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<SEC-DOCUMENT>0000905148-08-004559.txt : 20081112
<SEC-HEADER>0000905148-08-004559.hdr.sgml : 20081111
<ACCEPTANCE-DATETIME>20081112115957
ACCESSION NUMBER:		0000905148-08-004559
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081112
DATE AS OF CHANGE:		20081112
EFFECTIVENESS DATE:		20081112

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:		081179356

	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>efc8-1441_form4017g.htm
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            <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Chubb
      Group of Insurance Companies</font></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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">DECLARATIONS</font></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>
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            <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">FINANCIAL
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            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
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            <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>
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            <td align="left" colspan="5" nowrap width="41%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">COMPANY ASSET
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          <tr>
            <td colspan="17" width="95%">&#160; </td>
          </tr>
          <tr>
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            <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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Subsidiaries</font></font><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>
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            <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>
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          <tr>
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            <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>
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      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>
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            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
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          <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>
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            <td align="left" nowrap width="10%">&#160; </td>
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            <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>
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            <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>
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          <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>
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            <td align="left" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ITEM
      1.</font></font>&#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.
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            <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 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.
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            <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,
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            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
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          <tr>
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            <td align="left" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ITEM
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            <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
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            <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>
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          <tr>
            <td colspan="17" width="95%">&#160; </td>
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          <tr valign="bottom">
            <td align="left" nowrap width="6%">&#160; </td>
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            <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
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      Company.</font></font>&#160; </td>
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            <td align="left" nowrap width="6%">&#160; </td>
            <td width="2%">&#160; </td>
            <td align="left" nowrap width="10%">&#160; </td>
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          <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>
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          <tr valign="bottom">
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            <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
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            <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ITEM
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            <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">IN
      WITNESS WHEREOF, THE COMPANY </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Insuring
      Clauses</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Employee</font></font>&#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
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      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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee</font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">On
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            <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
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      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>
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          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="7%">&#160; </td>
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            <td align="left" colspan="5" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">control of
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          </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
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          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">In
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          </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>
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          <tr valign="bottom">
            <td align="left" nowrap width="20%">&#160; </td>
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            <td align="left" nowrap width="7%">&#160; </td>
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          <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>
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          </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>
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            <td align="left" nowrap width="3%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">b.</font>&#160; </td>
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          </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>
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            <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>
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          </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
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    </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
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          </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>
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          </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>
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  </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>
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  </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
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          </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
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      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
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          </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
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      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
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          </tr>
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    </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
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          </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">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
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        <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Insuring
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            <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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Forgery Or Alteration</font></font>&#160; </td>
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          </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>
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  </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>
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          </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>
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          </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>
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          </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>
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          </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>
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      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>
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      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
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          <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,
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          </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>
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          <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
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          </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
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          </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>
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          <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
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          </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
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      financial</font>&#160; </td>
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          <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>
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          </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>
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            <td align="left" colspan="5" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">excluding,
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  </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>
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    </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.
