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<SEC-DOCUMENT>0000950123-05-013485.txt : 20051110
<SEC-HEADER>0000950123-05-013485.hdr.sgml : 20051110
<ACCEPTANCE-DATETIME>20051110170933
ACCESSION NUMBER:		0000950123-05-013485
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20051110
DATE AS OF CHANGE:		20051110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND INC
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-129644
		FILM NUMBER:		051194854

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND INC
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		051194855

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>y14669nv2.htm
<DESCRIPTION>FORM N-2
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM N-2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(As filed with the Securities and Exchange Commission on November&nbsp;10, 2005)</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">SECURITIES
ACT FILE NO.
333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
INVESTMENT COMPANY ACT FILE NO. 811-06041
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM N-2</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Pre-Effective Amendment No.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Post-Effective Amendment No.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>and/or</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Amendment No.&nbsp;19</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>The Central Europe and Russia Fund, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>345 Park Avenue, New York, New York 10154</B><BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s Telephone Number, including Area Code: <B>(800)&nbsp;437-6269<BR>
Carole Coleman, Esq.<BR>
The Central Europe and Russia Fund, Inc.<BR>
c/o Deutsche Asset Management<BR>
345 Park Avenue<BR>
New York, New York 10154</B><BR>
(Name and Address of Agent for Service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Copies to:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">John T. Bostelman, Esq.<BR>
Sullivan &#038; Cromwell LLP<BR>
125 Broad Street<BR>
New York, New York 10004
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Thomas A. Hale, Esq.<BR>
Skadden, Arps, Slate, Meagher &#038; Flom LLP<BR>
333 West Wacker Drive, Suite&nbsp;2100<BR>
Chicago, Illinois 60606</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Approximate Date of Proposed Public Offering: </B>As soon as practicable after the effective date of
this Registration Statement.
If any securities being registered on this form will be offered on a delayed or continuous basis in
reliance on Rule&nbsp;415 under the Securities Act of 1933, other than securities offered in connection
with a dividend reinvestment plan, check the following box.
<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is proposed that this filing will become effective <FONT face="Wingdings">&#254;</FONT> when declared effective pursuant to Section
8(c).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of Securities Being Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Being Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Unit(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee( )</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $.001 par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">22,716</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">25.45</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">117.70</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee as required by Rule
457(c) under the Securities Act of 1933 based upon the average of the high and low sales
prices reported on the New York Stock Exchange consolidated reporting system of $44.02 on
November&nbsp;9, 2005.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary
to delay its effective date until the Registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in accordance with
Section&nbsp;8(a) of the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CROSS REFERENCE SHEET<BR>
THE CENTRAL EUROPE AND RUSSIA FUND, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Parts A and B of Registration Statement</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Item</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Location in Prospectus or Statement</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Caption</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>of
Additional Information (&#147;SAI&#148;)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Outside Front Cover Page
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Front Cover Page</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cover Pages; Other Offering
Information
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Front Cover Page</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fee Table and Synopsis
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fee Table and Prospectus Summary</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Highlights
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Highlights</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plan of Distribution
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Front Cover Page; Prospectus
Summary; Our Rights Offering</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Selling Shareholders
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Use of Proceeds
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Use of Proceeds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Description of the
Registrant
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Front Cover Page; Prospectus
Summary; Market and Net Asset
Value Information; Investment
Objective and Policies; Risk
Factors</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our Management; Custodian,
Dividend-Paying Agent, Transfer
Agent and Registrar</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Stock, Long-Term Debt,
and Other Securities
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Front Cover Page; Market and
Net Asset Value Information;
Common Stock; Dividends and
Distributions; Voluntary Cash
Purchase Program and Dividend
Reinvestment Plan; Taxation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Defaults and Arrears on Senior
Securities
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Proceedings
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Table of Contents of the
Statement of Additional
Information
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Table of Contents of Statement
of Additional Information</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cover Page of SAI
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cover Page of SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Table of Contents of SAI
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cover Page of SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">16.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Information and History
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Information in SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">17.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Objective and Policies
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Objective and
Policies in SAI; Investment
Restrictions in SAI</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y14669exv99wn.htm">EX-99.N: CONSENT OF PRICEWATERHOUSECOOPERS LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y14669exv99wrw2.htm">EX-99.R.2: CODE OF ETHICS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y14669exv99wrw3.htm">EX-99.R.3: CODE OF ETHICS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y14669exv99.htm">EX-99: POWER OF ATTORNEY</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;-i-&nbsp;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">18.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management in SAI; Investment
Advisory and Other Services in
SAI; Brokerage Allocation and
Other Services in SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">19.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Control Persons and Principal
Holders of Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Control Persons and Principal
Holders of Securities in SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">20.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Advisory and Other
Services</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Advisory and Other
Services in SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Portfolio Manager</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Advisory and Other
Services in SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">22.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brokerage Allocation and Other
Practices
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brokerage Allocation and Other
Practices in SAI</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tax Status
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Taxation in Prospectus</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Statements
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Statement in SAI</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Part C of Registration Statement</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information required to be included in Part&nbsp;C is set forth under the appropriate item, so
numbered in Part&nbsp;C to this Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;-ii-&nbsp;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The information in this prospectus is not complete and may be changed.
A registration statement relating to the securities has been filed with the Securities
and Exchange Commission. We may not sell these securities until the registration statement
is effective. This prospectus is not an offer to sell these securities and it is not soliciting
an offer to buy these securities in any state where the offer, solicitation or sale is not permitted.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Subject to Completion<BR>
Preliminary Prospectus dated November&nbsp;10, 2005
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Central Europe and Russia Fund, Inc.<BR>
&#091; &#093; Shares of Common Stock<BR>
Issuable Upon Exercise of Rights to Subscribe for Such Shares</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are issuing to our stockholders of record as of the close of business on &#091; &#093;,
2005 transferable rights entitling the holders of those rights to subscribe for up to an aggregate
of &#091; &#093; shares of our common stock. Stockholders of record will receive one right for each
share of common stock held on the record date. These rights entitle the holders to purchase one
new share of common stock for every three rights held, and holders who fully exercise their rights
will be entitled to subscribe, subject to certain limitations and subject to allotment, for any
shares not acquired by the exercise of rights. Our outstanding common stock is listed on the New
York Stock Exchange (&#147;NYSE&#148;) and trades under the symbol &#147;CEE&#148;, as will be the shares offered for
subscription in this rights offering. The rights are transferable and application will be made to
list the rights for trading on the NYSE under the symbol &#147;&#091; &#093;&#148; during the course of this
rights offering. See &#147;Our rights offering&#148; on page 19 in this prospectus for a complete discussion
of the terms of this rights offering. The subscription price per share will be &#091; &#093;% of the lower
of (i)&nbsp;the average of the last reported sale prices of a share of our common stock on the NYSE on
the expiration date of the rights offering and the four preceding business days and (ii)&nbsp;the net
asset value per share on the expiration date. <B>The offer will expire at 5:00 p.m., New York City
time, on &#091; &#093;, 2005, unless extended as described in this prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We announced our intention to conduct this rights offering on November &#091; &#093;, 2005. The
net asset values per share of our common stock at the close of business on November &#091; &#093;, 2005 and
&#091; &#093;, 2005 were $&#091; &#093; and $&#091; &#093;, respectively, and the last reported sale
prices of a share of common stock on the NYSE were $&#091; &#093; and $&#091; &#093;, respectively, &#091; &#093;%
and &#091; &#093;% of net asset value, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the terms of this rights offering, stockholders who do not fully exercise their
rights, upon completion of this rights offering, will own a smaller proportional interest in us
than they owned prior to this rights offering. In addition, because the subscription price per
share will be less than the then current net asset value per share, the completion of this rights
offering will result in an immediate dilution of the net asset value per share for all existing
stockholders. Such dilution is not currently determinable because it is not known how many shares
will be subscribed for, what the net asset value or market price of our common stock will be on the
expiration date for the shares or what the subscription price will be. Such dilution could be
substantial. Stockholders will experience a decrease in the net asset value per share held by
them, irrespective of whether they exercise all or any portion of their rights. See &#147;Our Rights
Offering&#151;Investment Considerations&#148; on page 32 of this prospectus and &#147;Risk Factors&#151;Dilution of
Net Asset Value&#148; on page 42 of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have questions or need further information about this rights offering, please write or
call Georgeson Shareholder Communications Inc., our information agent for this rights offering, at
17 State Street, New York, New York 10004 or &#091; &#093;.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(Continued on inside front cover)</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Before buying any common stock, you should read the discussion of the material risks of
investing in us in &#147;Risk Factors&#148; beginning on page 37. Certain of these risks are summarized in
&#147;Prospectus Summary-Special Risk Considerations&#148; beginning on page 8.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Per share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated subscription price (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated sales load (2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds, before expenses, to the Fund (2)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(Footnotes continued on inside front cover)</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Dealer Manager&#093;
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt"><B>The date of this prospectus is &#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;, 2005</B></DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&#091;Insert map of all the countries&#093;
</DIV>


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<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AVAILABLE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), and the Investment Company Act of 1940, as amended (the &#147;Investment
Company Act&#148;), and in accordance with these requirements, we file reports and other information
with the United States Securities and Exchange Commission (the &#147;SEC&#148;). Such reports and other
information can be inspected and copied at the public reference facilities maintained by the SEC in
Washington, D.C. Information about the operation of the SEC&#146;s public reference facilities may be
obtained by calling the SEC at 1-202-942-8090. Such reports and other information are also
available on the SEC&#146;s website at http://www.sec.gov.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(continued from front cover page)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated in Maryland on February&nbsp;6, 1990. We are a non-diversified
closed-end management investment company that seeks capital appreciation by investing primarily in
equity or equity-linked securities of Central European and Russian companies. No assurance can be
given that our investment objective will be achieved. Our investment manager is Deutsche
Investment Management Americas Inc. and our investment adviser is Deutsche Asset Management
International GmbH.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus sets forth concisely the information about us that a prospective investor
ought to know before investing. Investors are advised to read this prospectus carefully and retain
it for future reference. You may obtain additional information about us from our reports filed
with the SEC. Where indicated, we have incorporated into this prospectus information from the
Statement of Additional Information (&#147;SAI&#148;) dated &#091; &#093;, 2005. You can find the table of
contents for the SAI on page 61 of this prospectus. You may obtain a copy of the SAI or our
reports filed with the SEC upon written or oral request free of charge by contacting the
information agent at 17 State Street, New York, New York 10004 or &#091; &#093;. In addition, the
SAI and other reports filed with the SEC, including material incorporated by reference into this
prospectus or the SAI, are available on the SEC&#146;s website at http://www.sec.gov.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(continued from front cover page)</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assumes that all rights offered in this rights offering were exercised at the estimated
subscription price</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated on the basis of &#091; &#093;% of the last reported sales price of a share of our common
stock on the NYSE on &#091; &#093;, 2005</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091; &#093; will act as dealer manager for this rights offering. We have agreed to pay the
dealer manager a fee for its financial services equal to &#091; &#093;% of the subscription price per
share. The dealer manager will reallow a part of its fees to other broker-dealers which have
assisted in soliciting the exercise of rights. We have agreed to reimburse the dealer manager
up to $&#091; &#093; for its reasonable expenses incurred in connection with this rights
offering. These fees will be borne by us and indirectly by all of our stockholders, including
those who do not exercise their rights. We and our investment manager have each agreed to
indemnify the dealer manager or contribute to losses arising out of certain liabilities,
including liabilities under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).
See &#147;Our Rights Offering&#151;Distribution Arrangements&#148; on page 29 of this prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Before deducting offering expenses payable by us estimated at $&#091; &#093;, including an
aggregate of up to $&#091; &#093; as partial reimbursement of the dealer manager for their
out-of-pocket expenses. See &#147;Our Rights Offering&#151;Distribution Arrangements&#148; on page 29 of
this prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, all references in this prospectus to &#147;dollars,&#148; &#147;US $&#148;, &#147;U.S.
dollars&#148; or &#147;$&#148; are to United States dollars.
</DIV>

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<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This is only a summary. This summary may not contain all of the information that you should
consider before investing in us. You should review the more detailed information contained in this
prospectus and our SAI, especially the information set forth under &#147;Risk Factors.&#148;</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Purpose of Our Rights Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has determined that it would be in our best interest and in our
stockholders&#146; best interest to increase our assets available for investment, thereby permitting us
to take advantage more fully of investment opportunities. Our investment manager and investment
adviser believe that the outlook for a number of industries and companies in Central Europe, Russia
and Turkey is promising. In addition, our board of directors believes that increasing our assets
available for investment should result in a modest lowering of our expenses as a percentage of
average net assets because our fixed cost can be spread over a larger asset base.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that this rights offering will be successful or that by increasing our
size, our aggregate expenses and, correspondingly, our expense ratio, will be lowered. See &#147;Our
Rights Offering&#151;Purpose of Our Rights Offering&#148; on page 19 of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our outstanding common stock is listed on the NYSE and trades under the symbol &#147;CEE,&#148; as will
be the shares offered for subscription in this rights offering.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Important Terms of Our Rights Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are a few of the important terms of our rights offering. For a detailed
discussion of the terms of this rights offering, see &#147;Our Rights Offering&#148; on page 19 of this
prospectus.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aggregate number of shares of our common stock
offered.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Number of transferable rights issued to each stockholder.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One right for every
share of our common
stock held.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subscription ratio.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One share of common
stock for every three
rights held (1-for-3).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subscription price.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The subscription price
per share will be &#091; &#093;%
of the lower of (i)&nbsp;the
average of the last
reported sale prices of
a share of our common
stock on the NYSE on
the expiration date of
the rights offering and
the four preceding
business days and (ii)
the net asset value per
share on the expiration
date.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>



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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Transferability of Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are issuing to stockholders on the record date transferable rights to subscribe for
additional shares of our common stock. The rights are transferable until the close of business on
the last business day prior to the expiration date. Application will be made to list the rights on
the NYSE under the symbol &#147;&#091; &#093;,&#148; subject to notice of issuance. Trading in the rights on
the NYSE is expected to be conducted on a when-issued basis from &#091; &#093;, 2005 until the
record date; thereafter, they will trade regular-way until the expiration date (including
extensions). We will use our best efforts to ensure that an adequate trading market for the rights
will exist, although there is no assurance that a market for the rights will develop. Assuming a
market exists for the rights, the rights may be purchased and sold through usual brokerage channels
or sold through the subscription agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders on the record date who do not wish to exercise any of the rights issued to them
pursuant to this rights offering may instruct the subscription agent to sell any unexercised rights
through or to the dealer manager. Subscription certificates representing the rights to be sold
through or to the dealer manager must be received by the subscription agent on or before &#091;
&#093;, 2005, (or, if the subscription period is extended, on or before two business days prior to the
extended expiration date). Alternatively, the rights evidenced by a subscription certificate may
be transferred in whole by endorsing the subscription certificate for transfer in accordance with
the accompanying instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Our rights offering&#151;TRANSFERABILITY AND SALE OF RIGHTS&#148; on page 19 of this prospectus.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Important Dates to Remember</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Record date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subscription period
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expiration date and pricing date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notices for guarantees of delivery due
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Payment for guarantees of delivery due
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Confirmation mailed to participants
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Final payment of shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-family: Symbol">&#042;</FONT> Unless this rights offering is extended
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Over-Subscription Privilege</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares not subscribed for during the subscription period will be offered, by means of the
over-subscription privilege, only to stockholders on the record date who have exercised all rights
</DIV>
</DIV>



