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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001003715-09-000084.txt : 20090302
<SEC-HEADER>0001003715-09-000084.hdr.sgml : 20090302
<ACCEPTANCE-DATETIME>20090302114013
ACCESSION NUMBER:		0001003715-09-000084
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090302
DATE AS OF CHANGE:		20090302
EFFECTIVENESS DATE:		20090302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHILE FUND INC
		CENTRAL INDEX KEY:			0000846676
		IRS NUMBER:				222990009
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05770
		FILM NUMBER:		09645990

	BUSINESS ADDRESS:	
		STREET 1:		C/O CREDIT SUISSE ASSET MGMT, LLC
		STREET 2:		ELEVEN MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010
		BUSINESS PHONE:		2123252000

	MAIL ADDRESS:	
		STREET 1:		CREDIT SUISSE ASSET MGMT, LLC
		STREET 2:		ELEVEN MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>ANSWER
<TEXT>
<PAGE>      PAGE  1
000 B000000 12/31/2008
000 C000000 0000846676
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000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE CHILE FUND, INC.
001 B000000 811-05770
001 C000000 8002931232
002 A000000 11 MADISON AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10010
002 D020000 3643
003  000000 N
004  000000 N
005  000000 N
006  000000 N
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007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
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008 A000001 CREDIT SUISSE ASSET MANAGEMENT, LLC
008 B000001 A
008 C000001 801-37170
008 D010001 NEW YORK
008 D020001 NY
008 D030001 37170
008 A000002 CELFIN CAPITAL SERVICIOS FINANCIEROS S.A.
008 B000002 S
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008 D010002 SANTIAGO
008 D050002 CHILE
010 A000001 BROWN BROTHERS HARRIMAN & CO.
010 B000001 812-13314
010 C010001 BOSTON
010 C020001 MA
010 C030001 02109
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010 C010002 SANTIAGO
<PAGE>      PAGE  2
010 C050002 CHILE
012 A000001 COMPUTERSHARE TRUST COMPANY, N.A.
012 B000001 85-10813
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BALTIMORE
013 B020001 MD
013 B030001 21202
014 A000001 CREDIT SUISSE SECURITIES (USA) LLC
014 B000001 8-000422
014 A000002 CREDIT SUISSE CAPITAL LLC
014 B000002 8-052352
014 A000003 SWISS AMERICAN SECURITIES INC.
014 B000003 8-017582
014 A000004 CREDIT SUISSE (UK) LTD.
014 B000004 8-00000
014 A000005 CREDIT SUISSE SECURITIES (CANADA) INC.
014 B000005 8-00000
014 A000006 CREDIT SUISSE SECURITIES (EUROPE) LTD.
014 B000006 8-00000
014 A000007 CREDIT SUISSE FIRST BOSTON EQUITIES LTD.
014 B000007 8-00000
014 A000008 CREDIT SUISSE HOLDINGS (USA), INC.
014 B000008 8-00000
014 A000009 CSFB SECURITIES (JAPAN) LTD.
014 B000009 8-00000
014 A000010 CREDIT SUISSE (HONG KONG) LTD.
014 B000010 8-00000
014 A000011 CREDIT SUISSE SECURITIES (SINGAPORE) PTE LTD.
014 B000011 8-00000
014 A000012 CREDIT SUISSE (AUSTRALIA) LTD.
014 B000012 8-00000
014 A000013 CREDIT SUISSE SECURITIES LTD.
014 B000013 8-00000
014 A000014 CS (BRASIL) SA CORRETORA DE TITULOS E VAL MOB
014 B000014 8-00000
014 A000015 BANCO CREDIT SUISSE (MEXICO), SA
014 B000015 8-00000
014 A000016 BANK HOFFMAN AG
014 B000016 8-00000
014 A000017 BANK LEU AG
014 B000017 8-00000
014 A000018 BGP BANCA DI GESTIONE PATRIMONIALE SA
014 B000018 8-00000
014 A000019 CASA DE BOLSA CSFB (MEXICO), S.A. DE C.V.
014 B000019 8-00000
014 A000020 CREDIT SUISSE
014 B000020 8-00000
014 A000021 CLARIDEN BANK
<PAGE>      PAGE  3
014 B000021 8-00000
014 A000022 CLARIDEN BANK (GUERNSEY) LTD.
014 B000022 8-00000
014 A000023 CLARIDEN TRUST (CAYMAN) LTD.
014 B000023 8-00000
014 A000024 CREDIT SUISSE (SINGAPORE) LTD.
014 B000024 8-00000
014 A000025 CREDIT SUISSE FIDES
014 B000025 8-00000
014 A000026 CREDIT SUISSE (BAHAMAS) LTD.
014 B000026 8-00000
014 A000027 CREDIT SUISSE (DEUTSCHLAND) AKTIENGESELLSCHAF
014 B000027 8-00000
014 A000028 CREDIT SUISSE (GIBRALTAR) LTD.
014 B000028 8-00000
014 A000029 CREDIT SUISSE (GUERNSEY) LTD.
014 B000029 8-00000
014 A000030 CREDIT SUISSE (ITALY) S.P.A.
014 B000030 8-00000
014 A000031 CREDIT SUISSE (LUXEMBOURG) SA
014 B000031 8-00000
014 A000032 CREDIT SUISSE (MONACO) S.A.M.
014 B000032 8-00000
014 A000033 ZOA BANK CREDIT SUISSE FIRST BOSTON
014 B000033 8-00000
014 A000034 CSFB (ARGENTINA) TRADING S.A.
014 B000034 8-00000
014 A000035 CREDIT SUISSE INVESTMENT BANK (BAHAMAS) LTD.
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014 A000036 CREDIT SUISSE FUTURES (HONG KONG) LTD.
014 B000036 8-00000
014 A000037 CREDIT SUISSE SECURITIES (HONG KONG) LTD.
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014 A000038 CSFB (INDIA) SECURITIES PRIVATE LTD.
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014 A000039 BANK HOFFMAN (OVERSEAS) LTD.
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014 A000041 CREDIT SUISSE BRAZIL (BAHAMAS) LTD.
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014 A000042 CREDIT SUISSE (BRASIL) DIST DE TITULOS E VAL
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014 A000043 CREDIT SUISSE INTERNATIONAL
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014 A000044 NEUE AARGAUER BANK
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014 A000046 CSFB SOCIEDAD DE VALORES S.A.
014 B000046 8-00000
<PAGE>      PAGE  4
014 A000047 CREDIT SUISSE (FRANCE)
014 B000047 8-00000
014 A000048 CREDIT SUISSE PRIVATE ADVISORS
014 B000048 8-053440
014 A000049 PT CREDIT SUISSE FIRST BOSTON INDONESIA
014 B000049 8-00000
014 A000050 CREDIT SUISSE (INTERNATIONAL) HOLDING AG
014 B000050 8-00000
014 A000051 CREDIT SUISSE ASSET MGMT SECURITIES, INC.
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015 C030001 02109
015 C040001 3604
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015 A000002 CITIBANK, SANTIAGO
015 B000002 S
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015 D010002 CHILE
015 E040002 X
015 A000003 HSBC BANK PLC
015 B000003 S
015 C010003 LONDON
015 D010003 UNITED KINGDOM
015 E040003 X
015 A000004 THE ROYAL BANK OF CANADA
015 B000004 S
015 C010004 TORONTO
015 D010004 CANADA
015 E040004 X
015 A000005 DELETE
018  000000 Y
019 A000000 Y
019 B000000    7
019 C000000 CSAMCLOSED
020 A000001 CELFIN S.A.
020 C000001     96
020 A000002 CITIGROUP GLOBAL MARKETS, INC.
020 B000002 11-2418191
020 C000002      3
020 A000003 SANTANDER INVESTMENT SECURITIES, INC.
020 C000003      2
020 A000004 JPMORGAN CHASE & CO.
020 B000004 13-3224016
020 C000004      2
020 A000005 UBS SECURITIES LLC
020 B000005 13-3873456
020 C000005      1
020 C000006      0
<PAGE>      PAGE  5
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
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022 A000001 CELFIN S.A.
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  11
077 M000000 N
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080 A000000 ST PAUL FIRE AND MARINE
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087 A010000 THE CHILE FUND, INC.
