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<SEC-DOCUMENT>0000943663-08-000559.txt : 20081113
<SEC-HEADER>0000943663-08-000559.hdr.sgml : 20081113
<ACCEPTANCE-DATETIME>20081113170552
ACCESSION NUMBER:		0000943663-08-000559
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20081113
DATE AS OF CHANGE:		20081113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN AUSTRALIA EQUITY FUND INC
		CENTRAL INDEX KEY:			0000779336
		IRS NUMBER:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		081185751

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		2129688800

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>posamino21.htm
<DESCRIPTION>POST EFFECTIVE AMENDMENT NO. 21
<TEXT>
<html>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">As filed with the Securities and Exchange Commission on November 13, 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">File No. 811-04438</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Washington, D.C. 20549</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">FORM N-2</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Registration Statement Under the Investment Company Act of 1940</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Amendment No. 21</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Exact name of Registrant as Specified in Charter)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">800 Scudders Mill Road</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Plainsboro, New Jersey 08536</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Address of Principal Executive Offices)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Registrant&rsquo;s telephone number, including Area Code: (866) 839-5205</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Mr. Vincent Esposito</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Aberdeen Asset Management Inc.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">1735 Market Street, 37<sup>th</sup> Floor</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Philadelphia, PA 19103</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Name and Address of Agent for Service)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Copies to:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Sander M. Bieber, Esq.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Dechert LLP</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">1775 I Street, NW</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Washington, DC 20006</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">This amendment is being filed solely to file exhibits&nbsp;to this Registration Statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">PART C</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Registrant&rsquo;s Amended and Restated By-Laws, adopted by the Registrant&rsquo;s Board of Directors as of December 12, 2007, filed herewith as Exhibit (b)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Amendment to Administration Agreement between the Registrant and Aberdeen Asset Management Inc., dated November 1, 2007, filed herewith as Exhibit (k)(9)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Form ADV, Non-Resident Investment Adviser Execution Page for Registrant&rsquo;s Investment Adviser executed on April 8, 2008, filed herewith as Exhibit (m)(1)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Form ADV, Non-Resident Investment Adviser Execution Page for Registrant&rsquo;s Investment Manager executed on November 5, 2008, filed herewith as Exhibit (m)(2)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Code of Ethics for Investment Manager and Investment Adviser, as of January 1, 2008, filed herewith as Exhibit (r)(2)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Sarbanes-Oxley Code of Ethics for Registrant, dated December 9, 2004, filed herewith as Exhibit (r)(3)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SIGNATURES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Amendment No. 21 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the District of Columbia, on the 13<sup>th</sup> day of November, 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="398">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="398">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Vincent Esposito</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="398">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><i><font size="2">President</font></i></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="398">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">By:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="398">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Victoria M. Szybillo</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="398">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Victoria M. Szybillo</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="240">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="398">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">as Attorney-in-Fact for Vincent Esposito</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">* Pursuant to a power of attorney filed herewith.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">POWER OF ATTORNEY</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned Director or Officer constitutes and appoints Jennifer Nichols, Lucia Sitar, Sander M. Bieber, David J. Harris, David M. Geffen, Brian S. Vargo, Victoria M. Szybillo, and Karl Paulson Egbert, and each of them, as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact
            in such attorney-in-fact&rsquo;s name, place, and stead, in any and all capacities, to sign any and all registration statements, exemptive applications, no-action letter requests and other regulatory filings made applicable to</font> <b><font size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC.</font></b> <font size="2">(the &ldquo;Fund&rdquo;), and any amendments, exhibits, or supplements thereto, and to file and/or withdraw the same, with all other documents in connection therewith, with
            the U.S. Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person in his or her capacity as a Director or Officer of the Fund, hereby ratifying and confirming all that each said attorney-in-fact and agent, or
            his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">This Power of Attorney may be signed in one or more counterparts, each of which shall constitute an original, and all of which together shall constitute one and the same instrument.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">IN WITNESS WHEREOF, the undersigned have duly executed this Power of Attorney on the date indicated below.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="639" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="191">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Name</font></b></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="232">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Title</font></b></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="168">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Date</font></b></u></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="191">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="232">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="168">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="191">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">/s/ Vincent Esposito</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="232">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">President</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="168">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">June 11, 2008</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="191">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Vincent Esposito</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="232">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="168">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">EXHIBIT INDEX</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="237" border="0">
                    <tr>
                        <td valign="top" nowrap width="144">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><font size="2">Exhibit</font></u></p>
                        </td>

                        <td valign="top" nowrap width="93">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><font size="2">Description</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(b)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="535">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Registrant&rsquo;s Amended and Restated By-Laws, adopted by the Registrant&rsquo;s Board of Directors as of December 12, 2007</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(k)(9)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="535">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Amendment to Administration Agreement between the Registrant and Aberdeen Asset Management Inc., dated November 1, 2007</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(m)(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="535">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Form ADV, Non-Resident Investment Adviser Execution Page for Registrant&rsquo;s Investment Adviser executed on April 8, 2008</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(m)(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="535">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Form ADV, Non-Resident Investment Adviser Execution Page for Registrant&rsquo;s Investment Manager executed on November 5, 2008</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(r)(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="535">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Code of Ethics for Investment Manager and Investment Advisor, as of January 1, 2008</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="63">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(r)(3)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="535">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Sarbanes-Oxley Code of Ethics for Registrant, dated December 9, 2004</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2B
<SEQUENCE>2
<FILENAME>posamiexb.htm
<DESCRIPTION>AMENDED AND RESTATED BYLAWS
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body>
        <div style="WIDTH: 600px">
            <br>

            <p align="right"><font face="Times New Roman, Times, Serif" size="2">Exhibit (b)</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">A Maryland Corporation</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">BYLAWS</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">Amended and Restated</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">as of December 12, 2007</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>TABLE OF CONTENTS</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="15%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="76%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">PAGE</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="left" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a1"><font face="Times New Roman, Times, Serif" size="2">ARTICLE I</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a1"><font face="Times New Roman, Times, Serif" size="2">NAME OF CORPORATION, LOCATION OF OFFICES AND SEAL</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a2">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a2"><font face="Times New Roman, Times, Serif" size="2">Name</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a3">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a3"><font face="Times New Roman, Times, Serif" size="2">Principal Offices</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a4">Section 3.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a4"><font face="Times New Roman, Times, Serif" size="2">Seal</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a5"><font face="Times New Roman, Times, Serif" size="2">ARTICLE II</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a5"><font face="Times New Roman, Times, Serif" size="2">STOCKHOLDERS</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a6">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a6"><font face="Times New Roman, Times, Serif" size="2">Place of Meeting</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a7">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a7"><font face="Times New Roman, Times, Serif" size="2">Annual Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a8">Section 3.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a8"><font face="Times New Roman, Times, Serif" size="2">Special Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a9"><font face="Times New Roman, Times, Serif" size="2"><b>(a)</b> General</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a10"><font face="Times New Roman, Times, Serif" size="2"><b>(b)</b> Stockholder Requested Special Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a11">Section 4.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a11"><font face="Times New Roman, Times, Serif" size="2">Notice of Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a12">Section 5.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a12"><font face="Times New Roman, Times, Serif" size="2">Quorum; Adjournment of Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a13">Section 6.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a13"><font face="Times New Roman, Times, Serif" size="2">Voting and Inspector</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">8</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a14">Section 7.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a14"><font face="Times New Roman, Times, Serif" size="2">Stockholders Entitled to Vote</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a15">Section 8.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a15"><font face="Times New Roman, Times, Serif" size="2">Validity of Proxies, Ballots</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a16">Section 9.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a16"><font face="Times New Roman, Times, Serif" size="2">Organization and Conduct of Stockholders&rsquo; Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">10</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a17">Section 10.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a17"><font face="Times New Roman, Times, Serif" size="2">Action Without a Meeting</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">11</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a18">Section 11.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a18"><font face="Times New Roman, Times, Serif" size="2">Advance Notice of Stockholder Nominations for Director<br>
                        and Other Stockholder Proposals</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">11</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a19"><font face="Times New Roman, Times, Serif" size="2"><b>(a)</b> Annual Meetings of Stockholders</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">11</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a20"><font face="Times New Roman, Times, Serif" size="2"><b>(b)</b> Special Meetings of Stockholders</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">14</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a21"><font face="Times New Roman, Times, Serif" size="2"><b>(c)</b> General</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">15</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a22">Section 12.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a22"><font face="Times New Roman, Times, Serif" size="2">Maryland Control Share Acquisition Act</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">17</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a23">Section 12A.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a23"><font face="Times New Roman, Times, Serif" size="2">Maryland Control Share Acquisition Act - Limitation</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">17</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a24"><font face="Times New Roman, Times, Serif" size="2">ARTICLE III</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a24"><font face="Times New Roman, Times, Serif" size="2">BOARD OF DIRECTORS</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">18</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a25">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a25"><font face="Times New Roman, Times, Serif" size="2">Powers</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">18</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a26">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a26"><font face="Times New Roman, Times, Serif" size="2">Terms of Directors: Qualifications</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">19</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a27"><font face="Times New Roman, Times, Serif" size="2"><b>(a)</b> Terms of Directors</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">19</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a28"><font face="Times New Roman, Times, Serif" size="2"><b>(b)</b> Qualifications</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">19</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a29">Section 3.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a29"><font face="Times New Roman, Times, Serif" size="2">Election</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">21</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a30">Section 4.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a30"><font face="Times New Roman, Times, Serif" size="2">Vacancies and Newly Created Directorships</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">22</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a31">Section 5.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a31"><font face="Times New Roman, Times, Serif" size="2">Removal</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">22</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a32">Section 6.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a32"><font face="Times New Roman, Times, Serif" size="2">Place of Meeting</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">23</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a33">Section 7.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a33"><font face="Times New Roman, Times, Serif" size="2">Annual and Regular Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">23</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a34">Section 8.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a34"><font face="Times New Roman, Times, Serif" size="2">Special Meetings</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">24</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="15%">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="76%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a35">Section 9.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a35"><font face="Times New Roman, Times, Serif" size="2">Waiver of Notice</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">24</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a36">Section 10.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a36"><font face="Times New Roman, Times, Serif" size="2">Quorum and Voting</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">24</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a37"><font face="Times New Roman, Times, Serif" size="2"><b>(a)</b> General</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">24</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a38"><font face="Times New Roman, Times, Serif" size="2"><b>(b)</b> Votes on Certain Matters</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">24</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a39"><font face="Times New Roman, Times, Serif" size="2"><b>(c)</b> Approval of Contracts</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">25</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a40"><font face="Times New Roman, Times, Serif" size="2"><b>(d)</b> Conditional Tender Offer</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">26</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a41">Section 11.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a41"><font face="Times New Roman, Times, Serif" size="2">Action Without a Meeting</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">28</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a42">Section 12.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a42"><font face="Times New Roman, Times, Serif" size="2">Compensation of Directors</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">29</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a43">Section 13.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a43"><font face="Times New Roman, Times, Serif" size="2">Authorization for Independent Directors to Retain Employees and Advisers</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">29</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a44">Section 14.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a44"><font face="Times New Roman, Times, Serif" size="2">Director Emeritus</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">29</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a45"><font face="Times New Roman, Times, Serif" size="2">ARTICLE IV</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a45"><font face="Times New Roman, Times, Serif" size="2">COMMITTEES</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">29</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a46">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a46"><font face="Times New Roman, Times, Serif" size="2">Organization</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">29</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a47">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a47"><font face="Times New Roman, Times, Serif" size="2">Proceedings and Quorum</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">30</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a48"><font face="Times New Roman, Times, Serif" size="2">ARTICLE V</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a48"><font face="Times New Roman, Times, Serif" size="2">OFFICERS</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">30</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a49">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a49"><font face="Times New Roman, Times, Serif" size="2">General</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">30</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a50">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a50"><font face="Times New Roman, Times, Serif" size="2">Election, Tenure and Qualifications</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">30</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a51">Section 3.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a51"><font face="Times New Roman, Times, Serif" size="2">Removal and Resignation</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">31</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a52">Section 4.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a52"><font face="Times New Roman, Times, Serif" size="2">President</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">31</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a53">Section 5.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a53"><font face="Times New Roman, Times, Serif" size="2">Vice President</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">32</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a54">Section 6.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a54"><font face="Times New Roman, Times, Serif" size="2">Treasurer and Assistant Treasurers</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">32</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a55">Section 7.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a55"><font face="Times New Roman, Times, Serif" size="2">Secretary and Assistant Secretaries</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">33</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a56">Section 8.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a56"><font face="Times New Roman, Times, Serif" size="2">Subordinate Officers</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">33</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a57">Section 9.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a57"><font face="Times New Roman, Times, Serif" size="2">Remuneration</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">33</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a58">Section 10.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a58"><font face="Times New Roman, Times, Serif" size="2">Surety Bonds</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">34</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a59"><font face="Times New Roman, Times, Serif" size="2">ARTICLE VI</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a59"><font face="Times New Roman, Times, Serif" size="2">CAPITAL STOCK</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">34</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a60">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a60"><font face="Times New Roman, Times, Serif" size="2">Certificates of Stock</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">34</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a61">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a61"><font face="Times New Roman, Times, Serif" size="2">Transfer of Shares</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">34</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a62">Section 3.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a62"><font face="Times New Roman, Times, Serif" size="2">Stock Ledgers</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">35</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a63">Section 4.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a63"><font face="Times New Roman, Times, Serif" size="2">Transfer Agents and Registrars</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">35</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a64">Section 5.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a64"><font face="Times New Roman, Times, Serif" size="2">Fixing of Record Date</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">36</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a65">Section 6.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a65"><font face="Times New Roman, Times, Serif" size="2">Lost, Stolen or Destroyed Certificates</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">36</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a66"><font face="Times New Roman, Times, Serif" size="2">ARTICLE VII</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a66"><font face="Times New Roman, Times, Serif" size="2">FISCAL YEAR AND ACCOUNTANT</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">37</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a67">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a67"><font face="Times New Roman, Times, Serif" size="2">Fiscal Year</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">37</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a68">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a68"><font face="Times New Roman, Times, Serif" size="2">Accountant</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">37</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a69"><font face="Times New Roman, Times, Serif" size="2">ARTICLE VIII</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a69"><font face="Times New Roman, Times, Serif" size="2">CUSTODY OF SECURITIES</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">37</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a70">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a70"><font face="Times New Roman, Times, Serif" size="2">Employment of a Custodian</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">37</font></p>
                    </td>
                </tr>
            </table>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- ii -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="15%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="76%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a71">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a71"><font face="Times New Roman, Times, Serif" size="2">Termination of Custodian Agreement</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">38</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a72"><font face="Times New Roman, Times, Serif" size="2">ARTICLE IX</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a72"><font face="Times New Roman, Times, Serif" size="2">INDEMNIFICATION AND ADVANCEMENT OF EXPENSES</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">38</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a73">Section 1.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a73"><font face="Times New Roman, Times, Serif" size="2">Indemnification of Directors and Officers</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">38</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a74">Section 2.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a74"><font face="Times New Roman, Times, Serif" size="2">Advances</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">39</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a75">Section 3.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a75"><font face="Times New Roman, Times, Serif" size="2">Procedure</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">40</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a76">Section 4.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a76"><font face="Times New Roman, Times, Serif" size="2">Indemnification of Employees and Agents</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">40</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a77">Section 5.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a77"><font face="Times New Roman, Times, Serif" size="2">Other Rights</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">40</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a78">Section 6.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a78"><font face="Times New Roman, Times, Serif" size="2">Amendments</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">41</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2"><b><a href="#a79">Section 7.</a></b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><a href="#a79"><font face="Times New Roman, Times, Serif" size="2">Insurance</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">41</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><a href="#a80"><font face="Times New Roman, Times, Serif" size="2">ARTICLE X</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#a80"><font face="Times New Roman, Times, Serif" size="2">ADOPTION, ALTERATION OR REPEAL OF BYLAWS</font></a></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">42</font></p>
                    </td>
                </tr>
            </table>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- iii -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>BYLAWS</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>OF</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>ABERDEEN AUSTRALIA EQUITY FUND, INC.</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>(A MARYLAND CORPORATION)</b></font></p>

            <p align="center"><a name="a1"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE I</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>NAME OF CORPORATION, LOCATION OF<br>
            <u>OFFICES AND SEAL</u></b></font></p>

            <p align="justify"><a name="a2"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Name</u></b>. The name of the Corporation is Aberdeen Australia Equity Fund, Inc.</font></p>