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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">issued to them (other than those rights that cannot be exercised because they represent in the
aggregate the right to acquire less than one share of our common stock). Investors who are not
stockholders on the record date, but who otherwise acquire rights to purchase shares of our common
stock pursuant to this rights offering, are not entitled to subscribe for any shares of our common
stock pursuant to the over-subscription privilege. If these requests for our common shares exceed
the common shares available, the available common shares will be allocated pro rata among
stockholders who over-subscribed based on the number of rights originally issued to them pursuant
to this rights offering. See &#147;Our Rights Offering&#151;Over-Subscription Privilege&#148; on page 21 of this
prospectus.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Method for Exercising Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights are evidenced by subscription certificates that will be mailed to stockholders of
record or, if a stockholder&#146;s shares are held by Cede &#038; Co. or any other depository or nominee, to
Cede &#038; Co. or such other depository or nominee. Rights may be exercised by filling in and signing
the subscription certificate and mailing it in the envelope provided, or otherwise delivering the
completed and signed subscription certificate to the subscription agent, together with payment at
the estimated subscription price for the shares. Rights may also be exercised by contacting your
broker, banker or trust company, which can arrange, on your behalf, to guarantee delivery of
payment and of a properly completed and executed subscription certificate. A fee may be charged
for this service. Completed subscription certificates and payments must be received by the
subscription agent prior to 5:00 p.m., New York City time, on the expiration date at the offices of
the subscription agent. See &#147;Our Rights Offering&#151;Exercise of Rights&#148; on page 25 of this
prospectus and &#147;Our Rights Offering&#151;Payment for Shares&#148; on page 26 of this prospectus.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Distribution Arrangements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091; &#093; will act as dealer manager for this rights offering. Under the terms and subject
to the conditions contained in the dealer manager agreement, the dealer manager will provide
financial advisory services and marketing services in connection with this rights offering and will
solicit the exercise of rights and participation in the over-subscription privilege. We have
agreed to pay the dealer manager a fee for its financial advisory, marketing and soliciting
services equal to &#091; &#093;% of the aggregate subscription price for shares issued pursuant to this
rights offering. The dealer manager will reallow a part of their fees to other broker-dealers
which have assisted in soliciting the exercise of rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other offering expenses incurred by us in connection with this rights offering are estimated
to be $&#091; &#093;, which includes up to $&#091; &#093; that may be paid to the dealer manager as
partial reimbursement for its reasonable expenses incurred in connection with this rights offering.
For additional information about the distribution arrangements, see &#147;Our Rights
Offering&#151;Distribution Arrangements&#148; on page 29 of this prospectus.
</DIV>
</DIV>



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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Information Agent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Information agent for this rights offering is Georgeson Shareholder Communications Inc.
If you have questions or need further information about this rights offering, please write or call
the Information Agent at 17 State Street, New York, New York 10004 or &#091; &#093;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Our Investment Objective and Policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a non-diversified closed-end management investment company registered under the
Investment Company Act. Our investment objective is to seek long-term capital appreciation through
investment primarily in equity and equity-linked securities of issuers domiciled in Central Europe
and Russia. Under normal circumstances, at least 80% of our net assets will be invested in the
securities of issuers domiciled in Central Europe or Russia. We may also invest in additional
types of securities, such as warrants, if consistent with our investment objective, and
participation certificates of issuers in any European country or Russia. For hedging purposes, we
may also invest in put and call options on European or Russian securities and indices. We may
invest up to 20% of our total assets in fixed income securities of European or Russian issuers.
For temporary defensive purposes, we also may invest in money market instruments and lend our
portfolio securities to banks, securities dealers and other institutions. Although we do not
currently engage in foreign exchange transactions, we may, when our investment manager and our
investment adviser deem it advisable, attempt to hedge our foreign currency exposure by entering
into forward currency contracts. See &#147;Investment Objective and Policies&#148; on page 33 of this
prospectus and page B-2 of the SAI and &#147;Investment Restrictions&#148; on page B-6 of the SAI.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Management</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our investment advisory agreement, our investment adviser is Deutsche Asset Management
International GmbH (&#147;DeAMI&#148;), and under our management agreement, our investment manager is
Deutsche Investment Management Americas Inc. (&#147;DIMA&#148;). Both DeAMI and DIMA are wholly-owned direct
or indirect subsidiaries of Deutsche Bank AG, a major German banking institution. See &#147;Our
Management&#148; on page 46 of this prospectus and &#147;Investment Advisory and Other Services&#148; on page B-20
of the SAI.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Management Fees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We pay our investment manager a management fee, computed weekly and payable monthly, at the
annual rate of 0.65% of our average weekly net assets up to $100&nbsp;million, and 0.55% of our assets
in excess of $100&nbsp;million. We pay our investment adviser an advisory fee, computed weekly and
payable monthly, at an annual rate of 0.35% of our average weekly net assets up to $100&nbsp;million and
0.25% of our assets in excess of $100&nbsp;million. See &#147;Our Management&#148; on page 46 of this prospectus
and &#147;Investment Advisory and Other Services&#148; on page B-18 of the SAI.
</DIV>
</DIV>


<P align="center" style="font-size: 10pt">-7-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Custodians</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors Bank &#038; Trust Company acts as our custodian. Our custodian has agreements with a
global network of sub-custodians. See &#147;Custodians, Dividend-Paying Agent, Transfer Agent and
Registrar&#148; on page 60 of this prospectus.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Dividend-Paying Agent, Transfer Agent and Registrar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors Bank &#038; Trust Company acts as our dividend-paying agent, transfer agent and
registrar.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Special Risk Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risks Relating to Foreign Investment Generally</I>. Foreign investments may involve certain
considerations and risks not typically associated with those of domestic origin as a result of,
among other things, the possibility of political and economic developments and the level of
governmental supervision and regulation of foreign securities markets. In addition, certain
foreign markets may be substantially smaller, less developed, less liquid and more volatile than
the major markets of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some foreign markets in which we invest are considered to be in emerging market countries.
Investment in these countries subjects us to a greater risk of loss than investments in a country
with more developed markets. This is due to, among other things, greater market volatility, lower
trading volume, political and economic instability, greater risk of market shut down and more
governmental limitations on foreign investment policy than those typically found in a developed
market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The economies of individual emerging market countries may differ favorably or unfavorably from
the U.S. economy in many respects. The economies of emerging market countries generally are
heavily dependent upon international trade and have been and may be adversely affected by trade
restrictions, currency values and economic conditions in the countries with which they trade. In
addition, foreign investment in certain emerging markets is restricted or controlled to varying
degrees, which will increase our costs and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some emerging market countries may require governmental approval for the repatriation of
investment income, capital or the proceeds of sales of securities by foreign investors. In
addition, if a deterioration occurs in an emerging market country&#146;s balance of payments, the
country could impose temporary restrictions on foreign capital remittances. Investing in local
markets in emerging market countries may require us to adopt special procedures, seek local
government approvals or take other actions, each of which may involve additional costs to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An established secondary markets might not exist for many of the emerging market issuer
securities in which we invest. This reduced secondary market liquidity may have an adverse effect
on market price and our ability to dispose of particular instruments when necessary, and may make
it more difficult for us to obtain accurate market quotations for purposes of valuing our portfolio
and calculating our net asset value.
</DIV>
</DIV>


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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a detailed discussion of risk factors, see &#147;Risk Factors&#148; on page 36 of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risks Relating to Investment in Russia</I>. Investing in Russia subjects us to many of the same
risks associated with investing in Central European countries, which are discussed below. There
are significant risks inherent in securities of Russian issuers that are not typically associated
with securities of companies in more developed countries. The value of Russian securities may be
affected by various uncertainties, such as economic, political and social instability, investment
and regulatory risk, including crime and corruption in government and business, and inconsistency
and underdevelopment of Russia&#146;s tax and legal systems. As is the case with issuers in most
emerging markets, securities of Russian issuers are subject to a higher degree of volatility than
the securities of Western companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia has made transitional movements from a centrally controlled command system to a
market-oriented, democratic model of government, but its continued development, and the pace with
which it continues to make this transition, remains uncertain. There has been widespread
speculation recently about the future of Russia&#146;s presidency and political reforms. Russia&#146;s role
and its reintegration into the global political economy are also unclear, and internal regional
conflicts continue to exist.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Russian economy relies heavily on the production and export of oil. Russia also has
substantial trading links with Iraq. Because Russia is highly sensitive to changes in the world
oil price and because of United States legal and military action against Iraq, it is even more
difficult to predict future oil price movements with any certainty, and fluctuations in pricing may
increase substantially.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A centralized public market for trading Russian securities has not developed, despite the
number of stock exchanges in Russia, and trading occurs mostly over-the-counter. Corporate
governance standards for Russian companies have also proven to be poor, and minority stockholders
in Russian companies have suffered losses due to abusive share dilutions, asset transfers and
transfer-pricing practices. Stockholders of Russian companies also lack many of the protections
available to stockholders of Western issuers. The events involving Yukos in 2004 led many
investors to pull capital out of Russia over concerns of a lack of the rule of law and shareholder
rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting, financial and auditing reporting by Russian companies is also generally of lower
quality and less reliable compared with Western companies. Laws and regulations involving foreign
investment in Russian enterprises, title to securities and transfer of title are also relatively
new and can change quickly and unpredictably. Moreover, Russia&#146;s taxation system is frequently
subject to change and enforcement is inconsistent at federal, regional and local levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risks Relating to Investment in Central Europe. </I>Central European countries are in varying
stages of transition towards developing market-oriented economies based on private and
entrepreneurial initiatives, multi-party democracies, pluralism and market economies. These
countries experienced extremely volatile market performance in the past decade, and investing in
securities of Central European issuers entails all of the risks of investing in securities of
foreign issuers to a heightened degree. In addition, a substantial portion of the economic growth,
if any, of Central European countries is attributable to their export industries rather than
domestic
</DIV>
</DIV>


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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">consumption; therefore, the Central European countries are also highly susceptible to economic
downturns in Western European countries and the United States, which are substantial consumers of
their exported products.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central European markets continue to be relatively volatile, and our investments will remain
subject to currency fluctuation and local political, economic and social uncertainties. Investing
in any developing market means tolerating a certain amount of volatility and, in some cases, severe
market corrections. In addition, investments in a single region, even though representing a number
of different countries, may be affected by common economic forces and other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less developed markets involve higher levels of risk, and are subject to more substantial
volatility and price fluctuations than securities that are traded in more developed markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risks Relating to Investment in Turkey. </I>Investing in Turkey subjects us to many of the same
risks associated with investing in Central European countries that are described above; however,
investments in Turkey should be considered to have greater risks. There are significant risks
inherent in Turkish securities that are not typically associated with securities of companies in
more developed countries. The value of Turkish securities may be affected by various
uncertainties, such as economic, political and social instability, investment and regulatory risk.
The Turkish equity market is significantly less developed than securities markets in the United
States and Western Europe. The market in Turkey is smaller, less liquid, and more volatile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the past two decades, the Turkish economy has transitioned from a highly regulated
economy to a free market system. Despite a generally successful transition, the Turkish economy has
experienced significant macroeconomic imbalances. High levels of government debt and the high
current account deficit continue to threaten Turkey&#146;s economic stability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout its history, Turkey has been plagued by political instability, which could have an
adverse effect on the investment climate. Over the past 80&nbsp;years, 58 different governments have
ruled in Turkey, with military coups occurring once every decade from 1960 to 1980. Despite the
recent political stability, the potential for future political upheaval presents a very real risk
to the implementation of important economic reforms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uncertainties relating to Turkey&#146;s bid for EU membership are an additional source of
volatility in the Turkish financial markets. The criteria for joining the EU include implementation
of a number of political, legislative and economic reforms, which Turkey may decide in the future
that it is either unable or unwilling to fulfill. In addition, there is significant political
pressure within the European Union to move toward a &#147;privileged partnership&#148; with Turkey rather
than full membership. The negotiations are expected to last a decade, and market sentiment may
fluctuate dramatically as the negotiations progress.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the domestic political uncertainty, terrorism and political instability in
neighboring countries, such as Iran and Iraq, is another source of risk associated with investment
in Turkey.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dilution of Net Asset Value</I>. You will experience a dilution of the aggregate net asset value
per share of our common stock upon the completion of this rights offering because the
</DIV>
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subscription price may be less than our then current net asset value per share. This
dilution, which may be substantial, will be experienced by all stockholders, irrespective of
whether they exercise all or any portion of their rights. Also, stockholders who do not fully
exercise their rights should expect that they will own a smaller proportional interest in us after
the completion of the rights offering. The distribution to stockholders of transferable rights
which themselves may have intrinsic value will afford non-participating stockholders the potential
of receiving a cash payment upon sale of their rights, receipt of which may be viewed as partial
compensation for the dilution of their interest in us. No assurance can be given that a market for
the rights will develop, or as to the value, if any, that rights will have.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net Asset Value Discount</I>. Shares of closed-end investment companies frequently trade at a
discount from net asset value. This is a risk separate and distinct from the risk that our net
asset value will decrease. We cannot predict whether our common stock will trade at, above or
below net asset value. Our shares of common stock have generally traded at a discount. See
&#147;Market and Net Asset Value Information&#148; on page 18 of this prospectus. Stockholders wishing to
sell their shares of common stock during this rights offering should be aware that there is greater
risk that a discount to net asset value, which may increase during this rights offering, will
adversely affect them. This increased risk is because, among other things, the market price per
share may reflect anticipated dilution that will result from this rights offering. There can be no
assurance that, after the completion of this rights offering, our shares will trade at the same
level relative to net asset value as they currently do.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange Rate Fluctuations and Foreign Currency Considerations</I>. Substantially all of our
assets are invested in Russia and Central Europe, and substantially all of the income we receive
from these investments will be in euros or other foreign currencies. Since we will compute and
distribute income in U.S. dollars, and the computation of income will be made on the day we earn
the income, any fluctuation in the value of foreign currency relative to the U.S. dollar between
the earning of the income and the time at which we convert the foreign currencies to U.S. dollars
may have an adverse impact on us. In addition, since we will invest in securities denominated or
quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates will
affect the value of our securities in our portfolio and the unrealized appreciation or depreciation
of our investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generally expect that the foreign currencies received by us with respect to most of our
investments will be freely convertible into U.S. dollars on foreign exchange markets and that in
most cases the U.S. dollars received will be fully repatriable out of the various foreign countries
in which we invest. However, our investments in Russia are in securities denominated in Russian
rubles, which are not externally convertible into other currencies outside of Russia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not currently, nor do we expect to, engage in foreign exchange transactions as an
investment strategy. However, we may enter into forward currency transactions in the future in
order to hedge the value of our portfolio, if our investment manager and investment adviser deem it
necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Expense</I>. We may, subject to limitations, borrow money for temporary or emergency
purposes for the clearance of transactions. Borrowing money will subject us to interest expenses
and we may incur other transaction costs.
</DIV>
</DIV>



<P align="center" style="font-size: 10pt">-11-
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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain Provisions of Our Articles of Incorporation and Bylaws</I>. We have provisions in our
articles of incorporation and bylaws that could have the effect of delaying, deferring, preventing
or otherwise limiting the ability of other entities or persons to acquire control of us, to cause
us to engage in certain transactions or to modify our structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Custody</I>. Our foreign securities and cash are generally held in foreign banks and
securities depositories by a global network of custodians. There may be limited or no regulatory
oversight over their operations. Also, the laws of certain countries may limit on our ability to
recover our assets if a foreign bank, depository or issuer of a security, or any of their agents,
goes bankrupt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Market Disruption</I>. As a result of terrorist attacks on the World Trade Center and the
Pentagon on September&nbsp;11, 2001, some of the U.S. securities markets were closed for a four-day
period. These terrorist attacks and related events led to increased short-term market volatility.
U.S. military and related action in Iraq and events in the Middle East could have significant
adverse effects on U.S. and world economics and markets. A similar disruption of the U.S. or world
financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk,
inflation and other factors relating to our common stock.
</DIV>
</DIV>



