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<SEC-DOCUMENT>0001206774-09-001282.txt : 20090701
<SEC-HEADER>0001206774-09-001282.hdr.sgml : 20090701
<ACCEPTANCE-DATETIME>20090701171556
ACCESSION NUMBER:		0001206774-09-001282
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20090819
FILED AS OF DATE:		20090701
DATE AS OF CHANGE:		20090701
EFFECTIVENESS DATE:		20090701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Investments National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		09923420

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME FUND, INC
		CENTRAL INDEX KEY:			0000895577
		IRS NUMBER:				411737155
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07412
		FILM NUMBER:		09923422

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME FUND INC
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR ARIZONA MUNICIPAL INCOME FUND INC
		DATE OF NAME CHANGE:	19930519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC
		CENTRAL INDEX KEY:			0000895658
		IRS NUMBER:				411737158
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07420
		FILM NUMBER:		09923419

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II INC
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR MINNESOTA MUNICIPAL INCOME FUND II INC
		DATE OF NAME CHANGE:	19930519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS DIVIDEND & INCOME FUND, INC
		CENTRAL INDEX KEY:			0000896923
		IRS NUMBER:				232713064
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07460
		FILM NUMBER:		09923418

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS DIVIDEND & INCOME FUND INC
		DATE OF NAME CHANGE:	20020319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE GROUP DIVIDEND & INCOME FUND INC
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Investments Colorado Municipal Income Fund, Inc.
		CENTRAL INDEX KEY:			0000907573
		IRS NUMBER:				411751991
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07810
		FILM NUMBER:		09923421

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INV COLORADO INSURED MUNICIPAL INCOME FUND INC
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR COLORADO INSURED MUNICIPAL INCOME FUND INC
		DATE OF NAME CHANGE:	19930621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS GLOBAL DIVIDEND & INCOME FUND, INC
		CENTRAL INDEX KEY:			0000916713
		IRS NUMBER:				232753201
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08246
		FILM NUMBER:		09923424

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS GLOBAL DIVIDEND & INCOME FUND INC
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE GROUP GLOBAL DIVIDEND & INCOME FUND INC
		DATE OF NAME CHANGE:	19931229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Enhanced Global Dividend & Income Fund
		CENTRAL INDEX KEY:			0001396167
		IRS NUMBER:				260161937
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22050
		FILM NUMBER:		09923423

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Delaware Investments Enhanced Global Dividend & Income Fund
		DATE OF NAME CHANGE:	20070411
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>delaware_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<P align=center><FONT face=serif size=2>SCHEDULE 14A </FONT></P>

<P align=center><FONT face=serif size=2>(Rule 14a-101) </FONT><FONT face=serif></FONT></P>

<P align=center><FONT face=serif size=2>INFORMATION REQUIRED IN PROXY STATEMENT </FONT><FONT face=serif></FONT></P>

<P align=center><FONT face=serif size=2>SCHEDULE 14A INFORMATION </FONT><FONT face=serif></FONT></P>

<P align=center><FONT face=serif size=2>Proxy Statement Pursuant to Section 14(a) of the<BR>Securities Exchange Act of 1934 (Amendment No. )</FONT></P>

<P align=left><FONT face=serif size=2>Filed by the Registrant [x]<BR></FONT><FONT face=serif size=2>Filed by a Party other than the Registrant [_]<BR></FONT><FONT face=serif size=2><BR>Check the appropriate box:<BR></FONT><FONT face=serif size=2>[_]&nbsp; Preliminary Proxy Statement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_] Soliciting Material Under Rule<BR></FONT><FONT face=serif size=2>[_]&nbsp; Confidential, For Use of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14a-12 <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission Only (as permitted <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Rule 14a-6(e)(2)) <BR>[x]&nbsp;&nbsp;Definitive Proxy Statement <BR>[_]&nbsp; Definitive Additional Materials</FONT></P>

<P align=center><FONT face=serif size=2><FONT face=serif size=2>Delaware Investments Dividend and Income Fund, Inc. <BR><BR>
Delaware Investments Global Dividend and Income Fund, Inc. <BR><BR>
Delaware Enhanced Global Dividend and Income Fund <BR><BR>
Delaware Investments Arizona Municipal Income Fund, Inc. <BR><BR>
Delaware Investments Colorado Municipal Income Fund, Inc. <BR><BR>
Delaware Investments National Municipal Income Fund <BR><BR>
Delaware Investments Minnesota Municipal Income Fund II, Inc.<BR></FONT>------------------------------------------------------------------------------------------------------------------------------------------------------</FONT> </P>

<P align=center><FONT face=serif size=2>(Name of Registrant as Specified In Its Charter)</FONT></P>

<P align=center><FONT face=serif size=2>------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></P>

<P align=center><FONT face=serif size=2>(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></P>

<P align=justify><FONT face=serif size=2>Payment of Filing Fee (Check the appropriate box):<BR></FONT><FONT face=serif size=2>[x]&nbsp; No fee required.<BR></FONT><FONT face=serif size=2>[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT><FONT face=serif> </FONT></P>

