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<SEC-DOCUMENT>0001003715-09-000471.txt : 20091203
<SEC-HEADER>0001003715-09-000471.hdr.sgml : 20091203
<ACCEPTANCE-DATETIME>20091203172406
ACCESSION NUMBER:		0001003715-09-000471
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20091203
DATE AS OF CHANGE:		20091203

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:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13676
		FILM NUMBER:		091220926

	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>40-APP/A
<SEQUENCE>1
<FILENAME>chileexemptappa_2009-1203.htm
<DESCRIPTION>THE CHILE FUND AMENDED EXEMPTIVE APP 120309
<TEXT>
<html>
<head>
    <title>chileexemptappa_2009-1203.htm</title>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">File No.
812-13676</font> </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Before
the</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">SECURITIES
AND EXCHANGE COMMISSION</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">__________________________</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">In the
Matter of the First Amended and Restated Application</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Of</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">THE CHILE
FUND, INC.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">AND</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">ABERDEEN
ASSET MANAGEMENT INVESTMENT SERVICES LIMITED</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">c/o
Aberdeen Asset Management Inc.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1735
Market Street 32<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font>
Floor</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Philadelphia,
Pennsylvania 19103</font> </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">FIRST
AMENDED AND RESTATED APPLICATION FOR AN ORDER PURSUANT TO</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;SECTION
6(c) OF THE INVESTMENT COMPANY ACT OF 1940 FOR EXEMPTION</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;FROM
SECTION 19(b) OF SUCH ACT AND RULE 19b-1 THEREUNDER</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">________________</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">December
3, 2009</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">__________________________</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="LINE-HEIGHT: 2;">
              <td align="left" valign="bottom" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Please
      direct all communications regarding this Application
      to:</font> </div>
              </td>
              <td align="left" valign="bottom" width="37%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Copies
      to:</font> </div>
              </td>
            </tr><tr>
              <td align="left" valign="bottom" width="37%"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </td>
              <td align="left" valign="bottom" width="37%"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </td>
            </tr><tr>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Rose
      F. DiMartino</font> </div>
              </td>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Lucia
      Sitar</font> </div>
              </td>
            </tr><tr>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Willkie
      Farr &amp; Gallagher LLP</font> </div>
              </td>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      Chile Fund, Inc.</font> </div>
              </td>
            </tr><tr>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">787
      Seventh Avenue</font> </div>
              </td>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">c/o
      Aberdeen Asset Management Inc.</font> </div>
              </td>
            </tr><tr>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">New
      York, New York 10019-6099</font> </div>
              </td>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1735
      Market Street 32<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font>
      Floor</font> </div>
              </td>
            </tr><tr>
              <td valign="bottom" width="37%" style="LINE-HEIGHT: 1.25"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </td>
              <td align="left" valign="bottom" width="37%" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Philadelphia,
      Pennsylvania 19103</font> </div>
              </td>
            </tr><tr>
              <td valign="bottom" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 1 of
29</font></div>
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            <hr style="COLOR: black" noshade size="2">
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        </div>
        <div id="HDR">
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</font></div>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">UNITED
STATES OF AMERICA</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">BEFORE
THE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">-----------------------------------------------</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">In
      the Matter of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">THE
      CHILE FUND, INC.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">ABERDEEN
      ASSET MANAGEMENT</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font id="TAB2" style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; LETTER-SPACING: 9pt">&#160;&#160;</font>INVESTMENT
      SERVICES</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;LIMITED</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">-----------------------------------------------</font></div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">:</font></div>
              </td>
              <td align="left" valign="top" width="47%">
                <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: 12pt; FONT-FAMILY: times new roman">FIRST
      AMENDED AND RESTATED</font> </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: 12pt; FONT-FAMILY: times new roman">APPLICATION
      FOR AN ORDER PURSUANT TO</font> </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: 12pt; FONT-FAMILY: times new roman">SECTION
      6(c) OF THE INVESTMENT COMPANY</font> </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: 12pt; FONT-FAMILY: times new roman">ACT
      OF 1940 (THE &#8220;ACT&#8221;) FOR EXEMPTION </font> </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: 12pt; FONT-FAMILY: times new roman">FROM
      SECTION 19(b) OF THE ACT AND RULE </font> </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: 12pt; FONT-FAMILY: times new roman">19b-1
      THEREUNDER</font> </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">File
      No. 812-13676</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The Chile
Fund, Inc. (the &#8220;Chile Fund&#8221;) and Aberdeen Asset Management Investment Services
Limited (&#8220;Aberdeen&#8221; together with the Chile Fund, the &#8220;Applicants&#8221;) hereby
submit this First Amended and Restated Application for an order (the &#8220;Order&#8221;) of
the Securities and Exchange Commission (the &#8220;Commission&#8221;) pursuant to Section
6(c) of the Act providing the Chile Fund and each registered closed-end
investment company currently advised or to be advised in the future by Aberdeen
(including any successor in interest)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0epfae">1</a></font> or by an entity controlling, controlled by or
under common control (within the meaning of Section 2(a)(9) of the Act) with
Aberdeen<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0ergae">2</a></font> that decides in the future to rely on the
Order (such investment companies, together with the Chile Fund, are the &#8220;Funds,&#8221;
and individually, a &#8220;Fund&#8221;)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0ethae">3</a></font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#160;</font>
an exemption from the provisions of Section 19(b) of the Act and Rule 19b-1
thereunder, as more fully set forth below.</font> </div>
      <div><br>
        <hr>
      </div>
      <div><a name="ref.ID0EPFAE">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      successor in interest is limited to entities that result from a
      reorganization into another jurisdiction or a change in the type of
      business organization.</font></div>
                </td>
              </tr></table>
        </div>
      </div>
      <div><a name="ref.ID0ERGAE" />
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font> </div>
                </td>
                <td>
                  <div align="left"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Such
      investment advisers, together with Aberdeen, are referred to herein as the
      &#8220;Advisers.&#8221;&#160;&#160;Each Adviser will be registered with the Commission
      under the Investment Advisers Act of
  1940.</font> </div>
                </td>
              </tr></table>
        </div>
      </div>
      <div><a name="ref.ID0ETHAE" />
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      Fund that relies on the Order will comply with the terms and conditions of
      this application. The only registered closed-end investment company that
      currently intends to rely on the Order is named as an
      Applicant.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 2 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt; TEXT-ALIGN: left">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">I.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Description
