<SEC-DOCUMENT>0001206774-12-002877.txt : 20120702
<SEC-HEADER>0001206774-12-002877.hdr.sgml : 20120702
<ACCEPTANCE-DATETIME>20120702165709
ACCESSION NUMBER:		0001206774-12-002877
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120822
FILED AS OF DATE:		20120702
DATE AS OF CHANGE:		20120702
EFFECTIVENESS DATE:		20120702

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:		12940989

	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 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:		12940988

	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:		12940987

	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:		12940990

	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 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:		12940991

	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>declosedend_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>SCHEDULE 14A
</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>(Rule
14a-101) </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>INFORMATION
REQUIRED IN PROXY STATEMENT </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>SCHEDULE 14A
INFORMATION </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>Proxy
Statement Pursuant to Section 14(a) of the<BR>Securities Exchange Act of 1934
 </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="11%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Filed by the Registrant
      [x]</FONT></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="11%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Filed by a Party other than
      the Registrant</FONT></TD>
    <TD noWrap align=left width="88%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;[_]</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="11%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Check the appropriate
      box:</FONT></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[_]&nbsp;</FONT></TD>
    <TD noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Preliminary Proxy
      Statement</FONT></TD>
    <TD noWrap align=left width="88%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;[_] Soliciting Material
      Under Rule</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[_]&nbsp;</FONT></TD>
    <TD noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Confidential, For Use of
      the</FONT></TD>
    <TD noWrap align=left width="88%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14a-12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Commission Only (as
      permitted</FONT></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>by Rule 14a-6(e)(2))</FONT></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[x]</FONT></TD>
    <TD noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Proxy
      Statement</FONT></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[_]&nbsp;</FONT></TD>
    <TD noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Additional
      Materials</FONT></TD>
    <TD noWrap align=left width="88%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>Delaware
Investments Dividend and Income Fund, Inc. <BR><BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>Delaware Enhanced Global Dividend
and Income Fund <BR><BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>Delaware Investments Colorado Municipal Income Fund, Inc.
<BR><BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>Delaware
Investments National Municipal Income Fund <BR><BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>Delaware Investments Minnesota
Municipal Income Fund II, Inc.<BR><BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>------------------------------------------------------------------------------------------------------------------------------------------------------<BR><BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>(Name of Registrant as Specified In
Its Charter)<BR><BR></FONT><FONT style="FONT-FAMILY: Times New Roman" size=2>------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: Times New Roman" size=2>(Name of
Person(s) Filing Proxy Statement, if Other Than the Registrant) </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Payment of Filing Fee (Check
      the appropriate box):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>[x] No fee
  required.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>[_] Fee computed on table
      below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>1)&nbsp;</FONT></TD>
    <TD noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Title of each class of
      securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <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="79%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>2)</FONT></TD>
    <TD noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Aggregate number of securities
      to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>3)</FONT></TD>
    <TD align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Per unit price or other
      underlying value of transaction computed pursuant to Exchange Act Rule
      0-11 (set forth the amount on which the filing fee is calculated and state
      how it was determined):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>4)</FONT></TD>
    <TD noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Proposed maximum aggregate
      value of transaction:</FONT></TD></TR>
  <TR>
    <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="79%">&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>5)</FONT></TD>
    <TD noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Total fee paid:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[_]</FONT></TD>
    <TD noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;Fee paid previously with
      preliminary materials:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[_]&nbsp; </FONT></TD>
    <TD align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: times new roman" size=2>Check box if any part of the
      fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
      filing for which the offsetting fee was paid previously. Identify the
      previous filing by registration statement number, or the form or schedule
      and the date of its filing.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="79%">&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Amount previously
      paid:<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="80%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Form, Schedule or Registration
      Statement No.:<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="80%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) Filing Party:<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="80%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) Date Filed:</FONT></TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<IMG src="delaware_logo.jpg" border=0> <BR>
<P align=center><B><FONT face="Times New Roman" size=2>COMBINED PROXY STATEMENT
AND<BR></FONT></B><B><FONT face="Times New Roman" size=2>NOTICE OF JOINT ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON AUGUST 22, 2012</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Important notice regarding the
availability of proxy materials for the shareholder<BR>meeting to be held on
August 22, 2012: this proxy statement is available
at<BR>www.delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>To the Shareholders of:</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><STRONG>Delaware Investments Dividend and Income Fund,
Inc.<BR></STRONG><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG>Delaware Enhanced Global Dividend and Income
Fund<BR></STRONG><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG>Delaware Investments Colorado Municipal Income Fund,
Inc.<BR></STRONG><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG>Delaware Investments National Municipal Income
Fund<BR></STRONG><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&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; <FONT face="Times New Roman" 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, 26th Floor, Philadelphia, Pennsylvania 19103 on
Wednesday, August 22, 2012 at 4:00 p.m., Eastern time. The purpose of the
Meeting is:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To elect a Board of Directors or
      Trustees for each Fund; and</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To transact any other business
      that properly comes before the Meeting and any adjournments of the
      Meeting.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" 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><IMG src="declosedend_def14a1x1x2.jpg" border=0> <BR>
<P align=justify><FONT face="Times New Roman" size=2>Patrick P. Coyne<BR>Chairman</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>July 2, 2012</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"><IMG src="delaware_logo.jpg" border=0></TD>
    <TD WIDTH="50%" STYLE="text-align: right; vertical-align: top">
      <P><FONT face="Times New Roman" size=2>2005 Market Street<BR></FONT><FONT face="Times New Roman" size=2>Philadelphia, PA 19103<BR></FONT><FONT face="Times New Roman" size=2>1-866-437-0252</FONT></P></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>COMBINED PROXY
STATEMENT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>JOINT ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON WEDNESDAY, AUGUST 22, 2012</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>Meeting Information. </B></I></FONT><FONT face="Times New Roman" size=2>The
Board of Directors or Trustees (each Board is hereinafter referred to as a  &#147;Board&#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 22, 2012, at 4:00 p.m.,  Eastern time, at the offices
of Stradley Ronon Stevens &amp; Young, LLP located  at One Commerce Square, 2005 Market Street, 26th Floor, Philadelphia,
Pennsylvania 19103 and/or at any adjournments of the meeting (the &#147;Meeting&#148;).  Participating in the Meeting are
holders of common shares of beneficial interest  or common stock, as applicable (the &#147;Common Shares&#148;), and the
holders of  preferred shares of beneficial interest or preferred stock, as applicable (the &#147;Preferred Shares&#148;), for
those Funds with outstanding Preferred Shares.  </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>General Voting Information.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> You may provide proxy instructions by returning the enclosed
proxy card(s) (&#147;Proxy Card&#148;) 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 ALL&#148; of the Director nominees in
accordance with the recommendation of the Board. The persons designated on the
Proxy Card as proxies will also be authorized to vote (or to withhold their
votes) 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
and present it at the Meeting. You may revoke your proxy at any time before the
Meeting (i) by notifying Delaware Investments in writing at 2005 Market Street,
Philadelphia, PA 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 22,
2012 (the &#147;Record Date&#148;). 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 the outstanding shares of any class of any Fund on that
date. It is expected that this Combined Proxy Statement and the accompanying
Proxy Card(s) will be first mailed to shareholders on or about July 5,
2012.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>This proxy
solicitation is being made primarily 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. If 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All shareholders of a Fund vote together to elect Directors, regardless
of whether the Fund has both common and preferred shareholders, with one
exception. For Delaware Investments Colorado Municipal Income Fund, Inc.,
Delaware Investments National Municipal Income Fund and Delaware Investments
Minnesota Municipal Income Fund II, Inc. (each, a &#147;Municipal Fund&#148; and,
collectively, the &#147;Municipal Funds&#148;), each of which has outstanding Preferred
Shares, the holders of Preferred Shares have the exclusive right to separately
elect two Directors, in addition to the right to vote for the remaining
Directors together with the holders of the Common Shares.</FONT></P>
<P align=justify><FONT STYLE="font: small Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: x-small">The
presence in person or by proxy of holders of a majority of a Fund&#146;s outstanding shares shall constitute a quorum for such
Fund. With respect to the Municipal Funds, the presence in person or by proxy of holders of 33&#8531;% of the outstanding Preferred
Shares entitled to vote at the Meeting shall constitute a quorum of the preferred share class of the respective Municipal Fund
for purposes of electing the two Directors being elected solely by the preferred shareholders. In the event that a quorum is not
present or if sufficient votes are not received consistent with the Board&#146;s recommendation regarding 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 votes) in their discretion on any proposed adjournment.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Abstentions and Broker Non-Votes.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Because the only proposal scheduled to be considered at the
Meeting is for the election of Directors, the Funds do not expect to receive any
abstentions or broker non-votes. In the unlikely event that they do, however,
abstentions and broker non-votes 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 or
majority 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. Broker non-votes
arise when shares are held in street name and the broker does not receive voting
instructions from the beneficial owner. Broker non-votes can 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 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>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 receive any broker non-votes.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Copies of each
Fund&#146;s 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 first page of this Combined Proxy Statement or
by calling toll-free (866) 437-0252.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>THE PROPOSAL: TO ELECT A BOARD OF
DIRECTORS<BR>FOR EACH FUND</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>You are being asked to reelect each of the current members of the Board
of your Fund. The nominees are: Thomas L. Bennett, Patrick P. Coyne, John A.