<P align=justify><FONT face=serif size=2>1)&nbsp; Title of each class of securities to which transaction applies:</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>2)&nbsp; Aggregate number of securities to which transaction applies:</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>3)&nbsp; Per unit price or other underlying value of transaction computed pursuant</FONT><FONT face=serif> </FONT><FONT face=serif size=2>to Exchange Act Rule 0-11 (set forth the <BR>&nbsp;&nbsp;&nbsp;&nbsp; amount on which the filing fee&nbsp;is</FONT><FONT face=serif> </FONT><FONT face=serif size=2>calculated and state how it was determined):</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>4)&nbsp; Proposed maximum aggregate value of transaction:</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>5)&nbsp; Total
fee paid:<BR></FONT><FONT face=serif size=2>[_] Fee paid previously with preliminary materials:</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>[_] Check box if any part of the fee is offset as provided by Exchange Act Rule</FONT><FONT face=serif> </FONT><FONT face=serif size=2>0-11(a)(2) and identify the filing for which<BR>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;the offsetting fee was paid </FONT><FONT face=serif size=2>previously. Identify the previous filing by registration statement number,</FONT><FONT face=serif> </FONT><FONT face=serif size=2>or the form or<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; schedule and the date of its filing.</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Amount previously paid:<BR><FONT size=3>____________________________________________________________________________________</FONT><BR></FONT><FONT face=serif
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Form, Schedule or Registration Statement No.:</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) Filing Party:<BR><FONT size=3>____________________________________________________________________________________</FONT><BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) Date Filed:</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<BR><IMG src="gelaware1x1x1.jpg" border=0> <BR>
<P align=center><B><FONT face=sans-serif size=2>COMBINED PROXY STATEMENT
AND<BR></FONT></B><B><FONT face=sans-serif size=2>NOTICE OF JOINT ANNUAL MEETING
OF SHAREHOLDERS</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>To be held on August 19,
2009</FONT></B></P>
<P align=justify><FONT face=serif size=2>To the Shareholders of: </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Delaware Investments
Dividend and Income Fund, Inc.&nbsp;<BR></STRONG><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Delaware Investments Global
Dividend and Income Fund, Inc.&nbsp;<BR></STRONG><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=serif size=2><STRONG>Delaware Enhanced Global Dividend and Income
Fund&nbsp;<BR></STRONG><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Delaware Investments Arizona
Municipal Income Fund, Inc.&nbsp;<BR></STRONG><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Delaware Investments
Colorado Municipal Income Fund, Inc.&nbsp;<BR></STRONG><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Delaware Investments
National Municipal Income Fund&nbsp;<BR></STRONG><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Delaware Investments
Minnesota Municipal Income Fund II, Inc.</STRONG></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This is
your official notice that the Joint Annual Meeting of Shareholders (&#147;Meeting&#148;)
of each Delaware Investments closed-end registered investment company listed
above (each individually, a &#147;Fund,&#148; and collectively, the &#147;Funds&#148;) will be held at
the offices of Stradley Ronon Stevens &amp; Young, LLP, located at One Commerce
Square, 2005 Market Street, 26<SUP>th </SUP></FONT><FONT face=serif size=2>Floor, Philadelphia, Pennsylvania 19103 on Wednesday, August 19, 2009 at
4:00 p.m. The purpose of the Meeting is:</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1. To elect a Board of Directors (or
Trustees) for each Fund; and</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2. To transact any other business
that properly comes before the Meeting and any adjournments of the
Meeting.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Please vote and send in your Proxy
Card(s) promptly to avoid the need for further mailings. Your vote is
important.</FONT></P>
<P align=right>&nbsp;</P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD noWrap align=left width="100%" ><IMG src="gelaware1x1x2.jpg" border=0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Chairman</FONT>&nbsp;
  </TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face=serif size=2>July 8, 2009</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"  rowSpan=3><IMG src="gelaware1x2x1.jpg" border=0></TD>
    <TD noWrap align=right width="50%"><FONT face=serif size=2>2005 Market Street</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="50%"><FONT face=serif size=2>Philadelphia, PA 19103</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="50%"><FONT face=serif size=2>1-800-523-1918</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=center><B><FONT face=sans-serif size=2>COMBINED PROXY
STATEMENT</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>JOINT ANNUAL MEETING OF
SHAREHOLDERS <BR>To be held on Wednesday, August 19, 2009</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Meeting Information.</FONT></I></B><FONT face=serif size=2> The Board of
Directors or Trustees (each Board is hereafter referred to as a &#147;Board of
Directors&#148; and Board members are referred to as &#147;Directors&#148;) of each Fund listed
on the accompanying Notice is soliciting your proxy to be voted at the Joint
Annual Meeting of Shareholders to be held on Wednesday, August 19, 2009 at 4:00
p.m. at the offices of Stradley Ronon Stevens &amp; Young, LLP located at One
Commerce Square, 2005 Market Street, 26<SUP>th</SUP> Floor, Philadelphia, Pennsylvania
19103 and/or at any adjournments of the meeting (hereafter, the &#147;Meeting&#148;). Only
Fund shareholders will be admitted to the Meeting.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>General Voting Information.</FONT></I></B><FONT face=serif size=2> You
may provide proxy instructions by returning the Proxy Card(s) by mail in the
enclosed envelope. The persons designated on the Proxy Card(s) as proxies will
vote your shares as you instruct on each Proxy Card. If you return a signed
Proxy Card without any voting instructions, your shares will be voted &#147;FOR&#148; the
Proposal listed on the Notice in accordance with the recommendation of the Board
of Directors. The persons designated on the Proxy Card(s) as proxies will also
be authorized to vote (or to withhold their vote) in their discretion on any
other matters which properly come before the Meeting. They may also vote in
their discretion to adjourn the Meeting. If you sign and return a Proxy Card,
you may still attend the Meeting to vote your shares in person. If your shares
are held of record by a broker and you wish to vote in person at the Meeting,
you should obtain a legal proxy from your broker of record and present it at the
Meeting. You may also revoke your proxy at any time before the Meeting: (i) by
notifying Delaware Investments in writing at 2005 Market Street, Philadelphia,
Pennsylvania 19103; (ii) by submitting a later signed Proxy Card; or (iii) by
voting your shares in person at the Meeting. If your shares are held in the name
of your broker, you will have to make arrangements with your broker to revoke
any previously executed proxy.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each
shareholder may cast one vote for each full share and a partial vote for each
partial share of a Fund that they owned of record on June 23, 2009. Exhibit A
shows the number of shares of each Fund that were outstanding on the record date
and Exhibit B lists the shareholders who owned 5% or more of each Fund on that
date. It is expected that this Combined Proxy Statement and the accompanying
Proxy Card(s) will be mailed to shareholders of record on or about July 8,
2009.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
proxy solicitation is being made largely by mail, but may also be made by
officers or employees of the Funds or their investment manager or affiliates,
through telephone, facsimile, or other communications. The Funds may also employ
a professional proxy solicitation firm, but do not presently plan to do so. In
the event a proxy solicitor is used, the cost will be borne by the Funds. The
Funds may reimburse banks, brokers or dealers for their reasonable expenses in
forwarding soliciting materials to beneficial owners of the Funds&#146;
shares.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Required Votes.</FONT></I></B><FONT face=serif size=2> All shareholders
of a Fund vote together to elect Directors. The amount of votes of each Fund
that are needed to approve the Proposal vary. The voting requirements with
respect to the Proposal are described within the Proposal. Abstentions and
&#147;broker non-votes&#148; will be included for purposes of determining whether a quorum
is present for each Fund at the Meeting. They will be treated as votes present
at the Meeting, but will not be treated as votes cast. They therefore would have
no effect on a proposal which requires a plurality of votes cast for approval,
but would have the same effect as a vote &#147;AGAINST&#148; a proposal requiring a
majority of votes present. &#147;Broker non-votes&#148; arise when shares are held in
street name and the broker does not receive voting instructions from the
beneficial owner. &#147;Broker non-votes&#148; occur when a meeting has (1) a &#147;routine&#148;
proposal, such as the election of directors, where the applicable stock exchange
permits brokers to vote their clients&#146; shares in their discretion, and (2) a
&#147;non-routine&#148; proposal, such as a change to a fundamental investment policy,
where the applicable exchange does not permit brokers to vote their clients&#146;
shares in their discretion. The shares that are considered to be present as a
result of the broker discretionary vote on the routine proposal but that are not
voted on the non-routine proposal are called &#147;broker non-votes.&#148; Because the
Proposal presented is considered to be a &#147;routine&#148; voting item, the Funds do not
expect to recognize broker non-votes.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
presence in person or by proxy of holders of a majority of outstanding shares
shall constitute quorum for each Fund. In the event that a quorum is not present
or if sufficient votes are not received consistent with the Board&#146;s
recommendation on the adoption of the Proposal, management may propose an
adjournment or adjournments of the Meeting for a Fund. Any adjournment would
require a vote in favor of the adjournment by the holders of a majority of the
shares present at the Meeting in person or by proxy. The persons named as
proxies on the Proxy Card(s) may vote (or withhold their vote) in their
discretion on any proposed adjournment.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Copies of
the Funds&#146; most recent Annual Report and Semi-Annual Report, including financial
statements, have previously been delivered to shareholders. Copies of these
reports are available upon request, at no charge by writing the Funds at the
address shown on the top of the previous page of the Combined Proxy Statement or
by calling toll free 1-800-523-1918.</FONT></P>
<P align=justify><B><FONT face=sans-serif size=2>THE PROPOSAL: TO ELECT A BOARD
OF DIRECTORS FOR EACH FUND</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>You are
being asked to elect each of the current members of the Board of Directors for
your Fund. The nominees are: Thomas L. Bennett, Patrick P. Coyne, John A. Fry,
Anthony D. Knerr, Lucinda S. Landreth, Ann R. Leven, Thomas F. Madison, Janet L.
Yeomans, and J. Richard Zecher.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If
elected, these persons will serve as Directors until the next annual meeting of
shareholders called for the purpose of electing Directors, and/or until their
successors have been elected and qualify for office. It is not expected that any
nominee will withdraw or become unavailable for election, but in such a case,
the power given by you in the Proxy Card may be used by the persons named as
proxies to vote for a substitute nominee or nominees as recommended by the
existing Board of Directors.</FONT></P>
<P align=center><FONT face=sans-serif size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=center><B><FONT face=sans-serif size=2>INFORMATION ON EACH FUND&#146;S BOARD
OF DIRECTORS</FONT></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Number
      of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Portfolios</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>in
      Fund</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Complex</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"><B><FONT face=serif size=2>Name,
      Address</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Position(s)
      Held</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Length
      of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Principal
      Occupation(s)</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Overseen</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="44%"><B><FONT face=serif size=2>and Age</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>with Funds</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Time Served</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>During Past 5 Years</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>by Director</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Held by Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><B><I><FONT face=serif size=2>Interested Director</FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><B><FONT face=serif size=2>Patrick P. Coyne<SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chairman, President,</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chairman and</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Patrick P. Coyne has served in</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director &#150; Kaydon</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market Street</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Executive</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>various executive capacities at</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA 19103</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Officer, and Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>August 16, 2006</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>different times at</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(July 2007 &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments.<SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Present)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>46</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>President and</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Executive</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Board of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Officer since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Governors</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>August 1, 2006</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Company Institute</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(ICI)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(2007 &#150; Present)</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Cradle of Liberty</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Council, BSA</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(November 2007 &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Present)</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Finance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>St. John Vianney</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Roman Catholic</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Church</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(2007 &#150;
Present)</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>(1)</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><P align=justify><I><FONT face=serif size=2>Mr. Coyne is
      considered to be an &#147;interested Director&#148; because he is an executive
      officer of the Funds&#146; investment adviser.</FONT></I></p></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>(2)</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><P align=justify><I><FONT face=serif size=2>Delaware
      Investments is the marketing name for Delaware Management Holdings, Inc.
      and its subsidiaries, including the Funds&#146; investment adviser and their
      fund accounting and financial administration oversight
  agent.</FONT></I></p></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="45%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Number
      of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="45%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Portfolios</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="45%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>in
      Fund</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="45%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Complex</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="45%"><B><FONT face=serif size=2>Name,
      Address</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Position(s)
      Held</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Length
      of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Principal
      Occupation(s)</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Overseen</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="45%"><B><FONT face=serif size=2>and Age</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>with Funds</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Time Served</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>During Past 5 Years</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>by Director</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Held by Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><B><I><FONT face=serif size=2>Independent Directors</FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><B><FONT face=serif size=2>Thomas L. Bennett</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Private Investor &#150;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director Bryn</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>March 2005</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(March 2004 - Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Mawr Bank Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA 19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(BMTC)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Manager -</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(April 2007 &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>61</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Morgan Stanley &amp; Co.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Present)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(January 1984 - March 2004)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chairman of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Pennsylvania</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Academy of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Fine Arts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(2007 &#150; Present)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Trustee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(2004 &#150; Present)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><B><FONT face=serif size=2>John A. Fry</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>President &#150;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director -</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>January 2001</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Franklin &amp; Marshall College</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Community</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA 19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(July 2002 - Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Health Systems</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>49</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Ecore</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>International</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><B><FONT face=serif size=2>Anthony D. Knerr</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Founder/Managing</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>April 1990</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director - Anthony Knerr</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA 19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>&amp; Associates</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(Strategic Consulting)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>70</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(1990 - Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><B><FONT face=serif size=2>Lucinda S. Landreth</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Investment Officer -</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>March 2005</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Assurant. Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA 19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(Insurance)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(2002 - 2004)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>62</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Number
      of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Portfolios</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>in
      Fund</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Complex</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"><B><FONT face=serif size=2>Name,
      Address</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Position(s)
      Held</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Length
      of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Principal