            <p align="justify"><a name="a3"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Principal Offices</u></b>. The principal office of the Corporation in the State of Maryland shall be located in Baltimore, Maryland. The Corporation may, in addition, establish and maintain such other offices and places of business as the Board of Directors may, from time to time, determine.</font></p>

            <p align="justify"><a name="a4"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 3.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Seal</u></b>. The corporate seal of the Corporation shall be circular in form and shall bear the name of the Corporation, the year of its incorporation, and the word &ldquo;Maryland.&rdquo; The form of the seal shall be subject to alteration by the Board of Directors and the seal may be used by causing it or
            a facsimile to be impressed or affixed or printed or otherwise reproduced. Any officer or Director of the Corporation shall have authority to affix the corporate seal of the Corporation to any document requiring the same.</font></p>

            <p align="center"><a name="a5"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE II</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>STOCKHOLDERS</u></b></font></p>

            <p align="justify"><a name="a6"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Place of Meeting</u></b>. All meetings of the stockholders shall be held at the principal office of the Corporation in the State of Maryland or at such other place within the United States</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">as may from time to time be designated by the Board of Directors and stated in the notice of such meeting.</font></p>

            <p align="justify"><a name="a7"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meetings</u></b>. An annual meeting of stockholders for election of Directors and the transaction of such other business as may properly come before the meeting shall be held at such time and place within the United States as the Board of Directors, or any duly constituted committee of the Board, shall select between March 6
            and April 5.</font></p>

            <p align="justify"><a name="a8"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 3.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings</u></b>.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a9"></a>(a)</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>General</u></b>. The Chairman of the Board of Directors, President or Board of Directors may call a special meeting of the stockholders. Any such special meeting shall be held at such place, date and time as may be designated by the Chairman of the Board of
            Directors, President or Board of Directors, whoever has called the meeting. Pursuant to the Corporation&rsquo;s election to be subject to Section 3-805 of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;) and subject to subsection (b) of this Section 3, a special meeting of stockholders shall also be called by the Secretary of the Corporation upon the written request of the stockholders entitled to cast not less than a majority of all the votes entitled to be cast at
            such meeting.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a10"></a><b>(b)</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stockholder Requested Special Meetings</u></b>. (1) Any stockholder of record seeking to have stockholders request a special meeting shall, by sending written notice to the Secretary (the &ldquo;Record Date Request Notice&rdquo;) by registered mail, return
            receipt requested, request the Board of Directors to fix a record date to determine the stockholders entitled to request a special meeting (the &ldquo;Request Record Date&rdquo;). The Record Date Request Notice shall</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 2 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more stockholders of record as of the date of signature (or their agents duly authorized in writing), shall bear the date of signature of each such stockholder (or such agent) and shall set forth all information relating to each such stockholder that must be disclosed in solicitations of proxies for
            election of directors in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Upon receiving the Record Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business on
            the date on which the resolution fixing the Request Record Date is adopted by the Board of Directors. If the Board of Directors, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date and make a public announcement of such Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which the Record Date Request Notice is received by the
            Secretary.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order for any stockholder to request a special meeting, one or more written requests for a special meeting signed by stockholders of record (or their agents duly authorized in writing) as of the Request Record Date entitled to cast not less than a majority (the &ldquo;Special Meeting
            Percentage&rdquo;) of all of the votes entitled to be cast at such meeting (the &ldquo;Special Meeting Request&rdquo;) shall be delivered to the Secretary. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice received by the Secretary),</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 3 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">shall bear the date of signature of each such stockholder (or such agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in the Corporation&rsquo;s books, of each stockholder signing such request (or on whose behalf the Special Meeting Request is signed), the class, series and number of all shares of stock of the Corporation which are owned by each such stockholder, and
            the nominee holder for, and number of, shares owned by such stockholder beneficially but not of record, shall be sent to the Secretary by registered mail, return receipt requested, and shall be received by the Secretary within 60 days after the Request Record Date. Any requesting stockholder may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Corporation&rsquo;s proxy materials). The Secretary shall not be required to call a special meeting upon stockholder request and such meeting
            shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the Secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of any special meeting called by the Secretary upon the request of stockholders (a &ldquo;Stockholder Requested Meeting&rdquo;), such meeting shall be held at such place, date and time as may be designated by the Board of Directors; provided, however, that the date of any
            Stockholder Requested Meeting shall be not more than 90 days after the record date for such meeting (the &ldquo;Meeting Record Date&rdquo;); and provided further that if the Board of Directors fails to designate, within ten days after the date that a valid Special Meeting Request is actually</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 4 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">received by the Secretary (the &ldquo;Delivery Date&rdquo;), a date and time for a Stockholder Requested Meeting, then such meeting shall be held at 2:00 p.m. local time on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board of Directors fails to designate a place for a
            Stockholder Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office of the Corporation. In fixing a date for any special meeting, the Chairman of the Board of Directors, President or Board of Directors may consider such factors as he, she or it deems relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances
            surrounding any request for the meeting and any plan of the Board of Directors to call an annual meeting or a special meeting. In the case of any Stockholder Requested Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If written revocations of requests for the special meeting have been delivered to the Secretary and the result is that stockholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered,
            and not revoked, requests for a special meeting to the Secretary, the Secretary shall: (i) if the notice of meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting stockholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has been mailed and if the Secretary first sends to all requesting stockholders who have not revoked</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 5 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the Secretary&rsquo;s intention to revoke the notice of the meeting, revoke the notice of the meeting at any time before ten days before the commencement of the meeting. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered
            a request for a new special meeting.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board of Directors, the President or the Board of Directors may appoint regionally or nationally recognized independent inspectors of elections to act as the agent of the Corporation for the purpose of promptly performing a ministerial review of the validity of any
            purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the Secretary until the earlier of (i) five Business Days after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Corporation that the valid requests received by the Secretary represent at least a majority of the issued and
            outstanding shares of stock that would be entitled to vote at such meeting. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Corporation or any stockholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of
            injunctive relief in such litigation).</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 6 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of these Bylaws, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of Maryland are authorized or obligated by law or executive order to close.</font></p>

            <p align="justify"><a name="a11"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 4.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Notice of Meetings</u>.</b> The Secretary shall cause written or printed notice of the place, date and hour, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, to be given, not less than 10 and not more than 90 days before the date of the meeting, to each stockholder
            entitled to vote at, or entitled to notice of, such meeting by leaving the same with such stockholder or at such stockholder&rsquo;s residence or usual place of business or by mailing it, postage prepaid, and addressed to such stockholder at his address as it appears on the records of the Corporation at the time of such mailing, or by transmitting it to the stockholder by electronic mail to any electronic mail address of the stockholder or by any other electronic means. If mailed,
            notice shall be deemed to be given when deposited in the United States mail addressed to the stockholder as aforesaid. Notice of any stockholders&rsquo; meeting need not be given to any stockholder who shall sign a written waiver of such notice either before or after the time of such meeting, which waiver shall be filed with the records of such meeting, or to any stockholder who is present at such meeting in person or by proxy. Notice of adjournment of a stockholders&rsquo; meeting
            to another time or place need not be given if such time and place are announced at the meeting.</font></p>

            <p align="justify"><a name="a12"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 5.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Quorum; Adjournment of Meetings</u></b>. At any meeting of stockholders, the presence in person or by proxy of stockholders entitled to cast a majority of all the votes entitled to be cast at such meeting shall constitute a quorum; but this section shall not affect any</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 7 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">requirement under any statute or the charter of the Corporation for the vote necessary for the adoption of any measure. If, however, such quorum shall not be present at any meeting of the stockholders, (a) the stockholders entitled to vote at such meeting, present in person or by proxy, by a vote of a majority of the votes validly cast, or (b) the chairman of the meeting shall have the power to adjourn the
            meeting from time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.</font></p>

            <p align="justify"><a name="a13"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 6.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Voting and Inspector</u></b>. Unless otherwise provided by the Charter, at each stockholders&rsquo; meeting, each stockholder entitled to vote thereat shall be entitled to one vote for each share of stock of the Corporation validly issued and outstanding and standing in his name on the books of the Corporation on the
            record date fixed in accordance with Section 5 of Article VI hereof (and each stockholder of record holding fractional shares, if any, shall have proportionate voting rights). Stockholders may vote their shares owned of record either in person or by proxy appointed by instrument in writing subscribed by such stockholder or his duly authorized attorney. Except as otherwise specifically provided in the Charter or these Bylaws or as required by provisions of the Investment Company Act
            of 1940, as amended from time to time (&ldquo;Investment Company Act&rdquo; or &ldquo;1940 Act&rdquo;), all matters shall be decided by a vote of the majority of all votes validly cast at a meeting at which a quorum is present. The vote upon any question shall be by ballot whenever requested by any person entitled to vote, but, unless such a request is made, voting may be conducted in any way approved by the meeting.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 8 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any election of Directors, the Chairman of the meeting may, and upon the request of the holders of ten percent (10%) of the stock entitled to vote at such election shall, appoint one inspector of election who shall first subscribe an oath or affirmation to execute faithfully the duties of inspector at such election with strict impartiality and
            according to the best of his ability, and shall after the election make a certificate of the result of the vote taken. No candidate for the office of Director shall be appointed such Inspector.</font></p>

            <p align="justify"><a name="a14"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 7.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stockholders Entitled to Vote</u></b>. If the Board of Directors sets a record date for the determination of stockholders entitled to notice of or to vote at any stockholders&rsquo; meeting in accordance with Section 5 of Article VI hereof, each stockholder of the Corporation shall be entitled to vote, in person or by
            proxy, each share of stock standing in his name on the books of the Corporation on such record date. If no record date has been fixed, the record date for the determination of stockholders entitled to notice of or to vote at a meeting of stockholders shall be the later of the close of business on the day on which notice of the meeting is mailed or the thirtieth day before the meeting, or, if notice is waived by all stockholders, at the close of business on the tenth day next
            preceding the day on which the meeting is held.</font></p>

            <p align="justify"><a name="a15"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 8.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Validity of Proxies, Ballots</u></b>. The right to vote by proxy shall exist only if the instrument authorizing such proxy to act shall have been signed by the stockholder or by his duly authorized attorney. Unless a proxy provides otherwise, it shall not be valid more than eleven months after its date. At every
            meeting of the stockholders, all proxies shall be received and taken in charge of and all ballots shall be received and canvassed by the Secretary of the Corporation or the person acting as Secretary of the meeting before being voted, who shall</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 9 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">decide all questions touching the qualification of voters, the validity of the proxies and the acceptance or rejection of votes, unless an inspector of election has been appointed by the Chairman of the meeting in which event such inspector of election shall decide all such questions. A proxy with respect to stock held in the name of two or more persons shall be valid if executed by one of them unless at or prior
            to exercise of such proxy the Corporation receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise.</font></p>

            <p align="justify"><a name="a16"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 9.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Organization and Conduct of Stockholders&rsquo; Meetings</u></b>. The meetings of the stockholders shall be presided over by the President, or if he is not present, by the Chairman, or if he is not present, by any Vice President, or if none of them is present, then by any other officer of the Corporation appointed by
            the President to act on his behalf shall preside over the meeting. The Secretary, or, in the Secretary&rsquo;s absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the Board of Directors or, in the absence of such appointment, a person appointed by the chairman of the meeting shall act as secretary. In the event that the Secretary presides at a meeting of the stockholders, an Assistant Secretary, or in the absence
            of Assistant Secretaries, an individual appointed by the Board of Directors or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of stockholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairman, are appropriate for the proper conduct of the meeting,
            including, without limitation, (a) restricting</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 10 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to stockholders of record of the Corporation, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (c) limiting participation at the meeting on any matter to stockholders of record of the Corporation entitled to vote on such matter, their duly authorized proxies
            and other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) maintaining order and security at the meeting; (f) removing any stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting; and (g) recessing or adjourning the meeting to a later date and time and place announced at the meeting. Unless otherwise
            determined by the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.</font></p>

            <p align="justify"><a name="a17"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 10.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Action Without a Meeting</u></b>. Any action to be taken by stockholders may be taken without a meeting to the fullest extent permitted by law.</font></p>

            <p style="MARGIN-LEFT: 2px" align="justify"><a name="a18"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 11.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Advance Notice of Stockholder Nominations for Director and Other Stockholder Proposals</u></b>.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a19"></a>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meetings of Stockholders</u>.</b> (1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be considered by the stockholders may be made at an annual meeting of stockholders (i) pursuant to the
            Corporation&rsquo;s notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) by any stockholder of the Corporation who was a stockholder of record both at the time of giving of notice provided for in</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 11 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">this Section 11(a) and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with this Section 11(a).</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of subsection (a)(1) of this Section 11, the stockholder must have given
            timely notice thereof in writing to the Secretary of the Corporation and such other business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder&rsquo;s notice shall set forth all information required under this Section 11 and shall be delivered to the Secretary at the principal executive office of the Corporation not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year&rsquo;s annual meeting;
            provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the preceding year&rsquo;s annual meeting, notice by the stockholder to be timely must be so delivered not earlier than the 120th day prior to the date of such annual meeting and not later than the close of business on the later of the 90th day prior to the date of such annual meeting or the tenth day following the day on which public
            announcement of the date of such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting commence a new time period for the giving of a stockholder&rsquo;s notice as described above. Such stockholder&rsquo;s notice shall set forth (i) as to each individual whom the stockholder proposes to nominate for election or reelection as a director, (A) the name, age, business address and residence address of such individual, (B)
            the class, series and number of any shares of stock of the Corporation that are beneficially owned by such individual, (C) the date such shares were acquired and the investment intent of such acquisition, (D) whether such stockholder believes any such individual</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 12 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">is, or is not, an &ldquo;interested person&rdquo; of the Corporation (as defined in the Investment Company Act), and information regarding such individual that is sufficient, in the discretion of the Board of Directors or any committee thereof or any authorized officer of the Corporation to make such determination, (E) sufficient information to enable the Nominating Committee of the Board of Directors to make the
            determination as to the proposed nominee&rsquo;s qualifications required under Article III, Section 2(b) of the Bylaws and (F) all other information relating to such individual that is required to be disclosed in solicitations of proxies for election of directors in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder (including
            such individual&rsquo;s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (ii) as to any other business that the stockholder proposes to bring before the meeting, a description of the business desired to be brought before the meeting, the reasons for proposing such business at the meeting and any material interest in such business of such stockholder and any Stockholder Associated Person (as defined in subsection (c)(4) of
            this Section 11,below), individually or in the aggregate, including any anticipated benefit to the stockholder and any Stockholder Associated Person therefrom, (iii) as to the stockholder giving the notice and any Stockholder Associated Person, the class, series and number of all shares of stock of the Corporation which are owned by such stockholder and by such Stockholder Associated Person, if any, and the nominee holder for, and number of, shares owned beneficially but not of
            record by such stockholder and by any such Stockholder Associated Person and (iv) as to the stockholder giving the notice and any Stockholder Associated Person covered by clauses (ii) or (iii) of this paragraph (2) of this Section 11(a), the</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 13 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">name and address of such stockholder, as they appear on the Corporation&rsquo;s stock ledger and current name and address, if different, and of such Stockholder Associated Person.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this subsection (a) of this Section 11 to the contrary, in the event the Board of Directors increases or decreases the maximum or minimum number of directors in
            accordance with Article III, Section 2(a) of these Bylaws, and there is no public announcement of such action at least 100 days prior to the first anniversary of the date of the preceding year&rsquo;s annual meeting, a stockholder&rsquo;s notice required by this Section 11(a) shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive office of the Corporation
            not later than the close of business on the tenth day following the day on which such public announcement is first made by the Corporation.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a20"></a><b>(b)</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Special Meetings of Stockholders</u>.</b> Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation&rsquo;s notice of meeting. Nominations of individuals for election to
            the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected (i) pursuant to the Corporation&rsquo;s notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) provided that the Board of Directors has determined that directors shall be elected at such special meeting, by any stockholder of the Corporation who is a stockholder of record both at the time of giving of notice provided for in this Section 11 and at
            the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 11. In the event the Corporation calls a special meeting of</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 14 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">stockholders for the purpose of electing one or more individuals to the Board of Directors, any such stockholder may nominate an individual or individuals (as the case may be) for election as a director as specified in the Corporation&rsquo;s notice of meeting, if the stockholder&rsquo;s notice required by subsection (a)(2) of this Section 11 shall be delivered to the Secretary at the principal executive office
            of the Corporation not earlier than the 120th day prior to such special meeting and not later than the close of business on the later of the 90th day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence a
            new time period for the giving of a stockholder&rsquo;s notice as described above.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a21"></a><b>(c)</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>General</u>.</b> (1) Upon written request by the Secretary or the Board of Directors or any committee thereof, any stockholder proposing a nominee for election as a director or any proposal for other business at a meeting of stockholders shall provide, within
            five Business Days of delivery of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion of the Board of Directors or any committee thereof or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted by the stockholder pursuant to this Section 11. If a stockholder fails to provide such written verification within such period, the information as to which written
            verification was requested may be deemed not to have been provided in accordance with this Section 11.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 15 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election as directors, and only such business shall be conducted at a meeting of stockholders as shall
            have been brought before the meeting in accordance with this Section 11. The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 11, &ldquo;public announcement&rdquo; shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press or comparable news service or (ii)
            in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to the Exchange Act or the Investment Company Act.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 11, &ldquo;Stockholder Associated Person&rdquo; of any stockholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such stockholder,
            (ii) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder and (iii) any person controlling, controlled by or under common control with such Stockholder Associated Person.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section 11, a stockholder shall also comply with all applicable requirements of state law and of the Exchange Act and the Investment Company Act and any
            rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a stockholder to request inclusion of a proposal in, nor the right of the Corporation to omit a</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 16 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">proposal from, the Corporation&rsquo;s proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.</font></p>