      of Applicants</font></font></div>
              </td>
            </tr></table>
      </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; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The Chile
Fund is a closed-end management investment company registered under the
Act.&#160;&#160;The Chile Fund is organized as a Maryland
corporation.&#160;&#160;As of December 31, 2008, the Chile Fund had $112,361,973
in total net assets and 10,167,060 shares of common stock
outstanding.&#160;&#160;The Chile Fund seeks total return, consisting of capital
appreciation and income, by investing primarily in Chilean equity and debt
securities.&#160;&#160;The common stock of the Chile Fund is listed on the NYSE
Amex.&#160;&#160;Although the Chile Fund has not issued preferred stock, the
board of directors of the Chile Fund (the &#8220;Chile Fund Board&#8221;) or of another
Fund<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0emkae">4</a></font> may authorize the issuance of preferred stock
in the future.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Aberdeen,
an investment adviser registered under the Investment Advisers Act of 1940 and
regulated in the United Kingdom by the Financial Services Authority, serves as
the investment adviser to the Chile Fund.&#160;&#160;The Chile Fund has entered
into an advisory agreement with Aberdeen pursuant to which Aberdeen provides
investment advisory and portfolio management services to the Chile Fund and is
responsible for its overall management.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0e1lae">5</a></font>&#160;&#160;Aberdeen is a direct wholly owned
subsidiary of Aberdeen Asset Management PLC (&#8220;Aberdeen
PLC&#8221;).&#160;&#160;Aberdeen PLC is the parent company of an asset management
group managing assets for both institutional and retail clients from offices
around the world.&#160;&#160;As of September 31, 2009, Aberdeen PLC had
approximately $233.8 billion in assets under management.</font> </div>
      <div><br>
        <hr>
      </div>
      <div><a name="ref.ID0EMKAE">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font></font> </div>
                </td>
                <td>
                  <div align="left"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The
      Chile Fund Board or the board of directors or board of trustees, as the
      case may be, of a Fund is referred to herein as the
      &#8220;Board.&#8221;</font> </div>
                </td>
              </tr></table>
        </div>
      </div>
      <div><a name="ref.ID0E1LAE" />
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font></font> </div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to July 1, 2009, the date upon which the investment advisory agreement
      with Aberdeen became effective, Credit Suisse Asset Management, LLC acted
      as the investment adviser to the Chile Fund pursuant to an advisory
      agreement.&#160;&#160;The Chile Fund has also entered into a sub-advisory
      agreement with Celfin Capital Servicios Financieros S.A. (&#8220;Celfin&#8221;)
      pursuant to which Celfin acts as a sub-adviser to that
    Fund.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 3 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt; TEXT-ALIGN: left">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">II.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Relief
      Requested</font></font></div>
              </td>
            </tr></table>
      </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; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Section
19(b) of the Act provides that it shall be unlawful in contravention of such
rules, regulations, or orders as the Commission may prescribe as necessary or
appropriate in the public interest or for the protection of investors for any
registered investment company to distribute long-term capital gains, as defined
in the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), more often than
once every twelve months.&#160;&#160;Rule 19b-1 under the Act provides that no
registered investment company which is a &#8220;regulated investment company&#8221; as
defined in Section 851 of the Code shall make more than (i) one &#8220;capital gain
dividend&#8221;, as defined in Section 852(b)(3)(C) of the Code, with respect to any
one taxable year of the company, (ii) one additional capital gain distribution
made in whole or in part to avoid payment of excise tax under Section 4982 of
the Code plus (iii) one supplemental &#8220;clean-up&#8221; capital gain dividend otherwise
permitted by the Rule or pursuant to Section 855 of the Code, which amount may
not exceed 10% of the total amount distributed for the year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Applicants believe that Rule 19b-1 should be interpreted to permit a Fund to pay
an unlimited number of distributions on its common and any preferred stock so
long as it makes the designation necessary under the Code and Rule 19b-1 to
transform such distributions into &#8220;capital gain dividends&#8221; restricted by Rule
19b-1 only as often as is permitted by Rule 19b-1, even if the Code would then
require retroactively spreading the capital gain resulting from such designation
over more than the permissible number of distributions.&#160;&#160;However, in
order to obtain certainty for the Chile Fund&#8217;s proposed distribution policy and
distribution policies that may be adopted by other Funds in the future (each, a
&#8220;Plan&#8221;), in the absence of such an interpretation, Applicants hereby request an
Order pursuant to Section 6(c) of the Act (see below) granting an exemption from
Section 19(b) of the Act and Rule 19b-1 thereunder.&#160;&#160;The Order would
permit each Fund to make periodic capital gain dividends (as defined in Section
852(b)(3)(C) of the</font> </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 4 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Code), as
often as monthly in any one taxable year in respect of its common stock and as
often as specified by or determined in accordance with the terms thereof in
respect of its preferred stock, if any.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Although
Applicants do not currently contemplate implementing a Plan for any preferred
stock that may be authorized and issued in the future, the Funds may wish to do
so in the event of such future issuance.&#160;&#160;To retain this flexibility
and avoid having to seek additional exemptive relief in the future, Applicants
are requesting relief pursuant to Section 6(c) of the Act from the provisions of
Section 19(b) of the Act and Rule 19b-1 thereunder to permit a Fund to make
periodic long-term capital gains distributions (as described in Section
852(b)(3)(C) of the Code) on any series of its preferred stock.&#160;&#160;Such
distributions would be made as often as are specified in or pursuant to the
terms of such series so long as such Fund maintains in effect a Plan with regard
to such series of its preferred stock of a specific percentage of liquidation
preference of such series of preferred stock, whether such specified percentage
is determined at the time the preferred stock is initially issued, pursuant to
periodic remarketing or auctions or otherwise.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">On June
25, 2009, the Chile Fund Board adopted a Plan with respect to the Chile Fund&#8217;s
common stock (the &#8220;Chile Fund Plan&#8221;) as described in Section III of this
Application.&#160;&#160;At such meeting, the Chile Fund Board, including a
majority of the members who are not &#8220;interested persons&#8221; as defined in Section
2(a)(19) of the Act (&#8220;Independent Directors&#8221;), found that adoption of the Chile
Fund Plan was in the best interests of the Chile Fund&#8217;s common
stockholders.&#160;&#160;The purpose of the Chile Fund Plan is to permit the
Chile Fund to distribute over the course of each year an amount closely
approximating the total return of the Chile Fund during such
year.</font> </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 5 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font> &#160;The minimum annual distribution rate under the Chile Fund
Plan will be independent of the Chile Fund&#8217;s performance in any particular
period.&#160;&#160;Except for extraordinary distributions and except for
potential increases in the final period (final two periods in the case of
pay-out policies that pay more often than quarterly) in light of the Chile
Fund&#8217;s performance for the entire calendar year and to enable the Chile Fund to
comply with the distribution requirements of Subchapter M of the Code for the
calendar year, each distribution on the common stock would be at the stated rate
then in effect, subject to the ability of the Chile Fund Board to change the
distribution rate from time to time if it determines that such change is in the
best interests of the Chile Fund and its stockholders. </font></div>
      <div style="LINE-HEIGHT: 2">
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2; TEXT-ALIGN: left">
                <div style="LINE-HEIGHT: 2; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">III.&#160;&#160;</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Representations
      of the Applicants</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">At a
meeting of the Chile Fund Board held on June 24-25, 2009, the Chile Fund Board
considered the Chile Fund Plan, and the Chile Fund Board, including a majority