      Occupation(s)</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Overseen</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="44%"><B><FONT face=serif size=2>and Age</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>with Funds</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Time Served</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>During Past 5 Years</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>by Director</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Held by Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=3><B><I><FONT face=serif size=2>Independent Directors (continued)</FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><B><FONT face=serif size=2>Ann R. Leven</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Consultant &#150; ARL Associates</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>October 1989</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(Financial Planning)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA 19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(1983-Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>68</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><B><FONT face=serif size=2>Thomas F. Madison</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>President/Chief Executive</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Lead Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>May 1997</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Officer - MLM Partners, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chair of Audit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA 19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(Small Business Investing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>and Governance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>and Consulting)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committees,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>73</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(January 1993 - Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Compensation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee -</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Digital River Inc.</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director and Chair</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>of Governance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member - Rimage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Corporation</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Chair of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Compensation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Spanlink</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Communications</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director and Chair</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>of Compensation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Governance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member -</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>CenterPoint Energy</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Lead Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Compensation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>and Governance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Committees -</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Valmont Industries,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Inc.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Portfolios</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>in Fund</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Complex</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="44%"><B><FONT face=serif size=2>Name, Address</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Position(s) Held</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Length of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Principal
      Occupation(s)</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Overseen</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="44%"><B><FONT face=serif size=2>and Age</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>with Funds</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Time Served</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>During Past 5 Years</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>by Director</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Held by Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=3><B><I><FONT face=serif size=2>Independent
      Directors (continued)</FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><B><FONT face=serif size=2>Janet L.
      Yeomans</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President
      and Treasurer</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director &#150;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market
      Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>April
    1999</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(January 2006 &#150;
      Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT size=2>Okabena</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT size=2>Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President -
      Mergers &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>60</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Acquisitions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(January 2003 &#150;
      January 2006),</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>and Vice
      President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(July 1995 -
      January 2003) at</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>3M
      Corporation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><B><FONT face=serif size=2>J. Richard
      Zecher</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Since</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Founder &#150;
      Investor Analytics</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>81</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Director
      and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>2005 Market
      Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>March
    2003</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(Risk
      Management)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Audit
      Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>Philadelphia, PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(May 1999 -
      Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Member -
      Investor</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Analytics</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Founder &#150; Sutton
      Asset</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face=serif size=2>68</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>Management (Hedge
      Fund)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(September 1996
      to Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR></TABLE>
<BR>
<P align=center><FONT face=sans-serif size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table shows each Director&#146;s ownership of shares of each Fund and of
all other Funds in the Delaware Investments</FONT><FONT face=serif size=2><SUP>&#174;</SUP></FONT><FONT face=serif size=2> Family of Funds (the &#147;Fund
Complex&#148;) as of April 30, 2009. </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="88%">&nbsp; </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Aggregate
      Dollar Range of</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="88%">&nbsp; </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Equity
      Securities in All Registered</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="88%">&nbsp; </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Common Shares of
      Funds</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Investment
      Companies Overseen by</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="88%"><B><FONT face=serif size=2>Name of Director</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>Beneficially Owned</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Director in Fund Complex</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><I><FONT face=serif size=2>Interested Director</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Patrick P. Coyne</FONT>
</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>over $100,000</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR>
    <TD noWrap align=left width="88%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="5%" ></TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><B><I><FONT face=serif size=2>Independent Directors</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=left width="2%"  bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Thomas L. Bennett</FONT>
    </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>$10,001 - $ &nbsp;50,000</FONT> </TD>
    <TD noWrap align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>John
      A. Fry</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>over $100,000</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Anthony D. Knerr</FONT>
</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>over $100,000</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Lucinda S. Landreth</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>over $100,000</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Ann R. Leven</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>over $100,000</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Thomas F. Madison</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>$10,001 - $
      &nbsp;50,000</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Janet L. Yeomans</FONT>
</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>none</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>over $100,000</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>J.
      Richard Zecher</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1000</FONT><FONT size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 - $
      &nbsp;10,001</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR></TABLE></DIV>____________________<BR>
<P align=justify><I><FONT face=serif size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As
of April 30, 2009, Mr. Zecher owned 1000 shares of common stock of Delaware
Investments Arizona Municipal Income Fund, Inc.</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Board, Shareholder and Committee Meetings. </FONT></I></B><FONT face=serif size=2>Each of Delaware Investments Arizona Municipal Income Fund,
Inc., Delaware Investments Colorado Municipal Income Fund, Inc., Delaware
Investments National Municipal Income Fund, and Delaware Investments Minnesota
Municipal Fund II, Inc., (each, a &#147;Municipal Fund,&#148; and collectively, the
&#147;Municipal Funds&#148;) held ten Board meetings during the last full fiscal year
ended March 31, 2009. Delaware Investments Dividend and Income Fund, Inc.
(&#147;DDF&#148;), Delaware Enhanced Global Dividend and Income Fund (&#147;DEX&#148;) and Delaware
Investments Global Dividend and Income Fund, Inc. (&#147;DGF&#148;) held ten Board
meetings during the fiscal year ended November 30, 2008. Each Director attended
at least 75% of the aggregate of the Board meetings described above and the
total number of meetings of committees on which the Director serves. Directors
are encouraged to attend each annual meeting of shareholders either in person or
by telephone, if possible. All Directors were present at the Funds&#146; annual
meeting held on August 20, 2008. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each Fund
has an Audit Committee for the purpose of meeting, on a regular basis, with the
Fund&#146;s officers and independent auditors to oversee the quality of financial
reporting and the internal controls of each Fund, and for such other purposes as
the Board of Directors may from time to time direct. The Audit Committee of each
Fund consists of the following four Directors appointed by the Board: Thomas F.
Madison, Chairperson; Thomas L. Bennett; John A. Fry; and J. Richard Zecher.
Each Audit Committee member is not an &#147;interested person&#148; of the Funds under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and each meets the
standard of independence for Audit Committee members set forth in the listing
standards of the New York Stock Exchange (the &#147;NYSE&#148;) and NYSE AMEX Equities
(&#147;NYSE AMEX&#148;) (formerly, the &#147;American Stock Exchange&#148;). Members of the Audit
Committee serve for two year terms or until their successors have been appointed
and qualified. The Audit Committee held five meetings for DDF, DEX and DGF for
the fiscal year ended November 30, 2008 and six meetings for the Municipal Funds
for the fiscal year ended March 31, 2009. The Board of Directors of each Fund
has adopted a written charter for each Fund&#146;s Audit Committee, attached as
Exhibit C. A current copy of the Audit Committee&#146;s charter is also available on
the Funds&#146; website at www.delawareinvestments.com. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each
Fund&#146;s Nominating and Corporate Governance Committee (the &#147;Nominating
Committee&#148;) is comprised of the following four Directors appointed by the Board:
John A. Fry, Chairperson; Anthony D. Knerr; Lucinda S. Landreth, and Ann R.
Leven (ex-officio), all of whom meet the independence requirements set forth in
the listing standards of the NYSE and NYSE AMEX and are not &#147;interested persons&#148;
under the 1940 Act. The Nominating Committee recommends nominees for independent
Directors for consideration by the incumbent independent Directors of each Fund,
and the Nominating Committee recommends nominees for interested Directors for
consideration by the full Board of each Fund. The Nominating Committee held five
meetings during the fiscal year ended November 30, 2008 for DDF, DEX and DGF and
five meetings for the Municipal Funds for the fiscal year ended March 31, 2009.
Each Fund&#146;s Board of Directors has adopted a formal charter for the Nominating
Committee setting forth its responsibilities, attached as Exhibit D. A current
copy of the Nominating Committee&#146;s charter is also available on the Funds&#146;
website at www.delawareinvestments.com.</FONT></P>
<P align=center><FONT face=sans-serif size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Nominating Committee will consider shareholder recommendations for nominations
to the Board of Directors only in the event that there is a vacancy on the Board
of Directors. Shareholders who wish to submit recommendations for nominations to
the Board to fill a vacancy must submit their recommendations in writing to John
A. Fry, Chairman of the Nominating Committee, c/o the Funds at 2005 Market
Street, Philadelphia, Pennsylvania 19103. Shareholders should include
appropriate information on the background and qualifications of any person
recommended to the Nominating Committee (e.g., a resume), as well as the
candidate&#146;s contact information and a written consent from the candidate to
serve if nominated and elected. Shareholder recommendations for nominations to
the Board will be accepted on an ongoing basis and such recommendations will be
kept on file for consideration when there is a vacancy on the Board of
Directors.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Nominating Committee generally identifies candidates for Board membership
through personal and business contacts of Directors and shareholders. In
addition, the Nominating Committee may use a search firm to identify candidates
for the Board of Directors, if deemed necessary and appropriate to use such a
firm. The Nominating Committee&#146;s process for evaluating a candidate generally
includes a review of the candidate&#146;s background and experience, a check of the
candidate&#146;s references and other due diligence and, when appropriate, interviews
with Nominating Committee members. In evaluating a candidate, the Nominating
Committee will also consider whether the candidate, if elected, would be an
independent director for purposes of the 1940 Act and the listing standards of
the NYSE and NYSE AMEX.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Nominating Committee has not established any specific minimum requirements that
candidates must meet in order to be recommended by the Nominating Committee for
nomination for election to the Board. Rather, the Nominating Committee seeks
candidates who, in its judgment, will serve the best interests of the Funds&#146;
long-term shareholders and whose background will complement the experience,
skills and diversity of the other Directors and add to the overall effectiveness
of the Board.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each Fund
has an Independent Directors Committee. This committee develops and recommends
to the Board a set of corporate governance principles and oversees the
evaluation of the Board, its committees and its activities. The committee is
comprised of all of the Fund&#146;s independent Directors. The Independent Directors
Committee held four meetings during the fiscal year ended November 30, 2008 for
DDF, DEX and DGF, and four meetings for the Municipal Funds for the fiscal year
ended March 31, 2009.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each Fund
has an Investments Committee. The primary purposes of the Investments Committee
are to: (i) assist the Board at its request in its oversight of the investment
advisory services provided to the Fund by the Fund&#146;s investment adviser as well
as any sub-advisers; (ii) review all proposed amendments to existing agreements
and to recommend what action the full Board and the independent Directors take
regarding the approval of all such proposed arrangements; and (iii) review from
time to time reports supplied by the Fund&#146;s investment adviser regarding
investment performance and expenses and suggest changes to such reports. The
Investments Committee consists of the following five independent Directors:
Thomas L. Bennett, Chairman; Anthony D. Knerr, Lucinda S. Landreth, Janet L.
Yeomans; and J. Richard Zecher. The Investments Committee held four meetings
during the fiscal year ended November 30, 2008 for DDF, DEX and DGF, and four
meetings for the Municipal Funds for the fiscal year ended March 31,
2009.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Board Compensation. </FONT></I></B><FONT face=serif size=2>Each
independent Director receives compensation from each Fund of which he/she is a
member of the Board of Directors. The interested Director is compensated by the
investment adviser and does not receive compensation from the Funds. Each
independent Director currently receives a total annual retainer fee of $100,000
for serving as a Director of all 30 investment companies within the Fund
Complex, plus $5,000 per day for each day the Board meets (normally four regular
meetings, all of which are two-day meetings). Ann R. Leven is the current
Lead/Coordinating Director for the Funds and receives an additional annual
retainer totaling $35,000 with respect to all 30 investment companies within the
Fund Complex. Members of the Audit, Investments, and Nominating Committees
receive additional compensation of $2,500 for each Committee meeting attended.
In addition, the chairperson of the Audit Committee receives an annual retainer
of $25,000, the chairperson of the Investments Committee receives an annual
retainer of $20,000, and the chairperson of the Nominating Committee receives an
annual retainer of $15,000. </FONT></P>
<P align=center><FONT face=sans-serif size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth the compensation received by each independent
Director from each Fund and the total compensation received from the Fund
Complex as a whole during the twelve months ended April 30, 2009. </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="91%"></TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Total Compensation from
      the</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="91%"></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Aggregate
      Compensation</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Investment Companies in
      the</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="91%"><B><FONT face=serif size=2>Director</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>from the Funds</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>Fund Complex</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Thomas L. Bennett</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$4,843.01</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$195,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>John A. Fry</FONT>&nbsp;
    </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$4,526.94</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$182,500</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Anthony D. Knerr</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$4,092.86</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$165,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>Lucinda S. Landreth</FONT>
    </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$4,276.64</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$172,500</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Ann
      R. Leven</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$5,517.96</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$222,500</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>Thomas F. Madison</FONT>
    </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$4,712.55</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$190,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Janet
      L. Yeomans</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$4,213.99</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$170,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>J. Richard Zecher</FONT>
    </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$4,339.94</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$175,000</FONT>
</TD></TR></TABLE></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Officers</FONT></I></B><FONT face=serif size=2>. The Board of Directors
and the senior management of each Fund appoint officers each year, and from time
to time as necessary. The following individuals are executive officers of one or
more of the Funds: Patrick P. Coyne, Richard Salus, and Daniel V. Geatens.
Exhibit E includes biographical information and the past business experience of
these officers, except for Mr. Coyne, whose information is set forth with the
other Directors. The Exhibit also identifies which of these executive officers
are also officers of Delaware Management Company (&#147;DMC&#148; or &#147;Management&#148;), the
investment adviser of each Fund. These officers own shares of common stock
and/or options to purchase shares of common stock of Lincoln National
Corporation, the ultimate parent of DMC, and are considered to be &#147;interested
persons&#148; of the Funds under the 1940 Act. The shares of each Fund that are owned
by the executive officers as a group is less than one percent.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Section 16(a) Beneficial Ownership Reporting
Compliance.</FONT></I></B><FONT face=serif size=2> Section 16 of the Securities
Exchange Act of 1934, as amended, (the &#147;1934 Act&#148;) requires that Forms 3, 4, and
5 be filed with the U.S. Securities and Exchange Commission, the relevant
securities exchange and the relevant Fund, by or on behalf of certain persons,
including directors, certain officers, and certain affiliated persons of the
investment adviser. The Funds believe that these requirements were met for each
Fund&#146;s last fiscal year.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Required Vote.</FONT></I></B><FONT face=serif size=2> All shareholders of
a Fund vote together to elect Directors. Provided that a quorum is present at
the Meeting, either in person or by proxy, the following votes are required to
elect each Fund&#146;s Board of Directors.</FONT></P>
<DIV align=center>

