<SEC-DOCUMENT>0001206774-13-002295.txt : 20130703
<SEC-HEADER>0001206774-13-002295.hdr.sgml : 20130703
<ACCEPTANCE-DATETIME>20130703152606
ACCESSION NUMBER:		0001206774-13-002295
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130821
FILED AS OF DATE:		20130703
DATE AS OF CHANGE:		20130703
EFFECTIVENESS DATE:		20130703

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22050
		FILM NUMBER:		13953142

	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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07460
		FILM NUMBER:		13953143

	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 MINNESOTA MUNICIPAL INCOME FUND II, INC
		CENTRAL INDEX KEY:			0000895658
		IRS NUMBER:				411737158
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07420
		FILM NUMBER:		13953144

	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 National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		13953145

	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 Colorado Municipal Income Fund, Inc.
		CENTRAL INDEX KEY:			0000907573
		IRS NUMBER:				411751991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07810
		FILM NUMBER:		13953146

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>declosedend_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=center><FONT face="Times New Roman" size=2>SCHEDULE 14A </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(Rule 14a-101) </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>INFORMATION REQUIRED IN PROXY STATEMENT
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>SCHEDULE 14A INFORMATION </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Proxy Statement Pursuant to Section
14(a) of the<BR>Securities Exchange Act of 1934 </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Filed by the Registrant
[x]<BR></FONT><FONT face="Times New Roman" size=2>Filed by a Party other than the Registrant
[_] </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="33%" colSpan=2><FONT face="Times New Roman" size=2>Check the appropriate box:</FONT></TD>
    <TD noWrap align=left width="66%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[_]</FONT></TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=2>Preliminary Proxy Statement</FONT></TD>
    <TD noWrap align=left width="66%"><FONT face="Times New Roman" size=2>[_] Soliciting Material Under Rule</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[_]&nbsp;</FONT></TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=2>Confidential, For Use of the</FONT></TD>
    <TD noWrap align=left width="66%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14a-12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=2>Commission Only (as permitted</FONT></TD>
    <TD noWrap align=left width="66%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=2>by Rule 14a-6(e)(2))</FONT></TD>
    <TD noWrap align=left width="66%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[x]</FONT></TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=2>Definitive Proxy Statement</FONT></TD>
    <TD noWrap align=left width="66%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[_]</FONT></TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=2>Definitive Additional Materials</FONT></TD>
    <TD noWrap align=left width="66%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>Delaware Investments Dividend and Income
Fund, Inc.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Delaware Enhanced Global Dividend and
Income Fund</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Delaware Investments Colorado Municipal
Income Fund, Inc. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Delaware Investments National Municipal
Income Fund </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Delaware Investments Minnesota Municipal
Income Fund II, Inc. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>------------------------------------------------------------------------------------------------------------------------------------------------------
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(Name of Registrant as Specified In Its
Charter) </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>------------------------------------------------------------------------------------------------------------------------------------------------------
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(Name of Person(s) Filing Proxy
Statement, if Other Than the Registrant) </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT face="Times New Roman" size=2>Payment of Filing Fee (Check the appropriate
  box):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[x]</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>No fee
  required.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[_]&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="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 vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">1)</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="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" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="88%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">2)</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="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 size=2 face="Times New Roman">3)</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2>
      <P align=justify><FONT face="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></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">4)</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Proposed maximum aggregate
      value of transaction:</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="88%"></TD>
    <TD vAlign=top align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">5)</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Total fee
  paid:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[_]</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Fee paid previously with
      preliminary materials:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[_]</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2>
      <P align=justify><FONT face="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></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="88%"></TD>
    <TD vAlign=top align=left width="10%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp; Amount previously
paid:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="88%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp; Form, Schedule or Registration
      Statement No.:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="88%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp; Filing Party:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="88%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp; Date
Filed:</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<BR><IMG src="declosedend_def14a1x1x1.jpg" border=0><BR>
<P align=center><B><FONT face="Arial" size=2>COMBINED PROXY STATEMENT
AND<BR></FONT></B><B><FONT face="Arial" size=2>NOTICE OF JOINT ANNUAL MEETING
OF SHAREHOLDERS<BR>TO BE HELD ON AUGUST 21, 2013</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
21, 2013: this proxy statement is available at<BR>delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>To the Shareholders of:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="99%"><B><FONT face="Times New Roman" size=2>Delaware
      Investments Dividend and Income Fund, Inc.</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="99%"><B><FONT face="Times New Roman" size=2>Delaware
      Enhanced Global Dividend and Income Fund</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="99%"><B><FONT face="Times New Roman" size=2>Delaware
      Investments Colorado Municipal Income Fund, Inc.</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="99%"><B><FONT face="Times New Roman" size=2>Delaware
      Investments National Municipal Income Fund</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="99%"><B><FONT face="Times New Roman" size=2>Delaware
      Investments Minnesota Municipal Income Fund II,
  Inc.</FONT></B></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 21, 2013 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></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top 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 vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 1, 2013</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 vAlign=top width="50%"><IMG src="declosedend_def14a1x1x1.jpg" border=0></TD>
    <TD vAlign=top width="50%">
      <P align=right><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>
<P align=center><B><FONT face="Arial" size=2>COMBINED PROXY
STATEMENT</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>JOINT ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON WEDNESDAY, AUGUST 21, 2013</FONT></B></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>Meeting
Information.</EM></STRONG></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 21, 2013, 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;&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;&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 24, 2013 (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 8, 2013.</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><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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;&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 face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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;&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
</FONT></P>
<P align=center><FONT face="Arial" 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>permits brokers to vote their clients&#146;
shares in their discretion, and (2) a &#147;non-routine&#148; proposal, such as a change
to a fundamental investment policy, where the applicable exchange does not
permit brokers to vote their clients&#146; shares in their discretion. The shares
that are considered to be present as a result of the broker discretionary vote
on the routine proposal but that are not voted on the non-routine proposal are
called &#147;broker non-votes.&#148; Because the proposal presented is considered to be a
&#147;routine&#148; voting item, the Funds do not expect to receive any broker
non-votes.</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>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="Arial" 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;&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, Joseph W. Chow, Patrick P. Coyne, John A. Fry, Anthony D. Knerr,