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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FEE TABLE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder transaction expenses</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sales load (as a percentage of offering price) (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dividend reinvestment and cash purchase plan fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual expenses </B>(as a percentage of net assets attributable to common shares)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Advisory and management fees (3)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total annual expenses (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The dealer manager will receive a fee for its financial advisory, marketing and soliciting
services equal to &#091; &#093;% of the aggregate subscription price for shares issued pursuant to this
rights offering. The dealer manager will reallow to broker-dealers included in the selling
group to be formed and managed by the dealer manager selling fees equal to &#091; &#093;% of the
subscription price per share for each share issued pursuant to this rights offering as a
result of their selling efforts. In addition, the dealer manager will reallow to other
broker-dealers that have executed and delivered a soliciting dealer agreement and have
solicited the exercise of rights solicitation fees equal to &#091; &#093;% of the subscription price
per share for each share issued pursuant to the exercise of rights as a result of their
soliciting efforts, subject to a maximum fee based on the number of shares held by each
broker-dealer through DTC on the record date. We have also agreed to reimburse the dealer
manager for out-of-pocket expenses up to an aggregate of $&#091; &#093;. These fees will be
borne by us and indirectly by all of our stockholders, including those who do not exercise
their rights. See &#147;Our Rights Offering&#151;Distribution Arrangements&#148; on page 29 of this
prospectus.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Voluntary Cash Purchase Program and Dividend Reinvestment Plan&#148; on page 52 of this
prospectus.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Our Management&#148; on page 46 of this prospectus and &#147;Investment Advisory and Other
Services&#148; on page B-20 of the SAI for additional information.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The indicated advisory and management fees and the expense ratio assume that this rights
offering is fully subscribed, yielding estimated net proceeds of approximately $&#091; &#093;
million. It also assumes that net assets attributable to our common stock will not increase
or decrease due to price or currency fluctuation.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Other Expenses&#148; have been estimated for the current fiscal year.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This fee table is intended to assist investors in understanding the costs and expenses that an
investor will bear directly or indirectly by investing in our shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Example</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investor would directly or indirectly pay the following expenses on a $1,000 investment,
assuming a 5% annual return throughout the periods:
</DIV>
</DIV>



<P align="center" style="font-size: 10pt">-13-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">1 year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">3 years</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">5 years</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">10 years</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total expenses incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This example assumes that all dividends and all other distributions are reinvested at net
asset value and that the percentage amounts listed under &#147;Annual expenses&#148; remain the same in the
years shown. The example also reflects payment of the &#091; &#093;% sales load and other expenses incurred
in connection with this rights offering. The above tables and the assumption in this example of a
5% annual return are required by SEC regulations applicable to all investment companies; the
assumed 5% annual return is not a prediction of, and does not represent, the projected or actual
performance of our shares. For a more complete description of our costs and expenses, see &#147;Our
Management&#148; on page 46 of this prospectus, &#147;Investment Advisory and Other Services&#148; on page B-20 of
the SAI and &#147;Brokerage Allocation and Other Practices&#148; on page B-29 of the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This example should not be considered a representation of future expenses or rate of return,
and our actual expenses may be greater or less than those shown.</B>
</DIV>
</DIV>




<P align="center" style="font-size: 10pt">-14-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FINANCIAL HIGHLIGHTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below and on the next page is selected data for a share of common stock outstanding
throughout each of the years indicated. The information below and on the next page for fiscal
years 2004-1995 has been audited by PricewaterhouseCoopers LLP
(&#147;PwC&#148;), our Independent Registered
Public Accounting Firm, whose report thereon was unqualified. The information should be read in
conjunction with the financial statements and notes contained therein. The unqualified report of
PwC for the year ended October&nbsp;31, 2004 is included in the SAI under &#147;Financial Statements.&#148; The
information below for the six months ended April&nbsp;30, 2005 is unaudited.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>For the six</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>April&nbsp;30, 2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>For the year ended October 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Per share operating performance</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net asset value:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15.99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.08</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.09</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net realized and unrealized gain
(loss)&nbsp;on investments and foreign
currency transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.70</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.38</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;from investment
operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.60</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.47</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase resulting from share
repurchases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net investment
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net realized
foreign currency gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.13</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net realized
short-term capital gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net realized
long-term capital gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total distributions<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilution from rights offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.15</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dealer manager fees and offering costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilution in NAV from dividend
reinvestment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net asset value:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">End of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market value:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">End of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total
investment return for the<BR>
period:<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Based upon market value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.31</TD>
    <TD nowrap>%<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23.43</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7.79</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.00</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Based upon net asset value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.96</TD>
    <TD nowrap>%<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35.20</TD>
    <TD nowrap>%<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14.31</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.94</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio to average net assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total expenses before custody
credits<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.22</TD>
    <TD nowrap>%<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.51</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.37</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net investment income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.26</TD>
    <TD nowrap>)%<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.44</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.63</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.44</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Portfolio turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.72</TD>
    <TD nowrap>%<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">59.17</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets at end of period (000&#146;s
omitted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">316,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">292,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">126,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140,923</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-BOTTOM: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">(1)&nbsp;For U.S. tax purposes, total
distributions consisted of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ordinary income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Long-term capital gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%;">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Total investment return based on market value is calculated assuming that shares of the Fund&#146;s common stock were purchased at the closing market price as of the beginning of
the year, dividends, capital gains and other distributions were reinvested as provided for in the Fund&#146;s dividend reinvestment plan and then sold at the closing market price per
share on the last day of the year. The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment
return based on the net asset value is similarly computed except that the Fund&#146;s net asset value </TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-15-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>is substituted for the closing market value.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Return excludes the effect of the $2.15 per share dilution associated with the Fund&#146;s rights offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The custody credits are attributable to interest earned on the U.S. cash balances. The ratios of total expenses after custody credits to average net assets are 1.21%, 1.26%,
1.50%, 1.54%, 1.62% and 1.35% for the periods ending 2005, 2004, 2003, 2002, 2001 and 2000, respectively</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Annualized</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Not annualized</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Not annualized. The ratio for the six months ended April&nbsp;30, 2005 has not been annualized since we believe it would not be appropriate because our dividend income is not
earned ratably throughout the year</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">-16-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FINANCIAL HIGHLIGHTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>For the year ended October 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1999</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1998</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1997</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1996</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1995</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Per share operating performance</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net asset value:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.08</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net realized and unrealized gain (loss)&nbsp;on
investments and foreign currency transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.18</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;from investment operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.05</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase resulting from share
repurchases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.13</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.13</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.19</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net
realized foreign currency gains<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net realized
short-term capital<BR>gains<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions from net realized long-term capital
gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.81</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.14</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.57</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.92</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.38</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.20</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilution in NAV from dividend reinvestment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.46</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.27</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net asset value:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">End of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20.70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market value:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">End of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13.0625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23.125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19.625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total investment
return for the
year:<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Based upon market value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3.29</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22.89</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28.93</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.37</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Based upon net asset value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26.09</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.22</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio to average net assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total expenses before
custody credits <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.24</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net investment income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.44</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.68</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Portfolio turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">68.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52.30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.89</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets at end of year (000&#146;s omitted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">157,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">173,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">325,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">289,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">247,529</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Characterized as ordinary income for tax purposes.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Total investment return based on market value is calculated assuming that shares of our common stock were purchased at the closing market price
as of the beginning of the year, dividends, capital gains and other distributions were reinvested as provided for in our dividend reinvestment plan and
then sold at the closing market price per share on the last day of the year. The computation does not reflect any sales commission investors may incur
in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund&#146;s net
asset value is substituted for the closing market value.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The custody credits are attributable to interest earned on U.S. cash balances. The ratios of total expenses after custody credits to average net
assets are 1.43% and 1.17% for 1999 and 1998, respectively.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-17-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKET AND NET ASSET VALUE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our outstanding common stock is, and the shares offered for subscription pursuant to this
rights offering will be, listed on the NYSE. Our common stock is also listed on the Regulated
Market Segment (Geregelter Markt) of the Frankfurt Stock Exchange. Since our commencement of
operations in March&nbsp;1990, our common stock has traded in the market at both a premium and a
discount to net asset value. Since 1990, our common stock has generally traded at a discount to
net asset value. Our officers have not determined the reasons why our common stock has traded at a
discount to net asset value, nor can they predict whether our common stock will continue to trade
at a discount to net asset value, and if so, the level of such discount. Shares of closed-end
investment companies frequently trade at a discount to net asset value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We announced our intention to register securities in connection with this rights offering on
November &#091; &#093;, 2005. The net asset values per share of our common stock at the close of business
on November &#091; &#093;, 2005 and &#091; &#093;, 2005, the last business day prior to the date of this
prospectus, were $&#091; &#093; and $&#091; &#093;, respectively, and the last reported sale prices of
a share of common stock on the NYSE were $&#091; &#093; and $&#091; &#093;, respectively, &#091; &#093;% and &#091;
&#093;% of net asset value, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth for our common stock for the periods indicated: (i)&nbsp;the per
share net asset value corresponding to the high/low market price for each quarter, (ii)&nbsp;the per
share high and low market price on the NYSE, (iii)&nbsp;the discount to net asset value of each high/low
market price and (iv)&nbsp;the total volume of trading on the NYSE during the period.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Discount to net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Volume of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Net
asset value (1)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Market price (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>asset value (%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>trading</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(3)(shares)</B></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fiscal Year 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,444,035</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April&nbsp;30, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,203,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">July&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,667,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">October&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,185,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fiscal Year 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,223,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April&nbsp;30, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,396,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">July&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,010,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">October&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">47.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,987,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fiscal Year 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January&nbsp;31, 2006
(through November
&#091; &#093;, 2005)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on our computations</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>As reported by the NYSE</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>As reported by the NYSE</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-18-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR RIGHTS OFFERING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Purpose of Our Rights Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has determined that it would be in our best interest and in our
stockholders&#146; best interest to increase our assets available for investment, thereby permitting us
to take advantage more fully of investment opportunities. In connection with our directors&#146;
consideration of this rights offering, Deutsche Investment Management Americas Inc. (&#147;DIMA), our
investment manager, and Deutsche Asset Management International GmbH (&#147;DeAMI&#148;), our investment
adviser, believe that the outlook for a number of industries and companies in Central Europe,
Russia and Turkey is promising.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIMA believes that the long-term outlook for the Czech Republic, Hungary and Poland has
improved considerably since their accession into the European Union (&#147;EU&#148;) in May&nbsp;2004 and their
planned entry in the European Monetary Union (&#147;EMU&#148;). DIMA believes that these countries may be
able to realize higher GDP growth rates than the overall EU (as currently constituted). DIMA also
believes that EU admission has improved transparency, corporate standards and liquidity of the
regional capital markets, thereby further attracting both foreign and domestic investor interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIMA also views Russia and Turkey as two particularly attractive investment markets. In
Russia, President Putin has renewed his commitment to reform with a focus on issues important to
investors, such as limiting the authority of tax officials and clarifying property rights. Also,
the government has taken the opportunity to utilize oil revenues to pay down external debt. In
recognition of the government&#146;s fiscal responsibility, Russia now enjoys investment-grade status
with all three major ratings agencies. DIMA believes that high energy prices could well persist,
and Russia should be a major beneficiary, as an improved infrastructure (rail, road, and pipelines)
should facilitate the expected growth in oil output. In Turkey, the government has undertaken
important structural reforms in its economy and recently began formal membership discussions with
the EU. Further, the government&#146;s tightening of fiscal policy has led to a decline in inflation
and interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the economies of Russia and Turkey improve and reform programs continue as anticipated,
both countries can expect upgrades in their credit ratings, which in turn should result in lower
interest rates and higher economic growth. Overall in the region, but particularly in Russia and
Turkey, privatization plans are well under way, which DIMA expects to result in attractive
investment opportunities. In addition, DIMA believes that attractive investment opportunities may
well arise in other Central European countries currently not represented within the Fund&#146;s
portfolio (e.g., Ukraine, Bulgaria and Romania) as these economies and capital markets develop
further. Despite forecasts that the economies of &#147;Emerging Europe&#148; will enjoy faster growth than
their Western European counterparts in 2006 and 2007, stock markets throughout emerging Europe
trade at similar or in most cases lower price-to-earnings and price-to-book ratios than those in
Western Europe and the United States.
</DIV>

<P align="center" style="font-size: 10pt">-19-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the positive economic and market developments, as well as attractive valuations, DIMA
and DeAMI believe that now is an opportune time to further invest in Central Europe, Russia and
Turkey.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This rights offering provides existing stockholders the opportunity to purchase additional
shares of our common stock at a price that is below market price and may be below net asset value
(subject to the sales load described in this prospectus). The distribution to stockholders of
transferable rights, which may themselves have intrinsic value, also will afford non-participating
stockholders the potential of receiving cash payment upon the sale of the rights, receipt of which
may be viewed as partial compensation for the dilution of their interests. In addition, our board
of directors believes that increasing our assets available for investment should result in a modest
lowering of our expenses as a percentage of average net assets because our fixed costs can be
spread over a larger asset base. Our board of directors has considered the impact of this rights
offering on our net asset value per share. For a discussion of the potential impact of this rights
offering on current stockholders, such as dilution, see &#147;Risk Factors and Special Considerations&#148;
on page 36 of this prospectus and &#147;&#151;Investment Considerations&#148; below on page 32.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining that this rights offering was in our best interest and in the best interest of
our stockholders, our board of directors retained &#091; &#093;, the dealer manager in this rights
offering, to provide us with financial advisory, marketing and soliciting services relating to this
rights offering, including the structure, timing and terms of the rights offering. In addition,
our board of directors considered, among other things, using a fixed pricing versus variable
pricing mechanism, the benefits and drawbacks of conducting a non-transferable versus a
transferable rights offering, the effect on us if this rights offering is not fully subscribed and
the experience of the dealer manager in conducting rights offerings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that this rights offering will be successful or that, by increasing our
size, our aggregate expenses and, correspondingly, our expense ratio will be lowered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, in the future and at our discretion, choose to make additional rights offerings from
time to time for a number of shares and on terms which may or may not be similar to this rights
offering. Any such future rights offering will be made in accordance with the Investment Company
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of certain benefits of this rights offering to our affiliates, see &#147;&#151;Certain
Effects of This Rights Offering&#148; below on page 31.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Terms of the Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are issuing to stockholders on the record date transferable rights to subscribe for an
aggregate of &#091; &#093; shares of our common stock. Stockholders of record will receive one
right for each share of our common stock held on the record date. Each stockholder on the record
date, or each rights holder, will be entitled to acquire at the subscription price one share of our
common stock for every three rights held. Fractional shares of our common stock will not be issued
upon the exercise of rights; accordingly, rights may be exercised only in integer multiples of
three, except that any stockholder on the record date who is issued fewer than three rights may
subscribe, at the subscription price, for one full share of our common stock. Rights may be
</DIV>