            <p align="justify"><a name="a22"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 12.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;<b><u>Maryland Control Share Acquisition Act</u></b>. Pursuant to a resolution adopted by the Board of Directors of the Corporation in accordance with Section 3-702(c)(4) of the MGCL, the Corporation is subject to Title 3, Subtitle 7 of the MGCL (the &ldquo;Control Share Act&rdquo;), with the result that any shares of voting stock of the
            Corporation, that would, if aggregated with all other shares of stock of the Corporation owned by such person or in respect of which such person is entitled to exercise or direct the exercise of voting power, except solely by virtue of a revocable proxy, entitle that person, directly or indirectly, to exercise or direct the exercise of the voting power of shares of stock of the Corporation in the election of directors within the range of one-tenth or more but less than one-third of
            all voting power, one-third or more but less than a majority of all voting power or a majority or more of all voting power, shall have no voting rights, (1) except to the extent approved by the stockholders at a meeting held under Section 3-704 of the MGCL by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares and (2) except that said resolution shall not apply to votes entitled to be cast by holders of control
            shares in connection with any action required by the Investment Company Act to be approved by the stockholders by the vote of a majority of the outstanding voting securities (as defined by the Investment Company Act) of the Corporation.</font></p>

            <p align="justify"><a name="a23"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 12A.</u>&nbsp;</b> &nbsp;<b><u>Maryland Control Share Acquisition Act &ndash; Limitation</u></b>. (1) Notwithstanding any provision of Article II, Section 12, but subject to subsection (2) of this Section, a person who</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 17 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">acquires control shares, as defined in the &ldquo;Control Share Act,&rdquo; shall be exempt from the Control Share Act.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the final judgment of a federal court of competent jurisdiction or the issuance of a rule or regulation of the Securities and Exchange Commission or published interpretation by the Securities and
            Exchange Commission or its staff that the provisions of the Control Share Act are not inconsistent with the provisions of the Investment Company Act, or a change to the provisions of the Investment Company Act having the same effect, this Section shall terminate and any exemption under subsection (1) of this Section shall be without force or effect upon the 180th day after the Corporation provides notice of the judgment, rule, regulation, published interpretation or change to the
            provisions of the Investment Company Act, to any holder of control shares who became exempt from the Control Share Act pursuant to subsection (1) of this Section. The provisions of this Section may not be amended unless there has been a final judgment of a federal court of competent jurisdiction or the issuance of a rule or regulation of the Securities and Exchange Commission or published interpretation by the Securities and Exchange Commission or its staff that the provisions of
            the Control Share Act are not inconsistent with the provisions of the Investment Company Act, or a change to the provisions of the Investment Company Act having the same effect.</font></p>

            <p align="center"><a name="a24"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE III</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>BOARD OF DIRECTORS</u></b></font></p>

            <p align="justify"><a name="a25"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Powers</u></b>. Except as otherwise provided by law, by the Charter or by these Bylaws, the business and affairs of the Corporation shall be managed under the direction of, and all the powers of the Corporation shall be exercised by or under authority of, its Board of Directors.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 18 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">The Board of Directors shall designate a Chairman of the Board of Directors who shall preside at all Directors&rsquo; meetings, and who shall exercise such powers and perform such other duties as from time to time may be assigned to him by the Board of Directors.</font></p>

            <p align="justify"><a name="a26"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Terms of Directors: Qualifications</u></b>.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a27"></a><b>(a)</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Terms of Directors</u>.</b> Pursuant to the Corporation&rsquo;s election to be subject to Section 3-804(b) of the MGCL, the total number of directors of the Corporation shall be fixed only by a vote of the Board of Directors, provided that at least 75% of the
            entire Board of Directors, including the Chairman, shall be persons who are not &ldquo;interested persons&rdquo; of the Corporation or its Investment Manager or Investment Adviser (&ldquo;Independent Directors&rdquo;), as the term &ldquo;interested person&rdquo; is defined in the Investment Company Act. The Directors shall be divided into three classes, as nearly equal in number as possible, and shall be designated as Class I, Class II, and Class III Directors, respectively: (1) The
            Class I Directors to be originally elected for a term expiring at the 1988 annual stockholders meeting; (2) The Class II Directors to be originally elected for a term expiring at the 1989 annual stockholders meeting and (3) The Class III Directors to be originally elected for a term expiring at the 1990 annual stockholders meeting. After expiration of the terms of office specified for the Directors, the Directors of each class shall serve for terms of three years and until their
            successors are elected and qualify, or, when filling a vacancy, for the unexpired portion of such term and until their successors are elected and qualify.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a28"></a><b>(b)</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Qualifications</u>.</b> (1) To qualify as a nominee for a directorship, each candidate, at the time of nomination, must possess at least the following specific minimum qualifications: (i)&nbsp;a</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 19 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">nominee shall have at least five years experience in either investment management, economics, public accounting or Australian business; (ii) a nominee shall have a college undergraduate degree in economics, finance, business administration, accounting, or engineering, or a professional degree in law, engineering or medicine from an accredited university or college in the United States or Australia or the
            equivalent degree from an equivalent institution of higher learning in another country; and (iii) a nominee shall not have violated any provision of the U.S. federal or state securities laws, or comparable laws of another country. The provisions of this subsection (b)(1) of Article III, Section 2 may not be amended, unless the Board of Directors has first obtained a stockholder vote recommending such amendment; provided, however, that the Board of Directors will make any amendments
            to this subsection (b)(1) as may be required by law or regulation, without obtaining a vote of stockholders with respect to such amendments.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and Corporate Governance Committee of the Board of Directors, in its sole discretion, shall determine whether an individual satisfies the foregoing qualifications. Any individual who does
            not satisfy the qualifications set forth under the foregoing provision of this subsection (b) shall not be eligible for nomination or election as a director.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and Corporate Governance Committee of the Board of Directors shall apply the Fund&rsquo;s Conflict of Interest and Corporate Opportunities Policy adopted by the Board on January 20, 2003
            as subsequently amended or modified (the &ldquo;Policy&rdquo;) as a standard in selecting nominees to ensure that (i) an incumbent nominee shall not have violated any provision of the Policy, and (ii) an individual who is not an incumbent Director shall not</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 20 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">have a relationship, hold any position or office or otherwise engage in any activity that would result in a violation of the Policy if the individual were elected as a Director.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, no person shall be qualified to be a director unless the Nominating and Corporate Governance Committee, in consultation with counsel to the Corporation, has determined that such person, if
            elected as a director, would not cause the Corporation to be in violation of, or not in compliance with, applicable law, regulation or regulatory interpretation, or the Corporation&rsquo;s charter (as amended and supplemented from time to time), or any general policy adopted by the Board of Directors regarding either retirement age or the percentage of &ldquo;interested persons&rdquo; (as defined in the Investment Company Act) and non-interested persons to comprise the
            Corporation&rsquo;s Board of Directors.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of subsections (b)(1) and (b)(2) of this Article III, Section 2 shall not apply to the nomination for an additional term of any person who was a director of the Corporation as of January
            16, 2003, the initial date of the adoption of subsections (b)(1) and (b)(2).</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and Corporate Governance Committee of the Board of Directors shall apply the Fund&rsquo;s Retirement Policy, as in effect from time to time, as a standard in selecting nominees.</font></p>

            <p align="justify"><a name="a29"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 3.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Election</u></b>. Directors shall be elected by a plurality of all votes cast at a meeting at which a quorum is present. The provisions of this Section 3 of Article III may not be amended, unless the Board of Directors has first obtained a stockholder vote recommending such</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 21 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">amendment; provided, however, that the Board of Directors will make any amendments to this Section 3 as may be required by law or regulation, without obtaining a vote of stockholders with respect to such amendments.</font></p>

            <p align="justify"><a name="a30"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 4.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Vacancies and Newly Created Directorships</u></b>. Any vacancy, by reason of death, resignation, removal or otherwise, in the office of any Director, or any vacancy resulting from an increase in the size of the Board of Directors, may be filled solely by the affirmative vote of a majority of the remaining Directors in
            office, even if the Directors do not constitute a quorum; provided, however, that immediately after filling any such vacancy, at least two-thirds (2/3) of the Directors then holding office shall have been elected to such office by the stockholders of the Corporation. In the event that at any time, other than the time preceding the first annual stockholders&rsquo; meeting, less than majority of the Directors of the Corporation holding office at that time were elected by the
            stockholders, a meeting of the stockholders shall be held promptly and in any event within 60 days for the purpose of electing Directors to fill any existing vacancies in the Board of Directors unless the Securities and Exchange Commission shall by order extend such period.</font></p>

            <p align="justify"><a name="a31"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 5.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Removal</u></b>. At any meeting of stockholders duly called and at which a quorum is present, the stockholders may, by the affirmative vote of the holders of at least two-thirds (2/3) of the votes entitled to be cast thereon, remove any Director or Directors from office, provided that, if the Directors have been
            divided into classes, a Director may not be removed without cause.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 22 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><a name="a32"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 6.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Place of Meeting</u></b>. The Directors may hold their meetings, have one or more offices, and keep the books of the Corporation, outside the State of Maryland, and within or without the United States of America, at any office or offices of the Corporation or at any other place as they may from time to time by
            resolution determine, or in the case of meetings, as they may from time to time by resolution determine or as shall be specified or fixed in the respective notices or waivers of notice thereof; provided, however, that Board meetings shall not be held in Australia.</font></p>

            <p align="justify"><a name="a33"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 7.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Annual and Regular Meetings</u></b>. The annual meeting of the Board of Directors for choosing officers and transacting other proper business shall be the next regularly scheduled Board Meeting following the annual stockholders&rsquo; meeting, at such time and place as the Board may determine. The Board of Directors
            from time to time may provide by resolution for the holding of regular meetings and fix their time and place as the Board of Directors may determine. Notice of such annual and regular meetings need not be in writing, provided that notice of any change in the time or place of such meetings shall be communicated promptly to each Director not present at the meeting at which such change was made in the manner provided in Section 8 of this Article III for notice of special meetings.
            Members of the Board of Directors or any committee designated thereby may participate in a meeting of such Board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time, and participation by such means shall constitute presence in person at a meeting.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 23 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><a name="a34"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 8.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Special Meetings</u></b>. Special meetings of the Board of Directors may be held at any time or place and for any purpose when called by the President, the Secretary or two or more of the Directors. Notice of special meetings, stating the time and place, shall be communicated to each Director personally by telephone
            or transmitted to him by telegraph, telefax, telex, cable, wireless, electronic mail or any other electronic method, at least one day before the meeting.</font></p>

            <p align="justify"><a name="a35"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 9.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Waiver of Notice</u></b>. No notice of any meeting of the Board of Directors or a committee of the Board need be given to any Director who is present at the meeting or who waives notice of such meeting in writing (which waiver shall be filed with the records of such meeting), either before or after meeting.</font></p>

            <p align="justify"><a name="a36"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 10.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Quorum and Voting</u></b>.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a37"></a>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>.</b> At all meetings of the Board of Directors, the presence of a majority of the Directors then in office shall constitute a quorum for the transaction of business. In the absence of a quorum, a majority of the Directors present may adjourn the meeting,
            from time to time, until a quorum shall be present. The action of a majority of Directors present at a meeting at which a quorum is present shall be the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by law, by the Charter or by these Bylaws.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a38"></a>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Votes on Certain Matters</u>.</b> No action shall be taken without the affirmative vote of at least 75 percent of the Directors with respect to the following matters: (i) a merger or consolidation of the Corporation with or into, or the sale of all or substantially all
            of the Corporation&rsquo;s assets, to any other company; (ii) the dissolution of the Corporation, (iii) an</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 24 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">amendment to the Charter of the Corporation, (iv) the election of officers and the compensation of directors and officers; and (v) any amendment, alteration or repeal of Article III, Section 2 or this Article III, Section 10 of the Bylaws.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a39"></a>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Approval of Contracts</u>.</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. In this Article III, Section 10(c), the following words have the following meanings:</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &ldquo;Affiliated person&rdquo; has the meaning stated in Section 2(a)(3) of the Investment Company Act.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &ldquo;Contract&rdquo; means an investment advisory agreement, a sub-advisory agreement or a management agreement between the Corporation and an affiliated person of any
            (i) disinterested director serving on the Board at the time the proposed investment advisory agreement, sub-advisory agreement or management agreement is considered for approval by the Board of Directors or (ii) disinterested director who has served on the Board in the two years preceding the date on which the investment advisory agreement, sub-advisory agreement or management agreement is considered for approval by the Board of Directors.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) &ldquo;Continuing Director&rdquo; means any member of the Board of Directors of the Corporation who (i) was a member of the Board of Directors on January 16, 2003 or (ii)
            was elected, or nominated to succeed a Continuing Director, by a majority of the Continuing Directors then on the Board of Directors.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) &ldquo;Control&rdquo; has the meaning stated in Section 2(a)(9) of the Investment Company Act.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 25 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) &ldquo;Disinterested director&rdquo; means a director who is not an interested person with respect to the Corporation.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) &ldquo;Interested person&rdquo; has the meaning stated in Section 2(a)(19) of the Investment Company Act.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Approval Required</u>. In addition to the approval required under the Investment Company Act, the affirmative vote of at least 75 percent of all the disinterested directors who are not affiliated
            persons of a proposed party to a Contract shall be required to approve the Contract.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Repeal</u>. This Article III, Section 10(c) may be amended, modified, repealed or supplemented only by the affirmative vote of at least 75 percent of the Continuing Directors.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="a40"></a>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditional Tender Offer</u>.</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. In this Article III, Section 10(d), the following words have the following meanings.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &ldquo;Affiliated person&rdquo; has the meaning stated in Section 2(a)(3) of the Investment Company Act.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &ldquo;Contract&rdquo; means an investment advisory agreement, a sub-advisory agreement or a management agreement between the Corporation and (i) an affiliated person of
            any disinterested director, (ii) a person (or an affiliated person of that person) who nominated any disinterested director serving on the Board at the time the proposed investment advisory agreement, sub-advisory agreement or management agreement is considered for approval by the</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 26 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Board of Directors, or (iii) a person who controls the Corporation (or an affiliated person of that person).</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) &ldquo;Continuing Director&rdquo; means any member of the Board of Directors of the Corporation who (i) was a member of the Board of Directors on January 16, 2003 or (ii)
            was recommended to succeed a Continuing Director by a majority of the Continuing Directors then on the Board of Directors.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) &ldquo;Control&rdquo; has the meaning stated in Section 2(a)(9) of the Investment Company Act.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) &ldquo;Disinterested director&rdquo; means a director who is not an interested person with respect to the Corporation.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) &ldquo;Interested person&rdquo; has the meaning stated in Section 2(a)(19) of the Investment Company Act.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Not more than 45 days after the day on which a Contract is approved by the Board of Directors, the Corporation shall commence a tender offer (the &ldquo;Tender Offer&rdquo;) for not less
            than 50 percent of all the outstanding shares of the Corporation nor more than any percentage of the outstanding shares that would require a vote of the stockholders under the MGCL for a price per share of not less than 98 percent of the net asset value per share. The Corporation shall pay for the shares tendered pursuant to the Tender Offer promptly after the expiration date of the Tender Offer. The Tender Offer shall be unconditional except as provided in subsection (3) of this
            Section 10(d). The Tender Offer may be modified by the Corporation only to the extent necessary to comply with the 1940 Act, as amended, and the rules adopted thereunder, the Exchange Act, as amended, and the rules adopted thereunder, the rules of the</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 27 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">American Stock Exchange (&ldquo;AMEX&rdquo;) applicable to listed companies, as amended, and the MGCL. If any such required modification affects the percentage of outstanding shares of the Corporation which the Corporation would offer to purchase pursuant to the Tender Offer, the Corporation shall reduce that percentage only by such minimum amount as is necessary for the Tender Offer to comply with the rules and
            regulations described in the foregoing sentence of this subsection.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Conditions of the Tender Offer</u> . Notwithstanding any other provision of this Section 10(d), the Corporation shall modify the Tender Offer only to the extent necessary to ensure that the
            Tender Offer, if consummated, would not (A) result in the delisting of the Corporation&rsquo;s shares from AMEX (AMEX having advised the Corporation that it would currently consider delisting the shares) or (B) in the written opinion of counsel to the Corporation, pose a substantial risk that the Corporation would lose its status as a regulated investment company under the Internal Revenue Code, as amended, and the rules adopted thereunder (which would make the Corporation a taxable
            entity, causing the Corporation&rsquo;s income to be taxed at the corporate level in addition to the taxation of Stockholders who receive dividends from the Corporation).</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Repeal</u>. This Article III, Section 10(d) may be amended, modified, repealed or supplemented only by the affirmative vote of at least 75 percent of the Continuing Directors.</font></p>