087 A020000 168834109
087 A030000 CH
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SIGNATURE   MICHAEL PIGNATARO
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>aud.htm
<DESCRIPTION>AUDIT
<TEXT>
<html>
  <head>
    <title>aud.htm</title>
<!-- Licensed to: BBH and Company-->
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<!-- Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved -->
</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="address" />
    <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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Report
of Independent Registered Public Accounting Firm</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">To the
Board of Directors and Shareholders of</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">The Chile
Fund, Inc.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
planning and performing our audit of the financial statements of The Chile Fund,
Inc. ("the Fund") as of and for the year ended December 31, 2008, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States), we considered the Fund&#8217;s internal control over financial reporting,
including controls over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, but not for the
purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal
control over financial reporting.&#160;&#160;Accordingly, we do not express an
opinion on the effectiveness of the Fund's internal control over financial
reporting.</font></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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
management of the Fund is responsible for establishing and maintaining effective
internal control over financial reporting.&#160;&#160;In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls.&#160;&#160;A fund's internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles.&#160;&#160;A fund's internal control over
financial reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>generally
accepted accounting principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of management and
directors of the fund; and (3)&#160; provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of a fund's assets that could have a material effect on the financial
statements.</font></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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements.&#160;&#160;Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</font></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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis.&#160;&#160;A material weakness is a deficiency,
or a combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of the
Fund's annual or interim financial statements will not be prevented or detected
on a timely basis.</font></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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
consideration of the Fund&#8217;s internal control over financial reporting was for
the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control over financial reporting that
might be material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States).&#160;&#160;However, we noted no
deficiencies in the Fund&#8217;s internal control over financial reporting and its
operation, including controls over safeguarding securities, that we consider to
be material weaknesses as defined above as of December 31, 2008.</font></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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
report is intended solely for the information and use of management and the
Board of Directors of The Chile Fund, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PricewaterhouseCoopers
LLP</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">February
24, 2009</font></div>
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<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>q1.htm
<DESCRIPTION>OTHER EXHIBITS
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    <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-STYLE: italic; FONT-FAMILY: Times New Roman">Exhibit
77Q1a</font></div>
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    <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-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE CHILE
FUND, INC.</font></div>
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    <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">ARTICLES
SUPPLEMENTARY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>THE CHILE FUND, INC., a Maryland
corporation having its principal Maryland office in Baltimore City, Maryland,
(hereinafter called the &#8220;Corporation&#8221;), hereby certifies to the State Department
of Assessments and Taxation of Maryland (the &#8220;Department&#8221;) that:</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: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIRST:&#160;&#160;Under
a power contained in Title 3, Subtitle 8 of the Maryland General Corporation Law
(&#8220;MGCL&#8221;), and by a resolution of its Board of Directors, the Corporation has
elected to become subject to Section 3-805 of the MGCL, under which a special
meeting of the stockholders requested by stockholders may be called only upon
the written request of stockholders entitled to cast at least a majority of the
votes entitled to be cast at the meeting, and certain procedural requirements
are specified in connection with such special meetings of the stockholders. In
the event of any inconsistency with the charter or bylaws of the Corporation,
the aforesaid MGCL provisions will govern.</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: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECOND:&#160;&#160;The
election to become subject to Section 3-805 of the MGCL has been approved by the
Board of Directors of the Corporation in the manner and by the vote required by
law.</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: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
WITNESS WHEREOF, The Chile Fund, Inc. has caused these presents to be signed in
its name and on its behalf by its President and witnessed by its Secretary as of
this 14<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font> day of
August, 2008, and the undersigned officers acknowledge that these Articles
Supplementary are the act of the Corporation, that to the best of their
knowledge, information and belief all matters and facts set forth herein
relating to the authorization and approval of these Articles are true in all
material respects, and that this statement is made under the penalties of
perjury.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WITNESS:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;THE
CHILE FUND, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/J. Kevin
Gao</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By:
<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ George R.
Hornig</font></font></div>
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    <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">Secretary&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;President</font></div>
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</font></div>
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    <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">AMENDED
AND RESTATED BYLAWS</font></div>
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    <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">OF</font></div>
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    <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">THE CHILE
FUND, INC.</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">ARTICLE
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</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-SIZE: 10pt; FONT-FAMILY: Times New Roman">NAME OF
COMPANY, LOCATION OF OFFICES AND SEAL</font></div>
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    <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 id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Name</font>.&#160;&#160;The
name of the Company is The Chile Fund, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Principal
Offices</font>.&#160;&#160;The principal office of the Company in the State of
Maryland shall be located in Baltimore, Maryland.&#160;&#160;The Company may, in
addition, establish and maintain such other offices and places of business
within or outside the State of Maryland as the Board of Directors may from time
to time determine.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
3</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seal</font>.&#160;&#160;The
corporate seal of the Company shall be circular in form and shall bear the name
of the Company, the year of its incorporation and the words &#8220;Corporate Seal,
Maryland.&#8221;&#160;&#160;The form of the seal shall be subject to alteration by the
Board of Directors and the seal may be used by causing it or a facsimile to be
impressed or affixed or printed or otherwise reproduced.&#160;&#160;Any Officer
or Director of the Company shall have authority to affix the corporate seal of
the Company to any document requiring the same and the seal may be used by
placing the word &#8220;(SEAL)&#8221; adjacent to the signature of the person authorized to
sign the document on behalf of the Company.</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">ARTICLE
II</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">MEETINGS
OF STOCKHOLDERS</font></div>
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    <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 id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place of
Meetings</font>.&#160;&#160;All meetings of the Stockholders shall be held at
such place within the United States, whether within or outside the State of
Maryland, as the Board of Directors shall determine, which shall be stated in
the notice of the meeting or in a duly executed waiver of notice
thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual
Meeting</font>.&#160;&#160;The annual meeting of the Stockholders of the Company
shall be held at such place as the Board of Directors shall select on such date
as may be fixed by the Board of Directors each year, at which time the
Stockholders shall elect Directors by a plurality of votes cast, and transact
such other business as may properly come before the meeting.&#160;&#160;Any
business of the Company may be transacted at the annual meeting without being
specially designated in the notice of meeting except as otherwise provided by
statute, by the Company&#8217;s charter or by these Bylaws.</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: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
3</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font>.&#160;&#160;(a) General.&#160;&#160;Special meetings of the
Stockholders for any purpose or purposes, unless otherwise prescribed by statute
or by the Company&#8217;s charter, may be called by resolution of the Board of
Directors or by the President, and shall be called by the Secretary at the
request of a majority of the Board of Directors or at the request, in writing,
of Stockholders holding at least a majority of the votes entitled to be cast at
the meeting, subject to the provisions of subsection (b) of this Section
3.&#160;&#160;At any special meeting of the Stockholders, only such business
shall be conducted as shall be properly brought before the meeting and has been
indicated in the notice of meeting given in accordance with Section 4 of this
Article II.</font></div>
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    <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 id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Stockholder Requested
Special Meetings</font>.&#160;&#160;(1) Any Stockholder of record seeking to
have Stockholders request a special meeting shall, by sending written notice to
the Secretary (the &#8220;Record Date Request Notice&#8221;) by registered mail, return
receipt requested, request the Board of Directors to fix a record date to
determine the Stockholders entitled to request a special meeting (the &#8220;Request
Record Date&#8221;).&#160;&#160;The Record Date Request Notice shall set forth the
purpose of the meeting and the matters proposed to be acted on at it, shall be
signed by one or more Stockholders of record as of the date of signature (or
their agents duly authorized in a writing accompanying the Record Date Request
Notice), shall bear the date of signature of each such Stockholder (or such
agent) and shall set forth all information relating to each such Stockholder
that must be disclosed in solicitations of proxies for election of Directors in
an election contest (even if an election contest is not involved), or is
otherwise required, in each case pursuant to Regulation 14A (or any successor
provision) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;).&#160;&#160;Upon receiving the Record Date Request Notice, the Board of
Directors may fix a Request Record Date.&#160;&#160;The Request Record Date
shall not precede and shall not be more than ten days after the close of
business on the date on which the resolution fixing the Request Record Date is
adopted by the Board of Directors.&#160;&#160;If the Board of Directors, within
ten days after the date on which a valid Record Date Request Notice in proper
form is received, fails to adopt a resolution fixing the Request Record Date,
the Request Record Date shall be the close of business on the tenth day after
the first date on which a valid Record Date Request Notice in proper form is
received by the Secretary.</font></div>
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    <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 id="TAB1" style="MARGIN-LEFT: 108pt"></font>(2)&#160;&#160;In order for any
Stockholder to request a special meeting, one or more written requests for a
special meeting signed by Stockholders of record (or their agents duly
authorized in a writing accompanying the request) as of the Request Record Date
entitled to cast not less than a majority (the &#8220;Special Meeting Percentage&#8221;) of
all of the votes entitled to be cast at such meeting (the &#8220;Special Meeting
Request&#8221;) shall be delivered to the Secretary.&#160;&#160;In addition, the
Special Meeting Request (a) shall set forth the purpose of the meeting and the
matters proposed to be acted on at it (which shall be limited to those lawful
matters set forth in the Record Date Request Notice received by the Secretary),
(b) shall bear the date of signature of each such Stockholder (or such agent)
signing the Special Meeting Request, (c) shall set forth the name and address,
as they appear in the Company&#8217;s books, of each Stockholder signing such request
(or on whose behalf the Special Meeting Request is signed), the class, series
and number of all shares of stock of the Company which are owned by each such
Stockholder, and the nominee holder for, and number of, shares owned by such
Stockholder beneficially but not of record, (d) shall be sent to the Secretary
by registered mail, return receipt requested, and (e) shall be received by the
Secretary within 60 days after the Request Record Date.&#160;&#160;Any
requesting Stockholder (or agent duly authorized in a writing accompanying the
revocation or the Special Meeting Request) may revoke his, her or its request
for a special meeting at any time by written revocation delivered to the
Secretary.</font></div>
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    <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 id="TAB1" style="MARGIN-LEFT: 108pt"></font>(3)&#160;&#160;The Secretary shall
inform the requesting Stockholders of the reasonably estimated cost of preparing
and mailing the notice of meeting (including the Company&#8217;s proxy
materials).&#160;&#160;The Secretary shall not be required to call a special
meeting upon Stockholder request and such meeting shall not be held unless, in
addition to the documents required by paragraph (2) of this Section 3(b), the
Secretary receives payment of such reasonably estimated cost prior to the
mailing of any notice of the meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(4)&#160;&#160;Except as provided in
the next sentence, any special meeting shall be held at such place, date and
time as may be designated by the President or Board of Directors, whoever has
called the meeting.&#160;&#160;In the case of any special meeting called by the
Secretary upon the request of Stockholders (a &#8220;Stockholder Requested Meeting&#8221;),
such meeting shall be held at such place, date and time as may be designated by
the Board of Directors; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, however,
that the date of any Stockholder Requested Meeting shall be not more than 90
days after the record date for such meeting (the &#8220;Meeting Record Date&#8221;); and
<font style="DISPLAY: inline; TEXT-DECORATION: underline">provided
further</font> that if the Board of Directors fails to designate, within ten
days after the date that a valid Special Meeting Request in proper form is
actually received by the Secretary (the &#8220;Delivery Date&#8221;), a date and time for a
Stockholder Requested Meeting, then such meeting shall be held at 2:00 p.m.