of the Independent Directors:</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">A.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Adopted
      the Chile Fund Plan to make periodic distributions in respect of the Chile
      Fund&#8217;s outstanding common stock, based upon a fixed percentage of the net
      asset value per share (&#8220;NAV&#8221;).&#160;&#160;The rate of distribution under
      the Chile Fund Plan was determined by the Chile Fund Board after
      consideration of circumstances then existing including, among other
      things, market conditions and the Chile Fund&#8217;s discount or premium
      relative to NAV;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">B.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Requested
      and evaluated, and Aberdeen furnished, such information as the Chile Fund
      Board believed was reasonably necessary for an informed determination that
      the Chile Fund Plan should be adopted and
    implemented;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 24px; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 24px; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">C.</font> </div>
              </td>
              <td width="1189" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Determined
      that adoption and implementation of the Chile Fund Plan was consistent
      with the Chile Fund&#8217;s investment objectives and policies and in the best
      interest of the Chile Fund and its stockholders after considering the
      information in Item B above, including, without limitation:&#160;&#160;(a)
      the purpose(s) of the Chile Fund Plan as stated above in Section
      II</font> </div>
              </td>
            </tr></table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 6 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">of this
Application; (b) any potential or actual conflicts of interest that Aberdeen,
any affiliated person of Aberdeen, or any other affiliated person of the Chile
Fund may have relating to the adoption or implementation of the Chile Fund Plan;
(c) whether the rate of distribution under the Chile Fund Plan will exceed the
Chile Fund&#8217;s expected total return (in relation to NAV); and (d) the reasonably
foreseeable material effects of the Chile Fund Plan on the Chile Fund&#8217;s
long-term total return (in relation to market price and
NAV).</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Prior to
implementing the Chile Fund Plan, the Chile Fund Board will adopt compliance
policies and procedures in accordance with Rule 38a-1 under the Act (the &#8220;19(a)
Monitoring Procedures&#8221;) that:</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">are
      reasonably designed to ensure that all notices required to be sent to the
      Chile Fund&#8217;s stockholders pursuant to Section 19(a) of the Act, Rule 19a-1
      thereunder and condition D below (each a &#8220;19(a) Notice&#8221;) include the
      disclosure required by Rule 19a-1 and by condition B.1 below, and that all
      other written communications by the Chile Fund or its agents, as described
      in condition C below, about the distributions under the Chile Fund Plan
      include the disclosure required by condition C as set forth under Section
      V (&#8220;Applicants&#8217; Conditions&#8221;)
below.</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">2.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">require
      the Chile Fund to keep records that demonstrate compliance with all of the
      conditions of the Order and that are necessary for the Chile Fund to form
      the basis for, or demonstrate the calculation of, the amounts disclosed in
      its 19(a) Notices.</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The information under
Paragraphs A through C above will be recorded along with the information that
the Chile Fund Board considered and the basis for its approval of the Chile Fund
Plan in the Chile Fund Board&#8217;s meeting minutes.&#160;&#160;The records of the
actions of the Chile </font>Fund</font> </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 7 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Board
will include its approval and adoption of the 19(a) Monitoring
Procedures.&#160;&#160;Such records must and will be made and preserved for a
period of not less than six years from the date of such meetings, the first two
years in an easily accessible place, or for such longer period as may otherwise
be required by law.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">In order
to rely on the Order, a Fund must satisfy each of the foregoing representations
except that such representations will be made in respect of actions by the Board
of such Fund and will be made at a future time, and except that the purpose of
its Plan may differ from the purpose of the Chile Fund Plan in that its Plan may
be to distribute a fixed amount or a fixed percentage of net asset value or NAV
without regard to the level of income, appreciation or total return of such Fund
over particular series of dividend periods or with regard to only one or a
combination of such elements over such period of
time.&#160;&#160;Notwithstanding the foregoing, under any such Plan such Fund
would expect that its distributions would correlate with its total return over
time.</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2; TEXT-ALIGN: left">
                <div style="LINE-HEIGHT: 2; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">IV.&#160;&#160;</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Justification
      for the Requested Relief</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Section
6(c) of the Act provides that the Commission may exempt any person or
transaction from any provision of the Act or any rule under the Act to the
extent that such exemption is necessary or appropriate in the public interest
and consistent with the protection of investors and the purposes fairly intended
by the policy and provisions of the Act.&#160;&#160;For the reasons set forth
below, Applicants submit that the requested exemption from Section 19(b) of the
Act and Rule 19b-1 thereunder would be consistent with the standards set forth
in Section 6(c) of the Act, and would be in the best interests of the Funds and
their stockholders.</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">1.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Stockholder
      Interests and Market
Perception</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Applicants
believe that, in general, the common stockholders of a Fund that would rely on
the Order are conservative, dividend sensitive investors who desire current
income</font> </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 8 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">periodically.&#160;&#160;Common
stock of a closed-end fund often trades in the marketplace at a discount to its
net asset value.&#160;&#160;In the view of the Applicants, the discount at which
a Fund&#8217;s common stock may trade may be reduced if such Fund, consistent with its
investment objectives and policies, is permitted to pay a level dividend with
respect to its common stock, which may require the payment of capital gain
dividends more frequently than is permitted under Rule 19b-1 in order to avoid a
return of capital.</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">2.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Each
      Fund&#8217;s stockholders would receive information sufficient to clearly inform
      them of the nature of the distributions they are
      receiving.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">One of
the concerns leading to the enactment of Section 19(b) and adoption of Rule
</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">19b-1 was that
stockholders might be unable to distinguish between frequent distributions of
capital gains and dividends from investment income.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0ew3ae">6</a></font></font></font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">However,
Rule 19a-1 under the Act effectively addresses this concern by requiring that
distributions (or the confirmation of the reinvestment thereof) estimated to be
sourced in part from capital gains or capital be accompanied by a separate
statement showing the sources of the distribution (<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">e</font>.<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">g</font>.,
estimated net income, net short-term capital gains, net long-term capital gains
and/or return of capital).&#160;&#160;The same information is included in the
Funds&#8217; annual reports to stockholders and on IRS Form 1099-DIV, which is sent to
each common and preferred stockholder who received distributions during a
particular year (including stockholders who have sold stock during the
year).</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">In
addition, each Fund will make the additional disclosures required by the
conditions set forth in Section V of this Application below, and the Funds have
adopted compliance policies and procedures in accordance with Rule 38a-1 under
the Act to ensure that all required 19(a)</font> </div>
      <div><br>
        <hr>
      </div>
      <div><a name="ref.ID0EW3AE">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">6</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Securities and Exchange Commission 1966 Report to Congress on Investment
      Company Growth (H.R. Rep. No. 2337, 89th Cong., 2d Sess. 190-95 (1966));