            <p align="justify"><a name="a41"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 11.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Action Without a Meeting</u></b>. Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if a written consent to such action is signed by all members of the Board or of any committee, as</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 28 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">the case may be, and such written consent is filed with the minutes of proceedings of the Board or committee.</font></p>

            <p align="justify"><a name="a42"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 12.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Compensation of Directors</u></b>. Directors shall be entitled to receive such compensation from the Corporation for their services as may from time to time be determined by resolution of the Board of Directors.</font></p>

            <p align="justify"><a name="a43"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 13.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Authorization for Independent Directors to Retain Employees and Advisers</u></b>. Independent Directors are authorized, at the expense of the Fund, to hire employees and to retain advisers and experts necessary to carry out their duties.</font></p>

            <p align="justify"><a name="a44"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 14.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Director Emeritus</u></b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">The Nominating and Corporate Governance Committee of the Board may select a director emeritus to serve for a one-year term in accordance with the Corporation&rsquo;s Director Emeritus Policy, as in effect from time to time.</font></p>

            <p align="center"><a name="a45"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE IV</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>COMMITTEES</u></b></font></p>

            <p align="justify"><a name="a46"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Organization</u></b>. By resolution adopted by the Board of Directors, the Board may designate one or more committees, including an Executive Committee, composed of two or more Directors. The Chairmen of such committees shall be elected by the Board of Directors. The Board of Directors shall have the power at any time
            to change the members of such committees and to fill vacancies in the committees. The Board may delegate to these committees any of its powers, except the power to authorize the issuance of stock (other than as provided in the next sentence), declare a dividend or distribution on stock, recommend to stockholders any action</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 29 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">requiring stockholder approval, amend these Bylaws, or approve any merger or share exchange which does not require stockholder approval. If the Board of Directors has given general authorization for the issuance of stock, a committee of the Board, in accordance with a general formula or method specified by the Board by resolution or by adoption of a stock option or other plan, may fix the terms of stock subject
            to classification or reclassificiation and the terms on which any stock may be issued, including all terms and conditions required or permitted to be established or authorized by the Board of Directors.</font></p>

            <p align="justify"><a name="a47"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Proceedings and Quorum</u></b>. In the absence of an appropriate resolution of the Board of Directors, each committee, consistent with law, may adopt such rules and regulations governing its proceedings, quorum and manner of acting as it shall deem proper and desirable. In the event any member of any committee is
            absent from any meeting, the members thereof present at the meeting, whether or not they constitute a quorum, may appoint a member of the Board of Directors to act in the place of such absent member.</font></p>

            <p align="center"><a name="a48"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE V</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>OFFICERS</u></b></font></p>

            <p align="justify"><a name="a49"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>General</u>.</b> The officers of the Corporation shall be a President, a Secretary and a Treasurer, and may include one or more Vice Presidents, Assistant Secretaries or Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 8 of this Article.</font></p>

            <p align="justify"><a name="a50"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Election, Tenure and Qualifications</u></b>. The officers of the Corporation, except those appointed as provided in Section 8 of this Article V, shall be elected by the Board of</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 30 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Directors at its first meeting or such meetings as shall be held prior to its first annual meeting, and thereafter annually at its annual meeting. If any officers are not chosen at any annual meeting, such officers may be chosen at any subsequent regular or special meeting of the Board. Except as otherwise provided in this Article V, each officer chosen by the Board of Directors shall hold office until the next
            annual meeting of the Board of Directors and until his successor shall have been elected and qualified. Any person may hold one or more offices of the Corporation except the offices of President and Vice President.</font></p>

            <p align="justify"><a name="a51"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 3.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Removal and Resignation</u></b>. Whenever in the judgment of the Board of Directors the best interest of the Corporation will be served thereby, any officer may be removed from office by the vote of a majority of the members of the Board of Directors given at a regular meeting or any special meeting called for such
            purpose. Any officer may resign his office at any time by delivering a written resignation to the Board of Directors, the President, the Secretary, or any Assistant Secretary. Unless otherwise specified therein, such resignation shall take effect upon delivery.</font></p>

            <p align="justify"><a name="a52"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 4.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>President</u></b>. The President shall be the chief executive officer of the Corporation and he shall preside at all stockholders&rsquo; meetings. Subject to the supervision of the Board of Directors, he shall have general charge of the business, affairs and property of the Corporation and general supervision
            over its officers, employees and agents. Except as the Board of Directors may otherwise order, he may sign in the name and on behalf of the Corporation all deeds, bonds, contracts, or agreements. He shall exercise such other powers and perform such other duties as from time to time may be assigned to him by the Board of Directors.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 31 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><a name="a53"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 5.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Vice President</u></b>. The Board of Directors may from time to time elect one or more Vice Presidents who shall have such powers and perform such duties as from time to time may be assigned to them by the Board of Directors or the President. At the request or in the absence or disability of the President, the Vice
            President (or, if there are two or more Vice Presidents, then the senior of the Vice Presidents present and able to act) may perform all the duties of the President and, when so acting, shall have all the powers of and be subject to all the restrictions upon the President.</font></p>

            <p align="justify"><a name="a54"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 6.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Treasurer and Assistant Treasurers</u></b>. The Treasurer shall be the principal financial and accounting officer of the Corporation and shall have general charge of the finances and books of account of the Corporation. Except as otherwise provided by the Board of Directors, he shall have general supervision of the
            funds and property of the Corporation and of the performance by the Custodian of its duties with respect thereto. He shall render to the Board of Directors, whenever directed by the Board, an account of the financial condition of the Corporation and of all his transactions as Treasurer; and as soon as possible after the close of each fiscal year he shall make and submit to the Board of Directors a like report for such fiscal year. He shall perform all acts incidental to the office
            of Treasurer, subject to the control of the Board of Directors.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Assistant Treasurer may perform such duties of the Treasurer as the Treasurer or the Board of Directors may assign, and, in the absence of the Treasurer, he may perform all the duties of the Treasurer.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 32 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><a name="a55"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 7.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Secretary and Assistant Secretaries</u></b>. The Secretary shall attend to the giving and serving of all notices of the Corporation and shall record all proceedings of the meetings of the stockholders and Directors in books to be kept for that purpose. He shall keep in safe custody the seal of the Corporation, and
            shall have charge of the records of the Corporation, including the stock books and such other books and papers as the Board of Directors may direct and such books, reports, certificates and other documents required by law to be kept, all of which shall at all reasonable times be open to inspection by any Director. He shall perform such other duties as appertain to his office or as may be required by the Board of Directors.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Assistant Secretary may perform such duties of the Secretary as the Secretary or the Board of Directors may assign, and, in the absence of the Secretary, he may perform all the duties of the Secretary.</font></p>

            <p align="justify"><a name="a56"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 8.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Subordinate Officers</u></b>. The Board of Directors from time to time may appoint such other officers or agents as it may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Board of Directors may determine. The Board of Directors from time to
            time may delegate to one or more officers or agents the power to appoint any such subordinate officers or agents and to prescribe their respective rights, terms of office, authorities and duties.</font></p>

            <p align="justify"><a name="a57"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 9.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Remuneration</u></b>. The salaries or other compensation of the officers of the Corporation shall be fixed from time to time by resolution of the Board of Directors, except that the Board of Directors may by resolution delegate to any person or group of persons the power to</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 33 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">fix the salaries or other compensation of any subordinate officers or agents appointed in accordance with the provisions of Section 8 of this Article V.</font></p>

            <p align="justify"><a name="a58"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 10.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Surety Bonds</u></b>. The Board of Directors may require any officer or agent of the Corporation to execute a bond (including, without limitation, any bond required by the Investment Company Act and the rules and regulations of the Securities and Exchange Commission) to the Corporation in such sum and with such surety or
            sureties as the Board of Directors may determine, conditioned upon the faithful performance of his duties to the Corporation, including responsibility for negligence and for the accounting of any of the Corporation&rsquo;s property, funds or securities that may come into his hands.</font></p>

            <p align="center"><a name="a59"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE VI</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>CAPITAL STOCK</u></b></font></p>

            <p align="justify"><a name="a60"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Certificates of Stock</u></b>. The Board of Directors may determine to issue certificated or uncertificated shares of stock of the Corporation. In the event that the Corporation issues shares of stock represented by certificates, such certificates shall be signed by the officers of the Corporation in the manner permitted by
            the MGCL and contain the statements and information required by the MGCL. In the event that the Corporation issues shares of stock without certificates, to the extent then required by the MGCL, the Corporation shall provide to record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates.</font></p>

            <p align="justify"><a name="a61"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Transfer of Shares</u></b>. Shares of the Corporation shall be transferable on the books of the Corporation by the holder thereof in person or by his duly authorized attorney or legal</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 34 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">representative. Certificated shares may be transferred upon surrender and cancellation of a certificate or certificates for the same number of shares of the same class, duly endorsed or accompanied by proper instruments of assignment and transfer, with such proof of the authenticity of the signature as the Corporation or its agents may reasonably require. The issuance of a new certificate upon the transfer of
            certificated shares is subject to the determination of the Board of Directors that such shares shall no longer be represented by certificates. Uncertificated shares may be transferred upon delivery of such evidence of succession, assignment or authority to transfer such shares as the Corporation or its agents may reasonably require. Upon the transfer of uncertificated shares, to the extent then required by the MGCL, the Corporation shall provide to record holders of such shares a
            written statement of the information required by the MGCL to be included on stock certificates. The shares of stock of the Corporation may be freely transferred, and the Board of Directors may, from time to time, adopt rules and regulations with reference to the method of transfer of the shares of stock of the Corporation.</font></p>

            <p align="justify"><a name="a62"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 3.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Stock Ledgers</u></b>. The stock ledgers of the Corporation, containing the names and addresses of the stockholders and the number of shares held by them respectively, shall be kept at the principal offices of the Corporation or, if the Corporation employs a transfer agent, at the offices of the transfer agent of the
            Corporation.</font></p>

            <p align="justify"><a name="a63"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 4.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Transfer Agents and Registrars</u></b>. The Board of Directors may from time to time appoint or remove transfer agents and/or registrars of transfers of shares of stock of the Corporation, and it may appoint the same person as both transfer agent and registrar. Upon any</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 35 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">such appointment being made all certificates representing shares of capital stock thereafter issued shall be countersigned by one of such transfer agents or by one of such registrars of transfers or by both and shall not be valid unless so countersigned. If the same person shall be both transfer agent and registrar, only one countersignature by such person shall be required.</font></p>

            <p align="justify"><a name="a64"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 5.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Fixing of Record Date</u></b>. The Board of Directors may fix in advance a date as a record date for the determination of the stockholders entitled to notice of, or to vote at, any stockholders&rsquo; meeting or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or to
            receive payment of any dividend or other distribution or to be allotted any other rights, or for the purpose of any other lawful action, provided that (1) such record date shall not exceed 90 days preceding the date on which the particular action requiring such determination will be taken; (2) the transfer books shall remain open regardless of the fixing of a record date; (3) in the case of a meeting of stockholders, the record date shall be at least 10 days before the date of the
            meeting; and (4) in the event a dividend or other distribution is declared, the record date for stockholders entitled to a dividend or distribution shall be at least 10 days after the date on which the dividend is declared (declaration date).</font></p>

            <p align="justify"><a name="a65"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 6.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Lost, Stolen or Destroyed Certificates</u></b>. Before issuing a new certificate for stock of the Corporation alleged to have been lost, stolen or destroyed, the Board of Directors or any officer authorized by the Board may, in its discretion, require the owner of the lost, stolen or destroyed certificate (or his
            legal representative) to give the Corporation a bond or other indemnity, in such form and in such amount as the Board or any such officer may direct and with such surety or sureties as may be satisfactory to the Board or any such officer, sufficient to</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 36 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">indemnify the Corporation against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate. The issuance of a replacement certificate is subject to the determination of the Board of Directors that shares represented by the certificate alleged to be lost, stolen or destroyed shall no longer be represented by
            certificates.</font></p>

            <p align="center"><a name="a66"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE VII</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>FISCAL YEAR AND ACCOUNTANT</u></b></font></p>

            <p align="justify"><a name="a67"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Fiscal Year</u></b>. The fiscal year of the Corporation shall, unless otherwise ordered by the Board of Directors, be twelve calendar months ending on the 31st day of October.</font></p>

            <p align="justify"><a name="a68"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Accountant</u></b>. The Corporation shall employ an independent public accountant or a firm of independent public accountants as its Accountants to examine the accounts of the Corporation and to sign and certify financial statements filed by the Corporation. The employment of the Accountant shall be conditioned upon
            the right of the Corporation to terminate the employment forthwith without any penalty by vote of a majority of the outstanding voting securities at any stockholders&rsquo; meeting called for that purpose.</font></p>

            <p align="center"><a name="a69"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE VIII</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>CUSTODY OF SECURITIES</u></b></font></p>

            <p align="justify"><a name="a70"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Employment of a Custodian</u></b>. The Corporation shall place and at all times maintain in the custody of a Custodian (including any sub-custodian for the Custodian) all funds, securities and similar investments owned by the Corporation. The Custodian (and any sub-custodian) shall be a bank or trust company of good
            standing having a capital, surplus and</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 37 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">undivided profits aggregating not less than fifty million dollars ($50,000,000) or such other financial institution as shall be permitted by rule or order of the United States Securities and Exchange Commission. The Custodian shall be appointed from time to time by the Board of Directors, which shall fix its remuneration.</font></p>

            <p align="justify"><a name="a71"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Termination of Custodian Agreement</u></b>. Upon termination of the agreement for services with the Custodian or inability of the Custodian to continue to serve, the Board of Directors shall promptly appoint a successor Custodian, but in the event that no successor Custodian can be found who has the required
            qualifications and is willing to serve, the Board of Directors shall call as promptly as possible a special meeting of the stockholders to determine whether the Corporation shall function without a Custodian or shall be liquidated. If so directed by vote of the holders of a majority of the outstanding shares of stock of the Corporation, the Custodian shall deliver and pay over all property of the Corporation held by it as specified in such vote.</font></p>

            <p align="center"><a name="a72"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE IX</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>INDEMNIFICATION AND ADVANCEMENT OF EXPENSES</u></b></font></p>

            <p align="justify"><a name="a73"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 1.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Indemnification of Directors and Officers</u>.</b> The Corporation shall indemnify its Directors and officers to the fullest extent permitted by the Maryland General Corporation Law and the 1940 Act. The Corporation shall indemnify its Directors and officers who, while serving as Directors or officers, also
            serve at the request of the Corporation as a director, officer, partner, trustee, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, other enterprise or employee benefit plan to the fullest extent consistent with law. The</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 38 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">indemnification and other rights provided by this Article shall continue as to a person who has ceased to be a Director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. This Article shall not protect any such person against any liability to the Corporation or any stockholder thereof to which such person would otherwise be subject by reason of willful
            misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office (&ldquo;disabling conduct&rdquo;).</font></p>

