&#160;</strong></font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>An
                  actual or potential claim in which it is alleged that the Assured
                  is
                  liable to a third party,</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Regardless
        of when the act or acts causing or contributing to such loss occurred, even
        though the amount of loss does not exceed the applicable Deductible Amount,
        or
        the exact amount or details of loss may not then be
        known.&#8221;</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>The
        Notice Clause of the bond states, &#8220;The Assured shall give the Company notice
        thereof at the earliest practicable moment, not to exceed 60 days after
        discovery of loss, in an amount that is in excess of 50% of the applicable
        Deductible Amount, as stated in Item 2 of the
        Declarations.&#8221;</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>This
        explanation of the reporting provisions of your policies has been
        provided</em><strong>&#160;</strong><em>in order to assist you in understanding
        and complying with the policy requirements.</em><strong>&#160;</strong><em>In
        the event of a question or disagreement with your insurer concerning
        interpretation</em><strong>&#160;</strong><em>of the policies reporting
        requirements as </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div><img src="efc7-2318_marshlogo.jpg" alt=""></div>
        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Page
          3</font></div>
        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">September
          17, 2007</font></div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>applied
        to the reporting of a specific claim, loss, occurrence, incident, offense
        or
        lawsuit, the actual policy wording, which is
the</em><strong>&#160;</strong><em>contract between you and the insurer, and not
        Marsh&#8217;s explanation of that language, will be controlling Marsh, as an insurance
        representative, does not provide legal</em><strong>&#160;</strong><em>advice,
        and this explanation should not be relied upon as legal interpretation
        of</em><strong>&#160;</strong><em>the policy provisions.</em></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Should
        you have any questions, please do not hesitate to give us a call.</font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Regards,</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">/s/
        Meredith A. Frick</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Meredith
        A. Frick</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Assistant
        Vice President</font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Resolutions
        of a majority of the Board of Directors who are not &#8220;interested persons&#8221; of the
        Fund approving the amount, type, form and coverage of the bond and the portion
        of the premium paid by the Fund (Attached)</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>JAPAN
        SMALLER CAPITALIZATION FUND, INC.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>KOREA
        EQUITY FUND, INC.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Collectively,
        the &#8220;Funds&#8221;)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Special
        Meeting of the Boards of Directors</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">July
        25,
        2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">---------------------------</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">RESOLVED,
        that the terms and amount of joint insured fidelity bond to be obtained from
        Vigilant Insurance Company of the Chubb Group of Insurance Companies in the
        aggregate amount of $1,125,000 covering the Funds, be, and they hereby are
        approved;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FURTHER
        RESOLVED, that the proper officers of the Funds be, and they hereby are,
        authorized to cause the Japan Fund to pay 53.3 percent of the total premium
        payable with respect to such bond and the Korea Fund to pay the remaining
        46.7
        per cent of such premium payable with respect to such bond;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FURTHER
        RESOLVED, that the amount of the fidelity bond coverage be, and it hereby
        is,
        approved after consideration of all factors deemed relevant by the Board,
        including, but not limited to, the other parties named as insureds, the nature
        of the business activities of such other parties, the amount of the joint
        insured bond, the amount of the premium for such bond, the value of the assets
        of each Fund, the type and terms of the arrangement made for custody of each
        Fund&#8217;s assets, and the nature of the securities in each Fund&#8217;s
        portfolio;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FURTHER
        RESOLVED, that the form of Joint Fidelity Bond Agreement between each Fund
        and
        the other named joint insureds utilized with respect to the current year
        is
        approved for another year;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FURTHER
        RESOLVED, that the proper officers of the Funds be, and they hereby are,
        authorized and directed to take such action as they deem necessary and
        appropriate with respect to obtaining additional fidelity bond coverage pursuant