      S. Rep. No. 91-184, 91st Cong., 1st Sess. 29 (1969); H.R. Rep. No.
      91-1382, 91st Cong., 2d Sess. 29 (1970) (the
  &#8220;Report&#8221;).</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 9 of
29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Notices
and disclosures are sent to stockholders.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Section
19(a), Rule 19a-1, the Plan adopted by a Fund, the conditions in Section V
below, and the compliance policy and procedures ensure that each Fund&#8217;s
stockholders would be provided sufficient information to understand that
periodic distributions are not tied to the Fund&#8217;s net investment income (which
for this purpose is the Fund&#8217;s taxable income other than from capital gains) and
realized capital gains to date, and may not represent yield or investment
return.&#160;&#160;Further, compliance with each Fund&#8217;s compliance procedures
and condition C below will ensure that prospective stockholders and third
parties are provided with the same information.&#160;&#160;Accordingly,
continuing to subject the Funds to Section 19(b) and Rule 19b-1 would afford
stockholders no extra protection.&#160;&#160;In addition, the Funds will
undertake to request intermediaries to forward 19(a) Notices to their customers
and to reimburse them for the costs of forwarding.&#160;&#160;Such forwarding
may occur in any manner permitted by statute, rule, order or the
staff.</font> </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">3.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Rule
      19b-1, under certain circumstances, gives rise to improper influence on
      portfolio management decisions, with no offsetting benefit to
      stockholders.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Rule
19b-1, when applied to a periodic fixed distribution policy, actually gives rise
to one of the concerns that Rule 19b-1 was intended to avoid, <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">i.e.</font>,
inappropriate influence on portfolio management decisions.&#160;&#160;Funds that
pay long-term capital gain distributions only once per year in accordance with
Rule 19b-1 impose no pressure on management to realize long-term capital gains
at any time when purely investment considerations would not dictate doing
so.&#160;&#160;However, in the absence of an exemption from Rule 19b-1, periodic
distribution policies impose pressure on management (i) not to realize any net
long-term capital gains until the point in the year that the fund can pay all of
its remaining distributions in accordance with Rule 19b-1 and (ii) not to
realize any net long-term capital gains during any particular year in excess of
the amount of the aggregate pay-out for the year (since as a practical matter
excess gains must be distributed and</font> </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 10
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">accordingly
would not be available to satisfy pay-out requirements in following years),
notwithstanding that purely investment considerations might favor realization of
long-term capital gains at different times or in different
amounts.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">No
purpose would appear to be served by the distortion in the normal operation of a
Plan required in order to comply with Rule 19b-1.&#160;&#160;There is no reason
or logic in requiring any Fund that adopts a Plan either to retain (and pay
taxes on) long-term capital gains (with the resulting additional tax return
complexities for the Fund&#8217;s stockholders) or to avoid designating its
distributions as capital gain dividends for tax purposes (thereby avoiding a
Rule 19b-1 problem but providing distributions taxable at ordinary income rates
rather than the much lower long-term capital gain rates for non-corporate
stockholders and being required to pay income tax on the amount of such
income).&#160;&#160;The desirability of avoiding these anomalous results creates
pressure to limit the realization of long-term capital gains that otherwise
would be taken for purely investment considerations.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The Order
requested by the Applicants would minimize these anomalous effects of Rule 19b-1
by enabling the Funds to realize long-term capital gain as often as investment
considerations dictate without fear of violating Rule 19b-1.</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">4.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Other
      concerns leading to adoption of Rule 19b-1 are not
      applicable.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Another
concern that led to the enactment of Section 19(b) of the Act and adoption of
Rule 19b-1 was that frequent capital gain distributions could facilitate
improper fund sales practices, including, in particular, the practice of urging
an investor to purchase stocks of a fund on the basis of an upcoming capital
gain dividend (&#8220;selling the dividend&#8221;), where the dividend would result in an
immediate corresponding reduction in net asset value and is in effect a taxable
return of the investor&#8217;s capital.&#160;&#160;Applicants submit that this concern
should not apply to closed-end investment companies, such as the Funds, that do
not continuously distribute shares.</font> </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 11
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Furthermore,
if the underlying concern extends to secondary market purchases of stocks of a
Fund that are subject to a large upcoming capital gain dividend, adoption of a
Plan actually helps minimize the concern by avoiding, through periodic
distributions, any build-up of large end-of-the-year
distributions.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Applicants also submit
that the &#8220;selling the dividend&#8221; concern is not applicable to preferred stock,
which entitles a holder to no more than a specified periodic dividend at a fixed
rate, a rate determined by reference to an objective rate or index, or a rate
determined by the market, and, like a debt security, is priced based upon its
liquidation value, credit quality, dividend rate and frequency of
payment.&#160;&#160;Investors buy preferred stock for the purpose of receiving
specific payments at the frequency bargained for, and any application of Rule
19b-1 to preferred stock would be contrary to the expectation of
investors.&#160;&#160;There is also currently a tax rule that provides that any
loss realized by a shareholder upon sale of shares of a regulated investment
company which were held for six months or less be treated as a long-term capital
loss to the extent of any long-term capital gain paid on such shares, to avoid
the selling of dividends.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0eieag">7</a></font></font></font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">5.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Further
      Limitations of Rule 19b-1</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Subparagraphs
(a) and (f) of Rule 19b-1 limit the number of capital gain dividends, as
described in Section 852(b)(3)(C) of the Code (&#8220;capital gain dividends&#8221;), that
each Fund may make with respect to any one taxable year to one, plus one
additional capital gain dividend made in whole or in part to avoid the excise
tax under Section 4982 of the Code, plus a supplemental &#8220;clean-up&#8221; capital gain
dividend made pursuant to Section 855 of the Code not exceeding 10% of the total
amount distributed for the year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Applicants
assert that by limiting the number of capital gain dividends that a Fund
may</font></div>
      <div style="LINE-HEIGHT: 2"><br>
        <hr>
      </div>
      <div><a name="ref.ID0EIEAG">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">7</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">See</font> Section
      852(b)(4)(A) of the Code.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 12
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">make ith
respect to any one year, Rule 19b-1 may prevent the normal and efficient
operation of a periodic distribution plan whenever a Fund&#8217;s realized net
long-term capital gains in any year exceed the total of the periodic
distributions that may include such capital gains under the
Rule.&#160;&#160;Rule 19b-1 thus may force the fixed regular periodic
distributions to be funded with returns of capital<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.ID0ENHAG">8</a></font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#160;</font>(to
the extent net investment income and realized short term capital gains are
insufficient to fund the distribution), even though realized net long term
capital gains otherwise would be available.&#160;&#160;To distribute all of a
Fund&#8217;s long-term capital gains within the limits in Rule 19b-1, a Fund may be
required to make total distributions in excess of the annual amount called for
by its periodic distribution plan or to retain and pay taxes on the excess
amount.&#160;&#160;Applicants believe that the application of Rule 19b-1 to a
Fund&#8217;s periodic distribution plan may create pressure to limit the realization
of long-term capital gains based on considerations unrelated to investment
goals.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Revenue
Ruling 89-81 under the Code requires that a fund that seeks to qualify as a
regulated investment company under the Code and that has both common stock and