local time on the 90th day after the Meeting Record Date or, if such 90th day is
not a Business Day (as defined below), on the first preceding Business Day; and
<font style="DISPLAY: inline; TEXT-DECORATION: underline">provided
further</font> that in the event that the Board of Directors fails to designate
a place for a Stockholder Requested Meeting within ten days after the Delivery
Date, then such meeting shall be held at the principal executive office of the
Company.&#160;&#160;In fixing a date for any special meeting, the President or
Board of Directors may consider such factors as he, she or it deems relevant
within the good faith exercise of business judgment, including, without
limitation, the nature of the matters to be considered, the facts and
circumstances surrounding any request for the meeting and any plan of the Board
of Directors to call an annual meeting or a special meeting.&#160;&#160;In the
case of any Stockholder Requested Meeting, if the Board of Directors fails to
fix a Meeting Record Date that is a date within 30 days after the Delivery Date,
then the close of business on the 30th day after the Delivery Date shall be the
Meeting Record Date.&#160;&#160;The Board of Directors may revoke the notice for
any Stockholder Requested Meeting in the event that the requesting Stockholders
fail to comply with the provisions of paragraph (3) of this Section
3(b).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(5)&#160;&#160;If written revocations
of requests for the special meeting have been delivered to the Secretary and the
result is that Stockholders of record (or their agents duly authorized in
writing), as of the Request Record Date, entitled to cast less than the Special
Meeting Percentage have delivered, and not revoked, requests for a special
meeting to the Secretary, the Secretary shall: (i) if the notice of meeting has
not already been mailed, refrain from mailing the notice of the meeting and send
to all requesting Stockholders who have not revoked such requests written notice
of any revocation of a request for the special meeting, or (ii) if the notice of
meeting has been mailed and if the Secretary first sends to all requesting
Stockholders who have not revoked requests for a special meeting written notice
of any revocation of a request for the special meeting and written notice of the
Secretary&#8217;s intention to revoke the notice of the meeting, revoke the notice of
the meeting at any time before the commencement of the meeting.&#160;&#160;Any
request for a special meeting received after a revocation by the Secretary of a
notice of a meeting shall be considered a request for a new special
meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(6)&#160;&#160;The President or Board
of Directors may, but shall not be required to,&#160;&#160;appoint regionally or
nationally recognized independent inspectors of elections to act as the agent of
the Company for the purpose of promptly performing a ministerial review of the
validity of any purported Special Meeting Request received by the
Secretary.&#160;&#160;For the purpose of permitting the inspectors to perform
such review, no such purported request shall be deemed to have been delivered to
the Secretary until the earlier of (i) five Business Days after receipt by the
Secretary of such purported request and (ii) such date as the independent
inspectors certify to the Company that the valid requests received by the
Secretary represent at least the Special Meeting Percentage.&#160;&#160;Nothing
contained in this paragraph (6) shall in any way be construed to suggest or
imply that the Company or any Stockholder shall not be entitled to contest the
validity of any request, whether during or after such five Business Day period,
or to take any other action (including, without limitation, the commencement,
prosecution or defense of any litigation with respect thereto, and the seeking
of injunctive relief in such litigation).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>(7) For purposes of these By-Laws,
&#8220;Business Day&#8221; shall mean any day other than a Saturday, a Sunday or a day on
which banking institutions in the State of New York are authorized or obligated
by law or executive order to close.</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: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
4</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice</font>.&#160;&#160;Written
notice of every meeting of Stockholders, stating the purpose or purposes for
which the meeting is called, the time when and the place where it is to be held,
shall be served, in any manner permitted by law, not less than ten nor more than
ninety days before the meeting, upon each Stockholder as of the record date
fixed for the meeting who is entitled to notice of or to vote at such
meeting.&#160;&#160;If mailed, (i) such notice shall be directed to a
Stockholder at such Stockholder&#8217;s address as it shall appear on the books of the
Company (unless such Stockholder shall have filed with the Transfer Agent of the
Company a written request that notices be mailed to some other address, in which
case it shall be mailed to the address designated in such request) and (ii)
such&#160;&#160;notice shall be deemed to have been given as of the date when it
is deposited in the United States mail with first-class postage thereon
prepaid.&#160;&#160;If sent by electronic mail, such notice shall be sent to the
e-mail address provided by the Stockholder and shall be deemed sent when a
confirmation of such transmission has been received by the
Company.&#160;&#160;Notice of any meeting of Stockholders shall be deemed waived
by any Stockholder who attends the meeting in person or by proxy, or who before
or after the meeting submits a signed waiver of notice that is filed with the
records of the meeting.&#160;&#160;Failure to give notice of any meeting to one
or more Stockholders, or any irregularity in such notice, shall not affect the
validity of any meeting fixed in accordance with this Article, or the validity
of any proceedings at such meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
5</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice of Business of Annual
or Special Stockholder Meetings</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual Meetings of
Stockholders</font>.&#160;&#160;(1) Nominations of individuals for election to
the Board of Directors and the proposal of other business to be considered by
the Stockholders may be made at an annual meeting of Stockholders (i) pursuant
to the Company&#8217;s notice of meeting, (ii) by or at the direction of the Board of
Directors or (iii) by any Stockholder of the Company who was a Stockholder of
record both at the time of giving of notice by the Stockholder as provided for
in this Section 5(a) and at the time of the annual meeting, who is entitled to
vote at the meeting and who has complied with this Section 5(a).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">For nominations or other
business to be brought before an annual meeting by a Stockholder pursuant to
clause (iii) of paragraph (a)(1) of this Section 5, the Stockholder must have
given timely notice thereof in writing to the Secretary of the Company and such
other business must otherwise be a proper matter for action by the
Stockholders.&#160;&#160;To be timely, a Stockholder&#8217;s notice shall set forth
all information required under this Section 5 and shall be delivered to the
Secretary at the principal executive office of the Company not earlier than the
150th day nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the
first anniversary of the date of mailing of the notice for the preceding year&#8217;s
annual meeting; provided, however, that in the event that the date of the annual
meeting is advanced or delayed by more than 30 days from the first anniversary
of the date of the preceding year&#8217;s annual meeting, notice by the Stockholder to
be timely must be so delivered not earlier than the 150th day prior to the date
of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later
of the 120th day prior to the date of such annual meeting or the tenth day
following the day on which public announcement of the date of such meeting is
first made.&#160;&#160;The public announcement of a postponement or adjournment
of an annual meeting shall not commence a new time period for the giving of a
Stockholder&#8217;s notice as described above.&#160;&#160;</font>Such Stockholder&#8217;s
notice shall set forth (i) as to each individual whom the Stockholder proposes
to nominate for election or reelection as a Director (A) the name, age, business
address and residence address of such individual, (B) the class, series, and
number of any shares of stock of the Company that are beneficially owned by such
individual, (C) the date such shares were acquired and the investment intent of
such acquisition, (D) all other information relating to such individual that is
required to be disclosed in solicitations of proxies for election of Directors
in an election contest (even if an election contest is not involved), or is
otherwise required, in each case pursuant to Regulation 14A (or any successor
provision) under the Exchange Act and the rules thereunder (including such
individual&#8217;s written consent to being named in the proxy statement as a nominee
and to serving as a Director if elected), (E) whether such Stockholder believes
such individual will be an &#8220;interested person&#8221; of the Company (as defined in the
Investment Company Act of 1940, as amended), and, if not an &#8220;interested person,&#8221;
information regarding such individual that will be sufficient for the Company to
make such determination, (F) whether or not such individual (aa) has been
convicted of a felony or misdemeanor within the past ten years or is currently a
named subject in any criminal proceeding, (bb) has ever been permanently or
temporarily enjoined by order, judgment or decree of any domestic or foreign
court, (cc) has ever been subject to any administrative order, judgment or
decree issued by the Securities and Exchange Commission (&#8220;SEC&#8221;), any state or
foreign securities regulatory agency, any self-regulatory organization or any
similar body, and (dd) has ever been found by any court in a civil action or by
the SEC to have violated any federal, state or foreign securities law or
commodities law, and if any of (aa) through (dd) has occurred, information
regarding the matter that will be sufficient for the Company to evaluate the
potential impact, if any, on the Company, (G) any relationship, business or
personal, between such individual and the Stockholder or any of the
Stockholder&#8217;s affiliates, and (H) a summary of such individual&#8217;s views with
regard to any proposal the Stockholder is requesting or has requested within the
past two years be presented to the Company Stockholders; (ii) as to any other
business that the Stockholder proposes to bring before the meeting, a
description of such business, the reasons for proposing such business at the
meeting and any interest in such business of such Stockholder and any
Stockholder Associated Person (as defined below), individually or in the
aggregate, including any benefit that might accrue to the Stockholder and the
Stockholder Associated Person therefrom; (iii) as to the Stockholder giving the