        to Rule 17g-1 </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">under
        the
        Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;); and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FURTHER
        RESOLVED, that the Secretary be, and he hereby is, designated as the officer
        responsible for making the necessary filings and giving the notices with
        respect
        to such bond required by paragraph (g) of Rule 17g-1 under the 1940
        Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;Rita
                Chopra-Brathwaite</font></td>
              <td width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;Secretary
                of the Meeting</font></td>
              <td width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">According
        to the insurance underwriter, the premium paid under the Joint Fidelity Bond
        Agreement by Japan Smaller Capitalization Fund, Inc. would be $6,078 had
        the
        Fund not been named as an insured under a joint insured fidelity
        bond.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        premium paid by the Fund ($4,397) is for the period July 31, 2007 through
        July
        31, 2008.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
        copy of
        the agreement among the Fund and the other named insureds (Attached). The
        Fund
        was formerly known as the Japan OTC Equity Fund, Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>FIDELITY
          BOND AGREEMENT</strong></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AGREEMENT
          made as of July 31, 2007, by and among JAPAN SMALLER CAPITALIZATION FUND,
          INC.,
          and KOREA EQUITY FUND, INC. each of which is a Maryland
          corporation.</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>W</u><u>I</u><u>T</u><u>N</u><u>E</u><u>S</u><u>S</u><u>E</u><u>T</u><u>H</u></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">WHEREAS,
          the above-named registered investment companies (the "Funds") are joint
          named
          insureds under a bond issued by the Vigilant Insurance Company of the Chubb
          Group of Insurance Companies (the "Bond");</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">WHEREAS,
          Rule 17g-1 under the Investment Company Act of 1940 requires that each
          registered investment company named as an insured on a joint insured bond
          enter
          into an agreement with the other named insureds containing certain provisions
          regarding the respective shares to be received by said insured in the event
          recovery is received under the joint insured bond as a result of a loss
          sustained by them;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">NOW,
          THEREFORE, the parties hereto, in consideration of the premises and the
          mutual
          covenants contained herein, hereby agree as follows:</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1.&#160;&#160;<strong><u>Joint&#160;Insured&#160;Bond</u></strong>.&#160;&#160;The
          Funds shall maintain in effect a joint fidelity insurance bond from one
          or more
          reputable fidelity insurance companies which shall be authorized to do
          business
          in the place where the bond is issued, insuring the Funds against larceny
          and
          embezzlement and covering such of their officers and employees who may,
          singly
          or jointly with others, have access, directly or indirectly, to their securities
          or funds.&#160;&#160;The Bond shall name each party as an insured and shall
          comply with the requirements of such bonds established by Rule
          17g-1.</font></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2.&#160;&#160;<strong><u>Allocation&#160;of&#160;Premium</u></strong>.&#160;&#160;Each
          party hereto shall pay a percentage of the total premium of the Bond which
          equals the portion of the aggregate amount of coverage allocated to such
          party.</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3.&#160;&#160;<strong><u>Allocation&#160;of&#160;Proceeds</u></strong>.</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">a)&#160;&#160;If
          one or more parties sustain a single loss for which recovery is received
          under
          the Bond, each party shall receive that portion of the recovery which is
          sufficient in amount to indemnify that party in full for the loss sustained
          by
          it, unless the recovery is inadequate to fully indemnify all parties sustaining
          a single loss.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)&#160;&#160;If
          the recovery is inadequate to indemnify fully all parties sustaining a
          single
          loss, the recovery shall be allocated among the parties as follows:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)&#160;&#160;Each
          party sustaining a loss shall be allocated an amount equal to the lesser
          of its
          actual loss or the minimum amount of the fidelity bond coverage which would
          be
          required to be maintained by such party under a single insured bond (determined
          as of the time of the loss in accordance with the provisions of Rule 17g-1);
          and</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)&#160;&#160;The
          remaining portion of the recovery (if any) shall be allocated to each party
          sustaining a loss not fully indemnified by the allocation under subparagraph
          (i)