Fry, Anthony D. Knerr, Lucinda S. Landreth, Ann R. Leven, Frances A.
Sevilla-Sacasa, Janet L. Yeomans, and J. Richard Zecher.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 Board.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Municipal Fund issues Common Shares and Preferred Shares. The
holders of Preferred Shares of each Municipal Fund exclusively are entitled to
elect two of their respective Municipal Fund&#146;s Directors, and the remaining
Directors are to be elected by the holders of the Preferred Shares and Common
Shares voting together. The nominees for Director to be voted on separately by
the preferred shareholders of the Municipal Funds are Janet L. Yeomans and J.
Richard Zecher.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>INFORMATION ON THE
NOMINEES</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Portfolios</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"><B><FONT face="Times New Roman" size=1>Name,
    Address</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>During
Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held by</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="80%"><B><FONT face="Times New Roman" size=1>and Date of Birth</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Time Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>5 Years</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1><U>Interested
    Directors</U></FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></B><FONT face="Times New Roman" size=1><SUP>(1)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairman,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairman and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>has served in</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>August 16,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>various executive</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150; Kaydon</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2006</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>capacities at</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer, and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>different times</FONT></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></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>April 1963</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>at Delaware</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Governors</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Chief</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investments.<SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Company Institute</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>August 1,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(ICI)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2006</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Finance Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150; St. John</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vianney Roman</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Catholic Church</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Trustees &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Agnes Irwin School</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Cradle of Liberty</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Council, BSA</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2007 &#150;
  2010)</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Portfolios</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"><B><FONT face="Times New Roman" size=1>Name,
    Address</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>During
Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held by</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="80%"><B><FONT face="Times New Roman" size=1>and Date of Birth</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Time Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>5 Years</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1><U>Independent
      Directors</U></FONT></I></B></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since March</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Investor</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairman of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(March 2004 &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Pennsylvania</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Academy of Fine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>October 1947</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Manager &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Arts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Morgan Stanley</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&amp; Co.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 1984 &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 2004)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Governance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Pennsylvania</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Horticultural</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Society</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#150; Bryn</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Mawr Bank Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(BMTC)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2007 &#150; 2011)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>John A. Fry</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since January</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President &#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Governors</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2001</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Drexel University</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(August 2010 &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>NASDAQ OMX</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PHLX LLC</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>May 1960</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Franklin &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Marshall College</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 2002 &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Community</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 2010)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Health Systems</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>US SQUASH</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ecore International</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2009 &#150; 2010)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#150; Allied</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Barton Securities</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Holdings</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2005 &#150; 2008)</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Portfolios</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"><B><FONT face="Times New Roman" size=1>Name,
    Address</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>During
Past</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held by</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="80%"><B><FONT face="Times New Roman" size=1>and Date of Birth</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Time Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>5 Years</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0 colSpan=3><B><I><FONT face="Times New Roman" size=1><U>Independent Directors</U>
      (continued)</FONT></I></B></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></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since April</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Managing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1990</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#150;</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Anthony Knerr</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&amp; Associates</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Strategic</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>December 1938</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Consulting)</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1990 &#150; Present)</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Lucinda S. Landreth</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since March</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Investor</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2004 &#150; Present)</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief Investment</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer &#150; Assurant,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>June 1947</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Inc. (Insurance)</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2002 &#150; 2004)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Ann R. Leven</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since October</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Consultant &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and Audit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1989</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>ARL Associates</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee Chair &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Financial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Systemax Inc.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Planning)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2001 &#150; 2009)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1983 &#150; Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>November 1940</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairperson &#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Andy Warhol</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Foundation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1999 &#150;
  2007)</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Portfolios</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="90%"><B><FONT face="Times New Roman" size=1>Name, Address</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>During Past</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Held by</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="90%"><B><FONT face="Times New Roman" size=1>and Date of
      Birth</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Time
Served</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>5 Years</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>by
Director</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0 colSpan=3><B><I><FONT face="Times New Roman" size=1><U>Independent Directors</U>
      (continued)</FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Frances A. Sevilla-</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief Executive</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trust Manager &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Sacasa</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>September</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer &#151; Banco</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Camden Property</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ita&#250; Europa</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>International</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(since August</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(since April 2012)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 1956</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Advisor</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Trustees &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>to Dean</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thunderbird</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(August 2011&#150;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>School of Global</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 2012)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Interim Dean</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2007&#150;2011)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2011&#150;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 2011) &#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Trustees &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>University of</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Carrollton School</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Miami School</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>of the Sacred Heart</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>of Business</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(since 2001)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Administration</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board Member &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President &#151; U.S.</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Foreign Policy</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trust, Bank</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Association</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>of America</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(since 2006)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Wealth</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Trustees &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Private Banking)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Georgetown</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 2007&#150;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preparatory School</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>December 2008)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2005&#150;2011)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT size=1>President</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT size=1>Board
      of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Director</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Governors &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(November</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Miami City Ballet</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005&#150;June</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2000&#150;2011)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2007) and Chief</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Officer</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Trustees &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(April 2007&#150;June</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>St. Thomas</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2007) &#151; U.S.</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>University</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trust Company</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2005&#150;2011)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Private Banking)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD></TR></TABLE>

<BR>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Portfolios</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="80%"><B><FONT face="Times New Roman" size=1>Name,
    Address</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>During
Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Held by</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="80%"><B><FONT face="Times New Roman" size=1>and Date of Birth</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Time Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>5 Years</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0 colSpan=3><B><I><FONT face="Times New Roman" size=1><u>Independent Directors</u>
      (continued)</FONT></I></B></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since April</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director, Audit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1999</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2006 &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present),</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 1948</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Mergers &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150; Okabena</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Acquisitions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2003 &#150;</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2006),</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chair &#150; 3M</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 1995 &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2003) &#151;</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3M Corporation</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>J. Richard Zecher</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since March</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Founder &#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>73</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investor Analytics</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Compensation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Risk</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA 19103</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#150; Investor</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(May 1999 &#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Analytics</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 1940</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#150; Sutton</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Founder &#150; P/E</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>LLC</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investments</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Hedge Fund)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#150; Oxigene,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(September 1996</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Inc. (2003 &#150; 2008)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>to Present)</FONT></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>(1)</FONT></I></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="100%"><I><FONT face="Times New Roman" size=2>Patrick P. Coyne is
      considered to be an &#147;Interested Director&#148; because he is an executive
      officer of the Funds&#146; manager.</FONT></I></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>(2)</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=justify><I><FONT face="Times New Roman" size=2>Delaware Investments is the
      marketing name for Delaware Management Holdings, Inc. and its
      subsidiaries, including the Funds&#146; manager and transfer
      agent.</FONT></I></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" 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<SUP>&#174;</SUP> Family of Funds (the &#147;Fund
Complex&#148;) as of March 31, 2012.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Aggregate Dollar Range
      of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Dollar Range
      of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Equity Securities in All
      Registered</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Equity Securities
      in</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Investment Companies
      Overseen by</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="92%"><B><FONT face="Times New Roman" size=1>Name of Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>a Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Director in Fund Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1>Interested Director</FONT></I></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $</FONT><FONT face="Times New Roman" size=1>100,000</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1>Independent Directors</FONT></I></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L.
Bennett</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$50,001 &#150; $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Over $</FONT><FONT face="Times New Roman" size=1>100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT><FONT face="Times New Roman" size=1>50,001 &#150; $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=1>Lucinda S. Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Over $</FONT><FONT face="Times New Roman" size=1>100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ann R. Leven</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $</FONT><FONT face="Times New Roman" size=1>100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=1>Frances A. Sevilla-Sacasa</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $</FONT><FONT face="Times New Roman" size=1>100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=1>J. Richard Zecher</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>$10,001 &#150; $50,000*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Over $</FONT><FONT face="Times New Roman" size=1>100,000</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>*</FONT></I></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>As of March 31, 2012, Mr.
      Zecher owned Common Shares of Delaware Investments National Municipal
      Income Fund.</FONT></I></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Board Leadership Structure and
Functions.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>Common
Board of Directors.</B></I></FONT><FONT face="Times New Roman" size=2> The business of each
Fund is managed under the direction of its Board. The Directors also serve on
the Boards of all the other investment companies that comprise the Fund Complex.
The Directors believe that having a common Board for all funds in the complex is
efficient and enhances the ability of the Board to address its responsibilities
to each fund in the complex. The Directors believe that the common board
structure allows the Directors to leverage their individual expertise and that
their judgment is enhanced by being Directors of all of the funds in the
complex.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Board Chairman.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
Mr. Coyne, who is an Interested Director, serves as the Chairman of the Board.
The Board believes that having a representative of Fund management as its
Chairman is beneficial to the Funds. Mr. Coyne is President of Delaware
Management Company (&#147;DMC&#148;) and its service provider affiliates and oversees the
day-to-day investment and business affairs affecting DMC and the Funds.