notice and any Stockholder Associated Person, (A) the class, series and number
of all shares of stock of the Company which are owned by such Stockholder and by
such Stockholder Associated Person, if any, (B) the nominee holder for, and
number of, shares owned beneficially but not of record by such Stockholder and
by any such Stockholder Associated Person, (C) whether and the extent to which,
within one year prior to the date of the notice, any hedging or other
transaction or series of transactions has been entered into by or on behalf of,
or any other agreement, arrangement or understanding (including any short
position or any borrowing or lending of shares) has been made, the effect or
intent of which is to mitigate loss to or manage risk of share price changes
for, or to increase the voting power of, such Stockholder or any such
Stockholder Associated Person with respect to any shares of stock of the Company
(collectively, &#8220;Hedging Activities&#8221;) and (D) a general description of whether
and the extent to which, within one year prior to the date of the notice, such
Stockholder or such Stockholder Associated Person has engaged in Hedging
Activities with respect to shares of stock or other equity interests of any
other company; (iv) as to the Stockholder giving the notice and any Stockholder
Associated Person covered by clauses (ii) or (iii) of this paragraph (2) of this
Section 5(b), the name and address of such Stockholder, as they appear on the
Company&#8217;s stock ledger and current name and address, if different, and of such
Stockholder Associated Person; and (v) to the extent known by the Stockholder
giving the notice, the name and address of any other Stockholder supporting the
nominee for election or reelection as a Director or the proposal of other
business on the date of such Stockholder&#8217;s notice.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding
anything in this subsection (a) of&#160;&#160;this Section 5 to the contrary, in
the event the Board of Directors increases or decreases the number of Directors
in accordance with Article III, Section 1 of these Bylaws, and there is no
public announcement of such action at least 130 days prior to the first
anniversary of the date of mailing of the notice of the preceding year&#8217;s annual
meeting, a Stockholder&#8217;s notice required by this Section 5(a) shall also be
considered timely, but only with respect to nominees for any new positions
created by such increase, if it shall be delivered to the Secretary at the
principal executive office of the Company not later than 5:00 p.m., Eastern
Time, on the tenth day following the day on which such public announcement is
first made by the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
purposes of this Section 5, &#8220;Stockholder Associated Person&#8221; of any Stockholder
shall mean (i) any person controlling, directly or indirectly, or acting in
concert with, such Stockholder (including, without limitation, any person who is
a member of a &#8220;group&#8221; for purposes of Section 13(d) of the Exchange Act, or any
successor provision, that includes such Stockholder), (ii) any beneficial owner
of shares of stock of the Company owned of record or beneficially by such
Stockholder, (iii) any person controlling, controlled by or under common control
with such Stockholder Associated Person and (iv) any nominee for Director
proposed for election by such Stockholder.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special Meetings of
Stockholders</font>.&#160;&#160;Only such business shall be conducted at a
special meeting of Stockholders as shall have been brought before the meeting
pursuant to the Company&#8217;s notice of meeting.&#160;&#160;Nominations of
individuals for election to the Board of Directors may be made at a special
meeting of Stockholders at which Directors are to be elected (i) pursuant to the
Company&#8217;s notice of meeting, (ii) by or at the direction of the Board of
Directors or (iii) provided that the Board of Directors has determined that
Directors shall be elected at such special meeting, by any Stockholder of the
Company who is a Stockholder of record both at the time of giving of notice
provided for in this Section 5 and at the time of the special meeting, who is
entitled to vote at the meeting and who complied with the notice procedures set
forth in this Section 5.&#160;&#160;In the event the Company calls a special
meeting of Stockholders for the purpose of electing one or more individuals to
the Board of Directors, any such Stockholder may nominate an individual or
individuals (as the case may be) for election as a Director as specified in the
Company&#8217;s notice of meeting, if the Stockholder&#8217;s notice and information
required by paragraph (2) of this Section 5(a) shall be delivered to the
Secretary at the principal executive office of the Company not earlier than the
120th day prior to such special meeting and not later than 5:00 p.m., Eastern
Time, on the later of the 90th day prior to such special meeting or the tenth
day following the day on which public announcement is first made of the date of
the special meeting and of the nominees proposed by the Board of Directors to be
elected at such meeting.&#160;&#160;The public announcement of a postponement or
adjournment of a special meeting shall not commence a new time period for the
giving of a Stockholder&#8217;s notice as described above.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General</font>.&#160;&#160;(1)&#160;&#160;If
information submitted pursuant to this Section 5 by any Stockholder proposing a
nominee for election as a Director or any proposal for other business at a
meeting of Stockholders shall be inaccurate, such information may be deemed not
to have been provided in accordance with this Section 5.&#160;&#160;Upon written
request by the Secretary or the Board of Directors or any committee thereof, any
Stockholder proposing a nominee for election as a Director or any proposal for
other business at a meeting of Stockholders shall provide, within five Business
Days of delivery of such request (or such other longer or shorter period as may
be specified in such request), (A) written verification, satisfactory, in the
discretion of the Board of Directors or any committee thereof or any authorized
officer of the Company, to demonstrate the accuracy of any information submitted
by the Stockholder pursuant to this Section 5 and (B) a written update of any
information previously submitted by the Stockholder pursuant to this Section 5
as of an earlier date.&#160;&#160;If a Stockholder fails to provide such written
verification or written update within such period, the information as to which
written verification or a written update was requested may be deemed not to have
been provided in accordance with this Section 5.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Only
such individuals who are nominated in accordance with this Section 5 shall be
eligible for election by Stockholders as Directors, and only such business shall
be conducted at a meeting of Stockholders as shall have been brought before the
meeting in accordance with this Section 5.&#160;&#160;The chairman of the
meeting shall have the power to determine whether a nomination or any other
business proposed to be brought before the meeting was made or proposed, as the
case may be, in accordance with this Section 5.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
purposes of this Section 5, (a) the &#8220;date of mailing of the notice&#8221; shall mean
the date of the proxy statement for the solicitation of proxies for election of
Directors and (b) &#8220;public announcement&#8221; shall mean disclosure (i) in a press
release reported by the Dow Jones News Service, Associated Press, Business Wire,
PR Newswire or comparable news service or (ii) in a document publicly filed by
the Company with the Securities and Exchange Commission pursuant to the Exchange
Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding
the foregoing provisions of this Section 5, a Stockholder shall also comply with
all applicable requirements of state law and of the Exchange Act and the rules
and regulations thereunder with respect to the matters set forth in this Section
5.&#160;&#160;Nothing in this Section 5 shall be deemed to affect any right of a
Stockholder to request inclusion of a proposal in, nor the right of the Company
to omit a proposal from, the Company&#8217;s proxy statement pursuant to Rule 14a-8
(or any successor provision) under the Exchange Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
6</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum,
Adjournment</font>.&#160;&#160;The holders of at least a majority of the stock
issued and outstanding and entitled to vote, present in person or represented by
proxy, shall be requisite and shall constitute a quorum at all meetings of the
Stockholders for the&#160;&#160;transaction of business except as otherwise
provided by statute, by the Company&#8217;s charter or by these Bylaws.&#160;&#160;Any
meeting of the Stockholders convened on the date for which it was called may be
adjourned from time to time, without notice other than by announcement at the
meeting.&#160;&#160;Subject to the powers of the chairman of the meeting set
forth in Section 9 of this Article, in the absence of a quorum, the Stockholders
present in person or by proxy, by majority vote of those present and without
notice other than by announcement at the meeting, may adjourn the meeting from
time to time until a quorum shall be present.&#160;&#160;At any adjourned
meeting at which a quorum shall be present, any action may be taken that could
have been taken at the meeting originally called.&#160;&#160;If a meeting is
adjourned to a date more than 120 days after the original record date, a new
record date shall be established for voting at such adjourned meeting, and any
unrevoked proxies submitted by any Stockholder of record as of the original
record date, with respect to stock which continues to be held of record by such
Stockholder on the new record date, may be voted at the adjourned meeting (and
any further adjournment thereof), provided that the adjourned meeting date is
not more than 120 days after the new record date.&#160;&#160;The Stockholders
present or represented by proxy at any duly organized meeting may continue to
conduct business, notwithstanding the withdrawal of enough Stockholders to leave
less than a quorum.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
7</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vote at the
Meeting</font>.&#160;&#160;When a quorum is present or represented at any
meeting, the vote of the holders of a majority of the votes cast by Stockholders
entitled to vote on the matter shall decide any question brought before such
meeting (except with respect to election of Directors which shall be by the
affirmative vote of a plurality of the votes cast), unless the question is one
upon which, by express provisions of applicable statutes, of the Company&#8217;s
charter or of these Bylaws, a different vote is required, in which case such
express provisions shall govern and control the decision of such
question.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
8</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting Rights of