            <p align="justify"><a name="a74"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 2.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Advances</u>.</b> Any current or former Director or officer of the Corporation seeking indemnification within the scope of this Article shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him in connection with the matter as to which he is seeking indemnification in
            the manner and to the fullest extent permissible under the Maryland General Corporation Law and the 1940 Act, without a preliminary determination of entitlement to indemnification (except as provided below). The person seeking advances shall provide to the Corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met and a written undertaking to repay any such advance if it should ultimately be
            determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (i) the person seeking advances shall provide security in form and amount acceptable to the Corporation for his undertaking; (ii) the Corporation is insured against losses arising by reason of the advance; or (iii) a majority of a quorum of Directors of the Corporation who are neither &ldquo;interested persons&rdquo; as defined in section 2(a)(19)
            of the 1940 Act nor parties to the proceeding (&ldquo;disinterested non-party directors&rdquo;), or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 39 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.</font></p>

            <p align="justify"><a name="a75"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 3.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Procedure</u>.</b> At the request of any person claiming indemnification under this Article, the Board of Directors shall determine, or cause to be determined, in a manner consistent with the Maryland General Corporation Law and the 1940 Act, whether the standards required by this Article have been met.
            Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the person to be indemnified was not liable by reason of disabling conduct by (A) the vote of a majority of a quorum of disinterested non-party
            directors or (B) an independent legal counsel in a written opinion.</font></p>

            <p align="justify"><a name="a76"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 4.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Indemnification of Employees and Agents</u>.</b> Employees and agents who are not officers or Directors of the Corporation and each Director Emeritus may be indemnified, and reasonable expenses may be advanced to such employee, agent or Director Emeritus as may be provided by action of the Board of Directors or by
            contract, subject to any limitations imposed by the 1940 Act.</font></p>

            <p align="justify"><a name="a77"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 5.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Other Rights</u>.</b> The Board of Directors may make further provision consistent with law for indemnification and advance of expenses to any Director, Director Emeritus, officer, employee or agent by resolution, agreement or otherwise. The indemnification provided by this Article shall not be deemed exclusive of any
            other right, with respect to indemnification</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 40 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">or otherwise, to which those seeking indemnification may be entitled under any insurance or other agreement or resolution of stockholders or disinterested directors or otherwise.</font></p>

            <p align="justify"><a name="a78"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 6.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Amendments</u>.</b> References in the Article are to the Maryland General Corporation Law and to the 1940 Act. Neither the amendment nor repeal of this Article IX, nor the adoption or amendment of any other provision of the Bylaws or Charter of the Corporation inconsistent with this Article IX, shall apply to or
            affect in any respect the applicability of this Article IX with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.</font></p>

            <p align="justify"><a name="a79"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>Section 7.</u>&nbsp;</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Insurance</u>.</b> The Corporation may purchase and maintain insurance on behalf of any person who is or was a Director, Director Emeritus, officer, employee or agent of the Corporation or who, while a Director, Director Emeritus, officer, employee or agent of the Corporation, is or was serving at the request of the
            Corporation as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, other enterprise or employee benefit plan, against any liability asserted against and incurred by such person in any such capacity or arising out of such person&rsquo;s position; provided that no insurance may be purchased by the Corporation on behalf of any person against any liability to the Corporation or to its stockholders to
            which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 41 -</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="center"><a name="a80"></a><font face="Times New Roman, Times, Serif" size="2"><b><u>ARTICLE X</u></b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>ADOPTION, ALTERATION OR REPEAL OF BYLAWS</u></b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in these Bylaws, the Board of Directors shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">- 42 -</font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K
<SEQUENCE>3
<FILENAME>posamiexk9.htm
<DESCRIPTION>AMENDMENT TO ADMINISTRATION AGREEMENT
<TEXT>
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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><font size="2">Exhibit (k)(9)</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2"><strong>AMENDMENT TO ADMINISTRATION AGREEMENT</strong></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><b><font size="2">AMENDMENT,</font></b> <font size="2">made this 1st day of November, 2007, to the Administration Agreement (the &ldquo;Agreement&rdquo;) dated as of September 30, 2004 between Aberdeen Australia Equity Fund, Inc., a Maryland corporation (the &ldquo;Fund&rdquo;), and Aberdeen Asset Management Inc., a Delaware corporation (the &ldquo;Administrator&rdquo;).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><b><font size="2">WHEREAS,</font></b> <font size="2">on September 11, 2007, the Fund&rsquo;s Board of Directors approved a revision to the fee schedule applicable to the administration services provided to the Fund by the Administrator under the Agreement;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><b><font size="2">NOW, THEREFORE</font></b><font size="2">, in consideration of the premises and mutual promises set forth herein and in the Agreement, the parties to the Agreement agree as follows:</font></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="549" border="0">
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                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="453">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Schedule B to the Agreement is hereby amended as attached hereto.</font></p>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><b><font size="2">IN WITNESS WHEREOF</font></b><font size="2">, the parties hereto have caused this instrument to be executed by their officers designated below as of the date first above written.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 36pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left"><font size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left"><font size="2">By:</font> <u><font size="2">/s/ Timothy P. Sullivan</font></u></p>

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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="195">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Name: Timothy P. Sullivan</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="469" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="181">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: Assistant Treasurer</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 36pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left"><font size="2">ABERDEEN ASSET MANAGEMENT INC.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left"><font size="2">By:</font> <u><font size="2">/s/ Alan R. Goodson</font></u></p>

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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="177">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Name: Alan R. Goodson</font></p>
                        </td>
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            </div>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="439" border="0">
                    <tr>
                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="151">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Title: Vice President</font></p>
                        </td>
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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 2.5in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">SCHEDULE B</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">TO THE ADMINISTRATION AGREEMENT</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">(Effective November 1, 2007)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">Fees</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The Fund shall pay the Administrator a fee at an annual rate equal to:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings">&sect;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">0.085% of the Fund&rsquo;s average weekly Managed Assets between $0 to $600 million, computed based upon the value of Managed Assets determined at the end of each week; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings">&sect;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">0.060% of the Fund&rsquo;s average weekly Managed Assets in excess of $600 million, computed based upon the value of Managed Assets determined at the end of each week</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">For this purpose, &ldquo;Managed Assets&rdquo; shall mean net assets plus the amount of any borrowings for investment purposes.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2M
<SEQUENCE>4
<FILENAME>posamiexm1.htm
<DESCRIPTION>FORM ADV NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE
<TEXT>
<HTML>
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<TITLE> </TITLE>
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<div style='width:600;'>



<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit (m)(1)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><I><font SIZE=2>NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE </font></I></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial application for SEC registration and all amendments to registration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>1. Appointment of Agent for Service of Process</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint each of the Secretary of the SEC, and the Secretary of State or other legally designated officer, of any other state in which you are submitting a notice filing, as your agents to receive service, and agree that such persons may accept service on your behalf, of any notice, subpoena, summons, order instituting proceedings, demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative proceeding or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding, or arbitration (a) arises out of any activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b) is founded, directly
or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of any state in which you are submitting a notice filing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>2. Appointment and Consent: Effect on Partnerships</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>If you are organized as a partnership, this irrevocable power of attorney and consent to service of process will continue in effect if any partner withdraws from or is admitted to the partnership, provided that the admission or withdrawal does not create a new partnership. If the partnership dissolves, this irrevocable power of attorney and consent shall be in effect for any action brought against you or any of your former partners.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>3. Non-Resident Investment Adviser Undertaking Regarding Books and Records</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By signing this Form ADV, you also agree to provide, at your own expense, to the U.S. Securities and Exchange Commission at its principal office in Washington D.C., at any Regional or District Office of the Commission, or at any one of its offices in the United States, as specified by the Commission, correct, current, and complete copies of any or all records that you are required to maintain under Rule 204-2 under the Investment Advisers Act of 1940. This undertaking shall be binding upon you, your heirs, successors and assigns, and any person subject to your written irrevocable consents or powers of attorney or any of your general partners and managing agents.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Signature</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the non-resident investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit (m)(1)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any person having custody or possession of these books and records to make them available to federal and state regulatory representatives.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Signature:</font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date: MM/DD/YYYY</font></p> </td> </tr>
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        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>SHAUNA O'SULLIVAN </font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>04/08/2008 </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Printed Name:</font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td> </tr>
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        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>SHAUNA O'SULLIVAN </font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>HEAD OF LEGAL AND COMPLIANCE </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Adviser CRD Number:</font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>110753 </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<DOCUMENT>
<TYPE>EX-99.2M
<SEQUENCE>5
<FILENAME>posamiexm2.htm
<DESCRIPTION>FORM ADV NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE
<TEXT>
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<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit (m)(2)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><I><font SIZE=2>NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE </font></I></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial application for SEC registration and all amendments to registration.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>1. Appointment of Agent for Service of Process</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint each of the Secretary of the SEC, and the Secretary of State or other legally designated officer, of any other state in which you are submitting a notice filing, as your agents to receive service, and agree that such persons may accept service on your behalf, of any notice, subpoena, summons, order instituting proceedings, demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative proceeding or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding, or arbitration (a) arises out of any activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b) is founded, directly
or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of any state in which you are submitting a notice filing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>2. Appointment and Consent: Effect on Partnerships</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>If you are organized as a partnership, this irrevocable power of attorney and consent to service of process will continue in effect if any partner withdraws from or is admitted to the partnership, provided that the admission or withdrawal does not create a new partnership. If the partnership dissolves, this irrevocable power of attorney and consent shall be in effect for any action brought against you or any of your former partners.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>3. Non-Resident Investment Adviser Undertaking Regarding Books and Records</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By signing this Form ADV, you also agree to provide, at your own expense, to the U.S. Securities and Exchange Commission at its principal office in Washington D.C., at any Regional or District Office of the Commission, or at any one of its offices in the United States, as specified by the Commission, correct, current, and complete copies of any or all records that you are required to maintain under Rule 204-2 under the Investment Advisers Act of 1940. This undertaking shall be binding upon you, your heirs, successors and assigns, and any person subject to your written irrevocable consents or powers of attorney or any of your general partners and managing agents.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Signature</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the non-resident investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