<P align="center" style="font-size: 10pt">-20-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exercised at any time during the subscription period, which commences on &#091; &#093; , 2005
and ends on the expiration date, which is 5:00 p.m., New York City time, on &#091; &#093;, 2005. We
may extend the expiration date until 5:00 p.m., New York City time, to a date not later than &#091;
&#093;, 2006. See &#147;&#151;Expiration of This Rights Offering&#148; below on page 24. Shares of our common
stock not subscribed for during the subscription period will be offered, by means of the
over-subscription privilege, to our stockholders on the record date who fully exercise the rights
issued to them pursuant to this rights offering (other than those rights that cannot be exercised
because they represent in the aggregate the right to acquire less than one share of our common
stock) and who wish to acquire more than the number of shares they are entitled to purchase
pursuant to the exercise of their rights, subject to certain limitations and subject to allotment.
Investors who are not stockholders on the record date, but who otherwise acquire rights to purchase
shares of our common stock pursuant to this rights offering, are not entitled to subscribe for any
shares of our common stock pursuant to the over-subscription privilege. See &#147;&#151;Over-Subscription
Privilege&#148; below on page 21.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining the maximum number of shares of our common stock a stockholder may
acquire pursuant to this rights offering, broker-dealers whose shares are held of record by Cede &#038;
Co., the nominee for the Depository Trust Company (&#147;DTC&#148;), or by any other depository or nominee
will be deemed to be the holders of the rights that are held by Cede &#038; Co. or such other depository
or nominee on their behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights are transferable and application will be made to list them for trading on the NYSE
under the symbol &#147; &#147;. See &#147;&#151;Transferability and Sale of Rights&#148; below on page 22.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights may be exercised by completing a subscription certificate and delivering it, together
with payment at the estimated subscription price, to the subscription agent. A rights holder will
have no right to rescind a purchase after the subscription agent has received a completed
subscription certificate together with payment for the shares offered pursuant to this rights
offering. Rights holders who exercise the rights will not know at the time of exercise the
subscription price of the shares being acquired and will be required initially to pay for both the
shares subscribed for during the subscription period and, if eligible, any additional shares
subscribed for pursuant to the over-subscription privilege at the estimated subscription price of
$&#091; &#093; per share. For a discussion of the method by which rights may be exercised and
shares paid for, see &#147;&#151;Exercise of Rights&#148; below on page 25 and &#147;&#151;Payment for Shares&#148; below on
page 26.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no minimum number of rights which must be exercised in order for this rights offering
to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Over-Subscription Privilege</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares not subscribed for during the subscription period will be offered, by means of the
over-subscription privilege, only to stockholders on the record date who have exercised all rights
issued to them (other than those rights that cannot be exercised because they represent in the
aggregate the right to acquire less than one share of our common stock) and who wish to acquire
more than the number of our shares of our common stock for which the rights issued to them are
exercisable. Investors who are not stockholders on the record date, but who otherwise acquire
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">rights to purchase shares of our common stock pursuant to this rights offering, are not
entitled to subscribe for any shares of our common stock pursuant to the over-subscription
privilege.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders on the record date who are fully exercising their rights during the subscription
period should indicate, on the subscription certificate which they submit with respect to the
exercise of the rights issued to them, how many shares they are willing to acquire pursuant to the
over-subscription privilege.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All over-subscriptions will be honored in full to the extent that our shares of common stock
not subscribed for during the subscription period are available. If there are insufficient shares
of our common stock to honor all over-subscriptions, the available shares of our common stock will
be allocated pro rata among those who over-subscribe based solely on the number of rights initially
issued to them pursuant to this rights offering, so that the number of shares of our common stock
issued to stockholders who subscribe pursuant to the over-subscription privilege will generally be
in proportion to the number of shares of our common stock owned by them on the record date. The
allocation process may involve a series of allocations in order to assure that the total number of
shares of common stock available for over-subscriptions is distributed on a pro rata basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not offer or sell any shares of our common stock which are not subscribed for during
the subscription period or pursuant to the over-subscription privilege.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transferability and Sale of Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights are transferable until the close of business on the last business day prior to the
expiration date, which is &#091; &#093;, 2006, unless we extend the expiration date, until 5:00 p.m.,
New York City time, to a date not later than &#091; &#093;, 2006. Application will be made to list
the rights on the NYSE under the symbol &#147;&#091; &#093;&#148;, subject to notice of issuance. Trading in
the rights on the NYSE is expected to be conducted on a when-issued basis from &#091; &#093;, 2005
until the record date; thereafter, they will trade regular way until the expiration date (including
extensions). Stockholders are encouraged to contact their broker, bank or financial adviser for
more information about trading the rights. We will use our best efforts to ensure that an adequate
trading market for the rights will exist, although there is no assurance that a market for the
rights will develop. Assuming a market exist for the rights, the rights may be purchased and sold
through usual brokerage channels or sold through the subscription agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sales through the Subscription Agent and the Dealer Manager. </I>Stockholders on the record date
who do not wish to exercise any of the rights issued to them pursuant to this rights offering may
instruct the subscription agent to sell any unexercised rights through or to the dealer manager.
Subscription certificates representing the rights to be sold through or to the dealer manager must
be received by the subscription agent on or before &#091; &#093;, 2006 (or, if the subscription
period is extended, on or before two business days prior to the extended expiration date). Upon
the timely receipt by the subscription agent of appropriate instructions to sell rights, the
subscription agent will ask the dealer manager either to purchase or to use its best efforts to
complete the sale, and the subscription agent will remit the proceeds of the sale to the selling
stockholder. If the rights are sold, sales of those rights will be deemed to have been effected at
the weighted average price received by the dealer manager on the day those rights are sold. The
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">sale price of any rights sold to the dealer manager will be based upon the then current market
price for the rights. The dealer manager will also attempt to sell all rights which remain
unclaimed as a result of subscription certificates being returned by the postal authorities to the
subscription agent as undeliverable as of the fourth business day prior to the expiration date (or,
if the subscription period is extended, as of the fourth business day prior to the extended
expiration date). The subscription agent will hold the proceeds from those sales for the benefit of
those nonclaiming stockholders until the proceeds are either claimed or escheat. There can be no
assurance that the dealer manager will purchase or be able to complete the sale of any of those
rights and neither we nor the dealer manager have guaranteed any minimum sales price for the
rights. If a stockholder does not utilize the services of the subscription agent and chooses to use
another broker-dealer or other financial institution to sell rights issued to them pursuant to this
rights offering, then the other broker-dealer or financial institution may charge a fee to sell the
rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Transfers. </I>The rights evidenced by a subscription certificate may be transferred in
whole by endorsing the subscription certificate for transfer in accordance with the accompanying
instructions. A portion of the rights evidenced by a single subscription certificate (but not
fractional rights) may be transferred by delivering to the subscription agent a subscription
certificate properly endorsed for transfer, with instructions to register such portion of the
rights evidenced thereby in the name of the transferee and to issue a new subscription certificate
to the transferee evidencing the transferred rights. If this occurs, a new subscription certificate
evidencing the balance of the rights, if any, will be issued to the stockholder or, if the
stockholder so instructs, to an additional transferee. The signature on the subscription
certificate must correspond with the name as written upon the face of the subscription certificate
in every particular, without alteration or enlargement, or any change. A signature guarantee must
be provided by an eligible financial institution as defined in Rule&nbsp;17Ad-15 of the Exchange Act,
subject to the standards and procedures we adopt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders wishing to transfer all or a portion of their rights should allow at least five
business days prior to the expiration date for: (i)&nbsp;the transfer instructions to be received and
processed by the subscription agent; (ii)&nbsp;a new subscription certificate to be issued and
transmitted to the transferee or transferees with respect to transferred rights, and to the
transferor with respect to retained rights, if any; and (iii)&nbsp;the rights evidenced by the new
subscription certificate to be exercised or sold by the recipients of the subscription certificate.
Neither we nor the subscription agent nor the dealer manager shall have any liability to a
transferee or transferor of rights if subscription certificates are not received in time for
exercise or sale prior to the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for the fees charged by the subscription agent and dealer manager (which are expected
to be paid from the proceeds of the offering), all commissions, fees and other expenses (including
brokerage commissions and transfer taxes) incurred or charged in connection with the purchase, sale
or exercise of rights will be for the account of the transferor of the rights, and none of these
commissions, fees or expenses will be paid by us, the subscription agent or the dealer manager.
Stockholders who wish to purchase, sell, exercise or transfer rights through a broker, bank or
other party should first inquire about any fees and expense that the stockholder will incur in
connection with the transactions.
</DIV>

<P align="center" style="font-size: 10pt">-23-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that the rights will be eligible for transfer through, and that the exercise of
the primary subscription and the over-subscription may be effected through, the facilities of DTC
using the PSOP System at or prior to 5:00 p.m., New York City time, on the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Subscription Price</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subscription price per share of our common stock will be &#091; &#093;% of the lower of (i)&nbsp;the
average of the last reported sale prices of a share of our common stock on the NYSE on the
expiration date and the preceding four business days and (ii)&nbsp;the net asset value per share as of
the close of business on the expiration date. For example, if the average of the last reported
sale prices on the NYSE on the expiration date and the preceding four business days of a share of
our common stock is $&#091; &#093; and the net asset value per share of our common stock on the
expiration date is $&#091; &#093;, the subscription price would be $&#091; &#093; (&#091; &#093;% of $&#091;
&#093;). If, however, the five-day average of the last reported sale prices on the NYSE on the
expiration date is $&#091; &#093;, and the net asset value per share of our common stock on such date
is $&#091; &#093;, the subscription price would be $&#091; &#093; (&#091; &#093;% of $&#091; &#093;). Since the
expiration date of the subscription period will be &#091; &#093;, 2006 (unless we extend the
subscription period), rights holders will not know the subscription price at the time of exercise
and will be required initially to pay for both the shares subscribed for on primary subscription
and, if eligible, any additional shares subscribed for pursuant to the over-subscription privilege
at the estimated subscription price of $&#091; &#093; per share. See &#147;Payment for Shares&#148; below.
Rights holders who exercise their rights will have no right to rescind a purchase after receipt of
their completed subscription certificates together with payment for shares by the subscription
agent. We do not have the right to withdraw the rights or cancel this rights offering after the
rights have been distributed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We announced our intention to register securities in connection with this rights offering on &#091;
&#093;, 2005. The net asset values per share of our common stock at the close of business on &#091;
&#093;, 2005 and on &#091; &#093;, 2005, the last business day prior to the date of this
prospectus, were $&#091; &#093; and $&#091; &#093;, respectively, and the last reported sale prices of
a share of our common stock on the NYSE on such dates were $&#091; &#093; and $&#091; &#093;,
respectively, equivalent to &#091; &#093;% and &#091; &#093;% of net asset value, respectively. See &#147;Market and Net
Asset Value Information&#148; on page 18 of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Expiration of This Rights Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offer will expire at 5:00 p.m., New York City time, on &#091; &#093;, 2006 unless we extend
the expiration date. Rights will expire on the expiration date and may not be exercised after this
date. If we extend the expiration date, we will make an announcement as promptly as practicable.
This announcement will be issued no later than 5:00 p.m., New York City time, on the business day
prior to the previously scheduled expiration date. Without limiting the manner in which we may
choose to make this announcement, we will not, unless otherwise required by law, have any
obligation to publish, advertise or otherwise communicate this announcement other than by making a
release to the Dow Jones News Service or any other means of public announcement as we may deem
proper.
</DIV>

<P align="center" style="font-size: 10pt">-24-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Subscription Agent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subscription agent for this rights offering is Colbent Corporation, which will receive for
its administrative, processing, invoicing and other services as subscription agent a fee estimated
to be approximately $&#091; &#093;, including reimbursement for all out-of-pocket expenses related to
this rights offering. Questions regarding the subscription certificates should be directed to
Georgeson Shareholder Communications Inc., our information agent at &#091; &#093;; stockholders may
also consult their brokers or nominees. <B>Signed subscription certificates should be sent, together
with payment of the estimated subscription price, to Colbent Corporation, attention: Corporate
Actions, </B>by one of the methods described below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:30px; text-indent:-15px">(1) BY MAIL:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2) BY EXPRESS MAIL OR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(3) BY HAND:</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">P.O. Box 859208
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OVERNIGHT COURIER:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Securities Transfer and Reporting</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Braintree, MA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">161 Bay State Road
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Services, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">02185-9208
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Braintree, MA 02184
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">c/o Colbent Corporation</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100 William Street Galleria</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York, NY 10038</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We will honor only subscription certificates received by the subscription agent on or prior to
the expiration date at one of the addresses listed above. Delivery to an address other than those
listed above will not constitute good delivery.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exercise of Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights are evidenced by subscription certificates that will be mailed to stockholders of
record or, if stockholder&#146;s shares are held by Cede &#038; Co. or any other depository or nominee, to
Cede &#038; Co. or the other depository or nominee. Rights may be exercised by filling in and signing
the subscription certificate and mailing it in the envelope provided, or otherwise delivering the
completed and signed subscription certificate to the subscription agent, together with payment at
the estimated subscription price for the shares as described below under &#147;&#151;Payment for Shares&#148; on
page 26 of this prospectus. Rights may also be exercised by contacting your broker, banker or
trust company, which can arrange, on your behalf, to guarantee delivery of payment and of a
properly completed and executed subscription certificate. A fee may be charged for this service.
Completed subscription certificates and payments must be received by the subscription agent prior
to 5:00 p.m., New York City time, on the expiration date at the offices of the subscription agent
at the addresses set forth above under &#147;Subscription Agent.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stockholders Who Are Record Owners. </I>Stockholders who are record owners can choose between
either option set forth below on page 26 under &#147;&#151;Payment for Shares.&#148; If time is of the essence,
option (2)&nbsp;will permit delivery of the subscription certificate and payment after the expiration
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investors Whose Shares Are Held By A Nominee. </I>Stockholders whose shares are held by a
nominee, such as a broker or trustee, must contact that nominee to exercise their rights. In that
case, the nominee will complete the subscription certificate on behalf of the investor and arrange
for proper payment by one of the methods set forth below under &#147;&#151;Payment for Shares.&#148;
</DIV>

<P align="center" style="font-size: 10pt">-25-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nominees. </I>Nominees, such as brokers, trustees or depositories for securities, who hold shares
of our common stock for the account of others should notify the respective beneficial owners of
such shares as soon as possible to ascertain those beneficial owners&#146; intentions and to obtain
instructions with respect to the rights. If the beneficial owner so instructs, the nominee should
complete the subscription certificate and submit it to the subscription agent with the proper
payment as described below on page 26 under &#147;&#151;Payment for Shares.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks, brokers, trustees and other nominee holders of rights will be required to certify to
the subscription agent, before any over-subscription privilege may be exercised with respect to any
particular beneficial owner on the record date, as to the aggregate number of rights exercised
during the subscription period and the number of shares subscribed for pursuant to the
over-subscription privilege by the beneficial owner and that the beneficial owner exercised all the
rights issued to them pursuant to this rights offering. Nominee-Holder Over-Subscription Exercise
Forms and Beneficial Owner Certification Forms will be distributed to banks, brokers, trustees and
other nominees with the subscription certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Information Agent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any questions or requests for assistance may be directed to the information agent at its
telephone number and address listed below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information agent for this rights offering is Georgeson Shareholder Communications Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have questions or need further information about this rights offering, please write or
call our information agent at 17 State Street, New York, New York 10004 or &#091; &#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders may also contact their brokers or nominees for information with respect to this
rights offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information agent will receive a fee estimated to be approximately $ , plus reimbursement
for all out-of-pocket expenses related to this rights offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Payment for Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights holders who wish to acquire shares of our common stock pursuant to this rights offering
or, if eligible, pursuant to the over-subscription privilege may choose between the following
methods of payment:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A rights holder can send the subscription certificate together with payment for the shares of
our common stock subscribed for during the subscription period and, if eligible, for any additional
shares subscribed for pursuant to the over-subscription privilege to the subscription agent based
upon an estimated subscription price of $&#091; &#093; per share. Subscription will be accepted
when payment, together with the executed subscription certificate, is received by the subscription
agent at one of the addresses set forth above; the payment and subscription certificate must be
received by the subscription agent no later than 5:00 p.m., New York City time, on the expiration
date. The subscription agent will deposit all checks received by it for the purchase of shares
into a segregated interest-bearing account of ours (the interest from which
</DIV>