Accordingly, his participation in the Board&#146;s deliberations helps assure
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>that the Board&#146;s decisions are informed
and appropriate. Mr. Coyne&#146;s presence on the Board ensures that the Board&#146;s
decisions are accurately communicated to and implemented by Fund
management.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>Coordinating Director.</B></I></FONT><FONT face="Times New Roman" size=2> The
Directors who are not &#147;interested persons&#148; of the Funds, as that term is defined
in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;),
(collectively, the &#147;Independent Directors&#148; and each an &#147;Independent Director&#148;)
designate one of their members to serve as Coordinating Director. The
Coordinating Director, in consultation with Fund management, legal counsel, and
the other Directors, proposes Board agenda topics, actively participates in
developing Board meeting agendas, and ensures that appropriate and timely
information is provided to the Board in connection with Board meetings. The
Coordinating Director also conducts meetings of the Independent Directors. The
Coordinating Director also generally serves as a liaison among outside
Directors, the Chairman, Fund officers, and legal counsel, and is an
</FONT><I><FONT face="Times New Roman" size=2>ex officio</FONT></I><FONT face="Times New Roman" size=2>
member of the Nominating and Corporate Governance Committee, discussed
below.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Size and Composition of Board.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Board is currently comprised of nine Directors. The
Directors believe that the current size of the Board is conducive to Board
interaction, dialogue and debate, resulting in an effective decision-making
body. The Board is comprised of Directors with a variety of professional
backgrounds. The Board believes that the skill sets of its members are
complementary and add to the overall effectiveness of the Board. The Directors
regard diversity as an important consideration in the present composition of the
Board and the selection of qualified candidates to fill vacancies on the
Board.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Board Meetings.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
Each Municipal Fund held five Board meetings during their last fiscal year,
ended March 31, 2012. Delaware Investments Dividend and Income Fund, Inc.
(&#147;DDF&#148;) and Delaware Enhanced Global Dividend and Income Fund (&#147;DEX&#148;) held four
Board meetings during their last fiscal year, ended November 30, 2011. Each
Director attended at least 75% of the Board meetings described above and of the
meetings of committees on which the Director served. 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
17, 2011.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Board Committees. </EM></STRONG></FONT><FONT face="Times New Roman" size=2>The Board has established several committees, each of which focuses on a
particular substantive area and provides reports and recommendations to the full
Board. The committee structure enables the Board to manage efficiently and
effectively the large volume of information relevant to the Board&#146;s oversight of
the Funds. The committees benefit from the professional expertise of their
members. At the same time, membership on a committee enhances the expertise of
its members and benefits the overall effectiveness of the Board.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Each Fund has
an Audit Committee that monitors accounting and financial reporting policies,
practices and internal controls for the Fund. It also oversees the quality and
objectivity of the Fund&#146;s financial statements and the independent audit
thereof, and acts as a liaison between the Fund&#146;s independent registered public
accounting firm and the full Board. The Audit Committee of each Fund consists of
the following four Independent Directors appointed by the Board: Janet L.
Yeomans, Chairperson; Thomas L. Bennett; John A. Fry; and Frances A.
Sevilla-Sacasa. Each Audit Committee member also 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 MKT LLC (&#147;NYSE MKT&#148;) (formerly
the NYSE Amex). 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 and DEX for the fiscal year ended November 30, 2011 and
five meetings for the Municipal Funds for the fiscal year ended March 31, 2012.
The Board of each Fund has adopted a written charter for the Fund&#146;s Audit
Committee, which is available on the Funds&#146; website at
www.delawareinvestments.com.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Fund has an Independent Directors Committee that 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, 2011 for
DDF and DEX, and four meetings for the Municipal Funds for the fiscal year ended
March 31, 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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
advisory and sub-advisory agreements for new funds or proposed amendments to
existing agreements and to recommend what action the full Board and the
Independent Directors should take regarding the approval of all such proposed
agreements; and (iii) review reports supplied by the investment adviser
regarding investment performance, portfolio risk and expenses and to suggest
changes to such reports. The Investments Committee consists of the following
four Independent Directors: J. Richard Zecher, Chairperson; John A. Fry; Ann R.
Leven; and Frances Sevilla-Sacasa. The Investments Committee held four meetings
during the fiscal year ended November 30, 2011 for DDF and DEX, and four
meetings for the Municipal Funds for the fiscal year ended March 31,
2012.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Each Fund&#146;s Nominating and Corporate Governance Committee (the &#147;Nominating
Committee&#148;) recommends Board nominees, fills Board vacancies that arise in
between meetings of shareholders, and considers the qualifications and
independence of Board members. The committee also monitors the performance of
counsel for the Independent Directors. The Nominating Committee is comprised of
the following four Independent Directors appointed by the Board: Lucinda S.
Landreth, Chairperson; Thomas L. Bennett; Anthony D. Knerr (</FONT><I><FONT face="Times New Roman" size=2>ex officio</FONT></I><FONT face="Times New Roman" size=2>); and Ann R.
Leven, all of whom meet the independence requirements set forth in the listing
standards of the NYSE and NYSE MKT. 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 six meetings during the fiscal year ended November 30,
2011 for DDF and DEX and six meetings for the Municipal Funds for the fiscal
year ended March 31, 2012. Each Fund&#146;s Board has adopted a formal charter for
the Nominating Committee setting forth its responsibilities, which is available
on the Funds&#146; website at www.delawareinvestments.com.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Nominating Committee will consider shareholder recommendations for
nomination to the Board only in the event that there is a vacancy on the Board.
Shareholders who wish to submit recommendations for nominations to the Board to
fill a vacancy must submit their recommendations in writing to the Nominating
and Corporate Governance Committee, c/o Delaware Investments<SUP>&#174;</SUP> Funds
at 2005 Market Street, Philadelphia, Pennsylvania 19103-7094. Shareholders
should include appropriate information on the background and qualifications of
any person recommended (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.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In reaching its determination that an individual should serve or continue
to serve as a Director of a Fund, the committee considers, in light of the
Fund&#146;s business and structure, the individual&#146;s experience, qualifications,
attributes and skills (the &#147;Selection Factors&#148;). No one Selection Factor is
determinative, but some of the relevant factors that have been considered
include: (i) the Director&#146;s business and professional experience and
accomplishments, including prior experience in the financial services industry
or on other boards; (ii) the ability to work effectively and collegially with
other people; and (iii) how the Director&#146;s background and attributes contribute
to the overall mix of skills and experience on the Board as a whole.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Director
Qualifications.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In evaluating
and selecting candidates for the Board, the Board intends to seek individuals
who will serve the best interests of the Funds&#146; shareholders and whose
attributes will, among other factors, also complement the experience, skills and
diversity of the other Directors and add to the overall effectiveness of the
Board. In the evaluation of such candidates, the Board believes that diversity
with respect to factors such as background, education, experience, skills,
differences of viewpoint, race, gender, national origin, and other factors that
contribute to the Board&#146;s having an appropriate range of expertise, talents,
experiences and viewpoints is an important consideration in the Board&#146;s
composition. In addition to discussing diversity considerations in connection
with the evaluation of each candidate for Board membership, the Board requests
that the Nominating Committee discuss diversity considerations on a periodic
basis in connection with the composition of the Board as a whole. Below is a
brief summary of the Selection Factors that relate to each Director as of the
date of this Combined Proxy Statement.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Thomas L. Bennett.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Bennett has over thirty years of experience in the investment
management industry, particularly with fixed income portfolio management and
credit analysis. He has served in senior management for a number of money
management firms. Mr. Bennett has also served as a board member of another
investment company, an educational institution, non-profit organizations and
for-profit companies. He has an M.B.A. from the University of Cincinnati and is
a Chartered Financial Analyst. Mr. Bennett has served on the Board since March
2005.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>John A. Fry.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr.
Fry has over twenty-five years of experience in higher education. He has served
in senior management for two major institutions of higher learning. Mr. Fry has
also served as a board member of many non-profit organizations and several
for-profit companies. Mr. Fry has extensive experience in overseeing areas such
as finance, investments, risk management, internal audit and information
technology. He holds a B.A. degree in American Civilization from Lafayette
College and an M.B.A from New York University. Mr. Fry has served on the Board
since January 2001.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Anthony D. Knerr.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Currently the Coordinating Director, Dr. Knerr has over fifteen years of
experience in the financial management industry, having had responsibility for
overseeing the finances and investments of two major universities, and over
twenty years of experience as a strategy consultant to universities and other
non-profit institutions. He has served as the President and as a board member of
numerous non-profit organizations and has taught at several universities. He
received his Ph.D. from New York University and his M.A. and B.A. from Yale
University. Dr. Knerr has served on the Board since April 1990.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>Lucinda
S. Landreth.</B></I></FONT><FONT face="Times New Roman" size=2> Ms. Landreth has over
thirty-five years of experience in the investment management industry,
particularly with equity management and analysis. She has served as Chief
Investment Officer for a variety of money management firms including a bank, a
broker, and an insurance company. Ms. Landreth has advised mutual funds, pension
funds, and family wealth managers and has served on the board and executive
committees of her college, two foundations and several non-profit institutions.