<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD noWrap align=center width="74%"><B><FONT face=serif size=2>THE
      PROPOSAL</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="74%"><B><FONT face=serif size=2>Election of Directors</FONT></B>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=2>FUND</FONT> </TD>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Coyne, Bennett, Fry, Knerr,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Landreth, Leven, Madison, Yeomans
      and Zecher</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><FONT face=serif size=2>All Funds</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%"><FONT face=serif size=2>Plurality of votes cast.</FONT>
  </TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face=sans-serif size=2>THE BOARD OF DIRECTORS
UNANIMOUSLY <BR>RECOMMENDS THAT YOU VOTE &#147;FOR&#148; <BR>THE PROPOSAL</FONT></B></P>
<P align=center><FONT face=sans-serif size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=sans-serif size=2>INDEPENDENT ACCOUNTANTS AND
AUDIT COMMITTEE REPORT</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The firm
of Ernst &amp; Young LLP has been selected as the independent registered public
accounting firm (&#147;independent auditors&#148;) for the Funds. In accordance with
Independence Standards Board Standard No. 1 (&#147;ISB No. 1&#148;), Ernst &amp; Young LLP
has confirmed to each Fund&#146;s Audit Committee regarding the independence of Ernst
&amp; Young LLP. The Audit Committee must approve all audit and non-audit
services provided by Ernst &amp; Young LLP relating to the operations or
financial reporting of one or more of the Funds. The Audit Committee reviews any
audit or non-audit services to determine whether they are appropriate and
permissible under applicable law. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each
Fund&#146;s Audit Committee has adopted policies and procedures to provide a
framework for the Audit Committee&#146;s consideration of non-audit services by Ernst
&amp; Young LLP. These policies and procedures require that any non-audit
service to be provided by Ernst &amp; Young LLP to a Fund, DMC, or any entity
controlling, controlled by or under common control with DMC that relate directly
to the operations or financial reporting of a Fund are subject to pre-approval
by the Audit Committee or the Chairperson of the Audit Committee before such
service is provided. The Audit Committee has pre-approved certain services with
respect to the Funds up to certain specified fee limits. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As
required by its charter, each Fund&#146;s Audit Committee has reviewed and discussed
with Fund management and representatives from Ernst &amp; Young LLP the audited
financial statements for each Fund&#146;s last fiscal year. The Audit Committee has
discussed with the independent auditors their judgments as to the quality, not
just the acceptability, of the Funds&#146; accounting principles and such other
matters required to be discussed with the Audit Committee by Statement on
Auditing Standards No. 61, as amended by Statement on Auditing Standards No. 90
(Communication with Audit Committees). The Audit Committee also received the
written disclosures and the letter from its independent auditors required by ISB
No. 1, and discussed with a representative of Ernst &amp; Young LLP the
independent auditor&#146;s independence. Each Fund&#146;s Board of Directors considered
fees received by Ernst &amp; Young LLP from DMC and its affiliates during the
last fiscal year in connection with its consideration of the auditors&#146;
independence. Based on the foregoing discussions with management and the
independent auditors, each Fund&#146;s Audit Committee unanimously recommended to the
Fund&#146;s Board of Directors that the aforementioned audited financial statements
be included in each Fund&#146;s annual report to shareholders for the last fiscal
year. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As noted
above, the members of each Fund&#146;s Audit Committee are: Thomas L. Bennett, John
A. Fry, Thomas L. Madison, and J. Richard Zecher. All members of each Fund&#146;s
Audit Committee meet the standard of independence set forth in the listing
standards of the NYSE and NYSE AMEX, as applicable, and are not considered to be
&#147;interested persons&#148; under the 1940 Act. Each Fund&#146;s Board of Directors has
adopted a formal charter for the Audit Committee setting forth its
responsibilities. A copy of the Audit Committee&#146;s charter is attached to the
proxy statement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Audit
fees. The aggregate fees paid to Ernst &amp; Young LLP in connection with the
annual audit of each Fund&#146;s financial statements and for services normally
provided by the independent auditors in connection with statutory and regulatory
filings or engagements for the fiscal year ended November 30, 2008 for DEX, DDF
and DGF and ended March 31, 2009 for the Municipal Funds, and for the fiscal
year ended November 30, 2007 for DEX, DDF and DGF and ended March 31, 2008 for
the Municipal Funds are set forth below: </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="92%"></TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp; &nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Audit Fees for
      FYE</FONT></B> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%" colSpan=3><B><FONT face=serif size=2>Audit Fees
      for FYE</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="92%"><B><FONT face=serif size=2>Fund</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>11/30/08 or 3/31/09</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=serif size=2>11/30/07 or 3/31/08</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend and Income Fund*</FONT>
    </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$16,300</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>64,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>**</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Delaware Investments
      Dividend and Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$13,100</FONT> </TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>14,300</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Global Dividend and Income Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$11,200</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>11,700</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Delaware Investments
      Arizona Municipal Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$10,800</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>10,700</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado Municipal Income Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$11,800</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>11,600</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Delaware Investments
      National Municipal Income Fund</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$10,500</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>10,400</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota Municipal Income Fund II,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$15,100</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>14,600</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR></TABLE></DIV>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>*</FONT></I></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><P align=justify><I><FONT face=serif size=2>DEX commenced
      operations as of June 29, 2007. Therefore, all amounts reported are for
      the partial fiscal year ended as of November 30, 2007.</FONT></I></p></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>**</FONT></I></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><I><FONT face=serif size=2>Audit services include the
      seed financial statement audit in connection with the initial registration
      statement, comfort letters in connection with the initial offering, and
      the audit for the fiscal period ended November 30,
  2007.</FONT></I></P></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Audit-related fees. The aggregate fees billed by the Funds&#146; independent
auditors for services relating to the performance of the audit of each Fund&#146;s
financial statements and not reported above under &#147;Audit Fees&#148; are described
below for the fiscal year ended November 30, 2008 for DEX, DDF and DGF and ended
March 31, 2009 for the Municipal Funds and for the fiscal year ended November
30, 2007 for DEX, DDF and DGF and ended March 31, 2008 for the Municipal Funds.
The percentage of these fees relating to services approved by the Audit
Committee pursuant to the de minimis exception from the pre-approval requirement
in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services
were as follows: agreed upon procedures relating to the commercial paper program
rating agency reports for DDF and agreed-upon procedures relating to the
preferred share rating agency reports for the Municipal Funds. </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="89%"></TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Audit-Related
      Fees</FONT></B> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Audit-Related</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="89%"></TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>for FYE
      11/30/08</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Fees for
      FYE</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="89%"><B><FONT face=serif size=2>Fund</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>or 3/31/09</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>11/30/07 or 3/31/08</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend and Income Fund*</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$0</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>0</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>Delaware Investments
      Dividend and Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$0</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>6,868</FONT> </TD>
    <TD noWrap align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Global Dividend and Income Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$0</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>0</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>Delaware Investments
      Arizona Municipal Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$0</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>6,868</FONT> </TD>
    <TD noWrap align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado Municipal Income Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$0</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>6,868</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>Delaware Investments
      National Municipal Income Fund</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$0</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>6,868</FONT> </TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota Municipal Income Fund II,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$0</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>6,868</FONT> </TD>
    <TD noWrap align=right width="2%"  bgColor=#c0c0c0></TD></TR></TABLE></DIV>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%"><EM><FONT size=2>*</FONT></EM></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="97%">
      <P align=justify><EM><FONT size=2>DEX commenced operations as of June 29,
      2007. Therefore, all amounts reported are for the partial fiscal year
      ended as of November 30, 2007.</FONT></EM></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the Funds&#146; independent auditors for services relating
to the performance of the audit of the financial statements of each Fund&#146;s
investment adviser and other service providers under common control with the
adviser and that relate directly to the operations or financial reporting of a
Fund for the fiscal year ended November 30, 2008 for DEX, DDF and DGF and ended
March 31, 2009 for the Municipal Funds were $0, and for the fiscal year ended
November 30, 2007 for DEX, DDF and DGF and ended March 31, 2008 for the
Municipal Funds were $0. The percentage of these fees relating to services
approved by the Audit Committee pursuant to the de minimis exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0.0%.
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tax fees. The aggregate fees billed
by the Funds&#146; independent auditors for tax-related services provided to each
Fund are described below for the fiscal year ended November 30, 2008 for DEX,
DDF and DGF and ended March 31, 2009 for the Municipal Funds, and for the fiscal
year ended November 30, 2007 for DEX, DDF and DGF and ended March 31, 2008 for
the Municipal Funds. The percentage of these fees relating to services approved
by the Audit Committee pursuant to the de minimis exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These tax-related services were as follows: review of income tax returns, review
of annual excise distribution calculations, and, with respect to DGF and DEX in
2007, tax compliance services related to investments in foreign securities.
</FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="92%"></TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Tax Fees for
      FYE</FONT></B> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Tax Fees for
      FYE</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="92%"><B><FONT face=serif size=2>Fund</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>11/30/08 or 3/31/09</FONT></B> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>11/30/07 or 3/31/08</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend and Income Fund*</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$4,550</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$7,650</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Delaware Investments
      Dividend and Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$3,250</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$4,050</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Global Dividend and Income Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$2,567</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$3,250</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Delaware Investments
      Arizona Municipal Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$2,250</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$2,250</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado Municipal Income Fund,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$2,650</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$2,750</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Delaware Investments
      National Municipal Income Fund</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$2,150</FONT> </TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>$2,150</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota Municipal Income Fund II,
      Inc.</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$4,150</FONT> </TD>
    <TD noWrap align=center width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$4,150</FONT>
</TD></TR></TABLE></DIV>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%"><EM><FONT size=2>*</FONT></EM></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="97%">
      <P align=justify><EM><FONT size=2>DEX commenced operations as of June 29,
      2007. Therefore, all amounts reported for 2007 are for the partial fiscal
      year ended as of November 30, 2007.</FONT></EM></P></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the Funds&#146; independent auditors for tax-related
services provided to the Funds&#146; investment adviser and other service providers
under common control with the adviser and that relate directly to the operations
or financial reporting of the Fund were $0 for each Fund&#146;s prior two fiscal
years. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>All other
fees. The aggregate fees billed for all services provided by the independent
auditors to the Funds other than those set forth above were $0 for the prior two
fiscal years. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for all services other than those set forth above provided
by the Funds&#146; independent auditors to the Funds&#146; investment adviser and other
service providers under common control with the investment adviser and that
relate directly to the operations or financial reporting of the Funds were $0
for the Funds&#146; prior two fiscal years. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Aggregate
non-audit fees to the Funds, the investment adviser and service provider
affiliates. The aggregate non-audit fees billed by the independent auditors for
services rendered to the Municipal Funds and to their investment adviser and
other service providers under common control with the investment adviser were
$263,202 and $293,134 for the Funds&#146; fiscal years ended March 31, 2009 and March
31, 2008, respectively. The aggregate non-audit fees billed by the independent
auditors for services rendered to DEX and to its investment adviser and other
service providers under common control with the investment adviser were $258,552
and $256,338 for the Fund&#146;s fiscal years ended November 30, 2008 and November
30, 2007, respectively. The aggregate non-audit fees billed by the independent
auditors for services rendered to DDF and to its investment adviser and other
service providers under common control with the investment adviser were $257,252
and $259,606 for the Fund&#146;s fiscal years ended November 30, 2008 and November
30, 2007, respectively. The aggregate non-audit fees billed by the independent
auditors for services rendered to DGF and to its investment advisers and other
service providers under common control with the investment adviser were $256,569
and $251,938 for the Fund&#146;s fiscal years ended November 30, 2008 and November
30, 2007, respectively. In connection with its selection of the independent
auditors, the Audit Committee has considered the independent auditors&#146; provision
of non-audit services to the investment adviser and other service providers
under common control with the investment adviser that were not required to be
pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit
Committee has determined that the independent auditors&#146; provision of these
services is compatible with maintaining the auditors&#146; independence.</FONT></P>
<P align=center><FONT face=sans-serif size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=sans-serif size=2>COMMUNICATIONS TO THE BOARD OF
DIRECTORS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Shareholders who wish to communicate to the full Board of Directors may
address correspondence to Ann R. Leven, Coordinating Director for the Funds, c/o
a Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103. Shareholders may
also send correspondence to the Coordinating Director or any individual Director
c/o a Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103. Without
opening any such correspondence, Fund management will promptly forward all such
correspondence to the intended recipient(s).</FONT></P>
<P align=justify><B><FONT face=sans-serif size=2>OTHER
INFORMATION</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Investment Adviser. </FONT></I></B><FONT face=serif size=2>DMC, a series
of Delaware Management Business Trust, 2005 Market Street, Philadelphia, PA
19103, serves as investment adviser to each Fund. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Administrator.</FONT></I></B><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Delaware Service Company, Inc., 2005 Market St., Philadelphia,
Pennsylvania 19103, an affiliate of DMC, performs administrative and fund
accounting oversight services for the Funds.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Independent Auditors. </FONT></I></B><FONT face=serif size=2>Ernst &amp;
Young LLP serves as the Funds&#146; independent auditors. Ernst &amp; Young LLP&#146;s
principal address is Two Commerce Square, Philadelphia, Pennsylvania 19103. A
representative of Ernst &amp; Young LLP is expected to be present at the
Meeting. The representative of Ernst &amp; Young LLP will have an opportunity to
make a statement if he or she desires to do so and will be available to respond
to appropriate questions.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Proxy Solicitation. </FONT></I></B><FONT face=serif size=2>This proxy
solicitation is being made by the Board of Directors for use at the Meeting. The
cost of this proxy solicitation will be shared as set forth below. In addition
to solicitation by mail, solicitations also may be made by advertisement,
telephone, telegram, facsimile transmission or other electronic media, or
personal contacts. The Funds will request broker-dealer firms, custodians,
nominees and fiduciaries to forward proxy materials to the beneficial owners of
the shares of record. The Funds may reimburse broker-dealer firms, custodians,
nominees and fiduciaries for their reasonable expenses incurred in connection
with such proxy solicitation. In addition to solicitations by mail, officers and
employees of the Funds, Delaware Management Business Trust and their affiliates,
without extra pay, may conduct additional solicitations by telephone, telecopy
and personal interviews. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Householding. </FONT></I></B><FONT face=serif size=2>Unless you have
instructed the Funds not to, only one copy of this proxy solicitation will be
mailed to multiple Fund shareholders sharing an address (a &#147;Household&#148;), even if
more than one shareholder in a Household is a Fund shareholder of record. If you
need additional copies of this proxy solicitation, please contact your
participating broker-dealer firm or other financial intermediary or, if you hold
Fund shares directly with the Funds, you may write to the Funds c/o BNY Mellon
Shareowner Services 480 Washington Blvd. Jersey City, NJ 07310 or call toll-free
1-800-851-9677. If you do not want the mailing of your proxy solicitation
materials to be combined with those of other members of your Household in the
future, or if you are receiving multiple copies and would rather receive just
one copy for the Household, please contact your participating broker-dealer firm
or other financial intermediary or, if you hold Fund shares directly with the
Funds, you may write to the Funds c/o BNY Mellon Shareowner Services 480
Washington Blvd. Jersey City, NJ 07310 or call toll-free
1-800-851-9677.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Expenses of the Proposals.</FONT></I></B><FONT face=serif size=2> The
costs of the Proposal will be borne equally by the Funds. As discussed above, no
proxy solicitor will be engaged with respect to the Proposal.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Shareholder Proposals.</FONT></I></B><B><FONT face=serif size=2>
</FONT></B><FONT face=serif size=2>If a Fund holds an annual meeting of
shareholders in 2010, shareholder proposals to be included in the Funds&#146;
Combined Proxy Statement for that meeting must be received no later than April
20, 2010. Such proposals should be sent to the Fund, directed to the attention
of its Secretary, at the address of its principal executive office printed on
the first page of this Combined Proxy Statement. The inclusion and/or
presentation of any such proposal is subject to the applicable requirements of
the proxy rules under the 1934 Act. The persons designated as proxies will vote
in their discretion on any matter if the Funds do not receive notice of such
matter prior to May 18, 2010.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Fund Reports.</FONT></I></B><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Each Fund&#146;s most recent Annual Report and Semi-Annual Report
were previously mailed to shareholders. Copies of these reports are available
upon request, without charge, by writing the Funds c/o Delaware Investments,
2005 Market Street, Philadelphia, PA 19103, or by calling toll-free
1-800-523-1918.</FONT></P>
<P align=center><FONT face=sans-serif size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>EXHIBIT A </FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>OUTSTANDING SHARES AS OF RECORD
DATE (JUNE 23, 2009)</FONT></B></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments
      Dividend and Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=right width="25%" bgColor=#c0c0c0><FONT face=serif size=2>9,935,834</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Delaware Investments Global Dividend and
      Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=right width="25%"><FONT face=serif size=2>5,190,559</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global
      Dividend and Income Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="25%" bgColor=#c0c0c0><FONT face=serif size=2>12,929,436</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Delaware Investments Arizona Municipal
      Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=right width="25%"><FONT face=serif size=2>2,982,200</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments
      Colorado Municipal Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=right width="25%" bgColor=#c0c0c0><FONT face=serif size=2>4,837,100</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Delaware Investments National Municipal
      Income Fund</FONT>&nbsp; </TD>
    <TD noWrap align=right width="25%"><FONT face=serif size=2>2,422,200</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments
      Minnesota Municipal Income Fund II, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=right width="25%" bgColor=#c0c0c0><FONT face=serif size=2>11,504,975</FONT>
</TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=sans-serif size=2>A-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>