<P align="center" style="font-size: 10pt">-26-
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will belong to us) pending proration and distribution of shares of our common stock. A payment
pursuant to this method must be in U.S. dollars by money order or check drawn on a bank located in
the United States, must be payable to <B>The Central Europe and Russia Fund, Inc. </B>and must accompany
an executed subscription certificate for such subscription certificate to be accepted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Alternatively, a subscription will be accepted by the subscription agent if, prior to 5:00
p.m., New York City time, on the expiration date, the subscription agent has received a notice of
guaranteed delivery by facsimile (telecopy)&nbsp;or otherwise from a bank, a trust company or NYSE
member guaranteeing delivery of (i)&nbsp;payment of the full subscription price for the shares of our
common stock subscribed for during the subscription period and, if eligible, any additional shares
subscribed for pursuant to the over-subscription privilege, and (ii)&nbsp;a properly completed and
executed subscription certificate. The subscription agent will not honor a notice of guaranteed
delivery unless a properly completed and executed subscription certificate and full payment for the
shares of our common stock are received by the subscription agent by the close of business on the
fifth business day after the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the confirmation date, which will be seven business days following the pricing date, a
confirmation will be sent by the subscription agent to each rights holder exercising their rights
(or, if shares of our common stock are held by Cede &#038; Co. or any other depository or nominee, to
Cede &#038; Co. and that other depository or nominee), showing (i)&nbsp;the number of shares of our common
stock acquired during the subscription period, (ii)&nbsp;the number of shares, if any, acquired pursuant
to the over-subscription privilege, (iii)&nbsp;the per share and total purchase price for the shares and
(iv)&nbsp;any additional amount payable to us by the rights holder or any excess to be refunded by us to
the rights holder, in each case based on the subscription price as determined on the expiration
date. If any rights holder, if eligible, exercises his right to acquire shares of our common stock
pursuant to the over-subscription privilege, any excess payment which would otherwise be refunded
to the rights holder will be applied by us toward payment for shares acquired pursuant to exercise
of the over-subscription privilege. Any additional payment required from a rights holder must be
received by the subscription agent within ten business days after the confirmation date. Any
excess payment to be refunded by us to a rights holder will be mailed by the subscription agent to
him as promptly as practicable. All payments by a rights holder must be in U.S. dollars by money
order or check drawn on a bank located in the United States and payable to <B>The Central Europe and
Russia Fund, Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whichever of the two methods described above is used, issuance and delivery of certificates
for the shares of our common stock purchased are subject to collection of checks and actual
payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A rights holder who has exercised their rights will have no right to rescind their
subscription after receipt of the completed subscription certificate together with payment for
shares by the subscription agent.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a rights holder who acquires shares of our common stock during the subscription period or
pursuant to the over-subscription privilege does not make payment of any additional amounts due, we
reserve the right to take any or all of the following actions: (i)&nbsp;find other stockholders for the
subscribed and unpaid for shares; (ii)&nbsp;apply any payment actually received
</DIV>

<P align="center" style="font-size: 10pt">-27-
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by us toward the purchase of the greatest whole number of shares which could be acquired by
the rights holder upon exercise of his rights acquired during the subscription period or pursuant
to the over-subscription privilege; or (iii)&nbsp;exercise any and all other rights or remedies to which
we may be entitled, including, without limitation, the right to set-off against payments actually
received by us with respect to the subscribed shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The method of delivery of subscription certificates and payment of the subscription price to
the subscription agent will be at the election and risk of the stockholders, but if sent by mail it
is recommended that such forms and payments be sent by registered mail, properly insured, with
return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the
subscription agent and clearance of payment prior to 5:00 p.m., New York City time, on the
expiration date. Because uncertified personal checks may take at least five business days to
clear, you are strongly urged to pay, or arrange for payment, by means of certified or cashier&#146;s
check or money order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All questions concerning the timeliness, validity, form and eligibility of any exercise of
rights will be determined by us, which determinations will be final and binding. We, in our sole
discretion, may waive any defect or irregularity, or permit a defect or irregularity to be
corrected within such time as we may determine, or reject the purported exercise of any right.
Subscriptions will not be deemed to have been received or accepted until substantially all
irregularities have been waived or cured within such time as we determine in our sole discretion.
We will not be under any duty to give notification of any defect or irregularity in connection with
the submission of subscription certificates or incur any liability for failure to give such
notification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Notice of Net Asset Value Decline</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have, pursuant to the SEC&#146;s regulatory requirements, undertaken to suspend this rights
offering until we amend this prospectus if subsequent to &#091; &#093;, 2005, the effective date of
our registration statement, our net asset value declines more than 10% from our net asset value as
of that date. In that event, we will notify stockholders on the record date of any such decline
and permit them to cancel their exercise of rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delivery of Stock Certificates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants in our dividend reinvestment plan will have any shares of our common stock
acquired pursuant to this rights offering credited to their stockholder dividend reinvestment
accounts in the plan. Stockholders whose shares are held of record by Cede &#038; Co. or by any other
depository or nominee on their behalf or their broker-dealers&#146; behalf will have any shares acquired
during the subscription period credited to the account of Cede &#038; Co. or other depository or
nominee. Shares acquired pursuant to the over-subscription privilege will be certificated and
stock certificates representing these shares will be sent directly to Cede &#038; Co. or other
depository or nominee. Stock certificates will not be issued for shares credited to plan accounts
for participants in our dividend reinvestment plan. With respect to all other stockholders, stock
certificates for all shares acquired pursuant to this rights offering will be mailed promptly after
payment for the shares subscribed for has cleared.
</DIV>

<P align="center" style="font-size: 10pt">-28-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Distribution Arrangements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091; &#093;, which is a broker-dealer and member of the National Association of
Securities Dealers, Inc., will act as dealer manager for this rights offering. Under the terms and
subject to the conditions contained in the dealer manager agreement, the dealer manager will
provide financial advisory services and marketing services in connection with this rights offering
and will solicit the exercise of rights and participation in the over-subscription privilege. This
rights offering is not contingent upon any number of rights being exercised. We have agreed to pay
the dealer manager a fee for its financial advisory, marketing and soliciting services equal to &#091;
&#093; of the aggregate subscription price for shares issued pursuant to this rights offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The dealer manager will reallow to broker-dealers included in the selling group to be formed
and managed by the dealer manager selling fees equal to &#091; &#093;% of the subscription price per share
for each share issued pursuant to this rights offering as a result of their selling efforts. In
addition, the dealer manager will reallow to other broker-dealers that have executed and delivered
a soliciting dealer agreement and have solicited the exercise of rights solicitation fees equal to
&#091; &#093;% of the subscription price per share for each share issued pursuant to exercise of rights as a
result of their soliciting efforts, subject to a maximum fee based on the number of shares held by
each broker-dealer through DTC on the record date. Fees will be paid to the broker-dealer
designated on the applicable portion of the subscription certificates or, in the absence of such
designation, to the dealer manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have agreed to reimburse the dealer manager up to $&#091; &#093; for its
reasonable expenses incurred in connection with this rights offering. We and our investment
manager have each agreed to indemnify &#091; &#093; or contribute to losses arising out of certain
liabilities, including liabilities under the Securities Act. The dealer manager agreement also
provides that the dealer manager will not be subject to any liability to us in rendering the
services contemplated by the dealer manager agreement except for any act of bad faith, willful
misconduct or gross negligence of the dealer manager or reckless disregard by the dealer manager of
its obligations and duties under the dealer manager agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the expiration of this rights offering, the dealer manager may independently offer
for sale shares of our common stock, including shares acquired through purchasing and exercising
the rights, at prices it sets. The dealer manager may realize profits or losses independent of any
fees described in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed not to offer or sell, or enter into any agreement to sell, any equity or equity
related securities of ours or securities convertible into equity or equity related securities for a
period of 180&nbsp;days after the date of the dealer manager agreement without the prior consent of the
dealer manager, except for the shares of our common stock issued in reinvestment of dividends or
distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Restrictions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription certificates will not be mailed to stockholders whose record addresses are
outside the United States, which includes the District of Columbia, and the territories and
possessions of the United States. These stockholders will receive written notice of this rights
</DIV>

<P align="center" style="font-size: 10pt">-29-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">offering. The rights to which these subscription certificates relate will be held by the
subscription agent for these stockholders&#146; accounts until instructions are received to exercise the
rights. If no instructions have been received by 5:00 p.m., New York City time on &#091; &#093;,
2006, three business days prior to the expiration date (or, if the subscription period is extended,
on or before three business days prior to the extended expiration date), the rights of these
stockholders will be transferred by the subscription agent to the dealer manager, which will either
purchase the rights or use its best efforts to sell the rights. The net proceeds, if any, from
sale of those rights by or to the dealer manager will be remitted to these stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Consequences</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary of the material United States federal income tax consequences of the
issuance and exercise, transfer or lapse of the rights does not discuss all aspects of federal
income taxation that may be relevant to a particular stockholder, and stockholders should consult
their own tax advisors regarding the tax consequences, including state, local and foreign tax
consequences, relevant to their particular circumstances.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of a right will not be includible in the income of a stockholder at
the time the right is issued.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The basis of a right issued to a stockholder will be zero, and the basis of the
share with respect to which the right was issued (the old share) will remain unchanged,
unless either (a)&nbsp;the fair market value of the right on the date of distribution is at
least 15% of the fair market value of the old share, or (b)&nbsp;the stockholder
affirmatively elects (in the manner set out in Treasury Regulations under the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;)) to allocate to the right a portion of
the basis of the old share. If either (a)&nbsp;or (b)&nbsp;applies, the stockholder must
allocate basis between the old share and the right in proportion to their fair market
values on the date of distribution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The basis of a right purchased in the market will generally be its purchase
price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The holding period of a right issued to a stockholder will include the holding
period of the old share.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No loss will be recognized by a stockholder if a right distributed to the
stockholder expires unexercised because the basis of the old share may be allocated to
a right only if the right is exercised. If a right that has been purchased in the
market expires unexercised, there will be a recognized loss equal to the basis of the
right.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any gain or loss on the sale of a right will be a capital gain or loss if the
right is held as a capital asset (which in the case of rights issued to stockholders
will depend on whether the old share is held as a capital asset), and will be a
long-term capital gain or loss if the holding period exceeds one year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No gain or loss will be recognized by a stockholder upon the exercise of a
right, and the basis of any share acquired upon exercise (the new share) will equal the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-30-
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sum of the basis, if any, of the right and the subscription price for the new share.
The holding period for the new share will begin on the date when the right is
exercised.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employee Plan Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders whose shares are in employee benefit plans subject to the Employee Retirement
Income Security Act of 1974, as amended (&#147;ERISA&#148;) (including corporate savings and 401(k) plans),
Keogh or H.R. 10 plans of self-employed individuals and individual retirement accounts should be
aware that additional contributions of cash to the employee retirement plan (other than rollover
contributions or trustee-to-trustee transfers from other employee retirement plans) in order to
exercise rights would be treated as contributions to the employee retirement plan and, when taken
together with contributions previously made, may result in, among other things, excise taxes for
excess or nondeductible contributions. In the case of employee retirement plan qualified under
Section 401(a) of the Code and certain other employee retirement plans, additional cash
contributions could cause the maximum contribution limitations of Section&nbsp;415 of the Code or other
qualification rules to be violated. In addition, there may be other adverse tax and ERISA
consequences if rights are sold or transferred by an employee retirement plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee retirement plans and other tax exempt entities, including governmental plans, should
also be aware that if they borrow in order to finance their exercise of rights, they may become
subject to the tax on unrelated business taxable income (&#147;UBTI&#148;) under Section&nbsp;511 of the Code. If
any portion of an individual retirement account (&#147;IRA&#148;) is used as security for a loan, the portion
so used is also treated as distributed to the IRA depositor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA contains fiduciary responsibility requirements, and ERISA and the Code contain
prohibited transaction rules that may affect the exercise of rights. Due to the complexity of these
rules and the penalties for noncompliance, employee retirement plans should consult with their
counsel and other advisers regarding the consequences of their exercise of rights under ERISA and
the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Effects of This Rights Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment manager and investment adviser will benefit from this rights offering because
the investment management fee and the investment advisory fee are based on our average weekly net
assets. See &#147;Our Management&#148; on page 46 of this prospectus and &#147;Investment Advisory and Other
Services&#148; on page B-20 of the SAI. It is not possible to state precisely the amount of additional
compensation our investment manager and investment adviser will receive as a result of this rights
offering because it is not known how many shares of our common stock will be subscribed for and
because the proceeds of this rights offering will be invested in additional portfolio securities,
which will fluctuate in value. However, assuming (i)&nbsp;all rights are exercised, (ii)&nbsp;our average
weekly net asset value during 2006 is $&#091; &#093; per share (the net asset value per share on &#091;
&#093;, 2005) and (iii)&nbsp;the subscription price is $&#091; &#093; per share (&#091; &#093;% of the last
reported sale price of a share of our common stock on &#091; &#093;, 2005) and after giving effect
to dealer manager and soliciting fees, our investment manager and investment adviser would receive
additional management and advisory fees of approximately $&#091; &#093; and
</DIV>

<P align="center" style="font-size: 10pt">-31-
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">$&#091; &#093;, respectively. In addition, certain affiliates of our investment manager and
investment advisor may, in their capacity as broker-dealers, charge commissions or other fees and
expenses to stockholders who exercise, transfer or purchase rights through them. Some of our
directors who voted to authorize this rights offering may benefit indirectly from their
affiliations. One of our directors who voted to authorize this rights offering is an interested
person of our investment manager and our investment adviser. Another one of our directors is
affiliated with &#091; &#093;, the dealer manager in this rights offering. The other directors who
voted to authorize this rights offering are not affiliated with our investment manager, investment
adviser or with the dealer manager. See &#147;Our Management&#148; on page 46 of this prospectus and
&#147;Management&#148; on page B-8 of the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of this rights offering, stockholders who do not exercise their rights fully
will own a smaller proportional interest in us than would be the case if this rights offering had
not been made. In addition, because the subscription price per share will be less than the then
net asset value per share of our common stock, this rights offering will result in a dilution of
net asset value per share of our common stock for all stockholders, irrespective of whether they
exercise all or any portion of the rights. This dilution will disproportionately affect
stockholders who do not exercise their rights. Although it is not possible to state precisely the
amount of such a decrease in value, because it is not known at this time what the subscription
price will be, what the net asset value per share will be at the expiration date or what proportion
of our shares will be subscribed for, the dilution could be substantial. For example, assuming
that all rights are exercised, that our net asset value on the expiration date is $&#091; &#093; per
share (the net asset value per share on &#091; &#093;, 2005), and that the subscription price is &#091;
&#093;% of an average market price of $&#091; &#093; per share (the last reported sale price of a share
of our common stock on &#091; &#093;, 2005), our net asset value per share on this date would be
reduced by approximately $&#091; &#093; per share, after giving affect to the dealer manager and
broker solicitation fees payable by us, estimated at $&#091; &#093;, and other expenses of this
rights offering, estimated at $&#091; &#093;, payable by us. Stockholders on the record date may
experience a decrease in the net asset value per share held by them, irrespective of whether they
exercise all or any portion of their rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Important Dates to Remember</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Record date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subscription period
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expiration date and pricing date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notices for guarantees of delivery due
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Payment for guarantees of delivery due
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Confirmation mailed to participants
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Final payment of shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#093;<FONT style="font-family: Symbol">&#042;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Symbol">&#042;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Unless this rights offering is extended</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">-32-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming all shares in this rights offering are sold at an estimated subscription price of $&#091;
&#093; per share, the net proceeds of this rights offering are estimated to be approximately US
$&#091; &#093; after payment of the dealer manager and soliciting fees and estimated offering
expenses. However, we do not know whether all rights will be exercised in full, and the
subscription price will not be determined until the close of business on the expiration date of
this rights offering. We expect that the net proceeds will be invested in accordance with the
policies set forth below under &#147;Investment Objective and Policies&#148; and on page B-2 of the SAI under
&#147;Investment Objective and Policies&#148; within three months from the expiration date, and in no event
will the time period for investment exceed six months.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT OBJECTIVE AND POLICIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment objective is to seek long-term capital appreciation through investment
primarily in equity and equity-linked securities of issuers domiciled in Central Europe and Russia.
The term &#147;Central Europe&#148; includes, for this purpose:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Albania
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Federal Republic of Germany
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Romania</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Austria
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Hungary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Slovak Republic</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Bosnia and
Herzegovina
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Latvia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Slovenia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Belarus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grand Duchy of Liechtenstein
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Swiss Confederation (&#147;Switzerland&#148;)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Bulgaria
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Lithuania
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ukraine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Croatia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Yugoslav Republic of Macedonia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Federal Republic of Yugoslavia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Czech Republic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Moldova</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Estonia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Poland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A map showing these countries is set forth on the inside cover page of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, at least 80% of our net assets will be invested in the securities
of issuers domiciled in Central Europe or Russia. If we borrow money (referred to as &#147;leverage&#148;),
which we are permitted to do only for emergency or exceptional circumstances, the 80% minimum will
apply to the total of our net assets plus the amount of those borrowings. We may also invest in
equity or equity-linked securities of issuers domiciled elsewhere in Europe. An issuer is deemed
to be &#147;domiciled&#148; in a country or region if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is organized under the laws of that country, or a country within that region, or
maintains its principal place of business in that country or region,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it derives 50% or more of its annual revenues or profits from goods produced or
sold, investments made or services performed in that country or region, or has 50% or
more of its assets in that country or region, in each case as determined in good faith
by our investment manager, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its equity securities are traded principally in that country or region.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-33-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Europe&#148; includes the countries of Central Europe, as well as:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kingdom of Belgium<br>
Republic of Cyprus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Ireland
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kingdom of Spain</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kingdom of Denmark
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Italian Republic
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kingdom of Sweden</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Finland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grand Duchy of Luxembourg<br>
Republic of Malta
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Turkey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of France
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kingdom of the Netherlands
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom of Great Britain and Northern Ireland</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hellenic Republic (&#147;Greece&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kingdom of Norway</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Iceland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic of Portugal</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any future country or countries (or other political entity) formed by combination or division
of the countries comprising Central Europe, Europe or Russia shall also be deemed to be included
within the term &#147;Central Europe&#148;, &#147;Europe&#148; or &#147;Russia&#148;, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment objective and the investment policies described above are fundamental and may
be changed only by the approval of a majority of our outstanding voting securities. Under the
Investment Company Act, a &#147;majority&#148; means 67% of our shares present at a meeting of our
stockholders if the owners of more than 50% of our shares then outstanding are present in person or
by proxy or, if lower, more than 50% of our outstanding shares. We refer to this approval voting
level as a &#147;majority vote.&#148; We will not trade in securities for short-term gain. Current interest
and dividend income are not an objective of ours. No assurance can be given that we will be able
to achieve our objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the above policies and for the policies and practices described below in
&#147;&#151;Portfolio Structure&#148; and &#147;&#151;Other Investment Practices,&#148; all percentage limitations apply only
immediately after a transaction, and any subsequent change in any applicable percentage resulting
from changing values will not require elimination of any security from our portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will seek to achieve our investment objective of long-term capital appreciation primarily
by investing in equity and equity-linked securities of companies in a spectrum of industries.
Equity and equity-linked securities include common stock, convertible and non-convertible preferred
stock, whether voting or non-voting, convertible bonds, bonds with warrants and unattached
warrants. Equity-linked securities refer to debt securities convertible into equity and securities
such as warrants, options and futures, the prices of which reflect the value of the underlying
equity securities receivable upon exercise or settlement of the linked security. For a discussion
of the types of futures and options that we may or may not invest in, see &#147;&#151;Other Investment
Practices&#148; described below and &#147;Investment Objective and Policies&#151;Futures and Options&#148; on page B-3
of the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not concentrate investments in any one industry. Non-concentration means that we will
not invest more than 25% of our total assets in the securities of issuers in any one industry. For
purposes of this non-concentration policy, our investment manager generally classifies the issuers
of our portfolio securities according to the broad industry classification used by Standard &#038;
Poor&#146;s Corporation.
</DIV>