In addition to her B.A., she is a Chartered Financial Analyst. Ms. Landreth has
served on the Board since March 2005.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Ann R. Leven.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
Ms. Leven has over thirty-five years of experience in financial management. She
has held senior positions at major arts institutions overseeing finance and
investments. She has also been a faculty member of a well-known business school
and a director of two public companies. Ms. Leven served on the Board of
Governors of the Investment Company Institute for eight years. She holds an A.B.
degree in Liberal Arts from Brown University and an M.B.A. from Harvard
University. Ms. Leven has served on the Board since October 1989, and served as
Coordinating Director from 2004 through 2010.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Frances A. Sevilla-Sacasa.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Ms. Sevilla-Sacasa has over thirty years of experience in
banking and wealth management. In electing her in 2011, the Independent
Directors of the Board found that her extensive international wealth management
experience, in particular, complemented the skills of existing Board members and
also reflected the increasing importance of international investment management
not only for dollar-denominated investors but also for investors outside the
U.S. The Independent Directors also found that Ms. Sevilla-Sacasa&#146;s management
responsibilities as the former President and Chief Executive Officer of a major
trust and wealth management company would add a helpful oversight skill to the
Board&#146;s expertise, and her extensive non-profit board experience gave them confidence that
she would make a meaningful, experienced contribution to the Board. Finally, in
electing Ms. Sevilla-Sacasa to the Board, the Independent Directors valued her
perceived dedication to client service as a result of her overall career
experience. Ms. Sevilla-Sacasa holds B.A. and M.B.A. degrees. Ms. Sevilla-Sacasa
has served on the Board since September 2011.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Janet L. Yeomans.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Ms. Yeomans has over twenty-eight years of business experience with a
large global diversified manufacturing company, including service as Treasurer
for this company. In this role, Ms. Yeomans has significant broad-based
financial experience, including global financial risk management and mergers and
acquisitions. She has also served as a board member of a for-profit company. She
holds degrees in Mathematics and Physics from Connecticut College and an M.B.A.
from the University of Chicago. Ms. Yeomans has served on the Board since April
1999.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>J.
Richard Zecher.</B></I></FONT><FONT face="Times New Roman" size=2> Mr. Zecher has over
thirty-five years of experience in the investment management industry. He
founded a hedge fund investment advisory firm and a risk management consulting
company. He also served as Treasurer of a money center New York bank. Prior
thereto, Mr. Zecher was the Chief Economist at the U.S. Securities and Exchange
Commission (&#147;SEC&#148;). Mr. Zecher has served as a board member and board committee
member of a for-profit company. He holds degrees in Economics from The Ohio
State University. Mr. Zecher has served on the Board since March
2005.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Patrick P. Coyne.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Coyne has over twenty-five years of experience in the investment
management industry. Mr. Coyne has managed funds, investment teams and fixed
income trading operations. He has held executive management positions at
Delaware Investments for several years, serving as the firm&#146;s Chief Investment
Officer for fixed income investments, as Chief Investment Officer for equity
investments and, since 2006, as President of Delaware Investments. Mr. Coyne has
served as a board member of non-profit organizations and for-profit companies,
and currently serves on the Board of Governors of the Investment Company
Institute. He holds a B.A. degree from Harvard University and an M.B.A. from The
Wharton School of the University of Pennsylvania. Mr. Coyne has served on the
Board since August 2006.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Board Role in Risk Oversight.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Board performs a risk oversight function for the Funds
consisting, among other things, of the following activities: (1) receiving and
reviewing reports related to the performance and operations of the Funds; (2)
reviewing, approving, or modifying, as applicable, the compliance policies and
procedures of the Funds; (3) meeting with portfolio management teams to review
investment strategies, techniques and the processes used to manage related
risks; (4) addressing security valuation risk in connection with its review of
fair valuation decisions made by Fund management pursuant to Board-approved
procedures; (5) meeting with representatives of key service providers, including
the Funds&#146; investment adviser, transfer agent, custodian and independent
registered public accounting firm, to review and discuss the activities of the
Funds and to provide direction with respect thereto; (6) engaging the services
of the Funds&#146; Chief Compliance Officer to test the compliance procedures of the
Fund and its service providers; and (7) requiring management&#146;s periodic
presentations on specified risk topics.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Directors perform this risk oversight function throughout the year in
connection with each quarterly Board meeting. The Directors routinely discuss
certain risk management topics with Fund management at the Board level and also
through the standing committees of the Board. In addition to these recurring
risk management discussions, Fund management raises other specific risk
management issues relating to the Funds with the Directors at Board and
committee meetings. When discussing new product initiatives with the Board, Fund
management also discusses risk &#150; either </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>the risks associated with the new
proposals or the risks that the proposals are designed to mitigate. Fund
management also provides periodic presentations to the Board to give the
Directors a general overview of how the Funds&#146; investment adviser and its
affiliates identify and manage risks pertinent to the Funds.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Audit
Committee looks at specific risk management issues on an ongoing basis. The
Audit Committee is responsible for certain aspects of risk oversight relating to
financial statements, the valuation of Fund assets, and certain compliance
matters. In addition, the Audit Committee meets with the investment adviser&#146;s
internal audit and risk management personnel on a quarterly basis to review the
reports on their examinations of functions and processes affecting the
Funds.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board&#146;s other committees also play a role in assessing and managing
risk. The Nominating Committee and the Independent Director Committee play a
role in managing governance risk by developing and recommending to the Board
corporate governance principles and, in the case of the Independent Director
Committee, by overseeing the evaluation of the Board, its committees and its
activities. The Investments Committee plays a significant role in assessing and
managing risk through its oversight of investment performance, investment
process, investment risk controls and Fund expenses.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Because risk is inherent in the operation of any business endeavor, and
particularly in connection with the making of financial investments, there can
be no assurance that the Board&#146;s approach to risk oversight will be able to
minimize or even mitigate any particular risk. Each Fund is designed for
investors that are prepared to accept investment risk, including the possibility
that as yet unforeseen risks may emerge in the future.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Board Compensation.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Each Independent Director receives compensation from each Fund of which
he/she is a member of the Board. 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 $135,000
for serving as a Director of all 30 investment companies within the Fund
Complex, plus $10,000 per meeting for attending each Board Meeting in person
held on behalf of all investment companies in the complex. Each Director also
receives a $5,000 fee for attending telephonic meetings on behalf of the
investment companies in the complex. Anthony D. Knerr is the current
Lead/Coordinating Director for the Funds and receives an additional annual
retainer totaling $40,000 with respect to all 30 investment companies within the
Fund Complex. Members of the Nominating Committee, Audit Committee, and
Investments Committee receive additional compensation of $2,500 for each
Committee meeting attended. In addition, the chairperson of the Audit Committee
receives an annual retainer of </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>$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
$20,000.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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,
2012.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Total Compensation</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=1>Aggregate</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>from the Investment</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=1>Compensation from the</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Companies in the Fund</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="86%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=1>Funds*</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,772</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>228,333</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face="Times New Roman" size=1>$3,072</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>186,563</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$4,506</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>273,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face="Times New Roman" size=1>Lucinda S.
      Landreth</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face="Times New Roman" size=1>$3,741</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>226,667</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ann
      R. Leven</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,507</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>212,500</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face="Times New Roman" size=1>Thomas F.
      Madison<SUP>1</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face="Times New Roman" size=1>$1,481</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>86,750</FONT></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Frances A. Sevilla-Sacasa<SUP>1</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$2,078</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>128,750</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face="Times New Roman" size=1>Janet L.
      Yeomans</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face="Times New Roman" size=1>$3,931</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>238,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>J.
      Richard Zecher</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,404</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>206,667</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD></TR></TABLE>
____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>*</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Includes
      compensation received from Delaware Investments Arizona Municipal Income
      Fund, Inc., which was reorganized into Delaware Investments National
      Municipal Income Fund on June 17, 2011, and compensation received from
      Delaware Investments Global Dividend and Income Fund, Inc., which was
      reorganized into Delaware Enhanced Global Dividend and Income Fund on
      October 21, 2011.</FONT></I></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Mr. Madison retired
      from the Board effective September 1, 2011. Ms. Sevilla-Sacasa was elected
      to the Board effective September 1, 2011.</FONT></I></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>Officers.</B></I></FONT><FONT face="Times New Roman" size=2> The following
individuals are executive officers of one or more of the Funds: Patrick P.
Coyne, David F. Connor, Daniel V. Geatens, David P. O&#146;Connor and Richard Salus.
Exhibit C includes certain information concerning these officers, except for Mr.