Lucinda S. Landreth, Frances A. Sevilla-Sacasa, Thomas K. Whitford, 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;&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;&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="Arial" 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="Arial" 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 style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="16%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B><BR><B><FONT face="Times New Roman" size=1>and Birthdate</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="16%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held with</FONT></B><BR><B><FONT face="Times New Roman" size=1>the 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="16%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B><BR><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>During Past</FONT></B><BR><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="15%"><B><FONT face="Times New Roman" size=1>Number</FONT></B><BR><B><FONT face="Times New Roman" size=1>of Funds</FONT></B><BR><B><FONT face="Times New Roman" size=1>in Fund</FONT></B><BR><B><FONT face="Times New Roman" size=1>Complex</FONT></B><BR><B><FONT face="Times New Roman" size=1>Overseen</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Other</FONT></B><BR><B><FONT face="Times New Roman" size=1>Directorships</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held by</FONT></B><BR><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=11><B><I><FONT face="Times New Roman" size=1><U>Interested
  Director</U></FONT></I></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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 style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairman,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairman and</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>70</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director since</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>has served in</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>August 16,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>various executive</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#151; Kaydon</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2006</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>capacities at</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer, and</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>different times</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>April
      1963</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>at Delaware</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Board of Governors</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Chief</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investments.<SUP>2</SUP></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer since</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Company Institute</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>August 1, 2006</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(ICI)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=11><B><I><FONT face="Times New Roman" size=1><U>Independent
    Directors</U></FONT></I></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since March</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Investor &#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>70</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#151; Bryn</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(March 2004&#150;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Mawr Bank Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(BMTC)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2007&#150;2011)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>October
      1947</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since January</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Vice</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>70</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2013</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Emerging</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member, Compensation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Economies</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee Chair,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Strategies, Risk</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>Valuation
      Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January
      1953</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Corporate</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>Member,&nbsp;&nbsp;and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" 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="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>Nomination
      and </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>State Street</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>Governance
      Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Corporation</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>&nbsp;Member&nbsp;&#151; Hercules</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 2004&#150;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>Technology
      Growth</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 2011)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>Capital,
      Inc.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" 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 style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="16%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B><BR><B><FONT face="Times New Roman" size=1>and Birthdate</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="16%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held with</FONT></B><BR><B><FONT face="Times New Roman" size=1>the 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="16%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B><BR><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>During Past</FONT></B><BR><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="15%"><B><FONT face="Times New Roman" size=1>Number</FONT></B><BR><B><FONT face="Times New Roman" size=1>of Funds</FONT></B><BR><B><FONT face="Times New Roman" size=1>in Fund</FONT></B><BR><B><FONT face="Times New Roman" size=1>Complex</FONT></B><BR><B><FONT face="Times New Roman" size=1>Overseen</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Other</FONT></B><BR><B><FONT face="Times New Roman" size=1>Directorships</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held by</FONT></B><BR><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=11><B><I><FONT face="Times New Roman" size=1><U>Independent Directors</U> (continued)</FONT></I></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>John A. Fry</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since January</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President &#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>70</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2001</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Drexel University</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Hershey Trust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(August 2010&#150;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>May
      1960</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President &#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Franklin &amp;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Community Health</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Marshall College</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Systems</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 2002&#150;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 2010)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT size=1>Director&nbsp;&#151; US Squash</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since April</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Managing</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>70</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1990</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Anthony Knerr</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&amp; Associates</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Strategic</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>December 1938</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Consulting)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(1990&#150;Present)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Lucinda S. Landreth</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since March</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Investor</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>70</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2004&#150;Present)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>June
      1947</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" 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 style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B><BR><B><FONT face="Times New Roman" size=1>and Birthdate</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="16%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held
      with</FONT></B><BR><B><FONT face="Times New Roman" size=1>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="16%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B><BR><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>During
      Past</FONT></B><BR><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="15%"><B><FONT face="Times New Roman" size=1>Number</FONT></B><BR><B><FONT face="Times New Roman" size=1>of Funds</FONT></B><BR><B><FONT face="Times New Roman" size=1>in
      Fund</FONT></B><BR><B><FONT face="Times New Roman" size=1>Complex</FONT></B><BR><B><FONT face="Times New Roman" size=1>Overseen</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Other</FONT></B><BR><B><FONT face="Times New Roman" size=1>Directorships</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held by</FONT></B><BR><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=11><B><I><FONT face="Times New Roman" size=1><U>Independent Directors</U> (continued)</FONT></I></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Frances A. Sevilla-</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief Executive</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>70</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trust Manager and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Sacasa</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>September</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer &#151; Banco</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ita&#250; Europa</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#151; Camden</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>International</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Property Trust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(April 2012&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 1956</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Advisor</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>to Dean</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(August 2011&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 2012) and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Interim Dean</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2011&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 2011) &#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>University of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Miami School</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>of Business</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Administration</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President &#151; U.S.