<P align="center" style="font-size: 10pt">-34-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In selecting industries and companies for our investments, our investment adviser and the
investment manager generally consider factors such as overall growth prospects, competitive
position in their product markets, management, technology, research and development, productivity,
labor costs, raw material costs and sources, profit margins, return on investment, capital
resources and government regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no current intention of focusing our investments in any particular countries other
than Poland, Russia, Hungary, the Czech Republic and Turkey, where our investments are and may in
the future be significant. On October&nbsp;31, 2005, the percentages of our total assets invested in
these countries were: Russia &#151; 50.0%, Poland &#151;15.8%, Turkey &#151;12.8%, Hungary &#151; 8.6% and the
Czech Republic &#151; 6.2%. Nonetheless, except as described in this prospectus, there are no
prescribed limits on geographic asset distribution within and, from time to time, a significant
portion of our assets may be invested in companies domiciled in as few as three countries. Our
board of directors has also adopted a non-fundamental policy, which may be changed without
stockholder approval, that for the time being permits us to invest up to the following percentages
of the value of our total assets in equity and equity-linked securities of issuers domiciled in the
following countries. Our board reserves the right to change this policy.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percentage of Total Asset Limit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Poland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Russia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hungary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Czech Republic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Turkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Any single other country</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not purchase more than 10% of the outstanding voting securities of any single issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we intend to focus our investments in equities or equity-linked securities that are
listed on a recognized securities exchange or otherwise publicly traded, we may also invest in
securities that are not readily marketable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also invest in other investment companies, subject to applicable limitations under the
Investment Company Act. These limitations include a prohibition on our acquiring more than 3% of
the voting securities of any other investment company, more than 5% of our total assets in
securities of any one investment company, or more than 10% of our total assets in securities of all
investment companies combined. Any investment companies in which we may invest will have a policy
of investing all or substantially all of their assets in one or more European countries or Russia.
Investments in other investment companies may involve an additional layer of expenses because of
the fees and expenses payable by such other investment companies. In determining whether to invest
our assets in other investment companies, our investment manager and investment adviser will take
into consideration, among other factors, the advisory fee and other expenses payable by those other
investment companies.
</DIV>

<P align="center" style="font-size: 10pt">-35-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Investment Practices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the investment practices discussed above in &#147;Investment Objective and
Policies&#151;Portfolio Structure,&#148; we may also invest in additional types of securities, such as
warrants, if consistent with our investment objective, and participation certificates of issuers in
any European country or Russia. Participation certificates generally entitle the holder to
participate in dividend distributions, but not to vote or claim assets in liquidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For hedging purposes, we may also purchase put and call options on stock of European or
Russian issuers and, if and when permitted by applicable U.S. law, invest in the index and bond
futures of any other derivative securities listed on any organized exchange. We may also purchase
put and call options on bonds and other securities, as well as securities indices and, to the
extent permitted by applicable U.S. law, may invest in other options, futures and options on
futures with respect to any securities or securities indices compatible with our investment
objective that may from time to time become available on any organized exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also write (also referred to as &#147;selling&#148;) covered call options on our portfolio
securities and appropriate securities indices for purposes of generating income. We may write
covered call options on portfolio securities and appropriate securities indices up to the amount of
our entire portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may invest up to 20% of our total assets in fixed income securities of European or Russian
issuers. For temporary defensive purposes, we also may invest in money market instruments
denominated in U.S. dollars or in a European or Russian currency or composite currency, including
bank time deposits and certificates of deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also lend our portfolio securities to banks, securities dealers and other institutions
meeting the creditworthiness standards established by our board of directors. We may lend our
portfolio securities so long as the terms and the structure of the loans are consistent with the
Investment Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we do not currently engage in foreign exchange transactions as an investment
strategy, we may, when our investment adviser and our investment manager deem it advisable, attempt
to hedge our foreign currency exposure by entering into forward currency contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a more detailed discussion of our investment practices with respect to warrants,
participation certificates, futures and options, fixed income securities, securities lending and
currency transactions and the special considerations relevant to those practices, see &#147;Investment
Objective and Policies&#148; on page B-2 of the SAI. For information regarding other investment
restrictions, see &#147;Investment Restrictions&#148; on page B-6 of the SAI.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Foreign Investment Generally</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign investments may involve certain considerations and risks not typically associated with
those of domestic origin as a result of, among other things:
</DIV>