preferred stock outstanding designate the types of income, <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">e.g.</font>,
investment income and capital gains, in the same proportion as the total
distributions distributed to each class for the tax year. To satisfy the
proportionate designation requirements of Revenue Ruling 89-81, whenever a fund
has realized a long term capital gain with respect to a given tax year, the fund
must designate the required proportionate share of such capital gain to be
included in common and preferred stock dividends. Although Rule 19b-1 allows a
fund some flexibility with respect to the frequency of capital gains
distributions, a fund might use all of the exceptions available under Rule 19b-1
for a tax year and still need to distribute additional capital gains allocated
to the preferred stock to comply with</font></div>
      <div><br>
        <hr>
      </div>
      <div><a name="ref.ID0ENHAG">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">8</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
      would be returns of capital for financial accounting purposes and not for
      tax accounting purposes.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 13
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Reveue
Ruling 89-81.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
potential abuses addressed by Section 19(b) and Rule 19b-1 do not arise with
respect to preferred stock issued by a closed-end fund.&#160;&#160;Such
distributions are either fixed or are determined in periodic auctions by
reference to short-term interest rates rather than by reference to performance
of the issuer, and Revenue Ruling 89-81 determines the proportion of such
distributions that are comprised of the long-term capital gains.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
proposed Order will assist the Funds in avoiding these Rule 19b-1
problems.</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">6.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">General</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
relief requested&#8212;to permit periodic distributions of capital gain dividends as
often as monthly in respect of common stock and in respect of preferred stock,
if any, as often as specified in its terms&#8212;could provide the Funds with
flexibility in meeting potential investor interest in particular kinds of funds
in receiving more frequent distributions.&#160;&#160;By reducing the amount of
individual periodic distributions even further, implementation of the additional
relief would actually ameliorate the concerns that gave rise to Section 19(b)
and Rule 19b-1 and help avoid the &#8220;selling of dividends&#8221; problem, which Section
19(b) and Rule 19b-1 are not effective in preventing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
potential issues under Rule 19b-1 are basically not relevant to distributions on
preferred stock.&#160;&#160;Not only are such distributions fixed or determined
in periodic auctions or remarketings by reference to short-term interest rates
rather than by reference to performance of the issuer but also the long-term
capital gain component is mandated by the Internal Revenue Service to be the
same proportion as the proportion of long-term gain dividends bears to the total
distributions in respect of the common stock and consequently the long-term gain
component cannot even be known until the last dividend of the
year.&#160;&#160;In these circumstance it would be very difficult for any of the
potential abuses reflected in Rule 19b-1&#8217;s restrictions to
occur.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 14
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">In
summary, Rule 19b-1 in the circumstances referred to above distorts the
effective and proper functioning of a Fund&#8217;s Plan and gives rise to the very
pressures on portfolio management decisions that Rule 19b-1 was intended to
avoid.&#160;&#160;These distortions forced by Rule 19b-1 would appear to serve
no purpose and are not in the best interests of stockholders.&#160;&#160;The
Board believes that obtaining the exemptive relief requested is in the best
interests of the Fund&#8217;s stockholders.</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">V.&#160;&#160;</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Applicants&#8217;
      Conditions</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Applicants
agree that any order of the Commission granting the requested relief will be
subject to the following conditions:</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">A.&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Compliance
      Review and Reporting</font>.&#160;&#160;The Fund&#8217;s chief compliance
      officer will:</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">report
      to the Board, no less frequently than once every three months or at the
      next regularly scheduled quarterly Board meeting,
      whether:</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 54pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(a)</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">the
      Fund and its Adviser have complied with the conditions of the Order
      and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 54pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(b)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">a
      material compliance matter (as defined in Rule 38a-1(e)(2) under the Act)
      has occurred with respect to such conditions;
  and</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2" align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td width="0%" style="WIDTH: 51px; LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="0%" style="WIDTH: 21px; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">2.</font></div>
              </td>
              <td width="1165" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;&#160;review
      the adequacy of the policies and procedures adopted by the Board no less
      frequently than annually.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">B.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Disclosures
      to Fund Stockholders.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Each
      19(a) Notice disseminated to the holders of the Fund&#8217;s common stock, in
      addition to the information required by Section 19(a) and Rule
      19a-1:</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 54pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(a)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Will
      provide, in a tabular or graphical
format:</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">the
      amount of the distribution, on a per common stock basis, together with the
      amounts of such distribution amount, on a per common stock basis and as a
      percentage of such distribution amount, from estimated: (A)
      net</font></div>
              </td>
            </tr></table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 15
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 18pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">investment
income; (B) net realized short-term capital gains; (C) net realized long-term
capital gains; and (D) return of capital or other capital source;</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">the
      fiscal year-to-date cumulative amount of distributions, on a per common
      stock basis, together with the amounts of such cumulative amount, on a per
      common stock basis and as a percentage of such cumulative amount of
      distributions, from estimated: (A) net investment income; (B) net realized
      short-term capital gains; (C) net realized long-term capital gains; and
      (D) return of capital or other capital
source;</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(3)</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">the
      average annual total return in relation to the change in NAV for the
      5-year period (or, if the Fund&#8217;s history of operations is less than five
      years, the time period commencing immediately following the Fund&#8217;s first
      public offering) ending on the last day of the month ended immediately
      prior to the most recent distribution record date compared to the current
      fiscal period&#8217;s annualized distribution rate expressed as a percentage of
      NAV as of the last day of the month prior to the most recent distribution
      record date; and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(4)</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">the
      cumulative total return in relation to the change in NAV from the last
      completed fiscal year to the last day of the month prior to the most
      recent distribution record date compared to the fiscal
      year-to-date-cumulative distribution rate expressed as a percentage of NAV
      as of the last day of the month prior to the most recent distribution
      record date;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 14.4pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Such
disclosure shall be made in a type size at least as large and as prominent as
the estimate of the sources of the current distribution; and</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 16
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 14.4pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;
Will include the following disclosure:</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#8220;You