Coyne, whose information is set forth with that of the other Directors. 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Section 16(a) Beneficial Ownership Reporting
Compliance.</EM></STRONG></FONT><FONT face="Times New Roman" 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 SEC, 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</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>requirements were met for each Fund&#146;s
last fiscal year, except that a Form 3 was filed after the required timeframe
for Mr. Gregory Gizzi with respect to Delaware Investments Colorado Municipal
Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II,
Inc.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Required Vote.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
All shareholders of a Fund vote together to elect Directors, except that the
preferred shareholders of the Municipal Funds have the exclusive right to
separately elect two Directors, in addition to the right to vote for the
remaining Directors together with the holders of the Common Shares. The holders
of the Preferred Shares of the Municipal Funds have the exclusive right to vote
to elect Janet L. Yeomans and J. Richard Zecher to the Board of their respective
Municipal Fund. 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.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap style="text-align: center" width="50%" colSpan=2><B><FONT face="Times New Roman" size=1>Proposal</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="50%" colSpan=2><B><FONT face="Times New Roman" size=1>Election of Directors</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>FUND</FONT></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Coyne, Bennett, Fry,</FONT></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Yeomans and Zecher</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Knerr, Landreth, Leven,</FONT></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Sevilla-Sacasa</FONT></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>DDF and DEX</FONT></TD>
    <TD noWrap style="text-align: center" width="50%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=1>Plurality of votes cast.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Municipal Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Plurality of Common and</FONT></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Plurality of Preferred</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Share votes cast.</FONT></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Share votes cast.</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>THE BOARD UNANIMOUSLY<BR>RECOMMENDS
THAT YOU VOTE &#147;FOR&#148;<BR>EACH OF THE NOMINEES</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>INDEPENDENT ACCOUNTANTS AND AUDIT
COMMITTEE REPORT</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The firm of
PricewaterhouseCoopers LLC (&#147;PwC&#148;) has been selected as the independent
registered public accounting firm (&#147;independent auditors&#148;) for the Funds. In
accordance with Public Company Accounting Oversight Board Rule 3526 (&#147;PCAOB Rule
3526&#148;), PwC has confirmed its independence to each Fund&#146;s Audit Committee. Prior
to May 27, 2010 (May 20, 2010 in the case of DDF and DEX), the firm of Ernst
&amp; Young LLP (&#147;E&amp;Y&#148;) served as the independent registered public
accounting firm for the Funds. In accordance with PCAOB Rule 3526, E&amp;Y prior
to such date confirmed to each Fund&#146;s Audit Committee the independence of
E&amp;Y.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Due to independence requirements under the SEC&#146;s auditor independence
rules, as applied to the January 4, 2010 acquisition of Delaware Investments
(including DMC) by Macquarie Group, E&amp;Y resigned as the auditors for the
Funds on May 27, 2010 (May 20, 2010 in the case of DDF and DEX). At a meeting
held on February 18, 2010, the Board, upon recommendation of the Audit
Committee, selected PwC to serve as </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>the auditors for the Municipal Funds
for the fiscal year ending March 31, 2011, and at a meeting held on May 20,
2010, the Board, upon recommendation of the Audit Committee, selected PwC to
serve as the auditors for DDF and DEX for the fiscal year ending November 30,
2010. During the fiscal years ended March 31, 2010 and March 31, 2009 in the
case of the Municipal Funds, and during the fiscal years ended November 30, 2009
and November 30, 2008 in the case of DDF and DEX, E&amp;Y&#146;s audit reports on the
financial statements of the Funds did not contain any adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope, or accounting principles. In addition, there were no disagreements
between the Funds and E&amp;Y on accounting principles, financial statements
disclosures or audit scope, which, if not resolved to the satisfaction of
E&amp;Y, would have caused them to make reference to the disagreement in their
reports. Neither the Funds nor anyone on their behalf had consulted with PwC at
any time prior to their selection with respect to the application of accounting
principles to any transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Funds&#146; financial
statements.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>PwC acted as
independent auditors of the Funds for their most recently completed fiscal years
and has been appointed as independent auditors for the Funds&#146; current fiscal
years.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee must approve all audit and non-audit services
provided by the Funds&#146; independent auditors 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 the independent auditors. These policies and procedures require that
any non-audit service to be provided by the independent auditors 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As required by its charter, each Fund&#146;s Audit Committee has reviewed and
discussed with Fund management and representatives from PwC the audited
financial statements for each Fund&#146;s last fiscal year. The Audit Committee has
discussed with PwC its 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. 114
(The Auditor&#146;s Communication With Those Charged With Governance). The Audit
Committee also received the written</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>disclosures and the letter from PwC
required by PCAOB Rule 3526, and discussed with a representative of PwC the
independent auditor&#146;s independence. Each Fund&#146;s Board considered fees received
by PwC 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 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="Times New Roman" size=2>As noted
above, the members of each Fund&#146;s Audit Committee are: Janet L. Yeomans,
Chairperson; John A. Fry; Thomas L. Bennett; and Frances A. Sevilla-Sacasa. 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 MKT, as applicable, and are
not considered to be &#147;interested persons&#148; under the 1940 Act. Each Fund&#146;s Board
has adopted a formal charter for the Audit Committee setting forth its
responsibilities. A copy of the Audit Committee&#146;s charter is available at
www.delawareinvestments.com. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Representatives of PwC are expected
to attend the Meeting. The PwC representatives will have the opportunity to make
a statement if they desire to do so and will be available to answer appropriate
questions.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Audit and Other
Fees.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Funds and &#147;Covered
Entities&#148; (the Adviser, excluding sub-advisers unaffiliated with the Adviser,
and any entity controlling, controlled by or under common control with the
Adviser that provides ongoing services to the Funds) were billed the amounts
listed below by PwC during each Fund&#146;s last two fiscal years. None of the fees
in the table below were approved by the registrant&#146;s Audit Committee pursuant to
the </FONT><I><FONT face="Times New Roman" size=2>de minimis</FONT></I><FONT face="Times New Roman" size=2> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of
Regulation S-X.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="WIDTH: 100%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" noWrap colSpan=14><FONT style="FONT: xx-small Times New Roman"><STRONG>Non-Audit
      Fees</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap colSpan=2><B><FONT face="Times New Roman" size=1>Audit</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><B><FONT face="Times New Roman" size=1>Fiscal
      Year</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap colSpan=2><B><FONT face="Times New Roman" size=1>Related</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap><B><FONT face="Times New Roman" size=1>Fund</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap><B><FONT face="Times New Roman" size=1>End</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap colSpan=4><STRONG><FONT face="Times New Roman" size=1>Audit Fees</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap colSpan=4><STRONG><FONT face="Times New Roman" size=1>Fees<SUP>(1)</SUP></FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap colSpan=4><STRONG><FONT face="Times New Roman" size=1>Tax Fees<SUP>(2)</SUP></FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap colSpan=4><STRONG><FONT face="Times New Roman" size=1>All
Other<SUP>(3)</SUP></FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="WIDTH: 69%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>Delaware Investments Dividend</FONT></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap></TD>
    <TD style="WIDTH: 4%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>11/30/11</FONT></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="WIDTH: 2%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>11,534</FONT></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="WIDTH: 3%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="WIDTH: 2%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,250</FONT></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="WIDTH: 2%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Income Fund,
      Inc.</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>11/30/10</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>12,000</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,150</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>Delaware Enhanced
      Global Dividend</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>11/30/11</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>25,734</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,950</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Income Fund</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>11/30/10</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>15,400</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,850</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>Delaware Investments Colorado</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>10,534</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,050</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income Fund,
      Inc.</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/11</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>12,100</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,150</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>Delaware Investments
      National</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>10,634</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,050</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income
      Fund</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/11</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>10,600</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>1,850</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>Delaware Investments Minnesota</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>13,434</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,650</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income Fund II,
      Inc.</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/11</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right"><FONT face="Times New Roman" size=1>15,900</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>2,950</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>Covered
      Entities</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>11/30/11</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: right" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>593,000</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>25,000</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>11/30/10</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>84,000</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>10,000</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>416,500</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>25,000</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap></TD>
    <TD style="TEXT-ALIGN: center" noWrap><FONT face="Times New Roman" size=1>3/31/11</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>593,000</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>10,000</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap><FONT face="Times New Roman" size=1>0</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap></TD></TR></TABLE>
____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1</FONT></I></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Includes fees
      billed for year-end audit procedures, reporting up, subsidiary statutory
      audits and audit procedures performed for the reporting up on Delaware
      Investments balances for consolidation into the parent company,
      Macquarie.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>2</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Includes fees
      billed to the Funds for the review of income tax returns and annual excise
      distribution calculations and fees billed to Covered Entities for state
      and local tax services.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>3</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Includes fees
      billed for the attest examination of management&#146;s assertion to the
      controls in place at the transfer agent to be in compliance with Rule
      17Ad-13(a)(3) of the 1934 Act.</FONT></I></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><I><B>Aggregate non-audit fees to the Funds, the investment adviser and
service provider affiliates.</B></I></FONT><FONT face="Times New Roman" size=2>The
aggregate non-audit fees billed by the independent auditors for services
rendered to the Municipal Funds and to Covered Entities were $10,901,705 and
$25,000 for the fiscal years ended March 31, 2012 and March 31, 2011,
respectively. The aggregate non-audit fees billed by the independent auditors
for services rendered to DDF, DEX and to Covered Entities were $5,228,766 and $0
for the fiscal years ended November 30, 2011 and November 30, 2010,
respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In connection with its selection of
PwC, the Audit Committee has considered PwC&#146;s provision of non-audit services to
the investment adviser and other service providers under common control with the
investment adviser that were not required </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>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><B><FONT face="Times New Roman" size=2>COMMUNICATIONS TO THE
BOARD</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Shareholders who wish to communicate to the full Board may address
correspondence to Anthony D. Knerr, Coordinating Director for the Funds, c/o the
Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103. Shareholders may
also send correspondence to the Coordinating Director or any individual Director
c/o the Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103. Without
opening any such correspondence, Fund management will promptly forward all such
correspondence to the addressed recipient(s).</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>OTHER INFORMATION</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><I><B>Investment Adviser.</B></I></FONT><FONT face="Times New Roman" 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Administrator.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Delaware Service Company, Inc., 2005 Market St.,
Philadelphia, PA 19103, an affiliate of DMC, performs administrative and fund
accounting oversight services for the Funds.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Independent
Auditors.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> PwC serves as the Funds&#146;
independent auditors. PwC&#146;s principal address is Two Commerce Square, Suite
1700, 2001 Market Street, Philadelphia, PA 19103-7042. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Proxy
Solicitation.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> This proxy
solicitation is being made by the Board for use at the Meeting. The cost of this
proxy solicitation will be borne equally by the Funds. No proxy solicitor is
expected to be engaged with respect to the proposal. 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, fax, email, and
personal interviews.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Householding.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Unless you have instructed the Funds not to, only one copy of
this proxy solicitation will be mailed to multiple Fund shareholders of record
who share a mailing address (a &#147;Household&#148;). 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 Delaware Investments, 2005 Market Street,
Philadelphia, PA 19103 or call toll-free (866) 437-0252. 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 your 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 Delaware
Investments, 2005 Market Street, Philadelphia, PA 19103 or call toll-free (866)
437-0252.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Shareholder
Proposals.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> For the Funds&#146; annual
meeting of shareholders in 2013, shareholder proposals to be included in the
Funds&#146; Combined Proxy Statement for that meeting must be received no later than
March 7, 2013. Such proposals should </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>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, other applicable law and each Fund&#146;s
governing instruments. 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 21, 2013.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face="Times New Roman" size=2>Fund Reports.</FONT></I></B><FONT face="Times New Roman" 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 (866)
437-0252.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT A</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>OUTSTANDING SHARES AS OF RECORD DATE
(JUNE 22, 2012)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Dividend and Income Fund, Inc.</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT size=2>9,439,042.1587</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Enhanced Global Dividend and Income Fund</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT size=2>15,842,089.6820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT face="Times New Roman" size=2>4,837,100.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Delaware Investments National Municipal Income Fund</FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,528,443.5050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT face="Times New Roman" size=2>300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Minnesota Municipal Income Fund II,
    Inc.</FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#ffffff><FONT face="Times New Roman" size=2>11,504,975.0862</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>750</FONT></TD></TR></TABLE>
<BR>
<P align=center><FONT face="Times New Roman" size=2>A-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT B</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SHAREHOLDERS OWNING 5% OR MORE OF A
FUND</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>According
to disclosure publicly filed with the SEC, as of June 22, 2012, the following
accounts held of record 5% or more of the outstanding shares of the Funds listed