<P align=right><B><FONT face=serif size=2>EXHIBIT B </FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>SHAREHOLDERS OWNING 5% OR MORE
OF A FUND </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following accounts held of record 5% or more of the outstanding shares of the
Funds listed below as of June 23, 2009. Management does not have knowledge of
beneficial owners.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="36%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="40%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="10%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Percent of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="36%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="40%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Number
      of</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=2>Outstanding</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="36%"><B><FONT face=serif size=2>Fund</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="40%"><B><FONT face=serif size=2>Name and Address</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Shares</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Dividend and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>CEDE &amp; CO</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>9,734,723.2001</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>97.98%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>P.O. BOX 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT size=2>BOWLING
      GREEN STATION</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>NEW YORK, NY 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Delaware
      Investments Global Dividend</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT face=serif size=2>CEDE &amp;
      CO</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>5,077,210.3938</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>97.82%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>and Income Fund,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="40%"><FONT face=serif size=2>P.O. BOX
      20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT size=2>BOWLING GREEN
    STATION</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face=serif size=2>NEW YORK, NY 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>CEDE &amp; CO</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>12,924,194.3913</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>99.96%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Income Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>P.O. BOX 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT size=2>BOWLING
      GREEN STATION</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>NEW YORK, NY 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Delaware
      Investments Arizona Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT face=serif size=2>CEDE &amp;
      CO</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>2,938,104.9264</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>98.52%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Income Fund,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT face=serif size=2>P.O. BOX
      20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT size=2>BOWLING GREEN
    STATION</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face=serif size=2>NEW YORK, NY 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>CEDE &amp; CO</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>4,668,665.4720</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>96.52%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>P.O. BOX 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT size=2>BOWLING
      GREEN STATION</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>NEW YORK, NY 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Delaware
      Investments National</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT face=serif size=2>CEDE &amp;
      CO</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>2,329,995.0240</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>96.19%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Municipal Income
      Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT face=serif size=2>P.O. BOX
      20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="40%"><FONT size=2>BOWLING GREEN
    STATION</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face=serif size=2>NEW YORK, NY 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>CEDE &amp; CO</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>10,743,284.7038</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>93.38%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund II, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>P.O. BOX 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT size=2>BOWLING
      GREEN STATION</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=2>NEW YORK, NY 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>B-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>EXHIBIT C</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>DELAWARE INVESTMENTS FAMILY OF
FUNDS <BR>AUDIT COMMITTEE CHARTER </FONT></B></P>
<P align=left><FONT face=serif size=2></FONT>&nbsp;</P>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top ><FONT size=2>1.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"  colSpan=3>
      <P align=left><FONT face=serif size=2><U>Committee
      Composition.</U></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"  colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>a.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>The Audit Committee shall be
      composed of not less than three Directors/Trustees (hereinafter,
      &#147;Directors&#148;) selected by the Board, each of whom shall be independent as
      defined in Rule 10A-3(b) under the Securities Exchange Act of 1934, as
      amended, and the listing standards of any national securities exchange on
      which the Fund is listed.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>b.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Each member of the Audit Committee shall be financially
      literate, as such qualification is interpreted by the Fund&#146;s Board in its
      business judgment, or must become financially literate within a reasonable
      period of time after his or her appointment to the Audit Committee. At
      least one member of the Audit Committee must be an &#147;audit committee
      financial expert&#148; as such term is defined in Securities and Exchange
      Commission (&#147;SEC&#148;) Form N-CSR.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>c.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%">
      <P><FONT face=serif size=2>One member of the Audit Committee shall be
      designated by the Board as Chairperson. The Chairperson and members of the
      Audit Committee shall have two year terms, renewable for a maximum of
      three terms. The Chairperson and members of the Audit Committee shall
      receive such compensation for their service on the Audit Committee as the
      Board may determine from time to time.</FONT></P></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2><U>Role of the Audit
      Committee</U>. The function of the Audit Committee is oversight in the
      sense that it is to watch closely, maintain surveillance, review carefully
      relevant matters and make appropriate suggestions; it is management&#146;s
      responsibility to direct, manage and maintain appropriate systems for
      accounting and internal control and for the preparation, presentation and
      integrity of the financial statements; and it is the independent auditors&#146;
      responsibility to plan and carry out a proper audit. The independent
      auditors for the Fund shall report directly to, and are ultimately
      accountable to, the Audit Committee. The Audit Committee shall select,
      evaluate, oversee the work of and, when appropriate, replace the
      independent auditors.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Although the Audit Committee is
      expected to take a detached and questioning approach to the matters that
      come before it, the review of a Fund&#146;s financial statements by the Audit
      Committee is not an audit, nor does the Audit Committee&#146;s review
      substitute for the responsibilities of the Fund&#146;s management for
      preparing, or of the independent auditors for auditing, the financial
      statements. Members of the Audit Committee are not full-time employees of
      the Fund and, in serving on this Audit Committee, are not, and do not hold
      themselves out to be, acting as accountants or auditors. As such, it is
      not the duty or responsibility of the Audit Committee or its members to
      conduct &#147;field work&#148; or other types of auditing or accounting reviews or
      procedures.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>In discharging his or her duties,
      each member of the Audit Committee may rely on the accuracy of
      information, opinions, reports, or statements, including financial
      statements and other financial data, if prepared or presented by (a) one
      or more officers of the Fund whom the Director reasonably believes to be
      reliable and competent in the matters presented; (b) legal counsel, public
      accountants, or other persons as to matters the Director reasonably
      believes are within the person&#146;s professional expertise; or (c) a Board
      committee of which the Director is not a member.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2><U>Purposes</U>. The purposes of
      the Audit Committee are to assist the Board in its oversight of (a) the
      quality and integrity of the Fund&#146;s financial statements and the
      independent audit thereof; (b) the independent auditors&#146; qualifications
      and independence; (c) the performance of the Fund&#146;s independent auditors;
      and (d) the Fund&#146;s compliance with relevant legal and regulatory
      requirements that relate to the Fund&#146;s accounting and financial reporting,
      internal control over financial reporting and independent audits. The
      Audit Committee shall prepare an audit committee report as required by the
      SEC to be included in the Fund&#146;s proxy statements. The Audit Committee
      shall discharge its fiduciary responsibility with respect to evidence of
      any material violation of federal or state law or breach of fiduciary duty
      impacting the Fund that is brought to the attention of the Audit Committee
      pursuant to applicable regulations. The Audit Committee shall monitor the
      Fund&#146;s accounting and financial reporting policies and practices, its
      internal controls over financial reporting and, as appropriate, inquire
      into the internal controls over financial reporting of certain service
      providers. The Audit Committee shall monitor the Fund&#146;s safeguards with
      respect to both inflow and outflow of funds and the integrity of computer
      systems relating to financial reporting. In addition, the Audit Committee
      shall act as a liaison between the Fund&#146;s independent auditors and the
      full Board of Directors.</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>C-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top >
      <P align=left><FONT face=serif size=2>4. </FONT></P></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%"  colSpan=3>
      <P align=justify><FONT face=serif size=2><U>Duties and Powers</U>. To carry out
      its purposes, the Audit Committee shall have the following duties and
      powers:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"  colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>a.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To select, retain or terminate
      the independent auditors and, in connection therewith, annually to
      receive, evaluate and discuss with the independent auditors a formal
      written report from them setting forth all audit, review or attest
      engagements, as well as all non-audit engagements and other relationships,
      with the Fund, the Investment Manager and any entity in the Fund&#146;s
      &#147;investment company complex,&#148; as defined in Reg. S-X Rule 2-01(f)(14)
      (such entity to be referred to as a &#147;Complex Entity&#148;), which shall include
      specific representations as to the independent auditors&#146; objectivity and
      independence;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>b.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To review and approve, in
      advance, to the extent required by applicable law: (i) all audit services
      and all permissible non-audit services to be performed by the independent
      auditors for the Fund, including the related fees and terms of such
      engagements; and (ii) all non-audit services to be provided by the
      independent auditors to the Fund&#146;s Investment Manager and any entity
      controlling, controlled by, or under common control with the Investment
      Manager that provides ongoing services to the Fund (such an affiliate to
      be referred to as a &#147;Control Affiliate&#148;) where the nature of such
      non-audit services has a direct impact on the operations or financial
      reporting of the Fund;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>c.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>In connection with any
      pre-approval to perform for the Fund (or any preapproval to perform for a
      Control Affiliate required pursuant to subparagraph 4(b)) any permissible
      tax service by the independent auditors, to (A) receive in writing a
      description of (1) the scope of the service, the fee structure for the
      engagement, and any side letter or other amendment to the engagement
      letter, or any other agreement (whether oral, written or otherwise)
      between the independent auditors and the Fund and/or Control Affiliate
      relating to the service, (2) any compensation arrangement or other
      agreement, between the independent auditor (or affiliate of the auditor)
      and any person (other than the Fund or Control Affiliate) with respect to
      the promoting, marketing, or recommending of a transaction covered by the
      service, and (B) discuss with the independent auditors the potential
      effects of the services on the independence of the independent
      auditors.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>d.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To establish pre-approval
      policies and procedures for the engagement of independent auditors to
      provide audit and permissible non-audit services; and to delegate to one
      or more members the authority to grant pre-approvals;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>e.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To meet with the independent
      auditors and management, including private meetings with each as
      necessary, (i) to review and discuss the arrangements for and scope of the
      annual audit and any special audits; (ii) to discuss any matters of
      concern relating to the Fund&#146;s financial statements, including any
      adjustments to such statements recommended by the independent auditors, or
      other results of said audit(s); (iii) to consider the independent
      auditors&#146; comments with respect to the Fund&#146;s financial policies,
      procedures, internal accounting controls and any audit problems or
      difficulties, and in each case management&#146;s responses thereto; (iv) to
      review and discuss the form of opinion the independent auditors propose to
      render to the Board of Directors and shareholders; (v) in the case of an
      exchange-listed closed-end Fund only, to discuss the Fund&#146;s unaudited
      semi-annual financial statements with the independent auditors and
      management; and (vi) in the case of an exchange-listed closed-end Fund
      only, (A) to review and discuss the Fund&#146;s annual audited financial
      statements and management&#146;s discussion of fund performance with the
      independent auditors and management, (B) to receive the written
      disclosures and the letter from the independent auditors regarding their
      independence that are required by Item 407(d) (3) of Regulation S-K, (C)
      to discuss the clarity and completeness of the Fund&#146;s accounting
      principles and disclosures, and (D) based on such review and discussions,
      make a recommendation to the Board of Directors on including such audited
      financial statements in the Fund&#146;s annual report to
      shareholders;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>f.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To review and discuss any and all
      reports from the independent auditors regarding (i) critical accounting
      policies and practices used by the Fund, including any proposed changes in
      accounting principles or practices proposed by management or the
      independent auditors upon the Fund, (ii) alternative treatments of
      financial information within generally accepted accounting principles that
      have been discussed with management, (iii) the risks of using any such
      alternative treatments or disclosures, (iv) the treatment preferred by the
      independent auditors, (v) material written communications between
      management and the independent auditors, including any management letter
      or schedule of unadjusted differences and any internal control
      observations and recommendations, and (vi) all non-audit services provided
      by the independent auditors to any Complex Entity that were not subject to
      the pre-approval requirement set forth above in Paragraph 4(b) (in
      connection with the Audit Committee&#146;s consideration of the auditors&#146;
      independence);</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>C-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>
<BR>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>g.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%">
      <P><FONT face=serif size=2>To review and discuss the process of issuing
      dividend-related and other press releases including financial information,
      as well as the Fund&#146;s policies for providing financial information to
      analysts and ratings agencies;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>h.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To discuss with management the