          in the same proportion as the portion of each party's loss which is not
          fully
          indemnified bears to the sum of the unindemnified losses of all
          parties.&#160;&#160;If such allocation would result in any party's receiving a
          portion of the recovery in excess of the loss actually sustained by it,
          the
          aggregate of such excess portion shall be reallocated to the other parties
          whose
          losses would not be fully indemnified as a result of the foregoing
          allocation.</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.&#160;&#160;<strong><u>Claims&#160;and&#160;Settlements</u></strong>.&#160;&#160;Each
          party shall, within ten days after the making of any claim under the Bond,
          provide the other parties with written notice of the amount and nature
          of such
          claim.&#160;&#160;Each party shall, within ten days after the receipt thereof,
          provide the other parties with written notice of the terms of settlement
          of any
          claim made under the Bond by such party.</font></div>
        <div><br></div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5.&#160;&#160;<strong><u>Modification&#160;and&#160;Withdrawal</u></strong>.&#160;&#160;Each
          party hereby consents to additional investment companies advised by Nomura
          Asset
          Management U.S.A. Inc. being named as a joint insured under the Bond and
          this
          Agreement.&#160;&#160;If pursuant to Rule 17g-1, any party shall determine that
          the coverage described herein should otherwise be modified, it shall so
          notify
          the other parties hereto, indicating the nature of the modification which
          it
          believes to be appropriate.&#160;&#160;This Agreement shall be so modified with
          the written consent of a majority of the parties.&#160;&#160;Any party may
          withdraw from this Agreement at any time and cease to be a party hereto
          (except
          with respect to losses occurring prior to such withdrawal) by giving not
          less
          than thirty days' prior written notice to the other parties of such
          withdrawal.&#160;&#160;Upon withdrawal, such party shall cease to be a named
          insured on the Bond and shall be entitled to receive any premium rebated
          by the
          fidelity company with respect to such withdrawal.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">6.&#160;&#160;<strong><u>Governing&#160;Law</u></strong>.&#160;&#160;This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">7.&#160;&#160;<strong><u>No&#160;Assignment</u></strong>.&#160;&#160;This
          Agreement is not assignable.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">8.&#160;&#160;<strong><u>Notices</u></strong>.&#160;&#160;All
          Notices and other communications hereunder shall be in writing and shall
          be
          addressed to the appropriate party at Two World Financial Center, Building
          B,
          New York, New York 10281.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">IN
          WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement
          as
          of the day and year first above written.</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>JAPAN
          SMALLER CAPITALIZATION FUND, INC.</strong></font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By&#160;
          <u>/s/ Rita Chopra-Brathwaite</u></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Treasurer</strong></font></div>
        <div><br></div>
        <div><br></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>KOREA
          EQUITY FUND, INC.</strong></font></div>
        <div>&#160;</div>
        <div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By&#160;
            <u>/s/ Rita Chopra-Brathwaite</u></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Treasurer</strong></font></div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
        <div><br>&#160;</div><br>
        <div>
          <hr style="COLOR: black" align="left" noshade size="2" width="100%">
        </div>
      </div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    </div>
  </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>efc7-2318_marshlogo.jpg
<TEXT>
begin 644 efc7-2318_marshlogo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0!<17AI9@``24DJ``@````#`!H!!0`!
M````,@```"@!`P`!`````@```#$!`@`9````.@````````!@`````0```$5$
M1T%2:7IE<B!3;V9T=V%R92!3=6ET90``_]L`0P`"`0$!`0$"`0$!`@("`@($
M`P("`@(%!`0#!`8%!@8&!08&!@<)"`8'"0<&!@@+"`D*"@H*"@8("PP+"@P)
M"@H*_]L`0P$"`@("`@(%`P,%"@<&!PH*"@H*"@H*"@H*"@H*"@H*"@H*"@H*
M"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*_\``$0@`2P!K`P$B``(1`0,1
M`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"
M!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B
M<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI
M:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"
MP\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!
M`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"
M=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7
M&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY
M>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)
MRM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_?RB
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#\@?^"]7_``</_M3_`/!(W]OK
MP+^S_P#"WX,?#_Q7X)U7X?Z9XG\1PZ_!?1ZK/YNJZA;7%O;74-R(;?=#9H$=
M[:;8[LS+(N(Z_5[X3_%+P)\<?A9X:^-?PMUW^U/#'C#P_9:WX<U/[++!]KL+
MN!)[>;RYE22/?%(C;7567.&`((K\@?\`@I#\+?`GQQ_X.T?V=/@I\4M"_M3P
MSXP_9@U[1/$>F?:I8/M=A=Z;XU@N(?,A9)(]\4CKN1E9<Y4@@&N@_P"",?[?