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</DIV>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit (m)(2)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any person having custody or possession of these books and records to make them available to federal and state regulatory representatives.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr >
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Signature:</font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date: MM/DD/YYYY</font></p> </td> </tr>
    <tr >
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>LOW HON-YU </font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>11/05/2008 </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Printed Name:</font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td> </tr>
    <tr >
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>LOW HON-YU </font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>DIRECTOR </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Adviser CRD Number:</font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>124509 </font></p> </td>
        <td width="295" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R
<SEQUENCE>6
<FILENAME>posamiexr2.htm
<DESCRIPTION>CODE OF ETHICS FOR INVESTMENT MANAGER AND INVESTMENT ADVISOR
<TEXT>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt" align="right"><b><font face="ARIAL" size="2">Exhibit (r)(2)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><u><b><font face="ARIAL" size="2">CODE OF ETHICS</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><u><b><font face="Arial" size="2">EFFECTIVE AS OF JANUARY 1, 2008</font></b></u></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="145" border="0">
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                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">I.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="121">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">INTRODUCTION</font></b></p>
                        </td>
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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">This Code of Ethics (the &ldquo;Code&rdquo;) is adopted by:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2"><font face="Arial" size="2">(i)&nbsp; <font face="Arial" size="2">Aberdeen Asset Management Inc.<br>
            </font><br>
            </font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">(ii) Aberdeen Asset Management Limited<br>
            <br>
            (iii) Aberdeen Asset Management Asia Limited</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">(iv) Aberdeen Asset Management Investment Services Limited</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">(each hereinafter referred to individually as an &ldquo;Adviser&rdquo; and, together, as the &ldquo;Advisers&rdquo;) in compliance with the requirements of Rule 17j-1 adopted under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), and Sections 204A and 206 of the Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;), and specifically
            Rules 204A-1 and 204-2 thereunder, to effectuate the purposes and objectives of those provisions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Additionally, the Federal Securities Laws (as defined below) require investment advisers, funds and others to adopt policies and procedures to identify and prevent the misuse of material, non-public information. Section V of this Code discusses the prohibitions from trading on material non-public information or communicating material, non-public information to others in violation of the
            Federal Securities Laws.</font></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="419" border="0">
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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">A.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="371">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Applicable Provisions of the 1940 Act and Advisers Act</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Access Persons (as defined below) may not, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired (as defined below) by any Client (as defined below) or otherwise directly or indirectly:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">employ any device, scheme or artifice to defraud any Client (as defined below) or prospective Client;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">make to any Client, any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made to the Client, in light of the circumstances in which they are made, not misleading;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">engage in any act, transaction, practice or course of business that operates or would operate as a fraud or deceit upon any Client or prospective Client;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">engage in any act, practice, or course of business which is fraudulent, deceptive or manipulative;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">acting as principal for his/her own account, knowingly to sell any security to or purchase any Reportable Security (as defined below) from a Client, or acting as a broker for a person other than such Client, knowingly to effect any sale or purchase of any Reportable Security for the account of such Client, without disclosing to such
                            Client in writing before the completion of such transaction the capacity in which he/she is acting and obtaining the consent of the Client to such transaction; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(vi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">engage in any act, practice, or course of business in violation of any applicable government law, rule or regulation, including but not limited to the Federal Securities Laws.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font face="Arial" size="2">Under the Advisers Act the Advisers are required to:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">adopt and enforce Codes of Ethics setting forth standards of conduct for advisory personnel, and to address conflicts arising from personal trading by advisory personnel (Rule 204A-1)</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">establish and enforce policies and procedures reasonably designed to prevent the misuse of material, non-public information by investment advisers (Section 204A)</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">maintain records with respect to the personal securities transactions of Access Persons (as defined below) (Section 204-2).</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">This Code is based on the principle that the Directors and officers of the Advisers and any of their Supervised Persons (as defined below) employed by Aberdeen Asset Management PLC or any of its subsidiaries or affiliates (collectively, the &ldquo;Aberdeen Group&rdquo;)owe a fiduciary duty to Clients to conduct their affairs, including their personal securities transactions, in such a
            manner as to avoid:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">serving their own personal interests ahead of Clients;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">taking inappropriate advantage of their position within the respective Adviser; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Supervised Persons are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Advisers, Supervised Persons must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Supervised Persons must avoid participation in any
            activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties. A conflict of interest would generally arise if a Supervised Person directly or indirectly participated in any investment, interest, association, activity or relationship that may impair or appear to impair the Supervised Person's objectivity. Any Supervised Person who may be involved in a situation or activity that might be a conflict of interest
            or give the appearance of a conflict of interest should consider reporting such situation or activity to the Chief Compliance Officer of the respective Adviser.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">The Board of Directors of each of the Advisers has adopted this Code.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">This Code and any amendments to this Code shall be given to all Supervised Persons of the Advisers. All Supervised Persons will sign an acknowledgement, upon receipt of the Code and any amendments, certifying that they have received, understand and will comply with this Code. Upon request, this Code shall be delivered, without charge, to any Client of the Advisers, as stated in the
            Advisers&rsquo; ADV s Part II, Schedule F.</font></b></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="128" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">II.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="104">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">DEFINITIONS</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font face="Arial" size="2">As used in this Code, the following terms have the following meanings:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Access Person&rdquo;</font></b> <font face="Arial" size="2">includes (a) any director, partner, or officer of an Adviser; (b) any Supervised Person who (1) has access to non-public information regarding any Clients&rsquo; purchase or sale of securities, or non-public information regarding the portfolio holdings of any Client;
                            or (2) is involved in making securities recommendations to Clients or has access to such recommendations that are nonpublic; (c) any employee of an Adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">2</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><font face="Arial" size="2">purchase or sale of Reportable Securities by a Client, or whose functions relate to the making of any recommendations with respect to such purchases or sales; (d) any natural person in a control relationship to an Adviser who obtains information concerning recommendations made to a Client with regard to the purchase or sale of Reportable Securities of the Client; and
            (e) any other person who any Adviser&rsquo;s CCO determines to be an Access Person.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><b><font face="Arial" size="2">For purposes of this document, all Supervised Persons of the Advisers will be considered Access Persons.</font></b></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Automatic Investment Plan&rdquo;</font></b> <font face="Arial" size="2">means any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including, but not limited to, any dividend reinvestment plan
                            (&ldquo;DRIP&rdquo;).</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Beneficial Ownership&rdquo;</font></b> <font face="Arial" size="2">generally means any interest in a Security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary (&ldquo;pecuniary&rdquo;) benefit. It shall be interpreted in the same
                            manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;) in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder, that, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy a direct or indirect economic benefit from the ownership of the security. A person is
                            normally regarded as the beneficial owner of securities held in (a) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household; (b) a trust, estate, or other account in which he/ she has a present or future interest in the income, principal or right to obtain title to the securities or (c) the name of another person or entity by reason of any contract, understanding, relationship, agreement or other arrangement
                            whereby he or she obtains benefits substantially equivalent to those of ownership.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Chief Compliance Officer&rdquo; or &ldquo;CCO&rdquo;</font></b> <font face="Arial" size="2">means the person appointed by each Adviser designated to be responsible for administering the policies and procedures adopted under the Advisers Act. The CCO may delegate any or all of his or her responsibilities under the Code. In
                            instances when the Code is applied to the CCO, any other executive officer of the appropriate Adviser may act as the designee of the CCO.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Client&rdquo;</font></b> <font face="Arial" size="2">means any person or entity to which the Advisers provide investment advisory services, including Reportable Funds, unregistered investment companies, and any account, trust or other investment vehicle over which the Aberdeen Group has management discretion.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(vi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">"Control"</font></b> <font face="Arial" size="2">means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Any person who owns beneficially, either directly or through one or more controlled companies, more than
                            twenty-five percent (25%) of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than twenty-five percent (25%) of the voting securities of any company shall be presumed not to control such company. A natural person shall be presumed not to be a controlled person.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(vii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Federal Securities Laws&rdquo;</font></b> <font face="Arial" size="2">means (a) the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;); (b) the Securities Exchange Act of 1934, as amended (&ldquo;Exchange</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">3</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><font face="Arial" size="2">Act&rdquo;); (c) the Sarbanes-Oxley Act of 2002; (d) the 1940 Act; (e) the Advisers Act; (f) Title V of the Gramm-Leach-Bliley Act; (g) any rules adopted by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) under the foregoing statutes; (h) the Bank Secrecy Act, as it applies to funds and investment advisers; and (i) any rules adopted under relevant
            provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(viii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Initial Public Offering&rdquo; (&ldquo;IPO&rdquo;)</font></b> <font face="Arial" size="2">means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act, or a similar offering of
                            securities in another market.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ix)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Investment Personnel&rdquo;</font></b> <font face="Arial" size="2">means (a) any Portfolio Manager of the Aberdeen Group; (b) any employee of the Aberdeen Group (or of any company in a control relationship to a Reportable Fund or the Aberdeen Group) who, in connection with his regular functions or duties, makes or participates
                            in making recommendations regarding the purchase or sale of securities by the Aberdeen Group, including securities analysts and traders; or (c) any person employed by the Aberdeen Group who obtains or otherwise has access to information concerning recommendations made to a Client regarding the purchase or sale of securities by any Client.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(x)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Limited Offering"</font></b> <font face="Arial" size="2">means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or Rules 504, 505 or 506 under the Securities Act. Limited offerings are commonly referred to as private placements and include offerings of hedge funds
                            and private funds.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(xi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Portfolio Manager&rdquo;</font></b> <font face="Arial" size="2">means an employee of the Aberdeen Group entrusted with the direct responsibility and authority to make investment decisions affecting the Client portfolios managed by the Aberdeen Group.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(xii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Purchase or sale of a Security&rdquo;</font></b> <font face="Arial" size="2">includes, among other things, the writing of an option to purchase or sell a Security.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(xiii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Reportable Fund&rdquo;</font></b> <font face="Arial" size="2">means: (a) any US registered investment company advised or sub-advised by an Adviser; or (b) any US registered investment company whose investment adviser or principal underwriter controls, is controlled by or is under common control with any Aberdeen Group entity.
                            References to registered investment companies include exchange traded funds.<sup>1</sup> A list of Reportable Funds is maintained by each respective Adviser&rsquo;s CCO.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(xiv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">"Security"</font></b> <font face="Arial" size="2">shall have the meaning set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 1940 Act except as noted in the following paragraph. Further, for purposes of this Code, &ldquo;Security&rdquo; shall include any commodities contracts as defined in Section
                            2(a)(1)(A) of the Commodity Exchange Act and shares of exchange traded funds. This definition includes but is not limited to futures contracts on equity indices.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"><font size="2">_________________________</font></p>
            <sup>&nbsp;</sup>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="right"><font size="2"><sup>1&nbsp;</sup></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">&ldquo;Exchange traded funds,&rdquo; or &ldquo;ETFs,&rdquo; are registered investment companies that operate pursuant to an order from the SEC exempting the ETF from certain provisions of the 1940 Act so that the ETF may issue securities that trade in a secondary market, and which are redeemable only in large aggregations called creation
                            units. An ETF registers with the SEC under the 1940 Act either as an open-end management investment company or as a unit investment trust.</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <sup>&nbsp;</sup>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-INDENT: 1in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">4</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Reportable Security&rdquo;</font></b> <font face="Arial" size="2">shall have the same definition as Security above but shall not include direct obligations of the United States national government, bankers&rsquo; acceptances, bank certificates of deposit, high quality short-term debt instruments (maturity of less than 366 days at issuance and rated in one of
            the two highest rating categories by a Nationally Recognized Statistical Rating Organization), including repurchase agreements, commercial paper and shares of U.S. registered money market funds that limit their investments to the exempted securities enumerated above. Also excluded from the definition are any U.S. registered open-end investment companies
            (</font><i><font face="Arial" size="2">e</font></i><font face="Arial" size="2">.</font><i><font face="Arial" size="2">g</font></i><font face="Arial" size="2">., open-end mutual funds, but not exchange traded funds) that are not advised or sub-advised by the Advisers. Shares of exchange traded funds, whether registered as open-end investment companies or unit investment trusts, are deemed to be Reportable Securities. Any question as to whether a particular investment constitutes a
            &ldquo;Security&rdquo; or a &ldquo;Reportable Security&rdquo; should be referred to the respective Compliance Officer.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(xv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Security Held or to be Acquired&rdquo;</font></b> <font face="Arial" size="2">means (a) any Reportable Security which, within the most recent 7 days, is or has been held by Client, or (b) is being or has been considered for purchase by a Client or an Adviser, or (c) any option to purchase or sell, and any security convertible
                            into or exchangeable for, a Reportable Security.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(xvi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">&ldquo;Supervised Person&rdquo;</font></b> <font face="Arial" size="2">means (a) any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an Adviser, or (b) any other person who provides investment advice on behalf of the Adviser and is subject to the supervision and
                            control of the Adviser, such as those persons covered under a Memorandum of Understanding with an Adviser.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="235" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">III.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="211">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">PROHIBITED TRANSACTIONS</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">No Access Person shall engage in any act, transaction, practice or course of conduct, which would violate the provisions of Rule 17j-1 of the 1940 Act or Section 206 of the Advisers Act as described in Section I.A. above.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="171" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="ARIAL" size="2">A.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Access Persons</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">No Access Person shall</font></b><font face="Arial" size="2">:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">purchase or sell, directly or indirectly, any Security in which he/she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which to his/her actual knowledge at the time of such purchase or sale, the same Reportable Security is:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="96">
                            <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(a)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">being considered for purchase or sale by any Client;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="96">
                            <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(b)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">being purchased or sold by any Client; or</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">disclose to other persons the Reportable Securities activities engaged in or contemplated for any Client;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Aberdeen Group. For the purposes of the Code &ldquo;de minimis&rdquo; shall be considered to be the annual receipt of gifts from the same source valued at $100 USD or the receipt of any entertainment from any
                            source that an individual has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">5</font></a></p>
            </div>

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                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><font face="Arial" size="2">frequent as to raise any question of impropriety. Any gifts in excess of $50 USD, however, must be reported to the Compliance Department.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">acquire a Beneficial Ownership in any securities in an IPO or a Limited Offering, without having received prior written approval from the appropriate Investment Director and an Executive Director of the Aberdeen Group. Compliance will maintain a record of any decision which includes the reasons supporting the decision made by the
                            Investment Director and Executive Director, to approve the Access Person&rsquo;s acquisition of an IPO or private placement for at least five years after the end of the fiscal year in which the approval was granted.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><font face="Arial" size="2">Before granting such approval, the Investment Director will carefully evaluate such investment to determine that the investment could create no material conflict between the Access Person and a Client. The Investment Director may make such determination by looking at, among other things, the nature of the offering and the particular facts surrounding the purchase. For
            example, the Investment Director may consider approving the transaction if it can be determined that: (a) the investment did not result from directing Client or Aberdeen Group business to the underwriter or issuer of the Security; (b) the Access Personis not misappropriating an opportunity that should have been offered to a Client; and (c) an Investment Person's investment decisions for a Client will not be unduly influenced by his or her personal holdings and investment decisions
            are based solely on the best interests of a Client.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><font face="Arial" size="2">In addition, no Access Person shall acquire a Beneficial Ownership in any securities issued in a Limited Offering by a private fund advised or sub-advised by any member of the Aberdeen Group without having received prior written approval from the Compliance Department.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Any Access Person authorized to purchase securities in an IPO or Limited Offering shall disclose that investment when they play a part in a Client&rsquo;s subsequent consideration of an investment in that issuer. In such circumstances, a Client's decision to purchase securities of the issuer shall be subject to independent review by Investment Personnel with no
            personal interest in the issuer.</font></b></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">serve on the board of directors of any publicly traded company without prior authorization of the Aberdeen Group Chief Executive. Any such authorization shall be based upon a determination that the board service would be consistent with the interests of the Aberdeen Group and the Clients under their management. Authorization of board
                            service shall be subject to the implementation by the Aberdeen Group of "Chinese Wall" or other procedures to isolate such Access Persons from making decisions about trading in that company's Securities.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(vi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">No employees may profit in the purchase and sale, or sale and purchase, of any Reportable Securities within sixty (60) calendar days. Trades made in violation of this prohibition should be unwound, if possible. Otherwise, any profits realized on such short-term trades shall be subject to disgorgement to the appropriate charity of the
                            Aberdeen Group&rsquo;s choosing. Where an Option has been held for a minimum of 60 calendar days and then exercised, any security acquired via such exercise may be sold without regards to the 60 day holding period.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="188" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">B.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="140">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Portfolio Managers</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">In addition to the prohibitions listed above, no Portfolio Manager shall acquire or dispose of any Beneficial Ownership ina Reportable Security within seven (7) calendar days before or after any</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">6</font></a></p>
            </div>