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trust, Bank</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>of America</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Wealth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Private Banking)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 2007&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>December 2008)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></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="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Thomas K. Whitford</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="16%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Since January</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Vice Chairman</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>70</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2010&#150;Present)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Administrative</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 1956</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2008&#150;2010)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Executive</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Administrative</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2007&#150;2009) &#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PNC Financial</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Services Group</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" 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 style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="16%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B><BR><B><FONT face="Times New Roman" size=1>and Birthdate</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="16%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held
      with</FONT></B><BR><B><FONT face="Times New Roman" size=1>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="16%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B><BR><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B><BR><B><FONT face="Times New Roman" size=1>During
      Past</FONT></B><BR><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="15%"><B><FONT face="Times New Roman" size=1>Number</FONT></B><BR><B><FONT face="Times New Roman" size=1>of Funds</FONT></B><BR><B><FONT face="Times New Roman" size=1>in
      Fund</FONT></B><BR><B><FONT face="Times New Roman" size=1>Complex</FONT></B><BR><B><FONT face="Times New Roman" size=1>Overseen</FONT></B><BR><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="16%"><B><FONT face="Times New Roman" size=1>Other</FONT></B><BR><B><FONT face="Times New Roman" size=1>Directorships</FONT></B><BR><B><FONT face="Times New Roman" size=1>Held by</FONT></B><BR><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1><U>Independent Directors</U> (continued)</FONT></I></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></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="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President and</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>70</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director, Audit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Treasurer</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2006&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chair, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 2012)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 1948</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;
      Mergers &amp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Acquisitions</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Okabena Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2003&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2006), and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chair &#151; 3M</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Treasurer</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 1995&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Company (2005&#150;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2003)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2012)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3M Corporation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></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="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Founder &#151;</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>70</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investor Analytics</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Compensation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Risk</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Member &#151; Investor</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(May 1999&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Analytics</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 1940</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#151; P/E</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Founder &#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>P/E Investments</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Hedge Fund)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(September 1996&#150;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" 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></TD>
    <TD 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; investment adviser.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></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 width="100%"><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; investment adviser, distributor, and
      transfer agent.</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="Arial" size=2>7</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><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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, 2013.</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 solid; text-align: center" noWrap width="21%"><B><FONT face="Times New Roman" size=1>Name of 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="30%"><B><FONT face="Times New Roman" size=1>Dollar Range of</FONT></B><BR><B><FONT face="Times New Roman" size=1>Equity Securities
      in</FONT></B><BR><B><FONT face="Times New Roman" size=1>a Fund</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="47%"><B><FONT face="Times New Roman" size=1>Aggregate Dollar Range of</FONT></B><BR><B><FONT face="Times New Roman" size=1>Equity
      Securities in All Registered</FONT></B><BR><B><FONT face="Times New Roman" size=1>Investment Companies Overseen
      by</FONT></B><BR><B><FONT face="Times New Roman" size=1>Director in Fund Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=5><B><I><FONT face="Times New Roman" size=1>Interested Director</FONT></I></B></TD></TR>
  <TR>
    <TD noWrap align=left width="21%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%" 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="30%" 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="47%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0 colSpan=5><B><I><FONT face="Times New Roman" size=1>Independent Directors</FONT></I></B></TD></TR>
  <TR>
    <TD noWrap align=left width="21%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%" 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="30%" 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="47%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><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="47%"><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" 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="47%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><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="47%"><FONT face="Times New Roman" size=1>$10,001 &#150; $50,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S.
    Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" 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="47%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><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="30%"><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="47%"><FONT face="Times New Roman" size=1>$50,001 &#150; $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas K.
    Whitford</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" 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="47%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><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="47%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>J. Richard
Zecher</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$10,001 &#150; $50,000*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="47%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
$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;&nbsp;</TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>As of March 31, 2013, 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Common Board of
Directors.</EM></STRONG></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;&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 </FONT></P>
<P align=center><FONT face="Arial" size=2>8</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 Funds. Accordingly, his
participation in the Board&#146;s deliberations helps assure 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Coordinating
Director.</EM></STRONG></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 the Independent Directors, 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;&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 ten 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;&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, 2013.
Delaware Investments Dividend and Income Fund, Inc. (&#147;DDF&#148;) and Delaware
Enhanced Global Dividend and Income Fund (&#147;DEX&#148;) held five Board meetings during
their last fiscal year, ended November 30, 2012. 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, with the exception of Messrs. Chow and Whitford who joined the Board effective January 1, 2013, were present at the Funds&#146; annual meeting held on August 22,
2012.</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>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="Arial" size=2>9</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 five
Independent Directors appointed by the Board: Janet L. Yeomans, Chairperson;
Thomas L. Bennett; Joseph W. Chow; 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 six
meetings for DDF and DEX for the fiscal year ended November 30, 2012, and six
meetings for the Municipal Funds for the fiscal year ended March 31, 2013. 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 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>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, 2012 for DDF and DEX, and four meetings for the
Municipal Funds for the fiscal year ended March 31, 2013.</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>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; Frances Sevilla-Sacasa; Thomas K. Whitford; and Janet L. Yeomans.