      should not draw any conclusions about the Fund&#8217;s investment performance
      from the amount of this distribution or from the terms of the Fund&#8217;s
      Plan&#8221;;</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#8220;The
      Fund estimates that it has distributed more than its income and capital
      gains; therefore, a portion of your distribution may be a return of
      capital.&#160;&#160;A return of capital may occur, for example, when some
      or all of the money that you invested in the Fund is paid back to
      you.&#160;&#160;A return of capital distribution does not necessarily
      reflect the Fund&#8217;s investment performance and should not be confused with
      &#8216;yield&#8217; or &#8216;income&#8217;&#8221;;<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.ID0EGZAG">9</a></font>
and</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(3)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#8220;The
      amounts and sources of distributions reported in this 19(a) Notice are
      only estimates and are not being provided for tax reporting
      purposes.&#160;&#160;The actual amounts and sources of the amounts for tax
      reporting purposes will depend upon the Fund&#8217;s investment experience
      during the remainder of its fiscal year and may be subject to changes
      based on tax regulations.&#160;&#160;The Fund will send you a Form
      1099-DIV for the calendar year that will tell you how to report these
      distributions for federal income tax
purposes.&#8221;</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 18pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Such
disclosure shall be made in a type size at least as large as and as prominent as
any other information in the 19(a) Notice and placed on the same page in close
proximity to the amount and the sources of the distribution;</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 60px; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 35px; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(c)</font> </div>
              </td>
              <td width="1142" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">On
      the inside front cover of each report to stockholders under Rule 30e-1
      under the Act, the Fund
will:</font> </div>
              </td>
            </tr></table>
      </div>
      <div><br>
        <hr>
      </div>
      <div><a name="ref.ID0EGZAG">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">9</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      disclosure in this condition B.1(b)(2) will be included only if the
      current distribution or the fiscal year-to-date cumulative distributions
      are estimated to include a return of
capital.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 17
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 18pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(1)&#160;describe
the terms of the Plan (including the fixed amount or fixed percentage of the
distributions and the frequency of the distributions);</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">include
      the disclosure required by condition B.1(b)(1)
  above;</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(3)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">state,
      if applicable, that the Plan provides that the Board may amend or
      terminate the Plan at any time without prior notice to Fund stockholders;
      and</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(4)</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">describe
      any reasonably foreseeable circumstances that might cause the Fund to
      terminate the Plan and any reasonably foreseeable consequences of such
      termination; and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2" align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td width="0%" style="WIDTH: 59px; LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="0%" style="WIDTH: 37px; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font color="#ff00ff">(d)</font></font></div>
              </td>
              <td width="1141" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Each
      report provided to stockholders under Rule 30e-1 under the Act and each
      prospectus filed with the Commission on Form N-2 under the Act, will
      provide the Fund&#8217;s total return in relation to changes in NAV in the
      financial highlights table and in any discussion about the Fund&#8217;s total
      return.</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">C.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Disclosure
      to Stockholders, Prospective Stockholders and Third
      Parties.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 48px; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 21px; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.</font> </div>
              </td>
              <td width="1168" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      Fund will include the information contained in the relevant 19(a) Notice,
      including the disclosure required by condition B.1(b) above, in any
      written communication (other than a communication on Form 1099) about the
      Plan or distributions under the Plan by the Fund, or agents that the Fund
      has authorized to make such communication on the Fund&#8217;s behalf, to any
      Fund common stockholder, prospective common stockholder or third-party
      information provider;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 47px">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 21px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">2.</font> </div>
              </td>
              <td width="1169">
                <div align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      Fund will issue, contemporaneously with the issuance of any 19(a) Notice,
      a press release containing the information in the 19(a) Notice and file
      with the</font> </div>
              </td>
            </tr></table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 18
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 7.2pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Commission
the information contained in such 19(a) Notice, including the disclosure
required by condition B.1(b) above, as an exhibit to its next filed Form N-CSR;
and</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 54pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">3.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      Fund will post prominently a statement on its (or its Adviser&#8217;s) Website
      containing the information in each 19(a) Notice, including the disclosure
      required by condition B.1(b) above, and maintain such information on such
      Website for at least 24
months.</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">D.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Delivery
      of 19(a) Notices to Beneficial
  Owners</font>.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 14.4pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">If a
broker, dealer, bank or other person (&#8220;Financial Intermediary&#8221;) holds common
stock issued by the Fund in nominee name, or otherwise, on behalf of a
beneficial owner, the Fund:</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">will
      request that the Financial Intermediary, or its agent, forward the 19(a)
      Notice to all beneficial owners of the Fund&#8217;s stocks held through such
      Financial Intermediary;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">2.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">will
      provide, in a timely manner, to the Financial Intermediary, or its agent,
      enough copies of the 19(a) Notice assembled in the form and at the place
      that the Financial Intermediary, or its agent, reasonably requests to
      facilitate the Financial Intermediary&#8217;s sending of the 19(a) Notice to
      each beneficial owner of the Fund&#8217;s stocks;
  and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">3.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">upon
      the request of any Financial Intermediary, or its agent, that receives
      copies of the 19(a) Notice, will pay the Financial Intermediary, or its
      agent, the reasonable expenses of sending the 19(a) Notice to such
      beneficial owners.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">E.</font> </div>
              </td>
              <td>
                <div align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Additional
      Board Determination for Funds Whose Common Stock Trades at a
      Premium</font>.</font></font> </div>
              </td>
            </tr></table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 19
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">If:</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      Fund&#8217;s common stock has traded on the stock exchange on which it primarily
      trades at the time in question at an average premium to NAV equal to or
      greater than 10%, as determined on the basis of the average of the
      discount or premium to NAV of the Fund&#8217;s common stock as of the close of
      each trading day over a 12-week rolling period (each such 12-week rolling
      period ending on the last trading day of each week);
      and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">2.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      Fund&#8217;s annualized distribution rate for such 12-week rolling period,