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          </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
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      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
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          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Extended Forgery</font></font>&#160; </td>
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            <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
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          </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
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      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,
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      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
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      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>
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      </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">which prove
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          </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
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          </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
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          </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
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          </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
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</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,
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      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
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          </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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">written instruments</font></font><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
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      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,
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      </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">by
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          </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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee, Custodian</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">, or a
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          </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>
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      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
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      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
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          </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Insuring
      Clauses</font></font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Extended Forgery</font></font>&#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
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      facsimile</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Counterfeit Money</font></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">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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Counterfeit </font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Threats To Person</font></font>&#160; </td>
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            <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
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          </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
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    </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
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          </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
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      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
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      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
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          </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
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          </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
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      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
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    </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
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          </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
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          </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
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      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
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          </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
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          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr>
            <td colspan="9">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="20%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Computer System</font></font>&#160; </td>
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            <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
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          </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
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          </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
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          </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
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          </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>
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          </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
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</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>
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          </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>
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          </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>
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          </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>
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        </div>
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        </div>
      </div>
      <div id="HDR">
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        </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Insuring
      Clauses</font></font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Voice Initiated Funds</font></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">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
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      Initiated Funds Transfer Instruction </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">directed</font>&#160; </td>
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          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Transfer Instruction</font></font>&#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
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      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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shares from
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          </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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Initiated Funds Transfer Instruction </font></font><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
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          </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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
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          </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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Instruction</font></font><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>
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            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">made by a
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          </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
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          </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
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    </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
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          </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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated</font></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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Funds
      Transfer Instructions </font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Uncollectible Items of</font></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">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
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      a</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Deposit</font></font>&#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,
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          </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
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          </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
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      of Deposit </font></font><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
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      of Deposit</font></font><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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Items
      of Deposit </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">shall not
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          </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
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="21%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Audit Expense</font></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">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
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      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
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          </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
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      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=-->
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          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">General
      Agreements</font></font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Additional Companies</font></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" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">If more
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Included As Assured</font></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="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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Representation Made By</font></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">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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Assured</font></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="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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">General
      Agreements</font></font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Additional Offices Or</font></font>&#160; </td>
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            <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
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      this Bond is in force,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
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          <tr valign="bottom">
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          <tr valign="bottom">
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Or
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            <td width="2%">&#160;</td>
            <td align="left" nowrap width="3%">&#160; </td>
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            <td align="left" nowrap width="5%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">(1)</font>&#160; </td>
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Company</font></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="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>
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          </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>
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          </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>
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            <td align="left" colspan="3" nowrap width="67%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of such
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          </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>
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            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">gives the
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      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>
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            <td align="left" nowrap width="60%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">purchase or
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          </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
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          </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>
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    </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
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          </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>
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      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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Change Of Control -</font></font>&#160; </td>
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            <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
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Notice To Company</font></font>&#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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Company</font></font><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
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      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,
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          </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
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      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
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Court Costs And</font></font>&#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
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  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Attorneys&#8217; Fees</font></font>&#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'
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      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,
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      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
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      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
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      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.,
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          </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
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          </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
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      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>
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    </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">General
      Agreements</font></font></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="63%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Court Costs And</font></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">(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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Attorneys&#8217; Fees</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="63%">&#160; &#160;<font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">that an
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">would be
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          </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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><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 size="+0">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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Definitions</font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer System </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Counterfeit </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means an
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</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
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          </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Custodian </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means the
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          </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
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          </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Customer </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means an
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          </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
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      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
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      Initiated Funds Transfer</font></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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Instruction</font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><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