      Fund&#146;s guidelines and policies with respect to risk assessment and risk
      management, including the Fund&#146;s major financial risk exposures and the
      steps management has taken to monitor and control such
  risks;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>i.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To review any disclosures made by
      the chief executive and chief financial officers of the Fund in their
      certification process for the Fund&#146;s periodic reports filed with the SEC
      about any significant deficiencies in the design or operation of internal
      controls, any material weaknesses in internal controls and any fraud,
      whether or not material, involving management or other employees having a
      significant role in internal controls;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>j.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To establish procedures, take
      actions and perform all duties necessary for (i) the receipt, retention
      and treatment of complaints received by the Fund regarding accounting,
      internal accounting controls or auditing matters, and (ii) the
      confidential, anonymous submission by employees of the Fund and its
      service providers of concerns regarding questionable accounting or
      auditing matters;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>k.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To obtain and review not less
      often than annually a report (the &#147;Report&#148;) by the independent auditors
      describing: (i) the independent auditors&#146; internal quality-control
      procedures; (ii) any material issues raised by the most recent internal
      quality-control or peer review of the firm or any inquiry or
      investigation by governmental or professional authorities within the
      preceding five years respecting any audits carried out by the independent
      auditors, and any steps taken to deal with any such issues; and (iii) all
      relationships between the independent auditors and the Fund, as well as
      the Fund&#146;s Investment Manager or any Complex Entity;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>l.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To evaluate the independence of
      the independent auditors, which shall include at least the following
      items: (i) receiving an annual statement from the independent auditors
      confirming their independence; (ii) evaluating the lead partner of the
      independent auditors; (iii) confirming the appropriate rotation of the
      lead audit partner, overseeing the rotation of other audit partners and
      considering periodically whether there should be a regular rotation of the
      audit firm itself; and (iv) reviewing the hiring by the Fund, its
      Investment Manager and any Control Affiliate of employees or former
      employees of the independent auditors. After reviewing the Report and the
      independence of the independent auditors, the Audit Committee shall
      present its conclusions with respect to the independent auditors to the
      Board;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>m.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To set policies relating to the
      hiring by the Fund, its Investment Manager and any Control Affiliate of
      employees or former employees of the independent
auditors;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>n.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To engage independent legal
      counsel and such other advisers as the Audit Committee determines
      appropriate to carry out its duties, without the consent of management or
      the Board of Directors;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>o.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To conduct an annual performance
      evaluation of the Audit Committee; and</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top><FONT face=serif size=2>p.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>To report its activities to the
      full Board of Directors on a regular basis and to make recommendation with
      respect to the above and other matters as the Audit Committee may deem
      necessary or appropriate.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%"  colSpan=3>
      <P align=justify><FONT face=serif size=2><U>Meetings</U>. The Audit
      Committee shall meet on a regular basis and is empowered to hold special
      meetings as circumstances require. The Audit Committee shall regularly
      meet with the Chief Financial Officer and Treasurer of the Fund. The Audit
      Committee shall also meet with internal auditors for the Investment
      Manager on a regular basis in order to assist the Board in its oversight
      of the Fund&#146;s compliance with legal and regulatory
    requirements.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>6.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%"  colSpan=3>
      <P align=justify><FONT face=serif size=2><U>Resources</U>. The Audit
      Committee shall have sufficient funding by the Fund to pay the fees of the
      independent auditors, independent counsel, consultants, experts and other
      advisers as well as funding to pay for ordinary administrative expenses of
      the Audit Committee.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>7.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%"  colSpan=3>
      <P align=justify><FONT face=serif size=2><U>Annual Charter Review</U>. The
      Audit Committee shall review and assess the adequacy of this Charter at
      least annually and recommend any changes to the Board of
      Directors.</FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face=serif size=2>Last revised:</FONT></B><FONT face=serif size=2> August 16, 2007</FONT></P>
<P align=center><FONT face=sans-serif size=2>C-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>EXHIBIT D</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>NOMINATING AND CORPORATE
GOVERNANCE COMMITTEE CHARTER <BR>DELAWARE INVESTMENTS FAMILY OF
FUNDS<BR></FONT></B><B><FONT face=sans-serif size=2>NOMINATING AND CORPORATE
GOVERNANCE COMMITTEE CHARTER</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Nominating and Corporate Governance
Committee Membership</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Nominating and Corporate Governance Committee (the &#147;Committee&#148;) shall be
composed of not less than three members, each of whom shall be independent as
defined in Rule 10A-3(b) under the Securities Exchange Act of 1934 and the
listing standards of any national securities exchange on which any fund of the
Delaware Investments Family of Funds (each a &#147;Fund&#148;) is listed, and the
Coordinating Trustee, as an ex officio member. One member of the Committee shall
be designated by the Board as Chairperson. The Chairperson and members of the
Committee shall have two year terms, renewable for a maximum of three (3) terms.
The Chairperson and members of the Committee shall receive such compensation for
their service on the Committee as the Board may determine from time to
time.</FONT></P>
<P align=left><B><FONT face=serif size=2>Board Nominations</FONT></B></P>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2><U>Independent
      Directors/Trustees</U>. Independent Directors/Trustees for the open and
      closed-end Funds are to be selected and nominated solely by incumbent
      independent Directors/Trustees. The Committee shall make recommendations
      for nominations for independent director/trustee membership on the Board
      of Directors/Trustees to the incumbent independent Directors/Trustees.
      The Committee shall also be responsible for nominating qualified
      candidates for independent Director/Trustee membership in connection with
      filling vacancies that arise in between meetings of shareholders. The
      Committee shall evaluate candidates&#146; qualifications for Board membership
      and their independence from the Funds&#146; manager and other affiliates and
      principal service providers. Persons selected must be independent in terms
      of both the letter and spirit of the governing rules, regulations and
      listing standards. The Committee shall also consider the effect of any
      relationships beyond those delineated in the governing rules, regulations
      and listing standards that might impair independence, e.g., business,
      financial or family relationships with managers or service
      providers.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2><U>Chair of the Board</U>.
      The Committee shall nominate the Chair of the Board.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2><U>Committees</U>. The
      Committee shall annually review the membership of and annually recommend
      persons to serve as members of each committee of the Board. The Committee
      shall also review the continued appropriateness of existing committees and
      consider the addition of new committees. The Committee shall also make
      recommendations for members of any new committee established by the
      Board.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2><U>Affiliated
      Directors/Trustees</U>. The Committee shall evaluate candidates&#146;
      qualifications and make recommendations for affiliated director/trustee
      membership on the Board of Directors/Trustees to the full
  Board.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2><U>Shareholder
      Recommendations</U>. The Committee shall respond to shareholders who
      communicate with the Board.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>6.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2><U>Board Composition</U>. The
      Committee shall periodically review the composition of the Board of
      Directors/Trustees, including the number of Directors/Trustees, to
      determine whether it may be appropriate to add individuals with different
      backgrounds or skill sets from those already on the
  Board.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face=serif size=2>Corporate Governance</FONT></B></P>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      evaluate annually the ability of each Director/Trustee to function
      effectively in the discharge of his/her oversight and fiduciary
      responsibilities as a Director/Trustee. The Chairman of the Committee
      shall undertake appropriate action as required based on the Committee&#146;s
      evaluation.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall at
      least annually conduct a review of Director/Trustee education on current
      industry issues.</FONT></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>D-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>At least annually, the Committee
      shall review the amount of compensation payable to the independent
      Directors/Trustees and report its findings and recommendations to the
      Board. Compensation shall be based on the responsibilities and duties of
      the independent Directors/Trustees and the time required to perform these
      duties. Every year, the Committee shall invite an independent consultant
      to review the Board&#146;s compensation structure.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>The Committee shall monitor the
      performance of counsel for the independent
    Directors/Trustees.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>The Committee shall establish
      procedures to facilitate shareholder communications to the Funds&#146; Board of
      Directors/Trustees.</FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face=serif size=2>Other Powers and
Responsibilities</FONT></B></P>
<TABLE style="text-align: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>The Committee shall have the
      resources and authority appropriate to discharge its responsibilities,
      including authority to retain special counsel and other experts or
      consultants at the expense of the appropriate Fund(s).</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>The Committee shall review this
      Charter at least annually and recommend any changes to the full Board of
      Directors/Trustees.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top width="100%">
      <P><FONT face=serif size=2>The Committee shall review annually the Board
      of Directors/Trustees Policies and Practices.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>The Committee shall review
      annually a summary and report of Director/Trustee expenses reimbursed in
      accordance with the Travel and Entertainment Policy.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top ></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>The Committee shall perform such
      other functions that shall be delegated to it from time to time by the
      Board.</FONT></P></TD></TR></TABLE>
<P align=right><B><FONT face=serif size=2>As Amended 5/16/07 <BR>As Further
Amended 11/15/07 <BR></FONT></B><B><FONT face=serif size=2>As Further Amended
5/22/08</FONT></B></P>
<P align=center><FONT face=sans-serif size=2>D-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=right><B><FONT face=serif size=2>EXHIBIT E</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>EXECUTIVE OFFICERS OF THE
FUNDS</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Richard Salus, CPA
(45)<BR></FONT></B><I><FONT face=serif size=2>Senior Vice President, Controller,
and Treasurer<BR></FONT></I><FONT face=serif size=2>Richard Salus is responsible
for accounting and reporting, treasury, compensation and benefits, general
ledger, financial operations, Sarbanes-Oxley compliance, and leadership and
participation in many special projects for Delaware Investments. He is chief
financial officer of the Delaware Investments<SUP>&#174;</SUP> Family of Funds and Optimum Funds. Prior to joining the firm in 1996 as
vice president, assistant controller, he worked for 10 years with Ernst &amp;
Young as a senior manager with a primary focus on the banking and investment
company sector. He earned his bachelor&#146;s degree in accounting from Franklin
&amp; Marshall College, and he is a member of the American Institute of
Certified Public Accountants and the Pennsylvania Institute of Certified Public
Accountants.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Daniel V. Geatens (36)
<BR></FONT></B><I><FONT face=serif size=2>Vice President, Treasurer &#150; Delaware
Investments Family of Funds<BR></FONT></I><FONT face=serif size=2>Daniel V.
Geatens is responsible for the financial administration of the Delaware
Investments Family of Funds and the Optimum Fund Trust. He joined Delaware
Investments in February 1997 as an investment accountant and has held various
management positions within the investment accounting group, including vice
president of investment accounting from February 2001 to November 2004. He also
served for two years in the institutional client services group as a performance
analyst. In November 2006, Geatens joined the fund accounting and fund
administration oversight team as director of financial administration for the
Delaware Investments Family of Funds and the Optimum Fund Trust. Geatens
graduated from Rutgers University-Camden with a bachelor&#146;s degree in finance and
received an MBA with a concentration in finance from La Salle University.
</FONT></P>
<P align=center><FONT face=sans-serif size=2>E-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>
<BR>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>I</FONT>NVESTMENTS <FONT size=2>D</FONT>IVIDEND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1>AND <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND, <FONT size=2>I</FONT>NC.</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>I</FONT>NVESTMENTS <FONT size=2>G</FONT>LOBAL</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT size=2><STRONG>D</STRONG></FONT>IVIDEND AND <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND, <FONT size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>E</FONT>NHANCED <FONT size=2>G</FONT>LOBAL <FONT size=2>D</FONT>IVIDEND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1>AND <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>I</FONT>NVESTMENTS <FONT size=2>A</FONT>RIZONA</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT size=2><STRONG>M</STRONG></FONT>UNICIPAL <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND, <FONT size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT face=serif size=2>D</FONT>ELAWARE <FONT face=serif size=2>I</FONT>NVESTMENTS <FONT face=serif size=2>C</FONT>OLORADO</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT face=serif size=2><STRONG>M</STRONG></FONT>UNICIPAL <FONT face=serif size=2>I</FONT>NCOME <FONT face=serif size=2>F</FONT>UND, <FONT face=serif size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT face=serif size=2>D</FONT>ELAWARE <FONT face=serif size=2>I</FONT>NVESTMENTS <FONT face=serif size=2>N</FONT>ATIONAL</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1><FONT face=serif size=2>M</FONT>UNICIPAL <FONT face=serif size=2>I</FONT>NCOME <FONT face=serif size=2>F</FONT>UND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT face=serif size=2>D</FONT>ELAWARE <FONT face=serif size=2>I</FONT>NVESTMENTS <FONT face=serif size=2>M</FONT>INNESOTA</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT face=serif size=2><STRONG>M</STRONG></FONT>UNICIPAL <FONT face=serif size=2>I</FONT>NCOME <FONT face=serif size=2>F</FONT>UND <FONT face=serif size=2>II</FONT>, <FONT face=serif size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp; <FONT face=serif size=2><B>COMBINED PROXY</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT>
      <STRONG>STATEMENT</STRONG></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>Notice of
  Joint</STRONG></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>Annual
      Meeting</STRONG></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>of
  Shareholders</STRONG></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>AUGUST
      19, 2009</STRONG></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">
      <P align=center><IMG src="gelaware3x8x2.jpg" border=0></P></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="100%" >&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="100%" ></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" >
      <P align=center><IMG src="gelaware3x8x1.jpg" border=0></P></TD></TR></TABLE></DIV><BR>