M/PL_X)D?LG?M'_\`!/3]KWQ!_9FH?L3>(->O-/FO-.@T:_\`&7A6YOY[FSO;
M6UO;[=-<W-W<!8U!2`KJVD1K+*]QYC`&_P#\%!_^"_OQL_9N_P""X?PG_P""
M7G[/_A[X?ZWX9\0>(/!VB?$R]U_0=3.JZ3?ZQJ2B6&VF6ZA@;&G7-C.C"*95
M>=@Q8JT:?J_7\L7AK]CKQW\'_P!H3_@G%^W1^T/>?;_B[^U9^T_+\0O&6I^7
M%%OL+C7O#<^G+Y=M,UJ/,6[N;_,44#)_:GD21C[,H']/OQ9^*7@3X'?"SQ-\
M:_BEKO\`9?ACP?X?O=;\1ZG]EEG^R6%I`\]Q-Y<*O))LBC=MJ*S-C"@D@4`?
MF!_P4A_X.*_&/["O_!7#1_V0]!^'GA_Q)\'/"7A_1+S]H7Q'_P`([K#:KX*_
MM&[$)O?M$&^$VT,-_HT^U;:7SGN?LJRI-*HB_5^OY@?^"<O[>'_!-CX[_"S]
ML_XM_P#!6S]JSP_X?^+O[4WVG0M-CU3X1:QXD_X1*P$#S6UW93JERWV:*[FL
M_(L3-&T'_".V3"0[87B_5_\`X-:/VZ='_;`_X)4>$OAQK/C/^T/&WP8_XH_Q
M+97"V<,T5A$6.CRI#;MN^S?V?Y-JD\J(TLUA=9\QHVD<`X_XL?\`!4#_`(*[
M_%3_`(+1_%__`()7?L$^$/V<(;3X:^#]/\26VL_%[3]?62>UEL='DF1I=.N6
M#2_:-5&P"!%\M#EBP^?/\?\`_!:G_@IK_P`$O/CMHGAG_@MO^Q[\/[?X1>,/
M$%MI&B?'7X"W.H3Z5I<QM6FF-Q:74D]U/AGC'ENEI-LL[Z2WCOO+"UYA\-;;
MX^W7_!V!^VE%^RUK/@^P^(0_9PT]_"D_C_3+J[T9KI;7P8PBNTM)H9UBD`:,
MRQL6B+B3RYMGDOY?X1\(_P#!5?\`X.?O'>H_LK?MU^(O@_\`"'X9?LZ_&!K7
MXO>&_AXX?Q)<ZO#%>6Q2"*6ZO]OE[+NVCNF>&T8W4TB+J#6ABB`/VN_;0_:\
M^#7[!?[+_B_]KCX_WNH0^%/!>GI<:@NDV!N;JYDEFCM[>VAC!`,LUQ-#"I=D
MC5I`TCQH&=?@#X*?M?\`_!SW^U?\`KC]KCX*_LI?LH>%O"GB#3WU[X;>"/&N
MMZO=Z_K6C3VL=[IY2XL[T69EFBFCA#7+61\U':2&V0@U]_\`[:'[(?P:_;T_
M9?\`%_[(_P`?[+4)O"GC33TM]0;2;\VUU;2131W%O<PR`$"6&XAAF4.KQLT8
M61)$+(WY0^)K;_@X/_X-[/@U'%X.UGP?^UI^S/X`T^T>:?4],EL?$7A/0+0Q
MM=1!$F,\,1%S+''*6U6*TMM.21H[6",PD`_2_P#X)L?M!?MD_M(_LXGQK^W7
M^Q__`,*7\>Z9X@NM$O=`374O8=6^QK'#-JMNHRUM;37:W:PQ-)-NABCF2>>*
M:.5_#_\`@DU_P5`^/O[=_P"VA^V'^SG\7?"'@_3M$_9\^*">&_!EUX;T^ZAN
MKVU.HZU:[[UIKF5))=FFP',21+N>0[<%0OT?^PM^W3^SC_P47_9QT;]J#]E_
MQG_:OA_5<PWME=*L=_HM^BJ9M/OH0S>1<Q;URN65U>.6-Y(I8Y'_`!A_X)6?