Stockholders</font>.&#160;&#160;Each Stockholder of record having the right to
vote shall be entitled at every meeting of the Stockholders of the Company to
one vote for each share of stock having voting power standing in the name of
such Stockholder on the books of the Company on&#160;&#160;the record date, with
pro rata voting rights for any fractional shares, and such votes may be cast
either in person or by proxy in any manner permitted by law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Section
9</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Organization
and Conduct</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.&#160;&#160;</font>Every
meeting of Stockholders shall be conducted by an individual appointed by the
Board of Directors to be chairman of the meeting or, in the absence of such
appointment, by the Chairman of the Board, or in his absence, a chairman chosen
by the Stockholders by the vote of a majority of the votes cast by Stockholders
present in person or by proxy.&#160;&#160;The Secretary, or, in the Secretary&#8217;s
absence, a person appointed by the Board of Directors or by the chairman of the
meeting shall act as Secretary, and shall record the minutes of the
meeting.&#160;&#160;The order of business and all other matters of procedure at
any meeting of Stockholders shall be determined by the chairman of the
meeting.&#160;&#160;The chairman of the meeting may prescribe such rules,
regulations and procedures and take such action as, in the discretion of such
chairman, are appropriate for the proper conduct of the meeting, including,
without limitation, (a) restricting admission to the time set for the
commencement of the meeting; (b) limiting attendance at the meeting to
Stockholders of record of the Company, their duly authorized proxies or other
such individuals as the chairman of the meeting may determine; (c) limiting
participation at the meeting on any matter to Stockholders of record of the
Company entitled to vote on such matter, their duly authorized proxies and other
such individuals as the chairman of the meeting may determine; (d) limiting the
time allotted to questions or comments by participants; (e) determining when the
polls should be opened and closed; (f) maintaining order and security at the
meeting; (g) removing any Stockholder or any other individual who refuses to
comply with meeting procedures, rules or guidelines as set forth by the chairman
of the meeting; and (h) concluding a meeting or recessing or adjourning the
meeting to a later date and time and at a place announced at the
meeting.&#160;&#160;Unless otherwise determined by the chairman of the meeting,
meetings of Stockholders shall not be required to be held in accordance with the
rules of parliamentary procedure.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
10</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proxies</font>.&#160;&#160;Every
proxy must be executed in a manner permitted by law by the Stockholder or by his
duly authorized attorney-in-fact.&#160;&#160;No proxy shall be valid after the
expiration of eleven months from the date of its execution unless it shall have
specified therein its duration.&#160;&#160;Every proxy shall be revocable at the
pleasure of the person executing it or of his personal representatives or
assigns.&#160;&#160;Proxies shall be delivered prior to the meeting to the
Secretary of the Company or to the person acting as Secretary of the meeting
before being voted.&#160;&#160;A proxy with respect to stock held in the name of
two or more persons shall be valid if executed by one of them unless, at or
prior to exercise of such proxy, the Company receives a specific written notice
to the contrary from any one of them.&#160;&#160;A proxy purporting to be
executed by or on behalf of a Stockholder shall be deemed valid unless
challenged at or prior to its exercise.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
11</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Stock Ledger and List of
Stockholders</font>.&#160;&#160;It shall be the duty of the Secretary or
Assistant Secretary of the Company to cause an original or duplicate stock
ledger to be maintained at the office of the Company's Transfer
Agent.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
12</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Action without
Meeting</font>.&#160;&#160;Except to the extent prohibited by the Company&#8217;s
charter, the Investment Company Act of 1940, as amended, or rules or orders of
the SEC, or any successor thereto, any action to be taken by Stockholders may be
taken without a meeting if (1) all Stockholders entitled to vote on the matter
consent to the action in writing, (2) all Stockholders entitled to notice of the
meeting but not entitled to vote at it sign a written waiver of any right to
dissent and (3) said consents and waivers are filed with the records of the
meetings of Stockholders.&#160;&#160;Such consent shall be treated for all
purposes as a vote at a meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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 id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
13</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Record
Date</font>.&#160;&#160;In order that the Company may determine the Stockholders
entitled to notice of or to vote at any meeting of Stockholders or any
adjournment thereof, to express consent to corporate action in writing without a
meeting, or to receive payment of any dividend or other distribution or
allotment of any rights, or entitled to exercise any rights in respect of any
change, conversion or exchange of stock or for the purpose of any other lawful
action, the Board of Directors may fix, in advance, a record date which shall be
not more than ninety days and, in the case of a meeting of Stockholders, not
less than ten days prior to the date on which the particular action requiring
such determination of Stockholders is to be taken.&#160;&#160;In lieu of fixing
a record date, the Board of Directors may provide that the stock transfer books
shall be closed for a stated period, but not to exceed, in any case, twenty
days.&#160;&#160;If the stock transfer books are closed for the purpose of
determining Stockholders entitled to notice of or to vote at a meeting of
Stockholders, such books shall be closed for at least ten days immediately
preceding such meeting.&#160;&#160;If no record date is fixed and the stock
transfer books are not closed for the determination of Stockholders: (1) The
record date for the determination of Stockholders entitled to notice of, or to
vote at, a meeting of Stockholders shall be at the close of business of the day
on which notice of the meeting Stockholders is mailed or the 30th day before the
meeting, whichever is the closer date to the meeting; and (2) The record date
for the determination of Stockholders entitled to receive payment of a dividend
or an allotment of any rights shall be at the close of business on the day on
which the resolution of the Board of Directors, declaring the dividend or
allotment of rights, is adopted, provided that the payment or allotment date
shall not be more than sixty days after the date of the adoption of such
resolution.&#160;&#160;If a record date has been fixed for the determination of
Stockholders entitled to vote at a meeting, only the Stockholders of record on
the record date shall be entitled to vote at the meeting and such Stockholders
shall be entitled to vote at the meeting notwithstanding the subsequent transfer
or redemption of the shares owned of record on such date.&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">All persons who were
holders of record of shares as of the record date of a meeting, and no others,
shall be entitled to notice of and to vote at such meeting and any adjournment
thereof.</font></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: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
14</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors of
Election</font>.&#160;&#160;The Directors, in advance of any meeting, may, but
need not, appoint one or more inspectors to act at the meeting or any
adjournment thereof.&#160;&#160;If an inspector or inspectors are not appointed,
the person presiding at the meeting may, but need not, appoint one or more
inspectors.&#160;&#160;In case any person who may be appointed as an inspector
fails to appear or act, the vacancy may be filled by appointment made by the
Directors in advance of the meeting or at the meeting by the person presiding
thereat.&#160;&#160;Each inspector, if any, before entering upon the discharge
of his duties, may be required to take and sign an oath faithfully to execute
the duties of inspector at such meeting with strict impartiality and according
to the best of his ability.&#160;&#160;The inspectors, if any, shall determine
the number of shares outstanding and the voting power of each share, the shares
represented at the meeting, the existence of a quorum, the validity and effect
of proxies, and shall receive votes, ballots or consents, hear and determine all
challenges and questions arising in connection with the right to vote, count and
tabulate all votes, ballots or consents, determine the result, and do such acts
as are proper to conduct the election or vote with fairness to all
Stockholders.&#160;&#160;On request of the person presiding at the meeting or
any Stockholder, the inspector or inspectors, if any, shall make a report in
writing of any challenge, question or matter determined by him or them and
execute a certificate of any fact found by him or them.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;&#160;No Director or
candidate for the office of Director shall act as inspector of an election of
Directors.&#160;&#160;Inspectors need not be Stockholders of the
Company.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">ARTICLE
III</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">BOARD OF
DIRECTORS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Board of Three to Nine
Directors</font>.&#160;&#160;The Board of Directors shall consist of not less
than three (3) nor more than nine (9) Directors as fixed from time to time by
resolution of the Board of Directors; provided that if there are less than three
Stockholders, the number of Directors may be less than three but not less than
the number of Stockholders or one, if less.&#160;&#160;Directors need not be
Stockholders.&#160;&#160;If the number of Directors is increased, the additional
Directors may be elected by a majority of the remaining Directors, even if less
than a quorum.&#160;&#160;No reduction in the number of Directors shall have the
effect of removing any Director from office prior to the expiration of his or
her term unless the Director is specifically removed pursuant to Section 3 of
this Article III at the time of the decrease.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
with the first annual meeting of Stockholders held after the initial public
offering of the shares of the Company (the "initial annual meeting"), and if at
such time, the number of Directors shall be three (3) or more, the Board of
Directors shall be divided into three classes:&#160;&#160;Class I, Class II and
Class III.&#160;&#160;The terms of office of the classes of Directors elected at