below. Except as noted below, 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 noWrap style="text-align: center" width="36%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="6%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%" colSpan=3><B><FONT face="Times New Roman" size=1>Percent of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="36%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%" colSpan=3><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%" colSpan=3><B><FONT face="Times New Roman" size=1>Outstanding</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="36%"><B><FONT face="Times New Roman" size=1>Fund</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%"><B><FONT face="Times New Roman" size=1>Name and Address</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%"><B><FONT face="Times New Roman" size=1>Class of Shares</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%" colSpan=3><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%" colSpan=3><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Enhanced
      Global</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Advisors Asset</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Common Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>722,697</FONT></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.537%</FONT></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Dividend and Income
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>18925 Base Camp
    Road</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Monument,
    Colorado</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" 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="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>80132</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="15%" 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="6%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" 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="6%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>Delaware Enhanced Global</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>First Trust Portfolios L.P.,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>Common Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,850,406</FONT></TD>
    <TD noWrap align=right width="6%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>14.2%</FONT></TD>
    <TD noWrap align=left width="6%"><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>Dividend and Income Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>First Trust Advisors</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>L.P., and The Charger</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>Corporation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>120 East Liberty Drive,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>Suite 400</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><FONT face="Times New Roman" size=1>Wheaton, Illinois 60187</FONT></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="15%"></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="6%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%"></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="6%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
    Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wells Fargo
Bank,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Variable Rate</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100%</FONT></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado
    Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
    Association</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>MuniFund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Income Fund,
Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>101 N. Phillips
      Avenue</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Term Preferred</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sioux Falls, South
      Dakota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" 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="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>57104</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="15%" 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="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" 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="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>Wells Fargo Bank,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>Variable Rate</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD noWrap align=right width="6%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="6%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>100%</FONT></TD>
    <TD noWrap align=left width="6%"><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>National Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>National Association</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>MuniFund</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>Income Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>101 N. Phillips Avenue</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>Term Preferred</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="6%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=1>Sioux Falls, South Dakota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="6%"></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="15%"><FONT face="Times New Roman" size=1>57104</FONT></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="15%"></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="6%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%"></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="6%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
    Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wells Fargo
Bank,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Variable Rate</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750</FONT></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100%</FONT></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Minnesota
    Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
    Association</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>MuniFund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Income Fund II,
    Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>101 N. Phillips
      Avenue</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Term Preferred</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sioux Falls, South
      Dakota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" 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="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>57104</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="15%" 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="6%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" 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="6%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>B-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT C</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXECUTIVE OFFICERS OF THE
FUNDS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The Board
and the senior management of each Fund appoint officers each year, and from time
to time as necessary. Listed below are the executive officers, their years of
birth and addresses, positions and length of service with the Funds, and
principal occupations during the past five years. Each executive officer is also
an officer of DMC, the investment adviser of each Fund, and considered to be an
&#147;interested person&#148; of the Funds under the 1940 Act. No officer receives
compensation from the Funds. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="24%"><B><FONT face="Times New Roman" size=1>Name,
    Address,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="24%"><B><FONT face="Times New Roman" size=1>Position(s)
      Held</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="24%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="24%"><B><FONT face="Times New Roman" size=1>Principal
      Occupation(s)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"><B><FONT face="Times New Roman" size=1>and Birth date</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"><B><FONT face="Times New Roman" size=1>with the Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"><B><FONT face="Times New Roman" size=1>Time Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%"><B><FONT face="Times New Roman" size=1>During Past 5 Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>David F. Connor</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>David F. Connor has served
      as</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Deputy General</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>since September</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President and Deputy
      General</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Counsel, and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2000 and
    Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Counsel at Delaware
      Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>since October
    2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>since 2000.</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>December 1963</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Daniel V. Geatens</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Treasurer since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Daniel V. Geatens has
      served in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>October 2007</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>various capacities at
      different times</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>at Delaware
      Investments.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>October 1972</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>David P. O&#146;Connor</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>David P. O&#146;Connor has
      served</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>in various executive and
      legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>General Counsel,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>February 2012,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>capacities at different
      times at</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Chief Legal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>General Counsel,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Chief Legal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>February 1966</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">October 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Richard Salus</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Senior Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief Financial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Richard Salus has served
      in various</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market
    Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>executive capacities at
      different</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief Financial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>November 2006</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>times at Delaware
      Investments.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>October 1963</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>C-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=right>
<TABLE style="PADDING-LEFT: 6pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" 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%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>D</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>ELAWARE </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NVESTMENTS </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>D</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>IVIDEND</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AND </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NCOME </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>F</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UND</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>, I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NC</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>.</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>D</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>ELAWARE </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>E</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NHANCED </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>G</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>LOBAL</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>D</FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>IVIDEND </FONT></FONT>AND
      </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NCOME </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>F</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UND</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>D</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>ELAWARE </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NVESTMENTS </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>C</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>OLORADO</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>M</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UNICIPAL </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NCOME </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>F</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UND</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>, I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NC</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>.</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>D</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>ELAWARE </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NVESTMENTS </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>N</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>ATIONAL</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>M</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UNICIPAL </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NCOME </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>F</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UND</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>D</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>ELAWARE </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NVESTMENTS </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>M</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>INNESOTA</FONT></FONT></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 style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>M</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UNICIPAL </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NCOME </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>F</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>UND </FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>II, I</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=1>NC</FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>.</FONT></FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <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" noWrap align=left width="100%">&nbsp; </TD></TR>
  <TR>
    <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" noWrap align=left 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%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>COMBINED
  PROXY</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>STATEMENT</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>Notice of
    Joint</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>Annual
  Meeting</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: black 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>of
    Shareholders</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>AUGUST 22,
      2012<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">
      <DIV align=center><IMG src="delaware_logo.jpg" border=0></DIV></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <DIV>
      <DIV align=center><IMG src="declosedend_def14a3x10x2.jpg" border=0></DIV>
      <DIV>&nbsp;</DIV></DIV></TD></TR></TABLE>
</DIV><BR>
<BR>
<BR>
<BR>
<BR>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P style="padding-left:5%;padding-right:5%" align=justify><B><FONT face="Times New Roman" size=1>Important notice regarding the
availability of proxy materials for the joint annual meeting of shareholders to
be held on August 22, 2012: the Proxy Statement is available at
www.delawareinvestments.com/ceproxy.</FONT></B><FONT face="Times New Roman" size=1>
</FONT></P>
<P align=justify>&nbsp;</P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" width="100%">&nbsp;
  </TD></TR></TABLE></P>
<P align=center><B><FONT face="Times New Roman" size=1>DELAWARE
INVESTMENTS<BR></FONT></B><B><FONT face="Times New Roman" size=1>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 48%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS DIVIDEND AND INCOME
      FUND, INC.</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 22, 2012<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</FONT></B></TD></TR></TABLE>
<div align=justify><FONT face="Times New Roman" size=1>The undersigned hereby revokes all
previous proxies for his/her shares and appoints </FONT><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes, and Kathryn R. Williams, or any of
them, with the right of substitution, proxies of the undersigned at the joint
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 22, 2012 at 4:00 p.m., Eastern time,
or at any postponements or adjournments thereof, with all the powers which the
undersigned would possess if personally present, and instructs them to vote in
their discretion upon any matters which may properly be acted upon at this joint
annual meeting of shareholders and specifically as indicated on the reverse
side of this proxy</FONT><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>card.</FONT><B><FONT face="Times New Roman" size=1> Please refer to the Proxy
Statement for a discussion of these matters. </FONT></B></div>
<P align=justify><B><FONT face="Times New Roman" size=1>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 JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE.</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=1>PLEASE SIGN AND DATE ON THE REVERSE
SIDE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
9112<BR>FARMINGDALE, NY 11735 </FONT></I></B></P>
<DIV style="FLOAT: right; WIDTH: 60%">
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Internet </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Go to website
      </FONT><B><FONT face="Times New Roman" size=1>www.proxyvote.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions provided on the website.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Telephone </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Call </FONT><B><FONT face="Times New Roman" size=1>1-800-690-6903</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Mail </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Check the appropriate
      boxes on the proxy card below.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Sign and date the
      proxy card.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Return the proxy card
      in the envelope provided.</FONT></TD></TR></TABLE></DIV><BR clear=all>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings size=2>x</FONT></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="100%"><FONT face="Times New Roman" size=1>KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=1>DETACH AND RETURN THIS PORTION
      ONLY</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED. </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS DIVIDEND AND
INCOME FUND, INC. </FONT></B></P>
<div align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>Vote on
      Directors:</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>WITHHOLD<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR
      ALL<BR>EXCEPT</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"><FONT face="Times New Roman" size=1>To withhold authority to
      vote for any<BR>individual nominee(s), mark "For All<BR>Except" and write
      the number(s) of the<BR>nominee(s) on the line below.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>1. To elect the
      following nominees as Directors of the Fund:</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>01) THOMAS L.