<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<!-- PROXY 1 -->
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS DIVIDEND AND
      INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 19, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Michael E. Dresnin, Deidre A. Downes, and
      Kathryn R. Williams, or any of them, with the right of substitution,
      proxies of the undersigned at the Annual Meeting of Shareholders of the
      Fund indicated on the reverse side of this proxy card to be held at the
      offices of Stradley Ronon Stevens &amp; Young, LLP, One Commerce Square,
      2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on
      Wednesday, August 19, 2009 at 4:00 p.m., or at any postponement or
      adjournments thereof, with all the powers which the undersigned would
      possess if personally present, and instructs them to vote upon any matters
      which may properly be acted upon at this Meeting and specifically as
      indicated on the reverse side of this proxy card. Please refer to the
      proxy statement for a discussion of these matters.<BR><STRONG>BY SIGNING
      AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE
      PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF
      NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO
      VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE
      COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED
      ENVELOPE.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website
  <U><STRONG>www.proxyvote.com</STRONG></U>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS DIVIDEND AND
      INCOME FUND, INC.</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Directors</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;FOR&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"><STRONG>1.</STRONG></TD>
    <TD width="1%">&nbsp;&nbsp; </TD>
    <TD width="79%" colSpan=10><STRONG>To elect the following nominees as
      Directors of the Fund</STRONG></TD>
    <TD noWrap align=center width="8%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;</STRONG><STRONG>ALL&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ALL&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;
      &nbsp;EXCEPT&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13><STRONG>Nominees:</STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 6pt solid" vAlign=bottom noWrap width="1%">01)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">THOMAS L. BENNETT</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%">04)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANTHONY D. KNERR</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%">07)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">THOMAS F. MADISON</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">02)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">PATRICK P. COYNE</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">05)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">LUCINDA S. LANDRETH</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">08)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">JANET L. YEOMANS</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=Wingdings size=2></FONT></TD>
    <TD vAlign=top noWrap align=center width="5%"></TD>
    <TD vAlign=top noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">03)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">JOHN A. FRY</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">06)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANN R. LEVEN</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">09)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">J. RICHARD ZECHER</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="5%"></TD>
    <TD vAlign=top noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>To withhold authority to vote for any
      individual nominee(s), mark &#147;For All Except&#148; and write the number(s) of
      the nominee(s) on the line below.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="72%" colSpan=9>&nbsp;&nbsp; </TD>
    <TD noWrap width="7%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="5%"></TD>
    <TD noWrap width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap width="7%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="5%"></TD>
    <TD noWrap width="6%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. WHERE SHARES
      ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD SIGN. PERSONS
      SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER REPRESENTATIVE SHOULD
      GIVE FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<!-- PROXY 2 -->
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS GLOBAL DIVIDEND
      AND INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 19, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Michael E. Dresnin, Deidre A. Downes, and
      Kathryn R. Williams, or any of them, with the right of substitution,
      proxies of the undersigned at the Annual Meeting of Shareholders of the
      Fund indicated on the reverse side of this proxy card to be held at the
      offices of Stradley Ronon Stevens &amp; Young, LLP, One Commerce Square,
      2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on
      Wednesday, August 19, 2009 at 4:00 p.m., or at any postponement or
      adjournments thereof, with all the powers which the undersigned would
      possess if personally present, and instructs them to vote upon any matters
      which may properly be acted upon at this Meeting and specifically as
      indicated on the reverse side of this proxy card. Please refer to the
      proxy statement for a discussion of these matters.<BR><STRONG>BY SIGNING
      AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE
      PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF
      NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO
      VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE
      COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED
      ENVELOPE.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website
  <U><STRONG>www.proxyvote.com</STRONG></U>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS GLOBAL DIVIDEND AND INCOME
      FUND, INC.</STRONG></TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Directors</B></TD>
    <TD noWrap width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="2%"><B></B></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>FOR</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"><STRONG>1.</STRONG></TD>
    <TD width="1%">&nbsp;&nbsp;
    </TD>
    <TD width="87%" colSpan=10><STRONG>To elect the following nominees as Directors of
      the Fund</STRONG></TD>
    <TD noWrap align=center width="8%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>ALL</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="87%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="2%"><STRONG>&nbsp;&nbsp;&nbsp;EXCEPT&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13><STRONG>Nominees:</STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 6pt solid" vAlign=bottom noWrap width="1%">01)&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="17%">THOMAS L. BENNETT</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">04)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANTHONY D. KNERR</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">07)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">THOMAS F. MADISON</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="2%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">02)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">PATRICK P. COYNE</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">05)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">LUCINDA S. LANDRETH</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">08)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">JANET L. YEOMANS</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">03)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">JOHN A. FRY</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">06)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANN R. LEVEN</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">09)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">J. RICHARD ZECHER</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>To withhold authority to vote for any individual
      nominee(s), mark &#147;For All Except&#148; and write the number(s) of the
      nominee(s) on the line below.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="72%" colSpan=9>&nbsp;&nbsp; </TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. WHERE SHARES
      ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD SIGN. PERSONS
      SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER REPRESENTATIVE SHOULD
      GIVE FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<!-- PROXY 3 -->
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE ENHANCED GLOBAL DIVIDEND
      AND INCOME FUND</STRONG></TD>
    <TD align=right width="50%"><STRONG>ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 19, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      TRUSTEES</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Michael E. Dresnin, Deidre A. Downes, and
      Kathryn R. Williams, or any of them, with the right of substitution,
      proxies of the undersigned at the Annual Meeting of Shareholders of the
      Fund indicated on the reverse side of this proxy card to be held at the
      offices of Stradley Ronon Stevens &amp; Young, LLP, One Commerce Square,
      2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on
      Wednesday, August 19, 2009 at 4:00 p.m., or at any postponement or
      adjournments thereof, with all the powers which the undersigned would
      possess if personally present, and instructs them to vote upon any matters
      which may properly be acted upon at this Meeting and specifically as
      indicated on the reverse side of this proxy card. Please refer to the
      proxy statement for a discussion of these matters.<BR><STRONG>BY SIGNING
      AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE
      PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF
      NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO
      VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE
      COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED
      ENVELOPE.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website
  <U><STRONG>www.proxyvote.com</STRONG></U>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE ENHANCED GLOBAL DIVIDEND AND
      INCOME FUND</STRONG></TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Trustees</B></TD>
    <TD noWrap width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="2%"><B></B></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>FOR</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"><STRONG>1.</STRONG></TD>
    <TD width="1%">&nbsp;&nbsp; </TD>
    <TD width="87%" colSpan=10><STRONG>To elect the following nominees as
      Trustees of the Fund</STRONG></TD>
    <TD noWrap align=center width="8%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>ALL</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="87%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="2%"><STRONG>&nbsp;&nbsp;&nbsp;EXCEPT&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13><STRONG>Nominees:</STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 6pt solid" vAlign=bottom noWrap width="1%">01)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">THOMAS L. BENNETT</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%">04)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANTHONY D. KNERR</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%">07)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">THOMAS F. MADISON</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="2%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">02)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">PATRICK P. COYNE</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">05)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">LUCINDA S. LANDRETH</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">08)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">JANET L. YEOMANS</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">03)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">JOHN A. FRY</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">06)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANN R. LEVEN</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">09)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">J. RICHARD ZECHER</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>To withhold authority to vote for any
      individual nominee(s), mark &#147;For All Except&#148; and write the number(s) of
      the nominee(s) on the line below.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="72%" colSpan=9>&nbsp;&nbsp; </TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED
      ABOVE&nbsp;TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE.
      WHERE SHARES ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD
      SIGN. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER
      REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<!-- PROXY 4 -->
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS ARIZONA
      MUNICIPAL INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 19, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Michael E. Dresnin, Deidre A. Downes, and
      Kathryn R. Williams, or any of them, with the right of substitution,
      proxies of the undersigned at the Annual Meeting of Shareholders of the
      Fund indicated on the reverse side of this proxy card to be held at the
      offices of Stradley Ronon Stevens &amp; Young, LLP, One Commerce Square,
      2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on
      Wednesday, August 19, 2009 at 4:00 p.m., or at any postponement or
      adjournments thereof, with all the powers which the undersigned would
      possess if personally present, and instructs them to vote upon any matters
      which may properly be acted upon at this Meeting and specifically as
      indicated on the reverse side of this proxy card. Please refer to the
      proxy statement for a discussion of these matters.<BR><STRONG>BY SIGNING
      AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE
      PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF
      NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO
      VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE
      COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED
      ENVELOPE.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website
  <U><STRONG>www.proxyvote.com</STRONG></U>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME
      FUND, INC.</STRONG></TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Directors</B></TD>
    <TD noWrap width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>FOR</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"><STRONG>1.</STRONG></TD>
    <TD width="1%">&nbsp;&nbsp;
    </TD>
    <TD width="87%" colSpan=10><STRONG>To elect the following nominees as Directors of
      the Fund</STRONG></TD>