the initial annual meeting shall expire at the times of the annual meetings of
the Stockholders as follows:&#160;&#160;Class I on the next annual meeting,
Class II on the second next annual meeting and Class III on the third next
annual meeting, or&#160;&#160;thereafter in each case when their respective
successors are elected and qualified.&#160;&#160;At each subsequent annual
election, the Directors chosen to succeed those whose terms are expiring shall
be identified as being of the same class as the Directors whom they succeed, and
shall be elected for a term expiring at the time of the third succeeding annual
meeting of Stockholders, or thereafter in each case when their respective
successors are elected and qualified.&#160;&#160;The number of Directorships
shall be apportioned among the classes so as to maintain the classes as nearly
equal in number as possible.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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 id="TAB1" style="MARGIN-LEFT: 72pt"></font>The Board of Directors shall designate
one of its members to serve as Chairman of the Board, who shall preside at each
meeting of the Board.&#160;&#160;In the absence or inability of the Chairman of
the Board to act, another Director chosen by a majority of the Directors present
shall act as chairman and preside at the meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font>.&#160;&#160;Subject
to the provisions of the Investment Company Act of 1940, as amended, any
vacancies in the Board of Directors, whether arising from death, resignation,
removal, increase in the number of Directors or any other cause, shall be filled
by a vote of a majority of the Directors then in office even if the remaining
Directors do not constitute a quorum.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
3</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal</font>.&#160;&#160;At
any meeting of Stockholders duly called and at which a quorum is present, the
Stockholders may, by the affirmative vote of the holders of at least two-thirds
of the votes entitled to be cast thereon, remove any Director or Directors from
office, but only for &#8220;cause&#8221; as required by the Maryland General Corporation
Law, and may elect a successor or successors to fill any resulting vacancies for
the unexpired term of the removed Director.&#160;&#160;&#8220;Cause&#8221; shall mean (i)
any willful or intentional act of the Director that has the effect of injuring
the reputation of the Company in any material respect (other than an act that
has been authorized by the Board of Directors or which was not intended, and
could not reasonably be expected, to injure the reputation of the Company in any
material respect); (ii) public or consistent drunkenness by the Director or his
illegal use of narcotics which is, or could reasonably be expected to become,
materially injurious to the reputation of the Company or which impairs, or could
reasonably be expected to impair, the performance of the Director&#8217;s duties in a
material respect, (iii) conviction of, or plea of guilty or <font style="DISPLAY: inline; TEXT-DECORATION: underline">nolo contendere</font> to,
the commission of a felony by the Director, or any other crime involving moral
turpitude; or (iv) the commission by the Director of an act of fraud or
embezzlement against the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
4.</font>&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Resignation</font>.&#160;&#160;A
Director may resign at any time by giving written notice of his resignation to
the Board of Directors or the Chairman of the Board or the Secretary of the
Company.&#160;&#160;Any resignation shall take effect at the time specified in
it or, should the time when it is to become effective not be specified in it,
immediately upon its receipt.&#160;&#160;Acceptance of a resignation shall not
be necessary to make it effective unless the resignation states
otherwise.&#160;&#160;No director candidate shall be presented to Stockholders
of the Company for election at any meeting that is scheduled to occur after such
candidate has reached the age of 74 and each Director shall automatically be
deemed to retire from the Board at the next annual meeting following the date
such Director reaches the age of 75 years, even if his or her term of office has
not expired.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
5</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place of
Meetings</font>.&#160;&#160;The Board of Directors or any Committee thereof may
hold meetings at the principal office of the Company or at such other places,
either within or outside the State of Maryland, as it may from time to time
determine.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
6</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font>.&#160;&#160;At
all meetings of the Board, the presence of a majority of the entire Board of
Directors (but not less than two Directors unless the Board of Directors shall
consist of only one Director in which event that one Director shall constitute a
quorum) shall be necessary to constitute a quorum and sufficient for the
transaction of business, and any act of a majority present at a meeting at which
there is a quorum shall be the act of the Board of Directors, except as may be
specifically provided by statute, by the Company&#8217;s charter or by these
Bylaws.&#160;&#160;If a quorum shall not be present at any meeting of Directors,
the Directors present thereat may adjourn the meeting from time to time, without
notice other than announcement at the meeting, until a quorum shall be
present.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
7</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual and Regular
Meetings</font>.&#160;&#160;An annual meeting of the Board of Directors may be
held immediately after and at the same place as the annual meeting of
Stockholders, no notice other than this Bylaw being necessary.&#160;&#160;In the
event such meeting is not so held, the meeting may be held at such time and
place as shall be specified in a notice given as hereinafter provided for
special meetings of the Board of Directors.&#160;&#160;The Board of Directors
may provide, by resolution, the time and place for the holding of regular
meetings of the Board of Directors without other notice than such
resolution.</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: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
8</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font>.&#160;&#160;Special meetings of the Board of Directors may be
called by or at the request of the Chairman of the Board, or by a majority of
the Directors then in office.&#160;&#160;The person or persons authorized to
call special meetings of the Board of Directors may fix any place as the place
for holding any special meeting of the Board of Directors called by
them.&#160;&#160;The Board of Directors may provide, by resolution, the time and
place for the holding of special meetings of the Board of Directors without
other notice than such resolution.</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: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
9</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice</font>.&#160;&#160;Notice
of any special meeting of the Board of Directors shall be delivered personally
or by telephone, electronic mail, facsimile transmission, courier or United
States mail to each Director at his or her business or residence
address.&#160;&#160;Notice by personal delivery, telephone, electronic mail or
facsimile transmission shall be given at least 24 hours prior to the
meeting.&#160;&#160;Notice by United States mail shall be given at least three
days prior to the meeting.&#160;&#160;Notice by courier shall be given at least
two days prior to the meeting.&#160;&#160;Telephone notice shall be deemed to be
given when the Director or his or her agent is personally given such notice in a
telephone call to which the Director or his or her agent is a
party.&#160;&#160;Electronic mail notice shall be deemed to be given upon
transmission of the message to the electronic mail address given to the Company
by the Director.&#160;&#160;Facsimile transmission notice shall be deemed to be
given upon completion of the transmission of the message to the number given to
the Company by the Director and receipt of a completed answer-back indicating
receipt.&#160;&#160;Notice by United States mail shall be deemed to be given
when deposited in the United States mail properly addressed, with postage
thereon prepaid.&#160;&#160;Notice by courier shall be deemed to be given when
deposited with or delivered to a courier properly addressed.&#160;&#160;Neither
the business to be transacted at, nor the purpose of, any annual, regular or
special meeting of the Board of Directors need be stated in the notice, unless
specifically required by statute or these Bylaws.</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: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
10</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Informal Action by Directors
and Committees</font>.&#160;&#160;Any action required or permitted to be taken
at any meeting of the Board of Directors or of any committee thereof may, except
as otherwise required by statute, be taken without a meeting if a written
consent to such action is signed by all members of the Board, or of such
committee, as the case may be, and filed with the minutes of the proceedings of
the Board or committee.&#160;&#160;Subject to the Investment Company Act of
1940, as amended, members of the Board of Directors or a committee thereof may
participate in a meeting by means of a conference telephone or similar
communications equipment if all persons participating in the meeting can hear
each other at the same time.&#160;&#160;The Board of Directors may change the
membership of any committee at any time.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
11</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Executive
Committee</font>.&#160;&#160;There may be an Executive Committee of two or more
Directors appointed by the Board who may meet at stated times or on notice to
all by any of their own number.&#160;&#160;A majority of the members of any such
committee may determine its actions, and fix the time of its meetings, unless
the Board of Directors shall otherwise provide.&#160;&#160;The Executive
Committee shall consult with and advise the Officers of the Company in the
management of its business and exercise such powers of the Board of Directors as
may be lawfully delegated by the Board of&#160;&#160;Directors.&#160;&#160;The
Executive Committee shall keep regular minutes of its proceedings and report the
same to the Board when required.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
12</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Audit
Committee</font>.&#160;&#160;There shall be an Audit Committee of two or more
Directors who are not "interested persons" of the Company (as defined in the
Investment Company Act of 1940, as amended) appointed by the Board who may meet
at stated times or on notice to all by any of their own number.&#160;&#160;A
majority of all members of any such committee may determine its actions, and fix
the time of its meetings, unless the Board of Directors shall otherwise
provide.&#160;&#160;The Committee's duties shall include reviewing both the