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    </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
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          </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
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  </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
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          </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
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          </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
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          </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>
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          </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
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          </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>
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  </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
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  </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
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  </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
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          </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
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      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">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Definitions</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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>
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          </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
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      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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">an
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          </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
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          </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
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    </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
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    </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
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          </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
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          </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>
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          </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>
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          </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>
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          </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>
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          </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>
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    </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>
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          </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>
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          </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>
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</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>
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  </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>
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  </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>
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    </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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employees</font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Definitions</font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Forgery </font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Items
      of Deposit </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Larceny or Embezzlement </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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
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      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;
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      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,
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  </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
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      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
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  </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
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    </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
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          </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Relative </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">means the
      spouse of an </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Securities, documents or other written instruments
      </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></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="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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Definitions</font></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="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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Subsidiary </font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Transportation Company </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated Election </font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated Redemption </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
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          </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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Redemption </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or
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          </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
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      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
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">General Exclusions -</font></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">2.</font>&#160; </td>
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            <td align="left" colspan="3" nowrap width="67%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">This
      bond does not directly or indirectly cover:</font></font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Applicable to All Insuring</font></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="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
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      after</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clauses</font></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="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
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          </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></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="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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">General Exclusions -</font></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="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
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      Directors</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Applicable to All Insuring</font></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="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
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      acting</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clauses</font></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="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
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee</font></font><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>
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          </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
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          <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
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          </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,
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      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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Specific Exclusions -</font></font>&#160; </td>
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            <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">This
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Applicable To All Insuring</font></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="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
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clauses Except Insuring</font></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="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
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  </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="22%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clause 1.</font></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="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
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    </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
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          </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
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      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
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          </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>
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          </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
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          </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,
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  </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
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</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
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          </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
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      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
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    </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
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          </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
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          </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
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    </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
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          </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
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          </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>
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      </div>
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    </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></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="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
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          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></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="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%">&#160; </td>
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          <tr>
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          </tr>
          <tr valign="bottom">
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            <td align="left" nowrap width="4%">&#160; </td>
            <td width="2%">&#160;</td>
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            <td width="2%">&#160;</td>
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          </tr>
          <tr valign="bottom">
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            <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>
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clauses Except Insuring</font></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="4%">&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" nowrap width="62%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clause 1.</font></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="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
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="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
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          </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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer System </font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer System</font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Computer</font></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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">System
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      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
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    </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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Specific Exclusions -</font></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">4.</font>&#160; </td>
            <td width="2%">&#160;</td>
            <td align="left" colspan="3" nowrap width="68%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">This
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Applicable To All Insuring</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clauses Except Insuring</font></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="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
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      artifice,</font>&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Clauses 1., 4., And 5.</font></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="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
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      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
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
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          </tr>
          <tr valign="bottom">
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            <td align="left" nowrap width="4%">&#160; </td>
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            <td align="left" colspan="3" nowrap width="68%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the limit
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          </tr>
          <tr valign="bottom">
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            <td align="left" nowrap width="4%">&#160; </td>
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          </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>
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          </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
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          </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>
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            <td width="2%">&#160;</td>
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      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>
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          </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>
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    </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
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      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">
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      <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></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="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></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="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Limit Of Liability/Non-</font></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%"><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Reduction And Non-</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Accumulation Of Liability</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Discovery</font></font>&#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
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    </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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Notice To Company -</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Proof - Legal Proceedings</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Against Company</font></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="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">an amount
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          </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
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          </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></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="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></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="62%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Notice To Company -</font></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%"><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Voice
      Initiated Funds Transfer Instruction </font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Proof - Legal Proceedings</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Against Company</font></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="62%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="23%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Deductible Amount</font></font>&#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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company</font></font><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Valuation</font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">BOOKS