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                <hr align="center" width="100%" noshade size="2">
            </div>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Client trades in that security. This blackout period does not apply where the Portfolio Manager requests pre-clearance of shares of stock in a company listed on the S&amp;P 500 Index provided that there are no open orders for Clients in these securities. Any trades made within the proscribed period shall be unwound, if possible. Otherwise, any profits realized on trades within the
            proscribed period shall be disgorged to a charity of the Aberdeen Group&rsquo;s choosing.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="119" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">C.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Waivers</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Notwithstanding any other provision in this Code to the contrary, transactions described in Section III.A and III.B above which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Client and which are otherwise transacted in accordance with Rule 17j-1 under the 1940 Act and Sections 204A and 206 of the Advisers Act</font>
            <b><font face="Arial" size="2">may be permitted within the discretion afforded under the Aberdeen Group&rsquo;s Personal Account Dealing authorization process on a case-by-case basis</font></b><font face="Arial" size="2">.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="231" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">IV.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="207">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">COMPLIANCE PROCEDURES</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">With respect to the pre-clearance and reporting requirements contained herein, Access Persons shall pre-clear in accordance with the Aberdeen Group&rsquo;s Personal Account Dealing Procedures.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="235" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">A.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="187">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Pre-Clearance Procedures</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">All Access Persons must receive prior approval before engaging in any transaction in Reportable Securities in which the Access Person acquires or disposes of Beneficial Ownership of such Reportable Security that is not otherwise specifically prohibited by this Code. The Access Person should request pre-clearance by completing the Personal Account Deal Request Form located on the
            Compliance Forms and Reports Database on Lotus Notes, and sending the form for approval to a dealer or company secretary, fund management desk head and executive director or Compliance as indicated on the Dealing Request Formprior to trading. A list of persons currently authorized to approve Personal Account Deals is maintained by the Compliance Department and is available on the Compliance Forms and Reports Database. Access Persons should note the specific additional requirements
            discussed in Section III.A.(iv) above with respect to IPOs and Limited Offerings, including private fund investments.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Any conflicts of interest related to Reportable Securities in which the Access Person is seeking pre-clearance or any Client must be disclosed on the Personal Account Deal Request Form.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">In addition, where the Access Person intends to trade in securities issued by a closed-end investment company advised by the Aberdeen Group, a Reportable Fund, or in the shares of Aberdeen Asset Management PLC, the written approval of the Secretary of the investment company or, as the case may be, the Company Secretary of Aberdeen Asset Management PLC, must first be obtained.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Pre-clearance approval will expire 24 hours after the authorization is granted. If the trade instruction is not placed before such pre-clearance expires, the Access Person is required to again obtain pre-clearance for the trade. In addition, if before placing the trade instruction, the Access Person becomes aware of any additional information with respect to a transaction that was
            pre-cleared, such Access Person shall not proceed further with the trade, without submitting a fresh application for approval.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Access Persons are not required to pre-clear the following types of transactions:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">purchases or sales which are non-volitional on the part of the Access Person;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">7</font></a></p>
            </div>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">transactions effected for, and Reportable Securities held in, any account over which the Access Person has no direct or indirect influence or control;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">purchases which are part of an Automatic Investment Plan or DRIP or other regular investment in a selected security or securities subject to pre-clearance of the first purchase under the scheme;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">for those Access Persons residing outside the United States, registered open-end investment vehicles within their respective jurisdictions which are not advised or sub-advised by an Adviser; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">securities acquired by the exercise of rights issued</font> <i><font face="Arial" size="2">pro rata</font></i> <font face="Arial" size="2">by an issuer to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(vi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">Commodities, Index Futures and Currency Trading (however these securities are still subject to the Code of Ethics reporting requirements.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="185" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">B.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="137">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Excessive Trading</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The Aberdeen Group understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal financial planning.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">As in other areas, however, this should be done in a way that creates no potential conflicts with the interests of any Client. Further, it is important to recognize that otherwise appropriate trading, if excessive, may compromise the best interests of any Clients if such trading is conducted during work-time or using Client resources</font><b><font face="Arial" size="2">. Accordingly,
            employees are generally restricted to a maximum of ten personal trades per calendar month to ensure that personal trading is not excessive. Exceptions to this restriction will be considered in hardship situations and at the discretion of the Chief Compliance Officer.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">No Access Person should engage in excessive trading or market timing activities with respect to any mutual funds whether managed by the Aberdeen Group or otherwise.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="256" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">C.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="208">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Reporting by Access Persons</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Reports submitted pursuant to this Code shall be confidential and shall be provided only to the officers and Directors of the Advisers, their legal advisers/or regulatory authorities upon appropriate request. Notwithstanding the above, reports submitted by an Access Person pursuant to this Code may also be provided to any Reportable Fund to the extent such Access Person is considered an
            &ldquo;access person&rdquo; of the Reportable Fund for purposes of Rule 17j-1.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Any statements made in any report submitted pursuant to the reporting requirements below will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the Security or Securities to which the report relates.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font face="Arial" size="2">All Access Persons must make the following reports:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="217" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">1.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="169">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Initial Holdings Reports</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">No later than 10 days after a person becomes an Access Person, such person must file an Initial Report of Access Persons (&ldquo;Initial Report&rdquo;) with Compliance reflecting the Access Person&rsquo;s holdings as of a date not more than 45 days prior to becoming an Access Person. Such Initial Report must contain the following information:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">8</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each Reportable Security in which such person has any direct or indirect Beneficial Ownership;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the name of any broker, dealer or bank with whom the Access Person maintains an account in which any Securities are held for the direct or indirect benefit of the Access Person; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the date the Initial Report is submitted.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">In addition to reporting holdings of Reportable Securities, every Access Person shall certify in their Initial Report that:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">they have received, read and understand the Code and recognize that they are subject thereto; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">they have no knowledge of the existence of any personal conflict of interest relationship which may involve a Client, such as any economic relationship between their transactions and securities held or to be acquired by a Client.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="260" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">2.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="212">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Quarterly Transaction Reports</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">All Access Persons are required to report to Compliance all transactions involving a Reportable Security in which the Access Person had, or as a result of the transaction, acquired, any direct or indirect Beneficial Ownership conducted during each calendar quarter within thirty (30) days after the close of the quarter and to provide duplicate statements for all brokerage accounts. This
            disclosure includes the:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">date of the transaction, title of the security, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), number of shares, and principal amount of each Reportable Security involved;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the price of the Reportable Security at which the transaction was effected;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">name of the broker, dealer or bank with or through which the transaction was effected; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">date the report is submitted.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">In addition, with respect to any account established by an Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person, the Access Person must provide on the Quarterly Transaction Report:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">name of the broker, dealer or bank with whom the Access Person established the account; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">date the account was established.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">9</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The reporting requirements set out above apply to all transactions in Reportable Securities other than:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="597" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="501">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">transactions with respect to Reportable Securities held in accounts over which the <font face="Arial" size="2">Access Person had no direct or indirect influence or control; and</font></font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="545" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="449">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">transactions effected pursuant to an Automatic Investment Plan or DRIP.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Access Persons must provide duplicate copies of their contract confirmations for each transaction in Reportable Securities to Compliance in accordance with the Aberdeen Group Procedures for Personal Account Dealing. Duplicate holding/trading statements are to be provided to Compliance at least quarterly, where available, within 30 days after the period end. The Procedures however,
            recognize that some Access Persons either reside in countries or maintain brokers where such statements are not regularly issued or available, and therefore these individuals are to be exempt from providing quarterly statements within the 30 day time period. In such circumstances, brokerage statements or their equivalent holdings reports must be provided where available.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">In the event that an Access Person opens a new account during a quarter, the account is to be noted on their quarterly report and duplicate statements, or the equivalent of such, with respect to such new account, are to be forwarded to Compliance within the 30 day period after the end of the quarter in which the new account is opened, or as appropriate if exempt from the 30 day
            rule.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="227" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">3.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="179">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Annual Holdings Reports</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">No later than January 31 of each year, every Access Person must submit a report to Compliance which contains the following information:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Reportable Security or shares in a Reportable Fund in which such person has any direct or indirect Beneficial Ownership as of December 31 of the prior calendar year;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the name of the broker, dealer or bank with whom such person maintained an account in which any Securities were held for the direct or indirect benefit of such person as of December 31 of the prior calendar year; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the date the report is submitted.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="333" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">4.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="285">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Certification of Compliance with the Code</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Compliance shall provide notice to all Access Persons of their status under this Code, and shall deliver a copy of the Code to each Access Person when they become an Access Person and annually thereafter. Additionally, each Access Person will be provided a copy of any amendments to the Code. After reading the Code or any amendment to the Code, each Access Person shall certify to the
            following in the form provided by Compliance:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">they have read and understand the Code and recognize that they are subject thereto;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">they have complied and/or will comply with the requirements of the Code;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">they have reported and/or will report all personal securities transactions required to be reported pursuant to the requirements of the Code;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">10</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">they have not disclosed and/or will not disclose pending "buy" or "sell" orders for a Client except where the disclosure occurred subsequent to the execution or withdrawal of an order; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">they have no knowledge of the existence of any personal conflict of interest relationship which may involve any Client, such as any economic relationship between their transactions and securities held or to be acquired by a Client.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">This Certification of Compliance shall be maintained on the Compliance Forms &amp; Reports Database on Lotus Notes and made available to the respective CCO.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">In the event that an Access Personhas any knowledge of a potential or actual violation of the Certification of Compliance, that person should notify the respective CCO in accordance with the procedures set forth below in Section E.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="356" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="ARIAL" size="2">D.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="308">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="ARIAL" size="2">REPORTING TO THE BOARD OF DIRECTORS</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Each CCO will prepare an annual report relating to the Code of Ethics for the Board of Directors of the applicable Adviser. Such annual report shall:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">summarize existing procedures concerning personal investing and any changes in the procedures made during the past year;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">identify any violations requiring significant remedial action during the past year and any sanctions imposed;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">identify any recommended changes in the existing restrictions or procedures based upon the Adviser's experience under the Code of Ethics, evolving industry practices or developments in applicable laws or regulations; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">state the CCO&rsquo;s conclusions regarding whether the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The CCO shall promptly report to the applicable Adviser&rsquo;s Board of Directors all apparent violations of the Code and the reporting requirements thereunder. The Board of Directors of each Adviser shall consider reports made hereunder and shall determine whether or not this Code has been violated and what sanctions, if any, should be imposed.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="297" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">E.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="249">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Reports to Chief Compliance Officer</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The Advisers&rsquo; CCOs will provide, within 60 days after each calendar quarter end, certification to the chief compliance officer (each a &ldquo;Fund CCO&rdquo;) or other designee of each Reportable Fund that, as of the prior quarter end:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">all documentation required by the Code and Rule 17j-1 as it applies to the Advisers or their Supervised Persons has been collected and is being retained on behalf of the Reportable Fund;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">there have been no material violations to the Code and, if there have been violations to the Code, the violation has been documented and reported to each Fund CCO; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">the firm has appointed appropriate management or compliance personnel to review transactions and reports filed by Access Persons under the Code, and adopted</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">11</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 1in; TEXT-ALIGN: justify"><font face="Arial" size="2">procedures reasonably necessary to prevent Access Persons from violating the Code.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The Advisers&rsquo; CCOs will also provide, within 60 days after each calendar quarter end, a description of any issues arising under the Code since the last quarter end, including, but not limited to, information about material violations of the Code and sanctions imposed in response to material violations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Each quarter the respective Adviser&rsquo;s CCO will also provide to each Fund CCO or their designee a list of Access Persons who are subject to this Code and the names of the relevant personnel responsible for pre-clearing and reviewing personal securities transactions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font face="Arial" size="2">The CCOs will provide such information, including, but not limited to, initial and annual holdings reports and quarterly transaction reports for all Access Persons, pre-clearance reports and approvals for participation in IPOs and Limited Offerings, as is requested by a Fund CCO.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="408" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">F.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="360">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">REPORTING OF ILLEGAL OR UNETHICAL BEHAVIOR</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Supervised Persons should promptly report any conduct or actions by a Supervised Person that does not comply with the Federal Securities Laws, other applicable laws, rules or regulations or this Code. Any Supervised Person who questions whether a situation, activity or practice is acceptable must immediately report such practice to the CCO of the Adviser. The CCO of the Adviser shall
            consider the matter and respond to the Supervised Person within a reasonable amount of time. The CCO of the Adviser will contact the Adviser's legal counsel when he/she believes it to be necessary. To the extent possible and as allowed by law, reports made by Supervised Persons under this Section F will be treated as confidential.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="147" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">G.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="99">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">SANCTIONS</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font face="Arial" size="2">Upon discovering a violation of this Code, the Board of Directors of any of the Advisers may impose such sanctions as they deem appropriate, including, among other things, verbal or written warnings and censures, monetary sanctions, disgorgement, suspensions or dismissal.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="237" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">H.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="189">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">RETENTION OF RECORDS</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The following records must be maintained by the Advisers in the manner and to the extent set out below. These records must be made available to the SEC or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examination:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A copy of the Code that is in effect, or at any time within the past five years was in effect, must be maintained in an easily accessible place;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A record of any violation of the Code, and of any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A copy of each report required to be submitted by Access Persons under Sections IV.C.1, IV.C.2, and IV.C.3 of the Code, including any information provided on broker transaction confirmations and account statements, must be maintained for at least five years after the end of the fiscal year in which the report is made or the information
                            is provided, the first two years in an easily accessible place;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A record of the names of all persons who are currently, or within the past five years were, Access Persons of the Adviser;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">12</font></a></p>
            </div>

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                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A record of all Access Persons, currently or within the past five years, who are or were required to make reports under the Code must be maintained in an easily accessible place;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(vi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A record of all persons, currently or within the past five years, who are or were responsible for reviewing reports of Access Persons must be maintained in an easily accessible place;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(vii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A copy of each Personal Account Deal Request Form (including a record of all approvals to acquire securities in an IPO or Limited Offering, indicating the reasons for such approvals) must be maintained for at least five years after the end of the fiscal year in which the form was submitted or the approval is granted, whichever is
                            later;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(viii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities in an IPO or Limited Offering for at least five years after the end of the fiscal year in which approval is granted;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ix)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A copy of each report to the Board of the Advisers or to a Reportable Fund of the Code must be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(x)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A record of all accounts, currently or within the past five years, in which an Access Person has or had a Beneficial Ownership interest in a Reportable Security solely by reason of an indirect pecuniary interest described in Rule 16a-1(a)(2)(ii)(B) or (C) under the Exchange Act must be maintained in an easily accessible place;
                            and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(xi)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A record of all Certifications of Compliance for each person who is currently, or within the past five years was, a Supervised Person of the Adviser.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="324" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">V.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="300">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">POLICY STATEMENT ON INSIDER TRADING</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="245" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">A.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="197">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Definition of Insider Trading</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The Aberdeen Group prohibits any &ldquo;Affected Person&rdquo; (i.e., any officer or director of an Adviser and employees of the Group) from trading, either personally or on behalf of others, including accounts managed by the Aberdeen Group, on material non-public information or communicating material non-public information to others in violation of the law.</font>
            <b><font face="Arial" size="2">This conduct is frequently referred to as "insider trading."</font></b> <font face="Arial" size="2">The policy applies to every such Affected Person and extends to activities within and outside their duties within the Aberdeen Group. Any questions regarding this policy and the procedures below should be referred to the CCO of the respective Adviser.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The term "insider trading" is not defined in the Federal Securities Laws, but is generally understood to prohibit the following activities:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">trading by an insider while in possession of material non-public information;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">recommending the purchase or sale of securities while in possession of material non-public information; or</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">communicating material non-public information to others.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="227" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">B.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="179">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">The Concept of &ldquo;Insider&rdquo;</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">13</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The concept of "insider" is broad and it includes officers, directors, partners, members and employees of a company. In addition, a person can be a "temporary insider" if he or she is given material inside information about a company or the market for the company&rsquo;s securities on the reasonable expectation that the recipient would maintain the information in confidence and would not
            trade on it.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">A temporary insider can include, among others, a company&rsquo;s legal advisers</font><i><b><font face="Arial" size="2">,</font></b></i> <font face="Arial" size="2">accountants, consultants, bank lending officers, and the employees of such third parties. In addition, a company may become a temporary insider of a company it advises or for which it performs other services. For that to
            occur, that company must expect the subsidiary to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the subsidiary will be considered an insider.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="196" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">C.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="148">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Material Information</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Trading, tipping or recommending securities transactions while in position of inside information is not a basis for liability unless the information is &ldquo;material.&rdquo; "Material information" generally is defined as:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions; or</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">information that would significantly alter the total mix of information made available.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Information that should be considered material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, a joint venture, the borrowing of significant funds, a major labor dispute, merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. For information
            to be considered material it need not be so important that it would have changed an investor&rsquo;s decision to purchase or sell particular securities; rather it is enough that it is the type of information on which reasonable investors rely in making purchase or sale decisions. The materiality of information relating to the possible occurrence of any future event may depend on the likelihood that the event will occur and its significance if it did occur.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="215" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">D.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="167">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Non-Public Information</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Information is non-public until it has been effectively communicated to the market place. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC</font><i><b><font face="Arial" size="2">,</font></b></i> <font face="Arial" size="2">or appearing in</font> <i><font face="Arial" size="2">Dow
            Jones</font></i><font face="Arial" size="2">,</font> <i><font face="Arial" size="2">Reuters Economic Services</font></i><font face="Arial" size="2">,</font> <i><font face="Arial" size="2">The Wall Street Journal</font></i> <font face="Arial" size="2">or other publications of general circulation would be considered public. Information in bulleting and research reports disseminated by brokerage firms are also generally considered to be public information.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Before trading for yourself or others in the securities of a company about which you may have potential inside information, or revealing such information to others or making a recommendation based on such information, you should ask yourself the following questions</font></b><font face="Arial" size="2">:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Is this information that would substantially affect the market price of the securities if generally disclosed?</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">Is the information non-public? To whom has this information been provided? Has the information been effectively communicated to the marketplace?</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">14</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">If, after consideration of the above, you believe that the information is material and non-public, or if you have questions as to whether the information may be material and non-public, you should take the following steps:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Report the matter immediately to the CCO.</font></b> <font face="Arial" size="2">In consulting with the CCO, you should disclose all information that you believe may bear on the issue of whether the information you have is material and non-public.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="537" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="441">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Do not purchase or sell the securities</font></b> <font face="Arial" size="2">on behalf of yourself or others.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Do not communicate the information</font></b> <font face="Arial" size="2">either inside or outside the Aberdeen Group, other than to the CCO or another appropriate member of the Compliance Department.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iv)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">After the CCO has reviewed the issue, you will either be (a) instructed to continue the prohibitions against trading, tipping or communication, or (b) allowed to trade and communicate the information. In appropriate circumstances, the CCO will consult with counsel as to the appropriate course to follow.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">Information in your possession that you identify, or which has been identified to you as material and non-public, must not be communicated to persons outside the Aberdeen Group, without the prior authorization of the CCO.</font></b> <font face="Arial" size="2">In addition, care should be taken so that such information is secure. For example, files containing material non-public
            information should be sealed and access to computer files containing material non-public information should be restricted.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="213" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="ARIAL" size="2">E.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="165">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font face="Arial" size="2">Monitoring Procedures</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font face="Arial" size="2">The role of Compliance is critical to the implementation and maintenance of the Aberdeen Group&rsquo;s policy and procedures against insider trading. The supervisory procedures can be divided into the following two parts: (1) the prevention of insider trading; and (2) the detection of insider trading. Each part of the supervisory procedures is discussed in further detail
            below.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="281" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">1.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="233">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">The Prevention of Insider Trading</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font face="Arial" size="2">To prevent insider trading Compliance will:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">provide, on a regular basis, an educational program to familiarize Affected Persons with the policy and procedures; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">when it has been determined that an Affected Person has material non-public information:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="96">
                            <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(a)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">implement measures to prevent dissemination of such information; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="96">
                            <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(b)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">where necessary, restrict Affected Persons from trading in the securities.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="272" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">2.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="224">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><b><font face="Arial" size="2">The Detection of Insider Trading</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font face="Arial" size="2">To detect insider trading, Compliance will:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">review the trading activity reports filed by each Affected Person;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">review the trading activity on behalf of Clients; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Footer">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: center"><a name="PAGENUM"><font face="Arial" size="2">15</font></a></p>
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div title="EE+ Page Header">
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left"></p>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Arial" size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Arial" size="2">to the extent applicable, such other information as the CCO deems necessary or appropriate.</font></p>
                        </td>
                    </tr>
                </table>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.58in; TEXT-ALIGN: left">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-99.2R
<SEQUENCE>7
<FILENAME>posamiexr3.htm
<DESCRIPTION>SARBANES-OXLEY CODE OF ETHICS OF REGISTRANT
<TEXT>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right"><b><font face="Arial" size="2">Exhibit (r)(3)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN GLOBAL INCOME FUND, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">(&ldquo;FUNDS&rdquo;)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">PURSUANT TO THE SARBANES-OXLEY ACT OF 2002</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="268" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">I.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="220">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Introduction and Application</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In accordance with the Sarbanes-Oxley Act of 2002 (&ldquo;Sarbanes-Oxley&rdquo;) and the rules promulgated thereunder by the Securities and Exchange Commission, each of the Funds is required to publicly disclose on Form N-CSR whether it has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) applicable to its principal executive officer and principal financial officer (each a &ldquo;Covered
            Officer&rdquo;).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Recognizing the importance of high ethical standards in the conduct of the Funds&rsquo; business, each Fund&rsquo;s Board of Directors (&ldquo;Board&rdquo;), including a majority of its Independent Directors (as defined below), has adopted this Code of Ethics (&ldquo;Code&rdquo;).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">All recipients of the Code are directed to read it carefully, retain it for future reference, and abide by the rules and policies set forth herein. Any questions concerning the applicability or interpretation of such rules and policies, and compliance therewith, should be directed to the Funds&rsquo; Chief Compliance Officer (&ldquo;CCO&rdquo;) or to Fund counsel.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="125" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">II.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Purpose</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The Code is designed to deter wrongdoing and to promote, with respect to each Fund:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the SEC or in other public communications made by the Fund;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="595" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(C)</font></p>
                        </td>

                        <td valign="top" nowrap width="499">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">compliance with applicable governmental laws, rules and regulations;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="379" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(E)</font></p>
                        </td>