The Investments Committee held four meetings during the fiscal year ended
November 30, 2012 for DDF and DEX, and four meetings for the Municipal Funds for
the fiscal year ended March 31, 2013.</FONT></P>
<P align=center><FONT face="Arial" size=2>10</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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;
John A. Fry; and Anthony D. Knerr (</FONT><I><FONT face="Times New Roman" size=2>ex
officio</FONT></I><FONT face="Times New Roman" size=2>), 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
eight meetings during the fiscal year ended November 30, 2012 for DDF and DEX,
and seven meetings for the Municipal Funds for the fiscal year ended March 31,
2013. 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 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>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;&nbsp;</FONT>In reaching its determination that
an individual should serve or continue to serve as a Director of a Fund, the
Nominating 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="Arial" size=2>11</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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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;&nbsp;</FONT><STRONG><EM>Thomas L.
Bennett.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Bennett has over 30
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;&nbsp;</FONT><STRONG><EM>Joseph W.
Chow.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Chow has over 30 years of
experience in the banking and financial services industry. In electing him in
2013, the Independent Directors of the Funds found that his extensive experience
in business strategy in non-U.S. markets complemented the skills of existing
Board members and also reflected the increasing importance of global financial
markets in investment management. The Independent Directors also found that Mr.
Chow&#146;s management responsibilities as a former Executive Vice President of a
leading global asset servicing and investment management firm as well as his
experience as Chief Risk and Corporate Administration Officer would add helpful
oversight skills to the Board&#146;s expertise. Mr. Chow holds a B.A. degree from
Brandeis and M.C.P and M.S. in Management degree from MIT. Mr. Chow has served
on the Board since January 2013.</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>John A.
Fry.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Fry has over 25 years of
experience in higher education. He has served in senior management for three
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=center><FONT face="Arial" size=2>12</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>Anthony
D. Knerr.</B></I></FONT><FONT face="Times New Roman" size=2> Currently the Coordinating
Director, Dr. Knerr has over 40 years of experience in higher education. He has
served in senior executive positions at two major universities where he was
responsible for overseeing finances, investments, internal audit, risk
management and related functions. He founded an international strategy
consulting firm that has assisted universities and other nonprofit institutions
on a wide range of strategic, business, and financial issues. He has also served
as an officer and 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=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Lucinda S. Landreth.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Ms. Landreth has over 35 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
boards and executive committees of her college, two foundations and several
nonprofit 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>Frances A. Sevilla-Sacasa.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Ms. Sevilla-Sacasa has over 30 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>Thomas K. Whitford.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Whitford has over 25 years of experience in the banking and
financial services industry, and served as Vice Chairman of a major banking,
asset management and residential mortgage banking institution. In electing him
in 2013, the Independent Directors of the Funds found that Mr. Whitford&#146;s senior
management role in wealth management and experience in the mutual fund servicing
business would provide valuable current management and financial industry
insight, in particular, and complemented the skills of existing Board members.
The Independent Directors also found that his senior management role in
integrating </FONT></P>
<P align=center><FONT face="arial" size=2>13</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>company acquisitions, technology and
operations and his past role as Chief Risk Officer would add a helpful oversight
skill to the Board&#146;s expertise. Mr. Whitford holds a B.S. degree from the
University of Massachusetts and an M.B.A. degree from the University of
Pennsylvania&#146;s Wharton School. Mr. Whitford has served on the Board since
January 2013.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>Janet L.
Yeomans.</B></I></FONT><FONT face="Times New Roman" size=2> Ms. Yeomans has over 28 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, an M.S. in mathematics from Illinois Institute of
Technology, and an M.B.A. from the University of Chicago. Ms. Yeomans has served
on the Board since April 1999.</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>J. Richard Zecher.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Zecher has over 35 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 25 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; </FONT></P>
<P align=center><FONT face="arial" size=2>14</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>(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>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>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 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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=center><FONT face="arial" size=2>15</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>Board
Compensation.</B></I></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 $140,000 for serving as a Director of
all 26 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 26
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. The Directors may
receive an additional fee if a committee meeting exceeds 4 hours. In addition,
the chairperson of the Audit Committee receives an annual retainer of $25,000,
the chairperson of the Investments Committee receives an annual retainer of
$20,000, and the chairperson of the Nominating Committee receives an annual
retainer of $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,
2013.</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="80%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=8><B><FONT face="Times New Roman" size=1>Total Compensation</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="9%" colSpan=8><B><FONT face="Times New Roman" size=1>Aggregate</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=8><B><FONT face="Times New Roman" size=1>from the Investment</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="9%" colSpan=8><B><FONT face="Times New Roman" size=1>Compensation from the</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=8><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; text-align: center" noWrap width="80%"><B><FONT face="Times New Roman" size=1>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="9%" colSpan=8><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="9%" colSpan=8><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L.
Bennett</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,435</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>226,667</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>Joseph W. Chow<SUP>1</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>920</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>61,667</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,092</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>204,167</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>Anthony D. Knerr</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>4,116</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>271,667</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S.