      expressed as a percentage of NAV as of the ending date of such 12-week
      rolling period, is greater than the Fund&#8217;s average annual total return in
      relation to the change in NAV over the 2-year period ending on the last
      day of such 12-week rolling
period;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">then:</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 54pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(a)</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">At
      the earlier of the next regularly scheduled meeting or within four months
      of the last day of such 12-week rolling period, the Board including a
      majority of the Independent
Directors:</font></div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(1)</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">will
      request and evaluate, and the Fund&#8217;s Adviser will furnish, such
      information as may be reasonably necessary to make an informed
      determination of whether the Plan should be continued or continued after
      amendment;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(2)</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">will
      determine whether continuation, or continuation after amendment, of the
      Plan is consistent with the Fund&#8217;s investment objective(s) and policies
      and is in the best interests of the Fund and its stockholders,
      after</font> </div>
              </td>
            </tr></table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 20
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 120px">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td width="1117" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">considering
      the information in condition E.2(a)(1) above; including, without
      limitation: (A) whether the Plan is accomplishing its purpose(s); (B) the
      reasonably foreseeable material effects of the Plan on the Fund&#8217;s
      long-term total return in relation to the market price and NAV of the
      Fund&#8217;s common stock; and (C) the Fund&#8217;s current distribution rate, as
      described in condition E.2 above, compared with the Fund&#8217;s average annual
      taxable income or total return over the 2-year period, as described in
      condition E.2, or such longer period as the Board deems appropriate;
      and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 72pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">( 3) </font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">based
      upon that determination, will approve or disapprove the continuation, or
      continuation after amendment, of the Plan;
  and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 54pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(b)</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      Board will record the information it considers, including its
      consideration of the factors listed in condition E.2(a)(2) above, and the
      basis for its approval or disapproval of the continuation, or continuation
      after amendment, of the Plan in its meeting minutes, which must be made
      and preserved for a period of not less than six years from the date of
      such meeting, the first two years in an easily accessible
      place.</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">F.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Public
      Offerings</font>.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The Fund
will not make a public offering of the Fund&#8217;s common stock other
than:</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">a
      rights offering below NAV to holders of the Fund&#8217;s common
      stock;</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font> </div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">2.</font> </div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">an
      offering in connection with a dividend reinvestment plan, merger,
      consolidation, acquisition, spin-off or reorganization of the Fund;
      or</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">3.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">an
      offering other than an offering described in conditions F.1 and F.2 above,
      provided</font></div>
              </td>
            </tr></table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 21
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">that,
with respect to such other offering:</font></div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 70px; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 25px; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(a)</font> </div>
              </td>
              <td width="1142" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">the
      Fund&#8217;s annualized distribution rate for the six months ending on the last
      day of the month ended immediately prior to the most recent distribution
      declaration date,<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0eysbg">10</a></font> expressed as a percentage of NAV per
      share as of such date, is no more than 1 percentage point greater than the
      Fund&#8217;s average annual total return for the 5-year period ending on such
      date;<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0e1tbg">11</a></font>
and</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2" align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td width="0%" style="WIDTH: 72px; LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font> </td>
              <td width="0%" style="WIDTH: 24px; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(b)</font> </div>
              </td>
              <td width="1141" style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">the
      transmittal letter accompanying any registration statement filed with the
      Commission in connection with such offering discloses that the Fund has
      received an order under Section 19(b) to permit it to make periodic
      distributions of long-term capital gains with respect to its common stock
      as frequently as twelve times each year, and as frequently as
      distributions are specified by or determined in accordance with the terms
      of any outstanding preferred stock as such Fund may
      issue.</font> </div>
              </td>
            </tr></table>
      </div>
      <div style="LINE-HEIGHT: 2">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt; LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">G.</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendments
      to Rule 19b-1.</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 3.6pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
requested order will expire on the effective date of any amendments to Rule
19b-1 that provide relief permitting certain closed-end investment companies to
make periodic distributions of long-term capital gains with respect to their
outstanding common stock as frequently as twelve times each
year.</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">VI.&#160;&#160;</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Applicable
      Precedent</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
Commission has granted or proposed granting relief substantially the same as
that sought by this Application on several occasions.&#160;&#160;In <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">ING
Clarion Real Estate Income Fund,</font> et</font> </div>
      <div><br>
        <hr>
      </div>
      <div><a name="ref.ID0EYSBG">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">10</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      a Fund has been in operation fewer than six months, the measured period
      will begin immediately following the Fund&#8217;s first public
      offering.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div><a name="ref.ID0E1TBG">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">11</font></font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      a Fund has been in operation fewer than five years, the measured period
      will begin immediately following the Fund&#8217;s first public
      offering.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 22
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">al.,
Release Nos. IC-28329 (July 8, 2008) (notice of application) and IC-28352
(August 5, 2008) (order), the Commission granted relief permitting a family of
closed-end management investment companies to make periodic capital gain
dividends (as defined in Section 852(b)(3)(C) of the Code) as often as monthly
in any one taxable year in respect of their common stock and as often as
specified by or determined in accordance with the terms thereof in respect of
their preferred stock.&#160;&#160;Similar relief was granted in <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">The
Mexico Fund Inc.,</font> et al., Release Nos. IC-28332 (July 17, 2008) (notice
of application) and IC-28357 (August 12, 2008) (order), <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Cohen
&amp; Steers Advantage Income Realty Fund, Inc.,</font> et al., Release Nos.
IC-28341 (July 24, 2008) (notice of application) and IC-28358 (August 19, 2008)
(order), <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">DNP
Select Income&#160;&#160;Fund,</font> et al., Release Nos. IC-28348 (July 31,
2008) (notice of application) and IC-28368 (August 26, 2008) (order), <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Macquarie
Global Infrastructure Total Return Fund Inc.</font>, et al., Release Nos.