audit and other work of the Company's independent accountants, recommending to
the Board of Directors the independent accountants to be retained, and reviewing
generally the maintenance and safekeeping of the Company's records and
documents.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
13</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Other
Committees</font>.&#160;&#160;The Board of Directors may appoint other
committees composed of one or more members which shall in each case consist of
such number of members and shall have and may exercise, to the extent permitted
by law, such powers as the Board may determine in the resolution appointing
them.&#160;&#160;A majority of all members of any such committee may determine
its actions, and fix the time and place of its meetings, unless the Board of
Directors shall otherwise provide.&#160;&#160;The Board of Directors shall have
power at any time to change the members and, to the extent permitted by law,
to&#160;&#160;change the powers of any such committee, to fill vacancies and to
discharge any such committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
14</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compensation of
Directors</font>.&#160;&#160;The Board may, by resolution, determine what
compensation and reimbursement of expenses of attendance at meetings, if any,
shall be paid to Directors in connection with their service on the Board or any
committee thereof.&#160;&#160;Nothing herein contained shall be construed to
preclude any Director from serving the Company in any other capacity or from
receiving compensation therefor.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">ARTICLE
IV</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">OFFICERS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Officers</font>.&#160;&#160;The
Officers of the Company shall be fixed by the Board of Directors and shall
include a President, Vice President, Secretary and Treasurer.&#160;&#160;Any two
offices may be held by the same person except the offices of President and Vice
President.&#160;&#160;A person who holds more than one office in the Company may
not act in more than one capacity to execute, acknowledge or verify an
instrument required by law to be executed, acknowledged or verified by more than
one officer.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Appointment of
Officers</font>.&#160;&#160;The Directors shall appoint the Officers, who need
not be members of the Board.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
3</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional
Officers</font>.&#160;&#160;The Board may appoint such other Officers and agents
as it shall deem necessary who shall exercise such powers and perform such
duties as shall be determined from time to time by the Board.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
4</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Salaries of
Officers</font>.&#160;&#160;The salaries of all Officers of the Company shall be
fixed by the Board of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
5</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term, Removal, Resignations
and Vacancies</font>.&#160;&#160;The Officers of the Company shall serve at the
pleasure of the Board of Directors.&#160;&#160;Any Officer elected or appointed
by the Board of Directors may be removed at any time by the affirmative vote of
a majority of the Directors.&#160;&#160;Any Officer may resign at any time upon
written notice to the Company.&#160;&#160;Any resignation shall take effect at
the time specified therein or, if the time when it shall become effective is not
specified therein, immediately upon its receipt.&#160;&#160;The acceptance of a
resignation shall not be necessary to make it effective unless otherwise stated
in the resignation.&#160;&#160;If the office of any Officer becomes vacant for
any reason, the vacancy shall be filled by the Board of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
6</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">President</font>.&#160;&#160;The
President shall be the chief executive officer of the Company, shall, subject to
the supervision of the Board of Directors, have general responsibility for the
management of the business of the Company and shall see that all orders and
resolutions of the Board are carried into effect.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
7</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vice
President</font>.&#160;&#160;Any Vice President shall, in the absence or
disability of the President, perform the duties and exercise the powers of the
President and shall perform such other duties as the Board of Directors shall
prescribe.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
8</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Treasurer</font>.&#160;&#160;The
Treasurer shall have the custody of the corporate funds and securities and shall
keep full and accurate accounts of receipts and disbursements in books belonging
to the Company and shall deposit all moneys and&#160;&#160;other valuable
effects in the name and to the credit of the Company in such depositories as may
be designated by the Board of Directors.&#160;&#160;He shall disburse the funds
of the Company as may be ordered by the Board, taking proper vouchers for such
disbursements, and shall render to the Chairman of the Board and Directors at
the regular meetings of the Board, or whenever they may require it, an account
of the financial condition of the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
Assistant Treasurer may perform such duties of the Treasurer as the Treasurer or
the Board of Directors may assign, and, in the absence of the Treasurer, may
perform all the duties of the Treasurer.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
9</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Secretary</font>.&#160;&#160;The
Secretary shall attend meetings of the Board and meetings of the Stockholders
and record all votes and the minutes of all proceedings in a book to be kept for
that purpose, and shall perform like duties for the Executive Committee of the
Board when required.&#160;&#160;He shall give or cause to be given notice of all
meetings of Stockholders and special meetings of the Board of Directors and
shall perform such other duties as may be prescribed by the Board of
Directors.&#160;&#160;He shall keep in safe custody the seal of the Company and
affix it to any instrument when authorized by the Board of
Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
Assistant Secretary may perform such duties of the Secretary as the Secretary or
the Board of Directors may&#160;&#160;assign, and, in the absence of the
Secretary, may perform all the duties of the Secretary.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
10</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Subordinate
Officers</font>.&#160;&#160;The Board of Directors from time to time may appoint
such other officers or agents as it may deem advisable, each of whom shall serve
at the pleasure of the Board of Directors and have such title, hold office for
such period, have such authority and perform such duties as the Board of
Directors may determine.&#160;&#160;The Board of Directors from time to time may
delegate to one or more officers or agents the power to appoint any such
subordinate officers or agents and to prescribe their respective rights, terms
of office, authorities and duties.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
11</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Surety
Bonds</font>.&#160;&#160;The Board of Directors may require any officer or agent
of the Company to execute a bond (including, without limitation, any bond
required by the Investment Company Act of 1940, as amended, and the rules and
regulations of the Securities and Exchange Commission) to the Company in such
sum and with such surety or sureties as the Board of Directors may determine,
conditioned upon the faithful performance of his duties to the Company,
including responsibility for negligence and for the accounting of any of the
Company's property, funds or securities that may come into his
hands.</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
V</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">GENERAL
PROVISIONS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver of
Notice</font>.&#160;&#160;Whenever the Stockholders or the Board of Directors
are authorized by statute, the provisions of the Articles of In Company or these
Bylaws to take any action at any meeting after notice, such notice may be
waived, in writing, before or after the holding of the meeting, by the person or
persons entitled to such notice, or, in the case of a Stockholder, by his duly
authorized attorney-in-fact.&#160;&#160;Such notice is also waived if the person
entitled to the notice is present at the meeting in person, or, in the case of a
Stockholder, by proxy.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
2</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Indemnity</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;The
Company shall indemnify its Directors to the fullest extent that indemnification
of Directors is permitted by the Maryland General Company Law.&#160;&#160;The
Company shall indemnify its officers to the same extent as its Directors and to
such further extent as is consistent with law.&#160;&#160;The Company shall
indemnify its Directors and officers who, while serving as Directors or
officers, also serve at the request of the Company as a Director, officer,
partner, trustee, employee, agent or fiduciary of another Company, partnership,
joint venture, trust, other enterprise or employee benefit plan to the fullest
extent consistent with law.&#160;&#160;The indemnification and other rights
provided by this Article shall continue as to a person who has ceased to be a
Director or officer and shall inure to the benefit of the heirs, executors and
administrators of such a person.&#160;&#160;This Article shall not protect any
such person against any liability to the Company or any Stockholder thereof to
which such person would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the
conduct of his office ("disabling conduct").</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;Any
current or former Director or officer of the Company seeking indemnification
within the scope of this Article shall be entitled to advances from the Company
for payment of the reasonable expenses incurred by him in connection with the
matter as to which he is seeking indemnification in the manner and to the
fullest extent permissible under the Maryland General Company
Law.&#160;&#160;The person seeking indemnification shall provide to the Company
a written affirmation of his good faith belief that the standard of conduct
necessary for indemnification by the Company has been met and a written
undertaking to repay any such advance if it should ultimately be determined that
the standard of conduct has not been met.&#160;&#160;In addition, at least one
of the following conditions shall be met:&#160;&#160;(i) the person seeking
indemnification shall provide security in form and amount acceptable to the
Company for his undertaking; (ii) the Company is insured against losses arising