<P align="center" style="font-size: 10pt">-36-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>generally less liquid and less efficient securities markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>generally greater price volatility;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exchange rate fluctuations and exchange controls and the costs associated therewith;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>currency fluctuation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>imposition of restrictions on the expatriation of funds or other assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>less publicly available information about issuers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the imposition of taxes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>higher transaction and custody costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>settlement delays and risk of loss;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in enforcing contracts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in obtaining or enforcing a court judgment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>less liquidity and smaller market capitalizations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lesser governmental regulation of the securities markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>different accounting, auditing, financial and disclosure standards;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>governmental interference;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>higher inflation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>social, economic and political uncertainties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of expropriation of assets; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of war.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some foreign markets in which we invest are considered to be in emerging market countries.
Investment in these countries subjects us to a greater risk of loss than investments in a developed
country. This is due to, among other things, greater market volatility, lower trading volume,
political and economic instability, greater risk of market shut down and more governmental
limitations on foreign investment policy than those typically found in a developed market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The economies of individual emerging market countries may differ favorably or unfavorably from
the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency
depreciation, capital reinvestment, resource self-sufficiency and balance of payments position.
Further, the economies of emerging market countries generally are heavily dependent upon
international trade and, accordingly, have been and may continue to be adversely affected by trade
barriers, exchange controls, managed adjustments in relative currency values and other
protectionist measures imposed or negotiated by the countries with which they trade. These
economies also have been and may continue to be adversely affected by economic conditions in the
countries with which they trade.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign investment in certain emerging market issuers is restricted or controlled to varying
degrees. These restrictions or controls may at times limit or preclude foreign investment in
certain emerging market issuers and increase our costs and expenses. Certain emerging market
countries require governmental approval prior to investments by foreign persons in a particular
issuer, limit the amount of investment by foreign persons in a particular issuer, limit the
investment by foreign persons only to a specific class of securities of an issuer that may have
less advantageous rights than the classes available for purchase by domiciliaries of those
countries and/or impose additional taxes on foreign investors. Certain emerging market countries
may also restrict investment opportunities in issuers in industries deemed important to national
interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging market countries may require governmental approval for the repatriation of investment
income, capital or the proceeds of sales of securities by foreign investors. In addition, if a
deterioration occurs in an emerging market country&#146;s balance of payments, the country could impose
temporary restrictions on foreign capital remittances. We could be adversely affected by delays in,
or a refusal to grant, any restrictions on investments. Investing in local markets in emerging
market countries may require us to adopt special procedures, seek local government approvals or
take other actions, each of which may involve additional costs to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An established secondary market might not exist for many of the emerging market issuer
securities in which we invest. Reduced secondary market liquidity may have an adverse effect on
market price and our ability to dispose of particular instruments when necessary. Reduced
secondary market liquidity for certain emerging market issuer securities may also make it more
difficult for us to obtain accurate market quotations for purposes of valuing our portfolio and
calculating our net asset value. Market quotations are generally available for many emerging market
issuer securities only from a limited number of dealers and may not necessarily represent firm bids
of those dealers or prices for actual sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Investment in Russia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in Russia subjects us to many of the same risks associated with investing in Central
European countries that are described below. However, there are significant risks inherent in
Russian securities that are not typically associated with securities of companies in more developed
countries. The value of Russian securities may be affected by various uncertainties, such as
economic, political and social instability, investment and regulatory risk, including crime and
corruption in government and business, and inconsistency and underdevelopment of Russia&#146;s tax and
legal systems. As is the case with issuers in most emerging markets, Russian securities are
subject to a higher degree of volatility than the securities of Western companies. Although
investment in Central European countries shares some of these risks, as described below,
investments in Russia should be considered to have greater risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the break-up of the U.S.S.R. at the end of 1991, Russia has undergone substantial and,
at times, turbulent economic disruption and political and social upheaval. Russia continues to
make transitional movements from a centrally controlled command system to a market-oriented,
democratic model of government, but its continued development, and the pace with which it continues
to make the transition, remains uncertain. Since 1991, Russia has been affected by declines in
gross domestic product (GDP), hyperinflation, an unstable currency and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">high government indebtedness relative to GDP. The Russian economy also suffers from the lack
of an effective banking system and a significant proportion of commercial transactions are settled
in kind or by the use of promissory notes. Russia&#146;s role and its reintegration into the global
political economy are also unclear. Moreover, internal regional conflicts continue to exist, which
highlight the political tension between the central government in Moscow and certain regions within
the Russian Federation. At times, the Russian government also engages in expropriation,
nationalism and confiscation of assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of writing President Vladimir Putin&#146;s popularity within Russia has largely
recovered from losses sustained earlier in 2005 when he attempted to monetize social benefits.
Despite his strong domestic approval ratings, President Putin has repeatedly stated that he will
not implement constitutional changes to enable himself to run for a third consecutive term as
president. This has created widespread speculation on possible presidential candidates for 2008
(including speculation over whether President Putin will attempt to anoint a successor),
particularly due to the increased power that the Office of President has gained under Putin. As a
result, the parliamentary agenda over the next two years is likely to be affected by political
jockeying for position ahead of the presidential elections. During his Presidential address to the
Parliament in April, President Putin placed a renewed emphasis on implementing key reforms, with a
particular focus on reforms aimed to reassure investors. However, even in the face of renewed
legislative activity, the government suffers from the perception that it lacks a clear economic
agenda.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Russian economy relies heavily on the production and export of oil. Oil and gas companies
can be significantly affected by the supply of and demand for energy fuels generally as well as the
supply of and demand for oil and gas in particular, the general condition of industries that serve
oil and gas companies, price fluctuations in energy and oil and gas prices, exploration and
production spending, energy conservation, the success of exploration projects, government
regulation, including taxation, world events, events involving nature, other events involving
international politics, increased competition, social views, environmental concerns and economic
conditions. Natural gas companies, moreover, are subject to changes in price and supply of both
conventional and alternative energy sources. Russia also has substantial trading links with Iraq.
Because Russia is highly sensitive to changes in the world oil price and because of United States
military action in Iraq, it is even more difficult to predict future oil price movements with any
certainty, and fluctuations in prices may increase substantially.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, the Russian equity market suffered from significant uncertainty in the wake of the
widely-publicized Yukos case, in which the Russian government effectively seized control of the
company&#146;s key production unit by forcing the sale of subsidiary Yuganskneftegas in connection with
billions of dollars in back-tax claims. Because the move was widely considered to be a politically
motivated attack on Mikhail Khodorkovsky, the company&#146;s chief executive officer, investors pulled
their money out of Russia over concerns of a lack of the rule of law and shareholder rights. The
government has since taken steps to reassure investors that Yukos was an isolated case, and with
Mr.&nbsp;Khodorkovsky now in jail, investors have shifted their focus away from Yukos.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A centralized public market for trading Russian securities has not developed, despite the
number of stock exchanges in Russia, and trading occurs mostly over-the-counter. The Russian
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities market is still developing and is regulated by several different authorities that
are often in competition with each other, resulting at times in contradictory regulations.
Corporate governance standards for Russian companies have also proven to be poor, and minority
stockholders in Russian companies have suffered losses due to abusive share dilutions, asset
transfers and transfer-pricing practices. Stockholders of Russian securities also lack many of the
protections available to stockholders of Western issuers. In addition, businesses and parts of the
Russian economic system also continue to suffer from very high levels of crime, including extortion
and fraud. Moreover, accounting, financial and audit reporting by Russian companies is also
generally of less quality and less reliable compared with Western companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laws and regulations involving foreign investment in Russian enterprises, title to securities
and transfer of title are also relatively new and can change quickly and unpredictably in a manner
far more volatile than in developed market economies. We may also experience difficulty
transferring income received in investments in Russian issuers, such as profits, dividends and
interest payments, abroad. See &#147;&#151;Exchange Rate Fluctuations and Foreign Currency Considerations&#148;
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia&#146;s taxation system is frequently changing, and enforcement is inconsistent at federal,
regional and local levels. Decision-making and enforcement under Russia&#146;s legal system also lacks
any consistency as a result of the volume of new legislation and political instability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Investment in Central Europe</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European countries are in varying stages of transition towards becoming market-oriented
economies based on private and entrepreneurial initiatives, multi-party democracies, pluralism and
market economies. These countries experienced extremely volatile market performance in the past
decade, and investing in securities of Central European issuers entails all of the risks of
investing in securities of foreign issuers to a heightened degree. In addition, a substantial
portion of the economic growth, if any, of Central European countries is attributable to their
export industries rather than domestic consumption; therefore, the Central European countries are
also highly susceptible to economic downturns in Western European countries and the United States,
which are substantial consumers of their exported products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central European markets continue to be relatively volatile, and our investments will remain
subject to currency fluctuation and local political, economic and social uncertainties.
Investments in a single region, even though representing a number of different countries, may be
affected by common economic forces and other factors. We are subject to greater risks of adverse
events which occur in the region and may experience greater volatility than a fund that is more
broadly diversified geographically. There are also individual exceptions within Central Europe
from a risk perspective. For example, while the Republic of Belarus and the Republic of Moldova
are geographically in the same region, their economies are significantly less developed than those
of other Central European countries. Less developed markets involve higher levels of risk. In
addition, many companies in Central Europe generally do not have operating histories of significant
duration. Consequently, securities traded in these markets may be subject to greater volatility
and price fluctuations than securities that are traded in more developed markets.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in any developing market means tolerating a certain amount of volatility and, in
some cases, severe market corrections. Such highly speculative investing involves special risk
considerations not typically associated with investing in U.S. securities markets. The specific
nature of such risks may vary according to the Central European country in which investments are
made. These risks include, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of nationalization or expropriation of assets or confiscatory taxation,
which may involve the risk of total loss;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>controls on foreign investment and local practices disfavoring foreign investors and
limitations on repatriation of invested capital, profits and dividends, and on our
ability to exchange local currencies for U.S. dollars;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>greater social, economic and political uncertainty (including regional conflict and
the risk of war);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transitional forms of government;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delays in settling portfolio transactions and risk of loss arising out of the system
of share registration and custody used in certain Central European countries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks in connection with the maintenance of our portfolio securities and cash with
foreign sub-custodians and securities depositories, including the risk that appropriate
sub-custody arrangements will not be available to us;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk that it may be impossible or more difficult than in other countries to
obtain and/or enforce a judgment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pervasiveness of public corruption and crime in the economic systems of certain
Central European countries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>greater price volatility, substantially less liquidity and significantly smaller
market capitalization of securities markets in which we may invest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>currency exchange rate volatility and the lack of available currency hedging
instruments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the use of derivative instruments to invest in, or in connection with our investment
in, the region, which may include: forward foreign currency exchange contracts,
currency futures contracts and options thereon, put and call options on securities,
indices and foreign currencies, stock index futures contracts and options thereon and
interest rate futures contracts and options thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>higher rates of inflation (including the risk of social unrest associated with
periods of hyperinflation);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk that, by possibly investing significantly in certain multi-industry
sectors, we may be affected more by any single economic, political or regulatory
development relating to a specific sector;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the financial condition of Central European issuers, including any debt amounts and
the fact that such issuers may be smaller, less seasoned and newly organized;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk that dividends may be withheld at the source;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dependency on exports and the corresponding importance of international trade;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the difference in, or lack of, disclosure, auditing and financial reporting
standards, which may result in unavailability of material information about issuers in
many Central European countries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk that the tax systems of Central European countries may not be reformed to
prevent inconsistent, retroactive and/or exorbitant taxation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that statistical information regarding the economy of Central European
countries may be inaccurate or not comparable to statistical information regarding the
United States or other economies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>less extensive regulation of the securities markets than in more developed
countries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>markets that may be substantially influenced by insider trading and other market
practices not accepted in developed markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risks associated with the difficulties that may occur in pricing our portfolio
securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>possible difficulty in identifying a purchaser of securities held by us due to the
underdeveloped nature of the securities markets in Central Europe; and</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the risk of lawsuits arising from restrictive regulations and practices with respect to
foreign investment in particular industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Factors Relating to Investment in Turkey</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in Turkey subjects us to many of the same risks associated with investing in Central
European countries that are described above. However, there are significant risks inherent in
Turkish securities that are not typically associated with securities of companies in more developed
countries. The value of Turkish securities may be affected by various uncertainties, such as
economic, political and social instability, investment and regulatory risk. As is the case with
issuers in most emerging markets, Turkish securities are subject to a higher degree of volatility
than the securities of Western companies. Although investment in Central European countries shares
some of these risks, as described below, investments in Turkey should be considered to have greater
risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the past two decades, the Turkish economy has transitioned from a highly regulated
economy to a free market system. Despite a generally successful transition, the Turkish economy has
experienced significant macroeconomic imbalances, including substantial budget and balance of
payments deficits, high rates of inflation, and high real rates of interest. High levels of
government debt and the high current account deficit continue to threaten Turkey&#146;s economic
stability. Turkey has entered into two stand-by agreements with the International Monetary Fund
(IMF)&nbsp;over the past 5&nbsp;years to stabilize its financial health. Nonetheless, in 2001 a liquidity
crisis in the banking sector triggered massive currency depreciation, soaring interest rates, and
hyperinflation. In 2002, the government renewed its commitment to improve the Turkish economy with
a reform program based on a flexible exchange rate regime, tight fiscal policy,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">structural reform in the banking sector, and contained inflation. The reform program has
contributed to economic growth, but the economy remains vulnerable to volatility due to external
and internal shocks such as high oil prices, terrorism, and political uncertainty, as well as
changes in investor sentiment. In May&nbsp;2004, for example, the Turkish lira depreciated significantly
as share prices plummeted and interest rates rose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout its history, Turkey has been plagued by political instability, which could have an
adverse effect on the investment climate. Over the past 80&nbsp;years, 58 different governments have
ruled in Turkey, with military coups occurring once every decade from 1960 to 1980. The current
government is led by the Justice and Development Party (AKP), which has been in power since
November&nbsp;2002 and is the first party in nearly two decades to have a majority in parliament.
Despite the recent political stability, the potential for future political upheaval presents a very
real risk to the implementation of important economic reforms. The next national election will be
held in 2007 and a change of government could result in a change in economic policies. AKP has so
far shown a commitment to the current IMF program, but failure to continue to follow the IMF
program could have an adverse effect on the Turkish economy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uncertainties relating to Turkey&#146;s bid for EU membership are an additional source of
volatility in the Turkish financial markets. In October of this year, formal negotiations on
Turkey&#146;s accession into the EU were launched. The criteria for joining the EU include
implementation of a number of political, legislative and economic reforms, which Turkey may decide
in the future that it is either unable or unwilling to fulfill. In addition, there is significant
political pressure within the European Union to move toward a &#147;privileged partnership&#148; with Turkey
rather than full membership. The negotiations are expected to last a decade, and market sentiment
may fluctuate dramatically as the negotiations progress.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the domestic political uncertainty, terrorism and political instability in
neighboring countries, such as Iran and Iraq, is another source of risk associated with investment
in Turkey. Terrorism within Turkey and conflicts in other countries in the region could create
greater volatility in the Turkish financial markets. Given the current war in Iraq, political
instability in the Middle East is likely to remain a concern. In addition, terrorist bombings have
occurred in Turkey within the past two years, and the threat of future terrorist acts could result
in additional volatility. Turkey has previously been in conflict with the Peoples&#146; Congress of
Kurdistan (PKK), a recognized terrorist group in the United States and some parts of Europe; the
Kurdish issue continues to be a source of potential political instability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Turkish equity market is significantly less developed than securities markets in the
United States and Western Europe. The market in Turkey is smaller, less liquid, and more volatile.
Approximately half of the market capitalization of the Istanbul Stock Exchange (ISE)&nbsp;is
concentrated in ten companies and shares of five companies accounted for approximately one-third of
the average daily trading value of all stocks traded on the ISE in 2004. Securities that trade on
the Turkish market may be subject to significant fluctuations in price that are not necessarily
related to the financial performance of the companies that issued the securities.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dilution of Net Asset Value</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A dilution of the aggregate net asset value on a share of our common stock will be experienced
as a result of this rights offering because the subscription price will be less than our then
current net asset value per share. This dilution will be experienced by all stockholders,
irrespective of whether they exercise all or a portion of their rights. In addition, as a result
of the terms of this rights offering, stockholders who do not fully exercise their rights should
expect that they will, at the completion of this rights offering, own a smaller proportional
interest in us than would otherwise be the case. Although it is not possible to state precisely
the amount of such a decrease in value, because it is not known at this time what proportion of the
shares will be subscribed for as a result of this rights offering, what the subscription price will
be or what the net asset value per share will be on the expiration date, the dilution could be
substantial. For example, assuming that all rights are exercised and that the subscription price
of $&#091; &#093; is approximately &#091; &#093;% below our net asset value of $&#091; &#093; per share
on &#091; &#093;, 2005, our net asset value per share (after payment of the financial advisory
and soliciting fees and estimated offering expenses) would be reduced by approximately $&#091; &#093;
per share. The distribution to stockholders of transferable rights which themselves may have
intrinsic value will also afford non-participating stockholders the potential of receiving a cash
payment upon sale of their rights, receipt of which may be viewed as partial compensation for the
dilution of their interest in us. No assurance can be given that a market for the rights will
develop or as to the value, if any, that rights will have.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Net Asset Value Discount</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As with any stock, the price of our shares of common stock will fluctuate with market
conditions and other factors. Shares of closed-end investment companies frequently trade at a
discount to net asset value. This is a risk separate and distinct from the risk that our net asset
value will decrease. We cannot predict whether our common stock will trade at, above or below net
asset value. The risk of purchasing shares of a closed-end fund which might trade at a discount is
more pronounced for investors who wish to sell their shares in a relatively short period of time
after the purchase because, for those investors, realization of gain or loss on their investment is
likely to be more dependent upon the existence of a premium or discount than upon portfolio
performance. Our shares of common stock are not entitled to redemption. Investors desiring
liquidity may, subject to applicable securities laws, trade their shares on the NYSE. Stockholders
wishing to sell their shares of common stock during this rights offering should be aware that there
is greater risk that the discount to net asset value, which may increase during this rights
offering, will adversely affect them. This increased risk is because, among other things, the
market price per share may reflect anticipated dilution that will result from this rights offering.
There can be no assurance that, after the completion of this rights offering, our shares will
trade at the same level as our current discount to net asset value. For information about our
common stock and its current and historical performance, see &#147;Market and Net Asset Value
Information&#148; on page 18 of this prospectus and &#147;Description of Common Stock&#148; on page 50 of this
prospectus.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange Rate Fluctuations and Foreign Currency Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our assets are invested in Russia and Central Europe, and substantially
all of the income we receive from these investments will be in euros or other foreign currencies.
We anticipate that in general the foreign currencies received by us with respect to most of our
investments will be freely convertible into U.S. dollars on foreign exchange markets and that in
most cases the U.S. dollars received will be fully repatriable out of the various foreign countries
in which we invest. However, our investments in Russia will be in securities denominated in
Russian rubles, which are not externally convertible into other currencies outside of Russia.
There can be no assurance that the foreign countries in which we invest will not impose
restrictions in the future movement of U.S. dollars or foreign currencies across local borders or
on the convertibility of the foreign currencies into U.S. dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of our assets and income will be measured in U.S. dollars. Assets and liabilities
denominated in euros or other foreign currency amounts are translated into U.S. dollars at the
10:00&nbsp;a.m. mid-point of the buying and selling spot rates quoted by the Federal Reserve Bank of New
York. We will compute and distribute income in U.S. dollars, and the computation of income will be
made on the day we earn the income. Therefore, if the value of foreign securities in which we
receive income falls relative to the U.S. dollar between the earning of the income and the time at
which we convert the foreign currencies to U.S. dollars, we may be required to liquidate securities
in order to make distributions if we have insufficient cash in U.S. dollars to meet distribution
requirements. The liquidation of investments, if required, may have an adverse impact on our
performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since we will invest in securities denominated or quoted in currencies other than U.S.
dollars, changes in foreign currency exchange rates will affect the value of securities in our
portfolio and the unrealized appreciation or depreciation of our investments. Further, we may
incur costs in connection with conversions between various currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not currently engage in foreign exchange transactions as an investment strategy.
However, at such future time as our investment manager and investment advisor believe that one or
more currencies in which our securities are denominated might suffer a substantial decline against
the U.S. dollar, we may, in order to hedge the value of our portfolio, enter into forward currency
contracts. For more information on our investment policies with respect to currency transactions,
see &#147;Investment Objective and Policies&#151;Currency Transactions&#148; on page B-5 of the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest Expense</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, subject to limitations described under &#147;Investment Restrictions&#148; on page B-6 of the
SAI, borrow money for temporary or emergency purposes for the clearance of transactions. Borrowing
money will subject us to interest expenses, and we may incur other transactions costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Provisions of Our Articles of Incorporation and Bylaws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have provisions in our articles of incorporation and bylaws that could have the effect of
delaying, deferring, preventing or otherwise limiting the ability of other entities or persons to
acquire control of us, to cause us to engage in certain transactions or to modify our structure.
For
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a discussion of these provisions, see &#147;Description of Common Stock&#151;Provisions of Our Articles
of Incorporation and Bylaws Affecting Change of Control and Extraordinary Transactions&#148; on page 50
of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Custody</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors Bank and Trust Company (&#147;IBT&#148;) acts as our custodian. IBT has agreements with a
global network of sub-custodians, which, together with IBT, maintain custody of our portfolio
securities and cash. Thus, our foreign securities and cash are generally held in foreign banks and
securities depositories. There may be limited or no regulatory oversight over their operations.
Also, the laws of certain countries may put limits on our ability to recover our assets if a
foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In
addition, it is often more expensive for us to buy, sell and hold securities in certain foreign
markets than in the United States. The increased expense of investing in foreign markets reduces
the amount we can earn on our investments and typically results in a higher operating expense ratio
for us than for investment companies invested only in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Disruption</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of terrorist attacks on the World Trade Center and the Pentagon on September&nbsp;11,
2001, some of the U.S. securities markets were closed for a four-day period. These terrorist
attacks and related events have led to increased short-term market volatility. U.S. military and
related action in Iraq and events in the Middle East could have significant adverse effects on U.S.
and world economies and markets. We do not know how long the securities markets will continue to
be affected by these events and cannot predict the effects of the military action or similar events
in the future on the U.S. economy and securities markets. A similar disruption of the U.S. or
world financial markets could impact interest rates, auctions, secondary trading, ratings, credit
risk, inflation and other factors relating to our common stock.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR MANAGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Information Regarding Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business and affairs are managed under the direction of our board of directors. The
directors approve all significant agreements between us and persons or companies furnishing
services to us, including our agreement with our investment manager, investment adviser, custodian
and transfer agent. The management of our day-to-day operations is delegated to our officers and to
our investment manager and investment adviser, subject always to our investment objective and
policies and to the general supervision of our board of directors. We have ten directors, three of
whom are &#147;interested persons&#148; (as defined in the Investment Company Act) and seven of whom are not
&#147;interested persons.&#148; An &#147;interested person&#148; is a director who is not independent under the
specific requirements of the Investment Company Act. The names and business addresses of our
directors and officers and their principal occupations and other affiliations during the past five
years are set forth on page B-8 under &#147;Management&#148; in the SAI.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Manager</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Investment Management Americas Inc. (&#147;DIMA&#148;), with principal offices located at 345
Park Avenue, New York, New York, is our investment manager and administrator. Subject to the
supervision of our board of directors and pursuant to recommendations made by our investment
adviser, DIMA also determines which securities are suitable for our investment. We pay DIMA an
annual management fee equal to 0.65% of our average weekly net assets up to $100&nbsp;million, and 0.55%
for those assets in excess of $100&nbsp;million. A discussion regarding the basis for the board of
directors approving our contracts with DIMA and DeAMI is available on page B-21 of the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIMA is an indirect wholly-owned subsidiary of Deutsche Bank AG. DIMA is engaged in the
investment advisory business. DIMA also serves as investment manager for numerous other registered
investment companies. As of September&nbsp;30, 2005, DIMA had total assets of approximately $172
billion under management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With total assets of approximately $1.173 trillion, Deutsche Bank AG is the largest commercial
and investment bank in Germany and a leading European financial institution, and is ranked among
the world&#146;s largest banks in terms of total assets as of September&nbsp;30, 2005. Its principal
corporate offices are located at Taunusanlage 12, 60325 Frankfurt am Main, Germany. Deutsche Bank
AG and certain of its affiliates are engaged in the management of client funds as well as
investment advisory activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional information about our investment manager, see &#147;Investment Advisory and Other
Services&#148; on page B-20 of the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Adviser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Asset Management International GmbH (&#147;DeAMI&#148;), with principal offices located at
Mainzer Landstrasse 178-190, 60327 Frankfurt am Main, Germany, is our investment adviser. In
accordance with our investment objective, policies and restrictions, DeAMI makes recommendations to
our investment manager with respect to our investments and, upon instructions given by our
investment manager as to which securities are suitable for investment, transmits purchase and sale
orders and selects brokers and dealers to execute portfolio transactions on our behalf. We pay
DeAMI an annual investment advisory fee equal to 0.35% of our average weekly net assets up to $100
million, and 0.25% for those assets in excess of $100&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DeAMI is a subsidiary of Deutsche Bank AG. DeAMI provides international portfolio management
services to institutional investors worldwide. DeAMI also serves as investment adviser for The
European Equity Fund, Inc. and The New Germany Fund, Inc., which are closed-end registered
investment companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional information about our investment adviser, see &#147;Investment Advisory and Other
Services&#148; on page B-20 of the SAI.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Management</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names of the persons primarily responsible for the day-to-day management of our investment
portfolio and their business experience during at least the past five years are set forth in the
table below. Additional information about the compensation, other accounts managed and the
ownership of our securities by these persons is provided on page B-29 of the SAI.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Business Experience</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sandra M. Schaufler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Investment<BR>
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Deutsche
Asset Management
(2004-present) and
Portfolio Manager for
The Central Europe
and Russia Fund,
Inc., The European
Equity Fund, Inc. and
The New Germany Fund,
Inc. Formerly,
Director of Equity
Sales, HVB Capital
Markets (2001-2003);
Portfolio Manager,
Deutsche Asset
Management
(1997-2001)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Kalin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Fund<BR>
Manager, Equities
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2002
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Portfolio
Manager Equities,
Emerging Markets at
Deutsche Asset
Management (since
2002). Formerly,
Senior Portfolio
Manager, Zurich
Invest (2001-2002),
responsible for
Emerging Europe;
Advisor to Zurich
Invest
Mittelosteuropa Fund
(1998-2001)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steffen Gruschka
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Head of Emerging
European Equities,
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2001
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Deutsche
Asset Management,
Frankfurt (since
2001). Formerly,
Funds Manager for
Emerging European
Equities, Deutsche
Asset Management
(1998-2001)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sylwia Szczepek
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Fund<BR>
Manager, Equities
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2001
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President,
Deutsche Asset
Management,
Frankfurt; Funds
Manager for Emerging
European Equities,
Deutsche Asset
Management (since
2001). Formerly,
Deutsche Bank,
Corporate Development
(Afk)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Affiliated Brokerage</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal year 2003 we paid brokerage commissions to Deutsche Bank AG and its affiliates.
Deutsche Bank AG is the German parent of our investment manager and investment adviser. For our
fiscal years ended October&nbsp;31, 2004 and October&nbsp;31, 2005, however, Deutsche Bank AG and its
affiliates did not receive brokerage commissions from us. For information about brokerage
practices and commissions, see &#147;Brokerage Allocation and Other Practices&#148; on page B-29 of the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the management fee and advisory fee of our investment manager and investment
adviser, respectively, we are responsible for the following expenses if incurred:
</DIV>