      OF ACCOUNT OR OTHER RECORDS</font></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 value
      of any loss of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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
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      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
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          </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
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      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
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      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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">OTHER
      PROPERTY</font></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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property</font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">with
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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">
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        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></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="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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Securities Settlement</font></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">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
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      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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Subrogation &#8211; Assignment -&#160;</font></font></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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Recovery</font></font>&#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">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></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="61%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></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="61%">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="24%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Subrogation - Assignment -</font></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%"><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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Recovery</font></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="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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Cooperation Of Assured</font></font>&#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
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      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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Termination</font></font>&#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
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          </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
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      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
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          </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
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          <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 style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Company</font></font><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
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    </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
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</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">
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        </div>
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      <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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
      And</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Termination</font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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
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          </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
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      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
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      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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee </font></font><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;
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          </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>
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          </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
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      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
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          </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
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          </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
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          </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
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
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            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">Coverage
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      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>
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          <tr>
            <td colspan="7">&#160; </td>
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          <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>
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            <td align="left" nowrap width="61%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">the
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          <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>
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          <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>
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          <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>
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          <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>
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          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
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          <tr valign="bottom">
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          <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>
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          </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
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          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr>
            <td colspan="7">&#160; </td>
          </tr>
          <tr valign="bottom">
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            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">This Bond
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          </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>
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            <td align="left" colspan="3" nowrap width="66%"><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">or modified
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          </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>
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          </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>
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          </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
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          </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
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          </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
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      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,
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</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%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Conditions
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            <td width="2%">&#160;</td>
            <td align="left" nowrap width="72%">&#160; </td>
          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Limitations</font></font></font>&#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%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">Change or Modification</font></font>&#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
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          </tr>
          <tr valign="bottom">
            <td align="left" nowrap width="25%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-italicmt,arial,helvetica,sans-serif">(continued)</font></font>&#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
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      (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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Companies</font></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">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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: arial-bolditalicmt,arial,helvetica,sans-serif">Important Notice:</font></font></font></td>
          </tr>
      </table>
    </div>
    <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial-BoldMT,Arial,Helvetica,sans-serif">The SEC
Requires Proof of Your Fidelity Insurance Policy</font></font></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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</font></font>&#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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ENDORSEMENT/RIDER</font></font>&#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,
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            <td width="2%">&#160; </td>
            <td align="left" colspan="3" nowrap width="56%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">VIGILANT INSURANCE COMPANY</font></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">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
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      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Employee</font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">, as
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          </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
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          </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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company</font></font><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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company </font></font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><font size="2" style="FONT-FAMILY: arialmt,arial,helvetica,sans-serif">of an
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Investment Company</font></font><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">
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        </div>
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        </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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">VIGILANT INSURANCE COMPANY</font></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" 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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">NEW
      YORK AMENDATORY ENDORSEMENT</font></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">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
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      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
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      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
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            <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><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">Property </font></font><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
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          </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
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          </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">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <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>
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <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,
      2008</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:&#160;September 2, 2008</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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">ENDORSEMENT/RIDER</font></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">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,
      2008</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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial-boldmt,arial,helvetica,sans-serif">VIGILANT INSURANCE COMPANY</font></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">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
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          </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>
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          <tr valign="bottom">
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            <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
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          <tr valign="bottom">
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          <tr>
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            <td align="left" nowrap width="40%">&#160; &#160; &#160; &#160; &#160;
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            <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">
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      &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
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    </td>
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          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
            <td colspan="5" width="99%">&#160; </td>
          </tr>
          <tr>
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            <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>
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    <div align="left"><font size="2" style="FONT-FAMILY: ArialMT,Arial,Helvetica,sans-serif">Date: September 2, 2008</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=-->
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    <div align="left">
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    <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="5">POLICYHOLDER</font></font></div>
    <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="5">DISCLOSURE NOTICE
OF</font></font>&#160; </div>
    <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="5">TERRORISM INSURANCE
COVERAGE</font></font>&#160; </div>
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(for policies with no terrorism
exclusion or sublimit)</font>&#160;</font></div>
    <div>&#160;</div>
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notified that, under the Terrorism Risk Insurance Act&#160;(the
&#8220;Act&#8221;)&#160;effective<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>December
26, 2007, this policy makes available to you insurance for losses&#160;arising
out of certain acts of&#160;terrorism. Terrorism is defined as any
act&#160;certified by the Secretary&#160;of the Treasury, in concurrence with
the Secretary of State and<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>the
Attorney General of the United States, to be an act of terrorism; to be a
violent act or<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>an act
that is dangerous to human life, property or infrastructure; to have resulted
in<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>damage
within the United States, or outside the United States in the case of an air
carrier<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>or
vessel or the premises of a United States Mission; and to have been committed by
an<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>individual
or individuals as part<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>of an
effort to coerce the civilian population of the United States or to influence
the policy<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>or
affect the conduct of the United States Government by coercion.</font></div>
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that the insurance provided by your policy for losses caused by acts of<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">&#160;</font>terrorism
is partially reimbursed by the United States under the formula set forth in the
Act. Under this formula, the United States pays 85% of covered terrorism losses
that exceed the statutorily established deductible to be paid by the insurance
company providing the coverage.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through December 31), the
Treasury shall not make any payment for any portion of the amount of such losses
that exceeds $100 billion.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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1/2003)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through December 31) and we
have met our insurer deductible under the Act, we shall not be liable for the
payment of any portion of the amount of such losses that exceeds $100 billion,
and in such case insured losses up to that amount are subject to pro rata
allocation in accordance with procedures established by the Secretary of the
Treasury.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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policy&#8217;s annual premium that is attributable to insurance for such acts of
terrorism is $-0-.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">If
you have any questions about this notice, please contact your agent or
broker.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">10-02-1281 (Ed.