IC-28579 (January 6, 2009) (notice of application) and IC-28611 (February 3,
2009) (order), <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Eaton
Vance Enhanced Equity Income Fund</font>, et al., Release Nos. IC-28616
(February 10, 2009) (notice of application) and IC-28643 (March 10, 2009)
(order), <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">BlackRock
International Growth and Income Trust</font>, et al., Release Nos. IC-28690
(April 7, 2009) (notice of application) and IC-28719 (May 5, 2009) (order) and
<font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Neuberger
Berman Management LLC</font>, et al. Release Nos. 1C-28945 (October 14, 2009)
(notice of application) and 1C-28994 (November 10, 2009)
(order).</font> </div>
      <div style="LINE-HEIGHT: 2">
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 2; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 2;">
              <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 2">
                <div style="LINE-HEIGHT: 2"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">VII.&#160;&#160;</font></div>
              </td>
              <td style="LINE-HEIGHT: 2">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Procedural
      Compliance</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The Chile
Fund Board has adopted the following resolution authorizing the execution and
filing of this Application.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 78pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">RESOLVED,
that the officers of the Fund be, and each of them acting singly hereby is
authorized, in the name and on behalf of the Fund, to prepare, execute and file
with the Securities and Exchange Commission an application or applications and
any exhibits and amendments thereto (the &#8220;Application&#8221;) for the Fund pursuant to
Section 6(c) of the</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 23
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 78pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Investment
Company Act of 1940 (the &#8220;Act&#8221;) for an order granting exemptions from the
provisions of Section 19(b) of and Rule 19b-1 under the Act, permitting the Fund
to make as many capital gains distributions in any taxable year as may be
necessary for the Fund to implement its managed, fixed distribution policy, and
any other sections of the Act and the Rules thereunder, as any such officer of
the Fund, upon the advice of counsel, shall deem necessary or appropriate to
conduct the Fund&#8217;s business.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 78pt" align="justify"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">FURTHER
RESOLVED, that the officers of the Fund be, and each of them acting singly
hereby is, authorized to execute and cause to be filed the Application and to
take such further actions and execute and file such further amendments or other
documents as may be necessary, desirable or appropriate to the implementation
and performance of the preceding resolution and the matters contemplated
therein, in consultation with counsel, their execution thereof to be conclusive
evidence of such approval.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Pursuant
to Rule 0-2(c) under the Act, each Applicant hereby states that the person
signing and filing this Application on its behalf is fully authorized to do so,
that under the provisions of the Articles of Incorporation, By-Laws or similar
governing documents, as applicable, of such Applicant, responsibility for the
management of the affairs of such Applicant is vested in its board of directors
or its officers, as the case may be, and that such Applicant has complied with
all requirements for the execution and filing of this Application in its name
and on its behalf.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">These
verifications required by Rule 0-2(d) are attached to this Application as
Exhibits A and B.</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
to Rule 0-2(f) under the Act, the Applicants further state that:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="FONT-SIZE: 12pt; MARGIN-LEFT: 36pt; FONT-FAMILY: Times New Roman"></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;The
address of each of the Applicants is as follows:</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The Chile
Fund, Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">c/o
Aberdeen Asset Management Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1735
Market Street 32nd Floor</font> </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Philadelphia,
PA 19103</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Aberdeen
Asset Management Investment Services Limited</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 24
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">One Bow
Churchyard</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">London&#160;&#160;EC4M
9HH</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(b)</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Any
      questions regarding this Application should be directed
  to:</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Rose F.
DiMartino</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Willkie
Farr &amp; Gallagher LLP</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">787
Seventh Avenue</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">New York,
NY 10019-6099</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(212)
728-8215</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">VIII.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Conclusion</font></font></div>
              </td>
            </tr></table>
      </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; LINE-HEIGHT: 2; MARGIN-RIGHT: 10.8pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">On the
basis of the foregoing, the Applicants respectfully request that the Commission
enter an order pursuant to Section 6(c) of the Act exempting the Funds from the
provisions of Section 19(b) of the Act and Rule 19b-1 thereunder to permit each
Fund (i) to make capital gain dividends on its common stock as frequently as
once per month so long as it complies with the conditions of the Order and
maintains in effect a Plan with respect to its common stock calling for periodic
distributions of an amount equal to at least a fixed percentage of such Fund&#8217;s
net asset value or market price per common stock or equal to at least a fixed
dollar amount, and (ii) to make capital gain dividends on any series of its
preferred stock, if any, as frequently as specified by or pursuant to the terms
of such series so long as it complies with the conditions of the Order and so
long as such distributions are a specified percentage of the liquidation
preference of such series of preferred stock, whether such specified percentage
is determined at the time such preferred stock is initially issued, pursuant to
periodic remarketings or auctions or otherwise.</font> </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 25
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 401pt; TEXT-INDENT: 198pt; MARGIN-RIGHT: 10.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 401pt; TEXT-INDENT: 198pt; MARGIN-RIGHT: 10.8pt" align="left"><font size="3">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 446pt; TEXT-INDENT: 198pt; MARGIN-RIGHT: 10.8pt" align="left"><br>&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" colspan="2" valign="top" width="39%">
                  <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>
                </td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
                </td>
                <td align="left" valign="top" width="36%">
                  <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; TEXT-DECORATION: underline"><font style="DISPLAY: inline">/s/ Lucia Sitar</font></font></div>
                </td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%">
                  <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">Name</font></div>
                </td>
                <td align="left" valign="top" width="36%">
                  <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">Lucia
      Sitar</font></div>
                </td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%">
                  <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">Title:</font></div>
                </td>
                <td align="left" valign="top" width="36%">
                  <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">Vice
      President</font></div>
                </td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" colspan="2" valign="top" width="39%">
                  <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">ABERDEEN
      ASSET MANAGEMENT</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">&#160;&#160;INVESTMENT
      SERVICES LIMITED</font></div>
                </td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
                </td>
                <td align="left" valign="top" width="36%">
                  <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; TEXT-DECORATION: underline"><font style="DISPLAY: inline">/s/ Ken Fry</font></font></div>
                </td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%">
                  <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">Name</font></div>
                </td>
                <td align="left" valign="top" width="36%">
                  <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">Ken
      Fry</font></div>
                </td>
              </tr><tr>
                <td valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="3%">
                  <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">Title:</font></div>
                </td>
                <td align="left" valign="top" width="36%">
                  <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">Authorised
      Signatory</font></div>
                </td>
              </tr></table>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 28.8pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Dated:&#160;&#160;December
      3, 2009</font> </div>
              </td>
            </tr></table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 26
of 29</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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INDEX</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: 12pt; FONT-FAMILY: times new roman">Verification
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of 29</font></div>
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</font></div>
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A</font></div>
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CHILE FUND, INC.</font></div>
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undersigned states that she has duly executed the attached Application, dated
December 3, 2009, for and on behalf of The Chile Fund, Inc.; that she is the
Vice President of The Chile Fund, Inc.; and that all action by the stockholders,
directors and other bodies of such Applicant necessary to authorize the
undersigned to execute and file such Application has been taken.&#160;&#160;The
undersigned further states that she is familiar with such Application, and the
contents thereof, and that the facts therein set forth are true to the best of
her knowledge, information and belief.</font> </div>
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<tr>
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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: 12pt; FONT-FAMILY: times new roman">/s/
      Lucia Sitar</font></div>
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              <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
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of 29</font></div>
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B</font></div>
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ASSET MANAGEMENT INVESTMENT SERVICES LIMITED</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
undersigned states that he has duly executed the attached Application, dated
December 3, 2009, for and on behalf of Aberdeen Asset Management Investment
Services Limited; that he is an authorized signatory of Aberdeen Asset
Management Investment Services Limited and that all action necessary to
authorize the undersigned to execute and file such Application has been
taken.&#160;&#160;The undersigned further states that he is familiar with such
Application, and the contents thereof, and that the facts therein set forth are
true to the best of his knowledge, information and belief.</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: 12pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">/s/
      Ken Fry</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: 12pt; FONT-FAMILY: times new roman">Ken
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              <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