      BENNETT</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>02) PATRICK P.
      COYNE</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>03) JOHN A.
      FRY</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>04) ANTHONY D.
      KNERR</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>05) LUCINDA S.
      LANDRETH</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>06) ANN R.
      LEVEN</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>07) FRANCES A.
      SEVILLA-SACASA</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>08) JANET L.
      YEOMANS</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>09) J. RICHARD
      ZECHER</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE></div><BR>
<P align=justify><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED.</FONT></B><FONT face="Times New Roman" size=1> PLEASE DATE AND SIGN YOUR
NAME OR NAMES BELOW AS PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS
INDICATED ABOVE. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER
REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH. </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%"></TD></TR>
  <TR style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; Signature [PLEASE
      SIGN WITHIN BOX]</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=1>Date</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P style="padding-left:5%;padding-right:5%" align=justify><B><FONT face="Times New Roman" size=1>Important notice regarding the
availability of proxy materials for the joint annual meeting of shareholders to
be held on August 22, 2012: the Proxy Statement is available at
www.delawareinvestments.com/ceproxy.</FONT></B><FONT face="Times New Roman" size=1>
</FONT></P>
<P align=justify>&nbsp;</P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" width="100%">&nbsp;
  </TD></TR></TABLE></P>
<P align=center><B><FONT face="Times New Roman" size=1>DELAWARE
INVESTMENTS<BR></FONT></B><B><FONT face="Times New Roman" size=1>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 48%"><B><FONT face="Times New Roman" size=1>DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 22, 2012<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      TRUSTEES</FONT></B></TD></TR></TABLE>
<div align=justify><FONT face="Times New Roman" size=1>The undersigned hereby revokes all
previous proxies for his/her shares and appoints </FONT><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes, and Kathryn R. Williams, or any of
them, with the right of substitution, proxies of the undersigned at the joint
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 22, 2012 at 4:00 p.m., Eastern time,
or at any postponements or adjournments thereof, with all the powers which the
undersigned would possess if personally present, and instructs them to vote in
their discretion upon any matters which may properly be acted upon at this joint
annual meeting of shareholders and specifically as indicated on the reverse
side of this proxy</FONT><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>card.</FONT><B><FONT face="Times New Roman" size=1> Please refer to the Proxy
Statement for a discussion of these matters. </FONT></B></div>
<P align=justify><B><FONT face="Times New Roman" size=1>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 JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE.</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=1>PLEASE SIGN AND DATE ON THE REVERSE
SIDE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
9112<BR>FARMINGDALE, NY 11735 </FONT></I></B></P>
<DIV style="FLOAT: right; WIDTH: 60%">
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Internet </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Go to website
      </FONT><B><FONT face="Times New Roman" size=1>www.proxyvote.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions provided on the website.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Telephone </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Call </FONT><B><FONT face="Times New Roman" size=1>1-800-690-6903</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Mail </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Check the appropriate
      boxes on the proxy card below.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Sign and date the
      proxy card.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Return the proxy card
      in the envelope provided.</FONT></TD></TR></TABLE></DIV><BR clear=all>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings size=2>x</FONT></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="100%"><FONT face="Times New Roman" size=1>KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=1>DETACH AND RETURN THIS PORTION
      ONLY</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED. </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=1>DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND</FONT></B></P>
<div align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>Vote on
      Trustees:</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>WITHHOLD<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR
      ALL<BR>EXCEPT</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"><FONT face="Times New Roman" size=1>To withhold authority to
      vote for any<BR>individual nominee(s), mark "For All<BR>Except" and write
      the number(s) of the<BR>nominee(s) on the line below.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>1. To elect the
      following nominees as Trustees of the Fund:</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>01) THOMAS L.
      BENNETT</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>02) PATRICK P.
      COYNE</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>03) JOHN A.
      FRY</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>04) ANTHONY D.
      KNERR</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>05) LUCINDA S.
      LANDRETH</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>06) ANN R.
      LEVEN</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>07) FRANCES A.
      SEVILLA-SACASA</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>08) JANET L.
      YEOMANS</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>09) J. RICHARD
      ZECHER</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE></div><BR>
<P align=justify><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED.</FONT></B><FONT face="Times New Roman" size=1> PLEASE DATE AND SIGN YOUR
NAME OR NAMES BELOW AS PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS
INDICATED ABOVE. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER
REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH. </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%"></TD></TR>
  <TR style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; Signature [PLEASE
      SIGN WITHIN BOX]</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=1>Date</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P style="padding-left:5%;padding-right:5%" align=justify><B><FONT face="Times New Roman" size=1>Important notice regarding the
availability of proxy materials for the joint annual meeting of shareholders to
be held on August 22, 2012: the Proxy Statement is available at
www.delawareinvestments.com/ceproxy.</FONT></B><FONT face="Times New Roman" size=1>
</FONT></P>
<P align=justify>&nbsp;</P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" width="100%">&nbsp;
  </TD></TR></TABLE></P>
<P align=center><B><FONT face="Times New Roman" size=1>DELAWARE
INVESTMENTS<BR></FONT></B><B><FONT face="Times New Roman" size=1>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 48%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 22, 2012<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</FONT></B></TD></TR></TABLE>
<div align=justify><FONT face="Times New Roman" size=1>The undersigned hereby revokes all
previous proxies for his/her shares and appoints </FONT><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes, and Kathryn R. Williams, or any of
them, with the right of substitution, proxies of the undersigned at the joint
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 22, 2012 at 4:00 p.m., Eastern time,
or at any postponements or adjournments thereof, with all the powers which the
undersigned would possess if personally present, and instructs them to vote in
their discretion upon any matters which may properly be acted upon at this joint
annual meeting of shareholders and specifically as indicated on the reverse
side of this proxy</FONT><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>card.</FONT><B><FONT face="Times New Roman" size=1> Please refer to the Proxy
Statement for a discussion of these matters. </FONT></B></div>
<P align=justify><B><FONT face="Times New Roman" size=1>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 JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE.</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=1>PLEASE SIGN AND DATE ON THE REVERSE
SIDE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
9112<BR>FARMINGDALE, NY 11735 </FONT></I></B></P>
<DIV style="FLOAT: right; WIDTH: 60%">
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Internet </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Go to website
      </FONT><B><FONT face="Times New Roman" size=1>www.proxyvote.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions provided on the website.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Telephone </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Call </FONT><B><FONT face="Times New Roman" size=1>1-800-690-6903</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Mail </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Check the appropriate
      boxes on the proxy card below.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Sign and date the
      proxy card.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Return the proxy card
      in the envelope provided.</FONT></TD></TR></TABLE></DIV><BR clear=all>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings size=2>x</FONT></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="100%"><FONT face="Times New Roman" size=1>KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=1>DETACH AND RETURN THIS PORTION
      ONLY</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED. </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.</FONT></B></P>
<div align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>Vote on
      Directors:</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>WITHHOLD<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR
      ALL<BR>EXCEPT</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"><FONT face="Times New Roman" size=1>To withhold authority to
      vote for any<BR>individual nominee(s), mark "For All<BR>Except" and write
      the number(s) of the<BR>nominee(s) on the line below.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>1. To elect the
      following nominees as Directors of the Fund:</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>01) THOMAS L.