    <TD noWrap align=center width="8%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>ALL</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="87%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="2%"><STRONG>&nbsp;&nbsp;&nbsp;EXCEPT&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13><STRONG>Nominees:</STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 6pt solid" vAlign=bottom noWrap width="1%">01)&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="17%">THOMAS L. BENNETT</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">04)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANTHONY D. KNERR</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">07)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">THOMAS F. MADISON</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="2%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">02)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">PATRICK P. COYNE</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">05)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">LUCINDA S. LANDRETH</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">08)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">JANET L. YEOMANS</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">03)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">JOHN A. FRY</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">06)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANN R. LEVEN</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">09)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">J. RICHARD ZECHER</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>To withhold authority to vote for any individual
      nominee(s), mark &#147;For All Except&#148; and write the number(s) of the
      nominee(s) on the line below.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="72%" colSpan=9>&nbsp;&nbsp; </TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. WHERE SHARES
      ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD SIGN. PERSONS
      SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER REPRESENTATIVE SHOULD
      GIVE FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<!-- PROXY 5 -->
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS COLORADO
      MUNICIPAL INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 19, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Michael E. Dresnin, Deidre A. Downes, and
      Kathryn R. Williams, or any of them, with the right of substitution,
      proxies of the undersigned at the Annual Meeting of Shareholders of the
      Fund indicated on the reverse side of this proxy card to be held at the
      offices of Stradley Ronon Stevens &amp; Young, LLP, One Commerce Square,
      2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on
      Wednesday, August 19, 2009 at 4:00 p.m., or at any postponement or
      adjournments thereof, with all the powers which the undersigned would
      possess if personally present, and instructs them to vote upon any matters
      which may properly be acted upon at this Meeting and specifically as
      indicated on the reverse side of this proxy card. Please refer to the
      proxy statement for a discussion of these matters.<BR><STRONG>BY SIGNING
      AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE
      PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF
      NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO
      VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE
      COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED
      ENVELOPE.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website
  <U><STRONG>www.proxyvote.com</STRONG></U>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME
      FUND, INC.</STRONG></TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Directors</B></TD>
    <TD noWrap width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="2%"><B></B></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>FOR</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"><STRONG>1.</STRONG></TD>
    <TD width="1%">&nbsp;&nbsp;
    </TD>
    <TD width="87%" colSpan=10><STRONG>To elect the following nominees as Directors of
      the Fund</STRONG></TD>
    <TD noWrap align=center width="8%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>ALL</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="87%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="2%"><STRONG>&nbsp;&nbsp;&nbsp;EXCEPT&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13><STRONG>Nominees:</STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 6pt solid" vAlign=bottom noWrap width="1%">01)&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="17%">THOMAS L. BENNETT</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">04)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANTHONY D. KNERR</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">07)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">THOMAS F. MADISON</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="2%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">02)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">PATRICK P. COYNE</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">05)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">LUCINDA S. LANDRETH</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">08)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">JANET L. YEOMANS</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">03)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">JOHN A. FRY</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">06)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANN R. LEVEN</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">09)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">J. RICHARD ZECHER</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>To withhold authority to vote for any individual
      nominee(s), mark &#147;For All Except&#148; and write the number(s) of the
      nominee(s) on the line below.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="72%" colSpan=9>&nbsp;&nbsp; </TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. WHERE SHARES
      ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD SIGN. PERSONS
      SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER REPRESENTATIVE SHOULD
      GIVE FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<!-- PROXY 6 -->
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR>2005 MARKET STREET<BR>PHILADELPHIA, PA 19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS NATIONAL
      MUNICIPAL INCOME FUND</STRONG></TD>
    <TD align=right width="50%"><STRONG>ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 19, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      TRUSTEES</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Michael E. Dresnin, Deidre A. Downes, and
      Kathryn R. Williams, or any of them, with the right of substitution,
      proxies of the undersigned at the Annual Meeting of Shareholders of the
      Fund indicated on the reverse side of this proxy card to be held at the
      offices of Stradley Ronon Stevens &amp; Young, LLP, One Commerce Square,
      2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on
      Wednesday, August 19, 2009 at 4:00 p.m., or at any postponement or
      adjournments thereof, with all the powers which the undersigned would
      possess if personally present, and instructs them to vote upon any matters
      which may properly be acted upon at this Meeting and specifically as
      indicated on the reverse side of this proxy card. Please refer to the
      proxy statement for a discussion of these matters.<BR><STRONG>BY SIGNING
      AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE
      PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF
      NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO
      VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE
      COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED
      ENVELOPE.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">4)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">5)</TD>
    <TD width="99%">Go to website
  <U><STRONG>www.proxyvote.com</STRONG></U>.</TD></TR>
  <TR>
    <TD width="1%">6)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">4)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">5)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">6)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">5)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">6)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">7)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">8)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS NATIONAL MUNICIPAL
      INCOME FUND</STRONG></TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Trustees</B></TD>
    <TD noWrap width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="2%"><B></B></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>FOR</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"><STRONG>1.</STRONG></TD>
    <TD width="1%">&nbsp;&nbsp; </TD>
    <TD width="87%" colSpan=10><STRONG>To elect the following nominees as
      Trustees of the Fund</STRONG></TD>
    <TD noWrap align=center width="8%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>ALL</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="87%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="2%"><STRONG>&nbsp;&nbsp;&nbsp;EXCEPT&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13><STRONG>Nominees:</STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 6pt solid" vAlign=bottom noWrap width="1%">01)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">THOMAS L. BENNETT</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%">04)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANTHONY D. KNERR</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%">07)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">THOMAS F. MADISON</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="2%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">02)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">PATRICK P. COYNE</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">05)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">LUCINDA S. LANDRETH</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">08)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">JANET L. YEOMANS</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">03)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">JOHN A. FRY</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">06)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANN R. LEVEN</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">09)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">J. RICHARD ZECHER</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>To withhold authority to vote for any
      individual nominee(s), mark &#147;For All Except&#148; and write the number(s) of
      the nominee(s) on the line below.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="72%" colSpan=9>&nbsp;&nbsp; </TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. WHERE SHARES
      ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD SIGN. PERSONS
      SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER REPRESENTATIVE SHOULD
      GIVE FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<!-- PROXY 7 -->
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS MINNESOTA
      MUNICIPAL <BR>INCOME FUND II, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 19, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Michael E. Dresnin, Deidre A. Downes, and
      Kathryn R. Williams, or any of them, with the right of substitution,
      proxies of the undersigned at the Annual Meeting of Shareholders of the
      Fund indicated on the reverse side of this proxy card to be held at the
      offices of Stradley Ronon Stevens &amp; Young, LLP, One Commerce Square,
      2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on
      Wednesday, August 19, 2009 at 4:00 p.m., or at any postponement or
      adjournments thereof, with all the powers which the undersigned would
      possess if personally present, and instructs them to vote upon any matters
      which may properly be acted upon at this Meeting and specifically as
      indicated on the reverse side of this proxy card. Please refer to the
      proxy statement for a discussion of these matters.<BR><STRONG>BY SIGNING
      AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE
      PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF
      NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO
      VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE
      COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED
      ENVELOPE.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website
  <U><STRONG>www.proxyvote.com</STRONG></U>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME
      FUND II, INC.</STRONG></TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Directors</B></TD>
    <TD noWrap width="15%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B></B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="2%"><B></B></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>FOR</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"><STRONG>1.</STRONG></TD>
    <TD width="1%">&nbsp;&nbsp;
    </TD>
    <TD width="87%" colSpan=10><STRONG>To elect the following nominees as Directors of
      the Fund</STRONG></TD>
    <TD noWrap align=center width="8%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="1%"><STRONG>ALL</STRONG></TD>
    <TD noWrap align=center width="2%"><STRONG>ALL</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="87%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="2%"><STRONG>&nbsp;&nbsp;&nbsp;EXCEPT&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13><STRONG>Nominees:</STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 6pt solid" vAlign=bottom noWrap width="1%">01)&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=bottom noWrap width="17%">THOMAS L. BENNETT</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">04)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANTHONY D. KNERR</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">07)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">THOMAS F. MADISON</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="2%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">02)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">PATRICK P. COYNE</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">05)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">LUCINDA S. LANDRETH</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">08)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">JANET L. YEOMANS</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">03)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="17%">JOHN A. FRY</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">06)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">ANN R. LEVEN</TD>
    <TD vAlign=bottom noWrap width="1%"></TD>
    <TD vAlign=bottom noWrap width="1%">09)&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=bottom noWrap width="20%">J. RICHARD ZECHER</TD>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD noWrap width="15%"></TD>
    <TD vAlign=top noWrap align=center width="8%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>To withhold authority to vote for any individual
      nominee(s), mark &#147;For All Except&#148; and write the number(s) of the
      nominee(s) on the line below.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="72%" colSpan=9>&nbsp;&nbsp; </TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
    <TD noWrap width="15%">&nbsp;</TD>
    <TD noWrap width="8%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. WHERE SHARES
      ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD SIGN. PERSONS
      SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER REPRESENTATIVE SHOULD
      GIVE FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
    <TD width="47%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