                        <td valign="top" nowrap width="283">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">accountability for adherence to the Code.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="141" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">III.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="93">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Definitions</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;</font><i><font size="2">Covered Officer</font></i><font size="2">&rdquo; with respect to a Fund means the principal executive officer of the Fund and senior financial officers of the Fund, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions, regardless
            of</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">whether these persons are employed by the Fund or a third party. The Covered Officers are listed on Appendix A.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;</font><i><font size="2">Executive Officer</font></i><font size="2">&rdquo; of a Fund has the same meaning as set forth in Rule 3b-7 under the Securities Exchange Act of 1934, as amended. Subject to any changes in that rule, the term &ldquo;executive officer,&rdquo; when used in the Code, means the president, any vice president, any
            officer who performs a policy making function, or any other person who performs similar policy making functions for a Fund. Each Fund&rsquo;s Executive Officers who are not also Covered Officers are listed on Appendix A.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;</font><i><font size="2">Independent Director</font></i><font size="2">&rdquo; means a Director of a Fund who is not an &ldquo;interested person&rdquo; of that Fund within the meaning of Section 2(a)(19) of the 1940 Act.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;</font><i><font size="2">Waiver</font></i><font size="2">&rdquo; means the approval by a Fund&rsquo;s CCO of a material departure from a provision of the Code. &ldquo;</font><i><font size="2">Waiver&rdquo;</font></i> <font size="2">includes an &ldquo;</font><i><font size="2">Implicit Waiver,&rdquo;</font></i> <font size="2">which is a
            Fund&rsquo;s failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an Executive Officer of the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="260" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">IV.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="212">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Honest and Ethical Conduct</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">General Objectives</font></u><font size="2">. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to, and try to avoid, any situations that may present, or appear to present, a conflict of interest. A Fund&rsquo;s Covered Officers are expected to place the interests of the Fund
            above the Covered Officer&rsquo;s own personal interests.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Conflicts of Interests</font></u><font size="2">. A &ldquo;conflict of interest&rdquo; exists where the interests or benefits of a Fund&rsquo;s Covered Officer conflict with the interests or benefits of the Fund. The following list of examples of specific types of conflicts of interest that may arise is not intended to be
            comprehensive and each Covered Officer is expected to treat even an appearance of impropriety as a potential conflict of interest that should be avoided or brought to the attention of the CCO.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Personal Business Transactions</font></u><font size="2">. A Fund&rsquo;s Covered Officer may not cause the Fund to engage in any business transaction with his or her family members or relatives or utilize the Covered Officer&rsquo;s relationship with the Fund to cause any third party to engage in any business
            transaction with his or her family members or relatives. This provision is not intended, however, to restrict Covered Officers and their family members or relatives from purchasing or selling shares of the Fund as long as such transactions are conducted in accordance with the Fund&rsquo;s Code of Ethics.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Use of Nonpublic or Confidential Information</font></u><font size="2">. A Fund&rsquo;s Covered Officer may not use, or disclose to a third party, non-public or confidential information about the Fund or its activities or those of any of the Fund&rsquo;s service providers for the purpose of personal gain by the Covered
            Officer or his or her family members or relatives (including, but not limited to, securities transactions based on such information).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Outside Employment or Activities</font></u><font size="2">. A Fund&rsquo;s Covered Officer may not engage in any outside employment or activity that interferes with his or her duties and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">responsibilities with respect to the Fund or is otherwise in conflict with or prejudicial to the Fund. A Covered Officer must disclose to the CCO any outside employment or activity that may constitute, or appear to constitute, a conflict of interest and obtain the CCO&rsquo;s approval before engaging in such employment or activity. Any such employment or activity is permissible only if it would not be
            inconsistent with the best interests of the Fund and its stockholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Gifts</font></u><font size="2">. A Fund&rsquo;s Covered Officer may not accept any gift, entertainment, favor, or loan from any person or entity that does or seeks to do business with the Fund which goes beyond the courtesies generally associated with accepted business practice. Non-cash gifts of a</font>
            <i><font size="2">de minimis</font></i> <font size="2">nature are considered to be within accepted business practices. Cash gifts of any amount are strictly prohibited. Entertainment (in the form of meals, tickets to events or otherwise) must be reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Corporate Opportunities</font></u><font size="2">. A Fund&rsquo;s Covered Officer may not exploit, for his or her own personal gain or the personal gain of family members or relatives, opportunities that are discovered through the use of Fund property, information, or the Covered Officer&rsquo;s position unless the
            opportunity is fully disclosed, in writing, to the Fund&rsquo;s Board and the Board declines to pursue such opportunity on behalf of the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Other Situations</font></u><font size="2">. Because other conflicts of interest may arise, it is not practical to list in the Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any questions, concerns or doubts, a
            Covered Officer should consult with the Fund&rsquo;s CCO or Fund counsel before engaging in the transaction, making the investment or pursuing the interest or activity.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Each Covered Officer should handle actual or apparent conflicts of interest in an ethical manner. In the event that a Fund&rsquo;s Covered Officer intends to engage in a transaction, activity or relationship that the Covered Officer reasonably believes that the Fund&rsquo;s Board would view as giving rise to a material conflict of interest, the Covered Officer must (i) avoid (or cease) such transaction,
            activity or relationship; or (ii) consult with the CCO and provide an accurate description of the transaction, activity or relationship. Upon such consultation, the CCO (in consultation with Fund counsel if the CCO deems appropriate) shall conduct a review to determine (i) whether engaging in such transaction, activity or relationship reasonably could be expected to give rise to a conflict of interest, and (ii) the appropriate resolution of any such conflict.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Based on its review, the CCO may provide instructions to the Covered Officer to resolve any potential conflict of interest. The Covered Officer shall either (i) comply with such instructions; or (ii) request a review of the instructions by the Fund&rsquo;s president, a vice president or the Board (provided that the review is not undertaken by a person involved in the matter giving rise to the possible
            conflict of interest), any determination following such review being conclusive (provided that the Board may act in its discretion in any event). The records of any consultation with the CCO in this regard, and of any review by the Fund&rsquo;s president, a vice president or the Board shall be retained in the manner set forth below in Section IX of the Code.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="477" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">V.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="429">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Full, Fair, Accurate, Timely and Understandable Disclosure</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">General Policy</font></u><font size="2">. The Code is intended to promote full, fair, accurate, timely and understandable disclosure in reports and other documents filed by each Fund with the SEC or made in other public communications by the Funds. Accordingly, the Covered Officers of a Fund are expected to consider it
            central to their roles as officers of the Fund to ensure that full, fair, accurate, timely and understandable disclosure is made in the Fund&rsquo;s reports and other documents filed with the SEC and in other public communications by the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="475" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(B)</font></p>
                        </td>

                        <td valign="top" nowrap width="379">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><font size="2">Responsibilities</font></u><font size="2">. Each Covered Officer of a Fund shall:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be familiar with the disclosure requirements generally applicable to the Fund;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including the Fund&rsquo;s directors and auditors, governmental regulators and self-regulatory organizations;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the extent appropriate within his or her area of responsibility; consult with other officers and employees of the Fund, the Fund&rsquo;s investment adviser and other Fund service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Fund files with, or submits
            to, the SEC and in other public communications made by the Fund; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="385" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">VI.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="337">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Accountability and Reporting under this Code</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="585" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(A)</font></p>
                        </td>

                        <td valign="top" nowrap width="489">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><font size="2">Certifications and Accountability</font></u><font size="2">. Each Covered Officer of a Fund shall:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon adoption of the Code (or thereafter as applicable upon becoming a Covered Officer), affirm in writing in accordance with Appendix B hereto that the Covered Officer has received, read, and understands the Code;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;annually thereafter affirm in the form of Appendix B hereto that the Covered Officer has complied with the requirements of the Code; and</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not retaliate against any other Covered Officer or employee of the Fund or its affiliated persons for reports of potential violations that are made in good faith.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Reporting of Violations of Applicable Laws and Regulations</font></u><font size="2">. A Fund&rsquo;s Covered Officer, upon learning of a violation of any applicable law, rule or regulation by a Fund or a person acting with or on behalf of the Fund, must report such violation to the CCO and assist with the resolution of
            such violation. A Covered Officer should seek guidance whenever he or she is in doubt as to the applicability of any law, rule, or regulation with respect to the contemplated course of action.</font> <b><font size="2">If a Covered Officer is unsure of what to do in any situation, he or she should seek guidance before acting.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Reporting of Violations of the Code</font></u><font size="2">. Each Covered Officer must promptly notify the CCO if he or she knows of any actual or potential departure from the Code, whether the violation or potential violation was committed by the Covered Officer personally or by another Covered Officer. Each Executive
            Officer must promptly notify the CCO if any actual or potential departure from the Code by a Covered Officer is known to the Executive Officer. In either case, failure to do so is itself a violation of the Code. If no written report is made by a Covered Officer or Executive Officer, the CCO must document his or her receipt of any oral report of a suspected material violation of the Code received.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Action by Chief Compliance Officer</font></u><font size="2">. Upon receiving a report from a Fund&rsquo;s Covered Officer or an Executive Officer, the Fund&rsquo;s CCO must conduct an internal investigation into the potential violation(s) of the Code, consulting with Fund counsel as necessary, to determine whether a
            violation of the Code has occurred and whether such violation has had or may have a material adverse impact upon the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after such investigation, the CCO determines that no violation has occurred, the CCO is not required to take any further action.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after such investigation, the CCO, after consultation with Fund counsel, concludes that there has been a violation of the Code, but the violation has not caused a material adverse impact on the Fund, the CCO, upon consultation with Fund counsel, shall determine what sanctions, if any, may be appropriate.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after such investigation, the CCO, after consultation with Fund counsel, concludes that there has been a violation of the Code, and that such violation has had or may have a material adverse effect on the Fund, the CCO shall report the violation and together with proposed sanctions to the Audit Committee. The Audit Committee shall be
            entitled to consult with independent legal counsel to determine whether the violation actually has had a material adverse impact upon the Fund and to formulate appropriate actions or sanctions that the Audit Committee, in its business judgment, determines to be necessary or advisable. The Audit Committee shall have the discretion, in its business judgment, to impose sanctions on the Covered Officer if it deems such action to be necessary or appropriate.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Periodic Reports to the Board</font></u><font size="2">. The CCO of each Fund shall report to the Board at each regularly scheduled Board meeting any and all violations of the Code (whether or not they caused a material adverse impact on the Fund), any Waivers, and any sanctions imposed since the last Board meeting,
            if any.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Waivers</font></u><font size="2">. Notwithstanding the foregoing, the CCO shall be entitled to grant a Waiver of one or more provisions of this Code as set forth in Section VII of the Code.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">VII.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Waivers of Provisions of the Code</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Waivers</font></u><font size="2">. A Fund&rsquo;s Covered Officer may seek, and the Fund&rsquo;s CCO may grant, Waivers from a provision of the Code in circumstances that would otherwise constitute a violation of the Code. Waivers will only be granted under extraordinary or special circumstances. No Waivers will be
            granted where such a Waiver would result in a violation of</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">SEC rules or other applicable laws. The procedure for obtaining and granting a Waiver are as follows:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Covered Officer must submit to the CCO a written request for a Waiver describing the transaction, activity or relationship for which the Covered Officer seeks a Waiver that briefly explains the reason for engaging in the transaction, activity or relationship.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The determination with respect to the Waiver must be made by the CCO, in consultation with Fund counsel. If the CCO and Fund counsel determine that a Waiver is appropriate, the decision must be submitted to the Board for ratification.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CCO must document all Waiver determinations. The documentation must remain in the records of the Fund for a period of not less than six years following the end of the fiscal year in which the Waiver occurred.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Public Reporting of Waivers, Amendments to Code</font></u><font size="2">. To the extent required by applicable law, Waivers and amendments to the Code will be publicly disclosed on a timely basis. A Fund may document Waivers and Code amendments in its Form N-CSR submitted subsequent to the date of the Waiver or post the
            Waiver and amendment on its website within five business days following the date of the Waiver provided that it discloses in its Form N-CSR its intent to post Waivers and amendments on the Fund&rsquo;s website and maintains the posting for a period of at least twelve months.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="133" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">VIII.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="85">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Sanctions</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The matters covered in the Code are of the utmost importance to the Funds and their stockholders and are essential to each Fund&rsquo;s ability to conduct its business in accordance with its stated values. Each Covered Officer and each Executive Officer is expected to adhere to these rules (to the extent applicable) in carrying out his or her duties for the Funds. The conduct of each Covered Officer and
            each Executive Officer can reinforce an ethical atmosphere and positively influence the conduct of all officers, employees and agents of the Funds. A Fund will, if appropriate, take action against any Covered Officer whose actions are found to violate the Code. Appropriate sanctions for violations of the Code will depend on the materiality of the violation to the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Sanctions may include, among other things, a requirement that the violator undergo training related to the violation, a letter or sanction or written censure by the Board, the imposition of a monetary penalty, suspension of the violator as an officer of a Fund or termination of the employment of the violator. If a Fund has suffered a loss because of violations of the Code, the Fund may pursue remedies
            against the individuals or entities responsible.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="513" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">IX.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="465">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Records; Confidentiality; Amendments; Disclosure</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Records</font></u><font size="2">. The CCO must maintain a copy of the Code, any amendments hereto, and any reports or other records created in relation to Waivers of the provisions of the Code (including violations of the Code and implicit Waivers) for a period of six years from the end of the fiscal year in which such
            document was created.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Confidentiality</font></u><font size="2">. All reports and records prepared and maintained pursuant to the Code are considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the Board(s) of the
            affected Fund(s) and Fund counsel.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Amendments</font></u><font size="2">. A Fund&rsquo;s Covered Officer, Executive Officer or CCO may recommend amendments to the Code for the consideration and approval of the Board. The Board may amend the Code in its discretion.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="276" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">X.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="228">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Other Policies and Procedures</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of Sarbanes-Oxley and the rules and forms applicable to the Funds thereunder. To the extent that other policies or procedures of the Funds or the Funds&rsquo; investment manager or investment adviser govern or purport to govern the activities and behavior of the Covered Officers, they are superceded by the Code
            to the extent that they overlap or conflict with the Code. The requirements of the code of ethics adopted by the Funds and by its investment manager and investment adviser pursuant to Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others and are not part of this Code.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="155" border="0">
                    <tr>
                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">XI.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="107">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Internal Use</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The Code is intended solely for the internal use of the Funds. The Code does not constitute an admission by or on behalf of the Funds as to any fact, circumstance or legal conclusion.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Dated: December 9, 2004</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

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                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="2">APPENDIX A</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC. (&ldquo;IAF&rdquo;)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.(&ldquo;FAX&rdquo;)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN GLOBAL INCOME FUND, INC. (&ldquo;FCO&rdquo;)</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">CODE OF ETHICS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">PURSUANT TO THE SARBANES-OXLEY ACT OF 2002</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Covered Officers</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Vincent Esposito, President (IAF, FAX, FCO); Principal Executive Officer (IAF, FAX, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Megan Kennedy, Treasurer (IAF, FAX, FCO); Principal Financial Officer (IAF, FAX, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Chief Compliance Officer</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Vincent McDevitt (IAF, FAX, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Executive Officers</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Martin Gilbert, Vice President (FAX, FCO, IAF)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Gary Bartlett, Vice President (FAX, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Bill Bovingdon, Vice President (FAX, IAF)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Gavin Goodhand, Vice President (FAX)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Anthony Michael, Vice President (FAX, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Jennifer Nichols, Vice President (FAX, IAF, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Timothy Sullivan, Vice President (FAX, IAF, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">William Baltrus, Vice President (FAX, IAF, FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Mark Daniels, Vice President (IAF)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Kevin Daly, Vice President (FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">John Murphy, Vice President (FCO)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Vincent McDevitt, Vice President, Compliance (FAX, FCO, IAF)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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                <hr align="center" width="100%" noshade size="2">
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><b><font size="2">APPENDIX B</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN AUSTRALIA EQUITY FUND, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN ASIA-PACIFIC INCOME FUND, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">ABERDEEN GLOBAL INCOME FUND, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">CODE OF ETHICS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">PURSUANT TO THE SARBANES-OXLEY ACT OF 2002</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">Initial and Annual Certification of Compliance</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">________________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Name (please print)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">This is to certify that I have received a copy of the Code of Ethics Pursuant to the Sarbanes-Oxley Act of 2002 (&ldquo;Code&rdquo;) for Aberdeen Australia Equity Fund, Inc., Aberdeen Asia-Pacific Income Fund, Inc. and Aberdeen Global Income Fund, Inc. and that I have read and understand the Code. Moreover, I agree to promptly report to the Chief Compliance Officer any violation or possible violation
            of this Code of which I become aware. I understand that violation of the Code will be grounds for disciplinary action or dismissal.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><i><font size="2">Check one:</font></i></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><b><font size="2">Initial</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I further certify that I am subject to the Code and will comply with each of the Code&rsquo;s provisions to which I am subject.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><b><font size="2">Annual</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">_____________________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Signature</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">_____________________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Date</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Received by:___________________________</font></p>

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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="157" border="0">
                    <tr>
                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
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                        <td valign="top" nowrap width="61">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Name:</font></p>
                        </td>
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                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="149" border="0">
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                        <td valign="top" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
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                        <td valign="top" nowrap width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Title:</font></p>
                        </td>
                    </tr>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Date:_______________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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