    Landreth</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,510</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>231,667</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>Ann R. Leven<SUP>1</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>693</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>45,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Frances A.
      Sevilla-Sacasa</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,130</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>206,667</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>Thomas K. Whitford<SUP>1</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>883</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>59,167</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,507</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>231,667</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=1>J. Richard Zecher</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>3,130</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>206,667</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Ms. Leven retired
      from the Board effective September 1, 2012. Messrs. Chow and Whitford
      joined the Board effective January 1, 2013.</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="arial" size=2>16</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><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. In addition, to the knowledge of the Funds&#146; management, the
Directors and officers of the Funds owned, as a group, less than one percent of
the outstanding shares of each class of 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><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 requirements were met for each Fund&#146;s last fiscal
year.</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="50%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="49%" colSpan=3><B><FONT face="Times New Roman" size=1>Proposal</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="49%" colSpan=3><B><FONT face="Times New Roman" size=1>Election of Directors</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>FUND</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Coyne, Bennett, Chow,</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="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Yeomans and Zecher</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Fry, Knerr, Landreth,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sevilla-Sacasa, and Whitford</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="24%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=1>DDF
      and DEX</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="49%" colSpan=3><FONT face="Times New Roman" size=1>Plurality of votes cast.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Municipal Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Plurality of Common and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Plurality of Preferred</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Share votes cast.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Share votes cast.</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="arial" 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="arial" size=2>INDEPENDENT ACCOUNTANTS AND AUDIT
COMMITTEE REPORT</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>The firm of PricewaterhouseCoopers LLP (&#147;PwC&#148;) has been selected as the
independent registered public accounting firm (&#147;independent auditors&#148;) for the
Funds for the Funds&#146; current fiscal year. In accordance with Public Company
Accounting Oversight Board Rule 3526 (&#147;PCAOB Rule 3526&#148;), PwC has confirmed
</FONT></P>
<P align=center><FONT face="arial" 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>its independence to each Fund&#146;s Audit
Committee. PwC also 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>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>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 audit and
non-audit services by the independent auditors. These policies and procedures
require that any audit and non-audit services 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 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As noted above, the members of each Fund&#146;s Audit Committee are: Janet L.
Yeomans, Chairperson; Thomas L. Bennett; Joseph W. Chow; John A. Fry; 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 delawareinvestments.com. </FONT></P>
<P align=center><FONT face="arial" 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><STRONG><EM>&nbsp;&nbsp;&nbsp;&nbsp;
</EM></STRONG>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><B><I><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; Audit
and Other Fees.</FONT></I></B><FONT face="Times New Roman" size=2> The Funds and &#147;Covered
Entities&#148; (the investment adviser, excluding sub-advisers unaffiliated with the
investment adviser, and any entity controlling, controlled by or under common
control with the investment 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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="15%" colSpan=14><B><FONT face="Times New Roman" size=1>Non-Audit Fees</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Audit</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Fiscal
Year</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Related</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="78%"><B><FONT face="Times New Roman" size=1>Fund</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="1%"><B><FONT face="Times New Roman" size=1>End</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="4%" colSpan=4><B><FONT face="Times New Roman" size=1>Audit Fees
      </FONT></B><B></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="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Fees<SUP>(1)</SUP></FONT></STRONG></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="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Tax Fees<SUP>(2)</SUP></FONT></STRONG></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="5%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">All
      Other<SUP>(3)</SUP></FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments
      Dividend</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11/30/12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16,300</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,090</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Income Fund,
      Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11/30/11</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11,534</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,250</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>Delaware Enhanced Global Dividend</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>11/30/12</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman" size=1>19,240</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,750</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and
      Income Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>11/30/11</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman" size=1>25,734</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,950</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments
      Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16,190</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,090</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund,
      Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>10,534</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,050</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>Delaware Investments National</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman" size=1>15,980</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,090</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Municipal Income Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%"><FONT face="Times New Roman" size=1>10,634</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>2,050</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments
      Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19,030</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,750</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund
      II, Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>13,434</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=1>Covered Entities</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>11/30/12</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">685,000</FONT></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=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>11/30/11</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">593,000</FONT></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=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">$<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD noWrap align=right width="2%"><FONT size=1 face="Times New Roman">25,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">565,000</FONT></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=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>3/31/12</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">416,500</FONT></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=right width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1 face="Times New Roman">$<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD noWrap align=right width="2%"><FONT size=1 face="Times New Roman">25,000</FONT></TD>
    <TD noWrap align=right width="1%"></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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Includes fees billed for
      year-end audit procedures, reporting up and subsidiary
      statutory.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>2</FONT></I></TD>
    <TD 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.</FONT></I></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>3</FONT></I></TD>