M\/3?^'IO_!1#_AVC_P`,_P#_`"<!<_\`":_\+T_MS_H.>(_L?V'^RO\`MZ\W
MS?\`ICM_BH`_5_\`X+,_MK?%/_@G;_P38^)'[8OP4T#P_JGB?P?_`&/_`&98
M^*;6>>PE^UZQ8V,GFI!-#(V(KF0KMD7#!2<@%3Z?^Q%\:_%7[2G[%_PA_:,\
M=:?I]IK?C_X7Z!XDUFUTF)X[6&ZOM.@NI4A61W=8@\K!0SNP4`%F/)_)'_@O
M5_P_T_X=/?%;_AM;_AD#_A67_$B_X2;_`(5;_P`)3_;O_(=T_P"S_9?M_P#H
M_P#Q\^1OW_\`++S-OS;:_3__`()._P#*++]FG_LW_P`&_P#ICLZ`/#_C[_P2
M_P#C[\5/^"^_P0_X*H^'O%_@^'X>_#7X7W?AO7=&O=0NEUF>ZE@U^-7@B6V:
M!HLZK;Y+SHV$E^4X7?X__P`%G?\`@WI\5?\`!2#]M#P-^T9\#_B=I_@C1/$>
MGVGAO]I:U@UI],NO$N@6NHV=U`]LMO83)>7RI$PS?.8@VGZ6`H$!(_4^B@#X
M`_X*<?\`!)+XI_M9?M3_`+%/Q2_9HN?A_P"%/!/[,7Q`CU76_#E\\]CMTJ*^
MT.:&TTRWM;62$;(=+EC6-FA1<Q*"%R5]`_X+E_L4_M3_`/!1+_@GWKG['7[*
M>O\`P_TO4/&'B#2_^$GOOB%=7T$,6E6EP+[_`$5[.&9EN3=VUD/WD;(83..'
M*,/K^B@#C_V>O@IX5_9K^`7@?]G/P+J&H7>B>`/!^F>&]&NM6E22ZFM;&UCM
M8GF:-$1I2D2EBJ(I8DA5'`_/#]@[_@BI^U/_`,$Y/^"R7Q)_:C_9H\??#_3_
M`-F7XH?:_P"V_AU+JM]%J-EYL/VN'[)86MG#I\7V74C+!;;G?R=.N)D&9)":
M_3^B@#X0^`7_``2_^/OPK_X+[_&__@JCXA\7^#YOA[\2OA?:>&]"T:RU"Z;6
M8+J*#0(V>>)K98%BSI5Q@I.[8>+Y1EMG/_\`!1W_`()._M<>+OV\_!'_``5/
M_P""5'QT\'_#[XQ:7I\6@_$30O&]O+!H'C31D+,HOFL;>2>YE(6&W=90Q:*&
MT>&:UEL8FD_0^B@#R_X_:-^UQXY_9'\0Z+^SYXL\'^`/C1J?@\IH6IZG'+K>
MC:-K+1#<`[10//$K[TCN)+?"G9-):3!6M7_.#Q-\2_\`@\3T'48_V;]+_9Z_
M9PUJ)]/M-&;]H#3+U$CCDFMXXY-;-O<:A$_FP.[2R(-),9DA<16LL11'_6^B
M@#Y`_P""(/\`P2V_X='_`+#MK^S?K/Q(_P"$I\3ZWX@F\3^-=1M4VV$6JW%M
M;6\EO8AD60VT<5I"@>7YY6624K$)%@BX_P#X)-?\$O\`X^_L(?MH?MA_M&?%
MWQ?X/U'1/V@_B@GB3P9:^&]0NIKJRM1J.M76R]6:VB2.79J4`Q$\J[DD&[`4
MM]WT4`?,'_!9G]BGXI_\%$O^";'Q(_8Z^"FO^']+\3^,/['_`+,OO%-U/!81
M?9-8L;Z3S7@AFD7,5M(%VQMEBH.`2P]/_8B^"GBK]FO]B_X0_LY^.M0T^[UO
MP!\+]`\-ZS=:3*\EK-=6.G06LKPM(B.T1>)BI9$8J02JG@>H44`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
'!1110!__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