by reason of the advance; or (iii) a majority of a quorum of Directors of the
Company who are neither "interested persons" as defined in Section 2(a)(19) of
the Investment Company Act of 1940, as amended, nor parties to the proceeding
("disinterested non-party Directors"), or independent legal counsel, in a
written opinion, shall have determined, based on a review of facts readily
available to the Company at the time the advance is proposed to be made, that
there is reason to believe that the person seeking&#160;&#160;indemnification
will ultimately be found to be entitled to indemnification.&#160;&#160;In making
such determination, the disinterested non-party Directors or independent legal
counsel, as the case may be, shall be entitled to rely on a rebuttable
presumption that the person seeking indemnification had not engaged in disabling
conduct.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;At
the request of any person claiming indemnification under this Article, the Board
of Directors shall determine, or cause to be determined, in a manner consistent
with the Maryland General Company Law, whether the standards required by this
Article have been met.&#160;&#160;Indemnification shall be made only following:
(i) a final decision on the merits by a court or other body before whom the
proceeding was brought that the person to be indemnified was not liable by
reason of disabling conduct or (ii) in the absence of such a decision, a
reasonable determination, based upon a review of the facts, that the person to
be indemnified was not liable by reason of disabling conduct by (a) the vote of
a majority of a quorum of disinterested non-party Directors or (b) an
independent legal counsel in a written opinion.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;Employees
and agents who are not officers or Directors of the Company may be indemnified,
and reasonable expenses may be advanced to such employees or agents, as may be
provided by action of the Board of Directors or by contract, subject to any
limitations imposed by the Investment Company Act of 1940.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;The
Board of Directors may make further provision consistent with law for
indemnification and advance of expenses to Directors, officers, employees and
agents by resolution, agreement or otherwise.&#160;&#160;The indemnification
provided by this&#160;&#160;Article shall not be deemed exclusive of any other
right, with respect to indemnification or otherwise, to which those seeking
indemnification may be entitled under any insurance or other agreement or
resolution of Stockholders or disinterested Directors or otherwise.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)&#160;&#160;References
in this Article are to the Maryland General Company Law and to the Investment
Company Act of 1940, as from time to time amended.&#160;&#160;No amendment of
these Bylaws shall affect any right of any person under this Article based on
any event, omission or proceeding prior to the amendment.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
3</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Insurance</font>.&#160;&#160;The
Company may purchase and maintain insurance on behalf of any person who is or
was a Director, officer, employee or agent of the Company or who, while a
Director, officer, employee or agent of the Company, is or was serving at the
request of the Company as a director, officer, partner, trustee, employee or
agent of another foreign or domestic Company, partnership, joint venture, trust,
other enterprise or employee benefit plan, against any liability asserted
against and incurred by such person in any such capacity or arising out of such
person's position; provided that no insurance may be purchased by the Company on
behalf of any person against any liability to the Company or to its Stockholders
to which he would otherwise be subject by reason of willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the
conduct of his office.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
4</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Checks</font>.&#160;&#160;All
checks or demands for money and notes of the Company shall be signed by such
officer or officers or such other person or persons as the Board of Directors
may from time to time designate.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
5</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fiscal
Year</font>.&#160;&#160;The fiscal year of the Company shall be determined by
resolution of the Board of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
6</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Ratification</font>.&#160;&#160;The
Board of Directors or the Stockholders of the Company may ratify and make
binding on the Company any action or inaction by the Company or its officers to
the extent that the Board of Directors or the Stockholders could have originally
authorized the matter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">ARTICLE
VI</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">STOCK</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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 id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
1.</font>&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Issuance of
Stock</font>.&#160;&#160;Stockholders of the Company are not entitled to
certificates representing the shares of stock held by them.&#160;&#160;Shares
shall be issued and stock ownership records shall be maintained in book-entry
form.&#160;&#160;Whenever stock certificates are surrendered to the Company, for
transfer, exchange or otherwise, the shares of stock issuable or outstanding
upon such surrender shall be represented by book-entry without
certificates.&#160;&#160;When the Company issues or transfers shares of stock
without certificates, the Company shall provide to record holders of such shares
a written statement of the information required by the Maryland General Company
Law.&#160;&#160;Such information may include the name of the Company, the name
of the Stockholder, the number and class of the shares, any restrictions on
transferability, and any other information deemed necessary or appropriate by
the Company.&#160;&#160;The provisions of this Article authorizing issuance of
shares by book-entry without certificates shall apply to all issuances of stock
of the Company, except to the extent that the use of certificates may be
continued as determined by the Board of Directors.&#160;&#160;The Company may
issue fractions of a share of stock.&#160;&#160;Fractional shares of stock shall
have proportionately to the respective fractions represented thereby all the
right of whole shares, including the right to vote, the right to receive
dividends and distributions, and the right to participate upon liquidation of
the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Any outstanding stock certificates
shall be numbered and entered in the books of the Company.&#160;&#160;They shall
exhibit the holder&#8217;s name and the number of whole shares and no certificate
shall be valid unless it has been signed by the President, a Vice President or
the Chairman of the Board of Directors and the Treasurer or an Assistant
Treasurer or the Secretary or an Assistant Secretary and bears the corporate
seal.&#160;&#160;Any or all of the signatures or the seal on the certificate may
be a facsimile, engraved or printed.&#160;&#160;In case any of the officers of
the Company whose manual or facsimile signature appears on any stock certificate
delivered to a Transfer Agent of the Company shall cease to be such Officer
prior to the issuance of such certificate, the Transfer Agent may nevertheless
countersign and deliver such certificate as though the person signing the same
or whose facsimile signature appears thereon had not ceased to be such officer,
unless written instructions of the Company to the contrary are delivered to the
Transfer Agent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2.&#160;&#160;Lost,
Stolen or Destroyed Certificates</font>.&#160;&#160;The Board of Directors, or
the President together with the Treasurer or Secretary, may cause the Company to
recognize, by book-entry, the ownership of shares of stock represented by any
outstanding certificate theretofore issued by the Company, alleged to have been
lost, stolen or destroyed, upon the making of an affidavit of that fact by the
person claiming the certificate of stock to be lost, stolen or destroyed, or by
his legal representative.&#160;&#160;When authorizing such book-entry, the Board
of Directors, or the President and Treasurer or Secretary, may in its or their
discretion and as a condition precedent to the issuance thereof, require the
owner of such lost, stolen or destroyed certificate, or his legal
representative, to advertise the same in such manner as it or they shall require
and/or give the Company a bond in such sum and with such surety or sureties as
it or they may direct as indemnity against any claim that may be made against
the Company with respect to the certificate alleged to have been lost, stolen or
destroyed, and any claim with respect to the Company&#8217;s book-entry recognition of
ownership of the underlying shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
3.&#160;&#160;Transfer of Stock</font>.&#160;&#160;Shares of stock of the
Company shall be transferable on the books of the Company by the holder thereof
in person or by his duly authorized attorney or legal representative upon
surrender and cancellation of a certificate or certificates for the same number
of shares of the same class, duly endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, with such proof of the
authenticity of the signature as the Company or its agents may reasonably
require.&#160;&#160;Shares of stock of the Company issued without certificates
in book-entry form may be freely transferred, and the Board of Directors may,
from time to time, adopt rules and regulations with reference to the method of
transfer of the shares of stock of the Company.</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">ARTICLE
VII</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><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">AMENDMENTS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
1</font>.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General</font>.&#160;&#160;The
Board of Directors, by affirmative vote of a majority thereof, shall have the
exclusive right to make, amend, alter and repeal the Bylaws of the Company, at
any regular or special meeting, except as otherwise required by the Investment
Company Act of 1940, as amended.</font></div><br><br></body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>4
<FILENAME>q2.htm
<DESCRIPTION>ITEM 405
<TEXT>
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77Q2: Item 405</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
16(a) Beneficial Ownership Reporting Compliance</font></div>
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              <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">Form
      4</font></div>
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            <td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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      4</font></div>
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