    <TD 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=center><FONT face="arial" size=2>19</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><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 $10,584,953 and
$10,901,705 for the fiscal years ended March 31, 2013 and March 31, 2012,
respectively. The aggregate non-audit fees billed by the independent auditors
for services rendered to DDF and DEX, and to Covered Entities, were $10,867,923
and $5,228,766 for the fiscal years ended November 30, 2012 and November 30,
2011, respectively.</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 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 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="Arial" size=2>COMMUNICATIONS TO THE
BOARD</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>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="Arial" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Arial" size=2>OTHER INFORMATION</FONT></B></P>
<P align=justify>&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;
</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;
</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;
</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;
</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;
</FONT><STRONG><EM>Shareholder Proposals.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> For the Funds&#146; annual meeting of shareholders in 2014, shareholder
proposals to be included in the Funds&#146; Combined Proxy Statement for that meeting
must be received no later than March 10, 2014. Such proposals </FONT></P>
<P align=center><FONT face="Arial" 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>should be sent to the Fund, directed to
the attention of its Secretary, at the address of its principal executive office
printed on the first page of this Combined Proxy Statement. The inclusion and/or
presentation of any such proposal is subject to the applicable requirements of
the proxy rules under the 1934 Act, 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 24, 2014.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I><B>Fund
Reports.</B></I></FONT><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="Arial" 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="Arial" size=2>EXHIBIT A</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>OUTSTANDING SHARES AS OF RECORD
DATE (JUNE 24, 2013)</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="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments
      Dividend and Income Fund, Inc.</FONT></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="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
    Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9,439,042.1587</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Delaware Enhanced Global Dividend and Income
      Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>15,863,615.6820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments
      Colorado Municipal Income Fund, Inc.</FONT></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="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
    Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,837,100.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred
      Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Delaware Investments National Municipal
      Income Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,528,443.5050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments
      Minnesota Municipal Income Fund II, Inc.</FONT></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="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
    Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,504,975.0862</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred
      Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>750.0000</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" 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="Arial" size=2>EXHIBIT B</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>SHAREHOLDERS OWNING 5% OR MORE
OF A FUND</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>According to
disclosure publicly filed with the SEC, as of June 24, 2013, 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 style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="69%"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap align=center 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 align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap align=center width="5%"><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 align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=1>Number
      of</FONT></B><BR><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=1>Percent
      of</FONT></B><BR><B><FONT face="Times New Roman" size=1>Outstanding</FONT></B><BR><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Enhanced Global<BR>Dividend and Income Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First
      Trust Portfolios L.P.,<BR>First Trust Advisors<BR>L.P., and The
      Charger<BR>Corporation<BR>120 East Liberty Drive,<BR>Suite 400<BR>Wheaton,
      Illinois 60187</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="5%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Common
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,036,328</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>12.89%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="69%"><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>Colorado Municipal<BR>Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="15%"><FONT face="Times New Roman" size=1>First Trust Portfolios
      L.P.,<BR>First Trust Advisors<BR>L.P., and The
      Charger<BR>Corporation<BR>120 East Liberty Drive,<BR>Suite 400<BR>Wheaton,
      Illinois 60187</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="5%">
      <P align=justify><FONT face="Times New Roman" size=1>Common
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=1>439,597</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=1>9.09%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>Colorado Municipal<BR>Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wells
      Fargo Bank,<BR>National Association<BR>101 N. Phillips Avenue<BR>Sioux
      Falls, South Dakota<BR>57104</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="5%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Preferred
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="69%">
      <P align=justify><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>National Municipal<BR>Income Fund</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="15%">
      <P align=justify><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,<BR>National Association<BR>101 N. Phillips Avenue<BR>Sioux Falls,
      South Dakota<BR>57104</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="5%">
      <P align=justify><FONT face="Times New Roman" size=1>Preferred
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=1>100%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>Minnesota Municipal<BR>Income Fund II, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First
      Trust Portfolios L.P.,<BR>First Trust Advisors<BR>L.P., and The
      Charger<BR>Corporation<BR>120 East Liberty Drive,<BR>Suite 400<BR>Wheaton,
      Illinois 60187</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Common
      Shares</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>896,412</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.79%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="69%"><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>Minnesota Municipal<BR>Income Fund II, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="15%"><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,<BR>National Association<BR>101 N. Phillips Avenue<BR>Sioux Falls,
      South Dakota<BR>57104</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Preferred Shares</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=1>750</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=1>100%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" 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="Arial" size=2>EXHIBIT C</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>EXECUTIVE OFFICERS OF THE
FUNDS</FONT></B></P>
<P align=justify>&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="22%"><B><FONT face="Times New Roman" size=1>Name,
    Address,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="22%"><B><FONT face="Times New Roman" size=1>Position(s)
      Held</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="23%"><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="22%"><B><FONT face="Times New Roman" size=1>and Birth date</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="22%"><B><FONT face="Times New Roman" size=1>with the 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="24%"><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="23%"><B><FONT face="Times New Roman" size=1>During Past 5 Years</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%" bgColor=#c0c0c0>
      <P><STRONG><FONT size=1 face="Times New Roman">David F. Connor<BR></FONT></STRONG><FONT face="Times New Roman" size=1>2005 Market Street<BR>Philadelphia,
      PA<BR>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1><FONT face="Times New Roman" size=1>December
      1963</FONT></FONT></P></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="22%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Senior Vice<BR>President,<BR>Deputy
      General<BR>Counsel, and<BR>Secretary</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="24%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Senior Vice<BR>President since<BR>May
      2013; Deputy<BR>General Counsel<BR>since September<BR>2000; and
      Secretary<BR>since October 2005</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="23%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">David F. Connor has served in various
      executive and legal capacities at different times at Delaware
      Investments.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <P align=justify><B><FONT face="Times New Roman" size=1>Daniel V.