1/2003)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial">Form 10-02-1281
(Ed. 1/2003)</font></div>
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    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div>&#160;</div>
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FUND, INC.</font></font></div>
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CERTIFICATE</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Secretary of Japan Smaller Capitalization Fund, Inc., (the &#8220;Fund&#8221;) a Maryland
corporation registered under the Investment Company Act of 1940, as amended (the
&#8220;1940 Act&#8221;), as a closed-end management investment company, hereby certify
that:</font></div>
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hereto as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
A</font> is a true, correct and complete copy of resolutions of the Board (the
&#8220;Resolutions&#8221;) adopted by the Board of Directors of the Fund at a special
meeting held on July 30, 2008 (the &#8220;Special Meeting&#8221;) relating to: (a) approval
of the terms and amount of joint insured fidelity bond to be obtained from
Vigilant Insurance Company of the Chubb Group of Insurance Companies (the
&#8220;Bond&#8221;); (b) authorization for the payment of premiums with respect to the Bond;
(c) approval of the amount of coverage for the Fund under the Bond; (d) approval
for another year of the Joint Fidelity Bond Agreement, dated July 31, 2007,
between the Fund and Korea Equity Fund, Inc. (&#8220;KEF&#8221;) (the &#8220;Joint Fidelity Bond
Agreement&#8221;); and (e) such other authorizations, directions and designations
deemed necessary to carry out the foregoing.</font></div>
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each case, the Resolutions were duly adopted at a duly called meeting of the
Board of Directors of the Fund, at which a quorum of the independent directors
of the Board was present and acting throughout.&#160;&#160;The Resolutions
constitute all resolutions and actions of the Board relating to the foregoing
matters, and such Resolutions have not been amended, modified, annulled or
revoked, and are in full force and effect as of the date hereof.</font></div>
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to the insurance underwriter, the premium paid under the Joint Fidelity Bond
Agreement by the Fund would be $5,236.00 had KEF not been named as an insured
under the joint insured fidelity bond.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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premium paid by the Fund ($4,399.73) is for the period July 31, 2008 through
July 31, 2009.</font></div>
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hereto as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
B</font> is a true, correct and complete copy of the Joint Fidelity Bond
Agreement between the Fund and KEF. The Fund was formerly known as the Japan OTC
Equity Fund, Inc.</font></div>
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WITNESS WHEREOF, I have hereunto set my hand as of this&#160;10th day of
November, 2008.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <tr>
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      Daniele</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font></td>
              <td width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td width="26%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Neil A.
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            <tr>
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              <td width="23%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
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      <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><br>&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
A</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JAPAN
SMALLER CAPITALIZATION FUND, INC. (the &#8220;Japan Fund&#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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KOREA
EQUITY FUND, INC. (the &#8220;Korea Fund&#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">(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 30,
2008</font></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">&#160;</font>

        <div>
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      </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: 72pt" 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: 72pt" 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: 72pt" 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: 72pt" 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>
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      <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: 72pt" 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 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: 72pt" 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>
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    <div>&#160;</div>
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    <div>&#160;</div>
    <div>&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">2</div>
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    <div>&#160;</div>
    <div>
      <div style="TEXT-ALIGN: right">Exhibit B</div>
      <div>&#160;</div><a name="page_29" />
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FIDELITY BOND
AGREEMENT</font></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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">W</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">I</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">T</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">N</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">E</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">S</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">S</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">E</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">T</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">H</font></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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Joint&#160;Insured&#160;Bond</font></font>.&#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>
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        <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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Allocation&#160;of&#160;Premium</font></font>.&#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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Allocation&#160;of&#160;Proceeds</font></font>.</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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Claims&#160;and&#160;Settlements</font></font>.&#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>
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        <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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Modification&#160;and&#160;Withdrawal</font></font>.&#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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Governing&#160;Law</font></font>.&#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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No&#160;Assignment</font></font>.&#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;<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font></font>.&#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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">JAPAN SMALLER CAPITALIZATION FUND,
INC.</font></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;
<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Rita
Chopra-Brathwaite</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Treasurer</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">KOREA EQUITY FUND,
INC.</font></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;
<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Rita
Chopra-Brathwaite</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Treasurer</font></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>
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