      BENNETT</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>02) PATRICK P.
      COYNE</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>03) JOHN A.
      FRY</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>04) ANTHONY D.
      KNERR</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>05) LUCINDA S.
      LANDRETH</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>06) ANN R.
      LEVEN</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>07) FRANCES A.
      SEVILLA-SACASA</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>08) JANET L.
      YEOMANS*</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>09) J. RICHARD
      ZECHER*</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%"><FONT face="Times New Roman" size=1>* The holders of common shares may not vote for these
    nominees.</font></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE></div><BR>
<P align=justify><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED.</FONT></B><FONT face="Times New Roman" size=1> PLEASE DATE AND SIGN YOUR
NAME OR NAMES BELOW AS PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS
INDICATED ABOVE. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER
REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH. </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%"></TD></TR>
  <TR style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; Signature [PLEASE
      SIGN WITHIN BOX]</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=1>Date</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P style="padding-left:5%;padding-right:5%" align=justify><B><FONT face="Times New Roman" size=1>Important notice regarding the
availability of proxy materials for the joint annual meeting of shareholders to
be held on August 22, 2012: the Proxy Statement is available at
www.delawareinvestments.com/ceproxy.</FONT></B><FONT face="Times New Roman" size=1>
</FONT></P>
<P align=justify>&nbsp;</P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" width="100%">&nbsp;
  </TD></TR></TABLE></P>
<P align=center><B><FONT face="Times New Roman" size=1>DELAWARE
INVESTMENTS<BR></FONT></B><B><FONT face="Times New Roman" size=1>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 48%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 22, 2012<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      TRUSTEES</FONT></B></TD></TR></TABLE>
<div align=justify><FONT face="Times New Roman" size=1>The undersigned hereby revokes all
previous proxies for his/her shares and appoints </FONT><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes, and Kathryn R. Williams, or any of
them, with the right of substitution, proxies of the undersigned at the joint
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 22, 2012 at 4:00 p.m., Eastern time,
or at any postponements or adjournments thereof, with all the powers which the
undersigned would possess if personally present, and instructs them to vote in
their discretion upon any matters which may properly be acted upon at this joint
annual meeting of shareholders and specifically as indicated on the reverse
side of this proxy</FONT><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>card.</FONT><B><FONT face="Times New Roman" size=1> Please refer to the Proxy
Statement for a discussion of these matters. </FONT></B></div>
<P align=justify><B><FONT face="Times New Roman" size=1>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 JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE.</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=1>PLEASE SIGN AND DATE ON THE REVERSE
SIDE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
9112<BR>FARMINGDALE, NY 11735 </FONT></I></B></P>
<DIV style="FLOAT: right; WIDTH: 60%">
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Internet </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Go to website
      </FONT><B><FONT face="Times New Roman" size=1>www.proxyvote.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions provided on the website.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Telephone </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Call </FONT><B><FONT face="Times New Roman" size=1>1-800-690-6903</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Mail </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Check the appropriate
      boxes on the proxy card below.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Sign and date the
      proxy card.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Return the proxy card
      in the envelope provided.</FONT></TD></TR></TABLE></DIV><BR clear=all>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings size=2>x</FONT></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="100%"><FONT face="Times New Roman" size=1>KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=1>DETACH AND RETURN THIS PORTION
      ONLY</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED. </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND</FONT></B></P>
<div align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>Vote on
      Trustees:</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>WITHHOLD<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR
      ALL<BR>EXCEPT</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"><FONT face="Times New Roman" size=1>To withhold authority to
      vote for any<BR>individual nominee(s), mark "For All<BR>Except" and write
      the number(s) of the<BR>nominee(s) on the line below.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>1. To elect the
      following nominees as Trustees of the Fund:</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>01) THOMAS L.
      BENNETT</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>02) PATRICK P.
      COYNE</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>03) JOHN A.
      FRY</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>04) ANTHONY D.
      KNERR</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>05) LUCINDA S.
      LANDRETH</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>06) ANN R.
      LEVEN</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>07) FRANCES A.
      SEVILLA-SACASA</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>08) JANET L.
      YEOMANS*</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>09) J. RICHARD
      ZECHER*</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%"><FONT face="Times New Roman" size=1>* The holders of common shares may not vote for these nominees.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE></div><BR>
<P align=justify><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED.</FONT></B><FONT face="Times New Roman" size=1> PLEASE DATE AND SIGN YOUR
NAME OR NAMES BELOW AS PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS
INDICATED ABOVE. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER
REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH. </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%"></TD></TR>
  <TR style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; Signature [PLEASE
      SIGN WITHIN BOX]</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=1>Date</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P style="padding-left:5%;padding-right:5%" align=justify><B><FONT face="Times New Roman" size=1>Important notice regarding the
availability of proxy materials for the joint annual meeting of shareholders to
be held on August 22, 2012: the Proxy Statement is available at
www.delawareinvestments.com/ceproxy.</FONT></B><FONT face="Times New Roman" size=1>
</FONT></P>
<P align=justify>&nbsp;</P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" width="100%">&nbsp;
  </TD></TR></TABLE></P>
<P align=center><B><FONT face="Times New Roman" size=1>DELAWARE
INVESTMENTS<BR></FONT></B><B><FONT face="Times New Roman" size=1>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 48%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 22, 2012<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</FONT></B></TD></TR></TABLE>
<div align=justify><FONT face="Times New Roman" size=1>The undersigned hereby revokes all
previous proxies for his/her shares and appoints </FONT><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes, and Kathryn R. Williams, or any of
them, with the right of substitution, proxies of the undersigned at the joint
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 22, 2012 at 4:00 p.m., Eastern time,
or at any postponements or adjournments thereof, with all the powers which the
undersigned would possess if personally present, and instructs them to vote in
their discretion upon any matters which may properly be acted upon at this joint
annual meeting of shareholders and specifically as indicated on the reverse
side of this proxy</FONT><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>card.</FONT><B><FONT face="Times New Roman" size=1> Please refer to the Proxy
Statement for a discussion of these matters. </FONT></B></div>
<P align=justify><B><FONT face="Times New Roman" size=1>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 JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE.</FONT></B><FONT face="Times New Roman" size=1> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=1>PLEASE SIGN AND DATE ON THE REVERSE
SIDE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
9112<BR>FARMINGDALE, NY 11735 </FONT></I></B></P>
<DIV style="FLOAT: right; WIDTH: 60%">
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Internet </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Go to website
      </FONT><B><FONT face="Times New Roman" size=1>www.proxyvote.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions provided on the website.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Telephone </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Call </FONT><B><FONT face="Times New Roman" size=1>1-800-690-6903</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Follow the
      instructions.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=1>To vote by Mail </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Read the Proxy
      Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Check the appropriate
      boxes on the proxy card below.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Sign and date the
      proxy card.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Return the proxy card
      in the envelope provided.</FONT></TD></TR></TABLE></DIV><BR clear=all>
<P align=left><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings size=2>x</FONT></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="100%"><FONT face="Times New Roman" size=1>KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=1>DETACH AND RETURN THIS PORTION
      ONLY</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED. </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.</FONT></B></P>
<div align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>Vote on
      Directors:</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>WITHHOLD<BR>ALL</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR
      ALL<BR>EXCEPT</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%"><FONT face="Times New Roman" size=1>To withhold authority to
      vote for any<BR>individual nominee(s), mark "For All<BR>Except" and write
      the number(s) of the<BR>nominee(s) on the line below.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>1. To elect the
      following nominees as Directors of the Fund:</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>01) THOMAS L.
      BENNETT</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>02) PATRICK P.
      COYNE</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>03) JOHN A.
      FRY</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>04) ANTHONY D.
      KNERR</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>05) LUCINDA S.
      LANDRETH</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>06) ANN R.
      LEVEN</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>07) FRANCES A.
      SEVILLA-SACASA</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>08) JANET L.
      YEOMANS*</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT face="Times New Roman" size=1>09) J. RICHARD
      ZECHER*</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%">&nbsp;
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="61%"><FONT face="Times New Roman" size=1>* The holders of common shares may not vote for these nominees.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE></div><BR>
<P align=justify><B><FONT face="Times New Roman" size=1>THIS PROXY CARD IS VALID ONLY WHEN
SIGNED AND DATED.</FONT></B><FONT face="Times New Roman" size=1> PLEASE DATE AND SIGN YOUR
NAME OR NAMES BELOW AS PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS
INDICATED ABOVE. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER
REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH. </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="20%"></TD></TR>
  <TR style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; Signature [PLEASE
      SIGN WITHIN BOX]</FONT></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=1>Date</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