      Geatens<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia, PA<BR>19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>October 1972</FONT></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="22%"><FONT size=1 face="Times New Roman">Vice President<BR>and Treasurer</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="24%"><FONT size=1 face="Times New Roman">Treasurer since<BR>October 2007</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="23%"><FONT size=1 face="Times New Roman">Daniel V. Geatens has served in various
      capacities at different times at Delaware Investments.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>David P.
      O&#146;Connor<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia, PA<BR>19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>February 1966</FONT></P></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="22%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Executive Vice<BR>President,<BR>General
      Counsel,<BR>and Chief Legal<BR>Officer</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="24%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Executive Vice<BR>President
      since<BR>February 2012;<BR>Senior Vice<BR>President &#151;<BR>October
      2005&#150;<BR>February 2012; <BR>General Counsel<BR>and Chief Legal<BR>Officer
      since<BR>October 2005</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="23%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">David P. O&#146;Connor has served in various
      executive and legal capacities at different times at Delaware
      Investments.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <P align=justify><B><FONT face="Times New Roman" size=1>Richard
      Salus<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia, PA<BR>19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>October 1963</FONT></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="22%"><FONT size=1 face="Times New Roman">Senior Vice<BR>President and<BR>Chief
      Financial<BR>Officer</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="24%"><FONT size=1 face="Times New Roman">Chief Financial<BR>Officer
      since<BR>November 2006</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="23%"><FONT size=1 face="Times New Roman">Richard Salus has served in various
      executive capacities at different times at Delaware
  Investments.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" 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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><STRONG>Delaware Investments Dividend</STRONG></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; FONT-VARIANT: small-caps" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Income Fund,
      Inc.</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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Enhanced Global</B></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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and Income
      Fund</B></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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Investments Colorado</B></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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund,
      Inc.</B></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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Investments National</B></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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income
      Fund</B></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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Investments Minnesota</B></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="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund II,
      Inc.</B></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 21,
      2013<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="declosedend_def14a2x14x1.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_def14a2x14x2.jpg" border=0></DIV></DIV></TD></TR></TABLE></DIV><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 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 21, 2013: the Proxy Statement is available at
delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=justify>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="46%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="53%">&nbsp;</TD></TR></TABLE>
<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 style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS DIVIDEND AND INCOME
      FUND, INC.</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 21, 2013<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><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes,
Michael E. Dresnin, 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 21, 2013 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 ALL" ON 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>
<DIV align=right>
<DIV style="WIDTH: 95%">
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
18011<BR>HAUPPAUGE, NY 11788 </FONT></I></B></P></DIV></DIV>
<DIV align=right><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Internet</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Go to website </FONT><B><FONT face="Times New Roman" size=1>www.proxy-direct.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions provided on the
      website.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Telephone</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><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 vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Mail</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Check the appropriate boxes on the proxy
      card below.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Sign and date the proxy card.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Return the proxy card in the envelope
      provided.</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:<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 dotted" vAlign=top 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=justify><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS DIVIDEND AND
INCOME FUND, INC.&nbsp;&nbsp;<BR><BR>&nbsp;<BR></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 style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 20%">&nbsp;&nbsp; </TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: left">&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) JOSEPH W. CHOW</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) 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>04) 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>05) 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>06) 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>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) THOMAS K. WHITFORD</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) 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>
    <TD noWrap align=left width="61%"><STRONG><FONT size=1 face="Times New Roman">10) J. RICHARD
      ZECHER</FONT></STRONG></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><BR><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 face="Times New Roman" size=1>&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%">&nbsp;</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 style="TEXT-ALIGN: center" noWrap 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 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 21, 2013: the Proxy Statement is available at
delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=justify>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="46%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="53%">&nbsp;</TD></TR></TABLE>
<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 style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 49%"><B><FONT face="Times New Roman" size=1>DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 21, 2013<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><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes,
Michael E. Dresnin, 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 21, 2013 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 ALL" ON 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>
<DIV align=right>
<DIV style="WIDTH: 95%">
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
18011<BR>HAUPPAUGE, NY 11788 </FONT></I></B></P></DIV></DIV>
<DIV align=right><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Internet</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Go to website </FONT><B><FONT face="Times New Roman" size=1>www.proxy-direct.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions provided on the
      website.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Telephone</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><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 vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Mail</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Check the appropriate boxes on the proxy
      card below.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Sign and date the proxy card.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Return the proxy card in the envelope
      provided.</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:<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 dotted" vAlign=top 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=justify><B><FONT face="Times New Roman" size=1>DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND&nbsp;&nbsp;<BR><BR>&nbsp;<BR></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 style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 20%">&nbsp;&nbsp; </TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: left">&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) JOSEPH W. CHOW</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) 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>04) 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>05) 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>06) 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>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) THOMAS K. WHITFORD</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) 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>
    <TD noWrap align=left width="61%"><STRONG><FONT size=1 face="Times New Roman">10) J. RICHARD
      ZECHER</FONT></STRONG></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><BR><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 face="Times New Roman" size=1>&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%">&nbsp;</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 style="TEXT-ALIGN: center" noWrap 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 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 21, 2013: the Proxy Statement is available at
delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=justify>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="46%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="53%">&nbsp;</TD></TR></TABLE>
<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 style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 49%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 21, 2013<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><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes,
Michael E. Dresnin, 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 21, 2013 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 ALL" ON 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>
<DIV align=right>
<DIV style="WIDTH: 95%">
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
18011<BR>HAUPPAUGE, NY 11788 </FONT></I></B></P></DIV></DIV>
<DIV align=right><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Internet</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Go to website </FONT><B><FONT face="Times New Roman" size=1>www.proxy-direct.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions provided on the
      website.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Telephone</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><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 vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Mail</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Check the appropriate boxes on the proxy
      card below.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Sign and date the proxy card.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Return the proxy card in the envelope
      provided.</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:<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 dotted" vAlign=top 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=justify><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.&nbsp;&nbsp;<BR><BR>&nbsp;<BR></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 style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 20%">&nbsp;&nbsp; </TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: left">&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) JOSEPH W. CHOW</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) 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>04) 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>05) 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>06) 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>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) THOMAS K. WHITFORD</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) 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>
    <TD noWrap align=left width="61%"><STRONG><FONT size=1 face="Times New Roman">10) J. RICHARD
      ZECHER*</FONT></STRONG></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>

<DIV align=right>
<DIV style="width: 95%">
<DIV align=justify><FONT face="Times New Roman" size=1>* The holders of common shares may not vote for these nominees.</FONT></DIV>
</DIV></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 face="Times New Roman" size=1>&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%">&nbsp;</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 style="TEXT-ALIGN: center" noWrap 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 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 21, 2013: the Proxy Statement is available at
delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=justify>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="46%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="53%">&nbsp;</TD></TR></TABLE>
<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 style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 49%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 21, 2013<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><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes,
Michael E. Dresnin, 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 21, 2013 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 ALL" ON 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>
<DIV align=right>
<DIV style="WIDTH: 95%">
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
18011<BR>HAUPPAUGE, NY 11788 </FONT></I></B></P></DIV></DIV>
<DIV align=right><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Internet</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Go to website </FONT><B><FONT face="Times New Roman" size=1>www.proxy-direct.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions provided on the
      website.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Telephone</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><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 vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Mail</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Check the appropriate boxes on the proxy
      card below.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Sign and date the proxy card.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Return the proxy card in the envelope
      provided.</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:<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 dotted" vAlign=top 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=justify><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND&nbsp;&nbsp;<BR><BR>&nbsp;<BR></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 style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 20%">&nbsp;&nbsp; </TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: left">&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) JOSEPH W. CHOW</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) 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>04) 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>05) 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>06) 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>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) THOMAS K. WHITFORD</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) 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>
    <TD noWrap align=left width="61%"><STRONG><FONT size=1 face="Times New Roman">10) J. RICHARD
      ZECHER*</FONT></STRONG></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>

<DIV align=right>
<DIV style="width: 95%">
<DIV align=justify><FONT face="Times New Roman" size=1>* The holders of common shares may not vote for these nominees.</FONT></DIV>
</DIV></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 face="Times New Roman" size=1>&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%">&nbsp;</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 style="TEXT-ALIGN: center" noWrap 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 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 21, 2013: the Proxy Statement is available at
delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=justify>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="46%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="53%">&nbsp;</TD></TR></TABLE>
<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 style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 49%"><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="50%"><B><FONT face="Times New Roman" size=1>JOINT ANNUAL MEETING OF SHAREHOLDERS &#150;
      AUGUST 21, 2013<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><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=1>A.G. Ciavarelli, Deidre A. Downes,
Michael E. Dresnin, 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 21, 2013 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 ALL" ON 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>
<DIV align=right>
<DIV style="WIDTH: 95%">
<P align=left><B><I><FONT face="Times New Roman" size=1>PROXY TABULATOR<BR>P.O. BOX
18011<BR>HAUPPAUGE, NY 11788 </FONT></I></B></P></DIV></DIV>
<DIV align=right><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Internet</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Go to website </FONT><B><FONT face="Times New Roman" size=1>www.proxy-direct.com</FONT></B><FONT face="Times New Roman" size=1>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions provided on the
      website.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Telephone</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement and have the proxy
      card below at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><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 vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Follow the instructions.</FONT></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT face="Times New Roman" size=1>To vote by
      Mail</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Read the Proxy Statement.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Check the appropriate boxes on the proxy
      card below.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Sign and date the proxy card.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>4)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=1>Return the proxy card in the envelope
      provided.</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
BLACK INK AS FOLLOWS:<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 dotted" vAlign=top 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=justify><B><FONT face="Times New Roman" size=1>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.&nbsp;&nbsp;<BR><BR>&nbsp;<BR></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 style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 20%">&nbsp;&nbsp; </TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1.5pt solid; text-align: left">&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) JOSEPH W. CHOW</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) 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>04) 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>05) 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>06) 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>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) THOMAS K. WHITFORD</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) 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>
    <TD noWrap align=left width="61%"><STRONG><FONT size=1 face="Times New Roman">10) J. RICHARD
      ZECHER*</FONT></STRONG></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>

<DIV align=right>
<DIV style="width: 95%">
<DIV align=justify><FONT face="Times New Roman" size=1>* The holders of common shares may not vote for these nominees.</FONT></DIV>
</DIV></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 face="Times New Roman" size=1>&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%">&nbsp;</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 style="TEXT-ALIGN: center" noWrap 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>