<P align="center" style="font-size: 10pt">-48-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fees and expenses of directors who are not affiliated with our investment
manager or investment adviser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest expenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all taxes and corporate fees payable by us to governmental agencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>broker&#146;s commissions and other expenses in connection with our securities
transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cost of stock certificates representing our shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expenses of registering our shares with federal, state and foreign securities
authorities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the charges and expenses of our legal counsel and independent accountants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fees and certain expenses of our custodian and transfer and dividend disbursing
agents, including those in respect of the accounting and record-keeping services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expenses related to stock exchange listings of our shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expenses of our stockholders meetings and of preparing and distributing proxies and
reports to our stockholders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>litigation and indemnification expenses and other extraordinary expenses not
incurred in the ordinary course of our business.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-Resident Directors and Investment Adviser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four of our directors reside outside of the United States and all or a significant portion of
the assets of these directors are located outside of the United States. In addition, our
investments adviser&#146;s principal offices are based outside the United States and all or a
significant portion of our investment adviser&#146;s assets are located outside of the United States.
Our non-resident directors have no authorized agents in the United States to receive service of
process. As a result, it may not be possible for investors to effect service of process within the
United States upon these directors or to enforce against them in United States courts judgments
predicated upon the civil liability provisions of United States securities laws. In addition, it
is not certain that a foreign court would enforce, in original actions, liabilities against such
persons predicated solely upon the U.S. securities laws.
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CENTRAL EUROPEAN AND RUSSIAN ECONOMIES AND MARKETS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be added by amendment&#093;
</DIV>

<P align="center" style="font-size: 10pt">-49-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of common stock are equal as to earnings, assets, dividends, liquidation and voting
privileges and, when issued, will be fully paid and nonassessable. There are no conversion,
pre-emptive or other subscription rights. In the event of liquidation, each share of common stock
is entitled to its proportion of our assets after debts and expenses. Stockholders are entitled to
one vote per share and do not have cumulative voting rights. Our outstanding common stock is
listed on the NYSE under the symbol &#147;CEE,&#148; as will be the shares offered for subscription in this
rights offering. Our common stock is also listed on the Regulated Market Segment (Geregelter
Markt) of the Frankfurt Stock Exchange. The rights are transferable and application will be made
to list them on the NYSE under the symbol &#147; &#147;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is information with respect to our common stock as of October&nbsp;31, 2005:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount outstanding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount held by us</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(exclusive of our</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount authorized</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>or for our account</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>holdings)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
$.001 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,864,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,197,209</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no present intention of offering additional shares, other than pursuant to this
rights offering, except that additional shares may be issued under our dividend reinvestment plan.
For information about our dividend reinvestment plan, see &#147;Voluntary Cash Purchase Program and
Dividend Reinvestment Plan&#148; in this prospectus. Additional offerings of our common stock, if made,
will require approval of our board of directors and will be subject to the requirements of the
Investment Company Act that common stock may not be sold at a price below the then current net
asset value (exclusive of underwriting discounts and commissions) except in connection with an
offering to existing stockholders or with the consent of a majority of our outstanding
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Provisions of Our Articles of Incorporation and Bylaws<br>
Affecting Change of Control and Extraordinary Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have provisions in our articles of incorporation and bylaws that could have the effect of
delaying, deferring, preventing or otherwise limiting the ability of other entities or persons to
acquire control of us, to cause us to engage in certain transactions or to modify our structure.
Our board of directors is divided into three classes each having a term of three years. Each year,
the term of one class expires and the successor or successors elected to that class will serve for
a three-year term. This provision could delay for up to two years the replacement of a majority of
our board of directors by our stockholders. A director may be removed from office only by the
affirmative vote of at least two-thirds of all the votes entitled to be cast by our stockholders
generally in the election of directors. Except as otherwise required by law, any vacancy created
on our board of directors can be filled only by the affirmative vote of the remaining directors in
office. Our bylaws generally require that advance notice be given to us in the event a stockholder
desires to nominate a person for election to the board of directors or to transact any other
business at a meeting of stockholders.
</DIV>

<P align="center" style="font-size: 10pt">-50-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the affirmative vote of the holders of two-thirds of our outstanding shares is
required to authorize our dissolution or any of the following transactions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the merger or consolidation of us with or into any open-end investment company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale of all or substantially all of our assets; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amendment to our articles of incorporation which makes the common stock a
redeemable security or reduces the two-thirds vote required to authorize the actions
summarized in the previous two bullets.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The full text of these provisions can be found in our articles of incorporation and bylaws, on
file with the SEC, as described under &#147;Available Information&#148; on page 3 of this prospectus. These
provisions could have the effect of depriving stockholders of an opportunity to sell their shares
at a premium over prevailing market prices by discouraging a third party from seeking to obtain
control of us in a tender offer or similar transaction. Our board of directors believes that the
provisions of our articles of incorporation and bylaws described above provide the advantage of
greater assurance of continuity of board and management composition and policies. The
supermajority voting requirements are generally greater than the minimum voting requirements
imposed on us by the Investment Company Act and Maryland law. Our board of directors has
determined that the foregoing provisions are in the best interests of stockholders generally.
</DIV>
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DIVIDENDS AND DISTRIBUTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We distribute to stockholders, at least annually, substantially all of our net investment
income and net realized capital gains. Distributions are made in cash or in common stock with the
option to receive cash. Stockholders entitled to a distribution to be made in common stock with
the option to receive cash may elect to receive cash by timely returning a completed option card to
Investors Bank &#038; Trust Company, our dividend-paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the history of dividends and distributions we distributed to
stockholders:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Long-term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Record Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Income</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Capital Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/22/2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/22/2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11/19/2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11/16/1998</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9/01/1998</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11/17/1997</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9/03/1997</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/19/1996</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/27/1995</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/29/1994</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/28/1993</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/28/1992</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9/05/1991</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/04/1990</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.26</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VOLUNTARY CASH PURCHASE PROGRAM AND DIVIDEND REINVESTMENT PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer stockholders a Voluntary Cash Purchase Program and Dividend Reinvestment Plan which
provides for optional cash purchases and for the automatic reinvestment of dividends and
distributions payable by us in additional shares of our common stock. A more complete description
of the plan is provided in the plan brochure available from Investors Bank &#038; Trust Company, the
plan agent, Shareholder Services, P.O. Box 642, OPS 22, Boston, Massachusetts 02117-0642 (telephone
1-800-437-6269).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Plan, participating stockholders appoint the plan agent to receive or invest our
distributions. In addition, participating stockholders may make optional cash purchases of our
shares through the plan agent as often as once a month. There is no charge to participating
stockholders for participating in the plan, although when shares are purchased under the plan by
the plan agent on the NYSE or otherwise on the open market, each participating stockholder will pay
a pro rata share of brokerage commissions incurred in connection with these purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reinvestment of Fund Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever we declare a capital gains distribution, an income dividend or a return of capital
distribution payable, at the election of stockholders, either in cash or in our shares of common
stock, the plan agent will automatically elect to receive our shares for the account of each
participating stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever we declare a capital gains distribution, an income dividend or a return of capital
distribution payable only in cash and the net asset value per share of our common stock equals or
is less than the market price per share on the valuation date (the market parity or premium), the
plan agent will apply the amount of that dividend or distribution payable to a participating
stockholder to the purchase from us of our shares for a participating stockholder&#146;s account, except
that if we do not offer shares for this purpose because we conclude Securities Act registration
would be required and such registration cannot be timely effected or is not otherwise a
cost-effective alternative for us, then the plan agent will follow the procedure described in the
next paragraph. The number of additional shares to be credited to a participating stockholder&#146;s
account will be determined by dividing the dollar amount of the distribution payable to a
participating stockholder by the net asset value per share of our common stock on the valuation
date, or if the net asset value per share is less than 95% of the market price per share on such
date, then by 95% of the market price per share. The valuation date will be the payable date for
the dividend or distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever we declare a capital gains distribution, an income dividend or a return of capital
distribution payable only in cash and the net asset value per share of our common stock exceeds the
market price per share on the valuation date (the market discount), the plan agent will apply the
amount of that dividend or distribution payable to a participating stockholder (less a
participating stockholder&#146;s pro rata share of brokerage commissions incurred with respect to
open-market purchases in connection with the reinvestment of that dividend or distribution) to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the purchase on the open market of our shares for a participating stockholder&#146;s account. The
valuation date will be the payable date for the dividend or distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voluntary Cash Purchases</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participating stockholders have the option of making investments in our shares through the
plan agent as often as once a month. Participating stockholders may invest as little as $100 in
any month and may invest up to $36,000 annually through the voluntary cash purchase feature of the
plan. The plan agent will apply these funds (less a participating stockholder&#146;s pro rata share of
brokerage commissions or other costs, if any) to the purchase on the NYSE (or, if different, on the
principal exchange for our shares) or otherwise on the open market for the participating
stockholder&#146;s account, regardless of whether there is a market parity, premium or discount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Enrollment and Withdrawal</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both current stockholders and first-time investors are eligible to participate in the plan.
Current stockholders may join the plan by either enrolling their shares with the plan agent or by
making an initial cash deposit of at least $250 with the plan agent. First-time investors may join
the plan by making an initial cash deposit of at least $250 with the plan agent. Stockholders who
hold our shares in the name of a brokerage firm, bank or other nominee should contact their nominee
to arrange for it to participate in the plan on the stockholder&#146;s behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participating stockholders may withdraw from the plan without charge by written notice to the
plan agent. Participating stockholders who choose to withdraw may elect to receive stock
certificates representing all of the full shares held by the plan agent on their behalf, or to
instruct the plan agent to sell these full shares and distribute the proceeds, net of brokerage
commissions, to the withdrawing participating stockholders. Withdrawn participating stockholders
will receive a cash adjustment for the market value of any fractional shares held on their behalf
at the time of termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment and Termination of Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan may be amended or supplemented by us or by the plan agent only by giving each
participating stockholder written notice at least 90&nbsp;days prior to the effective date of the
amendment or supplement, except that the notice period may be shortened when necessary or
appropriate in order to comply with applicable law or the rules or policies of the SEC or any other
regulatory body. The plan may be terminated by us or by the plan agent by written notice mailed to
each participating stockholder. Termination will be effective with respect to all distributions
with a record date at least 90&nbsp;days after the mailing of written notice to the participating
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Implications of Reinvestment of Fund Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment in our shares does not relieve participating stockholders from any income tax
which may be payable on dividends or distributions. For U.S. federal income tax purposes, when we
issue shares representing an income dividend or a capital gains dividend, a participating
stockholder will include in income fair market value of the shares received as of the payment
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">date, which will be taxed in the same manner as if cash had been received. The shares will
have a tax basis equal to the fair market value, and the holding period for the shares will begin
on the day after the date of distribution. If shares are purchased on the open market by the plan
agent, a participating stockholder will include in income the amount of the cash payment made. The
basis of the shares will be the purchase price of the shares, and the holding period for the shares
will begin on the day following the date of purchase. State, local and foreign taxes may also be
applicable. For more information about taxation, see &#147;Taxation&#148; below.
</DIV>
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TAXATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Distributions and Tax Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of certain tax considerations generally affecting us and our
stockholders. This section is based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
published rulings and court decisions, all as currently in effect. These laws are subject to
change, possibly on a retroactive basis. Please consult your own tax advisor concerning the
consequences of investing in us in your particular circumstances under the Code and the laws of any
other taxing jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Qualification as a Regulated Investment Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have elected to be taxed as a regulated investment company under Subchapter M of the Code
and intend to meet all other requirements that are necessary for us to be relieved of federal taxes
on income and gains we distribute to stockholders. As a regulated investment company, we are not
subject to federal income tax on the portion of our net investment income (i.e., our investment
company taxable income, as that term is defined in the Code, without regard to the deduction for
dividends paid) and net capital gain (i.e., the excess of net long-term capital gain over net
short-term capital loss) that we distribute to stockholders, provided that we distribute at least
90% of the sum of our net investment income for the year (the &#147;Distribution Requirement&#148;) and
satisfy certain other requirements of the Code that are described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to satisfying the Distribution Requirement, we must derive at least 90% of our
gross income from dividends, interest, certain payments with respect to loans of stock and
securities, gains from the sale or disposition of stock, securities or foreign currencies and other
income (including but not limited to gains from options, futures or forward contracts) derived with
respect to our business of investing in those stocks, securities or currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must also satisfy an asset diversification test in order to qualify as a regulated
investment company. Under this test, at the close of each quarter of our taxable year, (1)&nbsp;50% or
more of the value of our assets must be represented by cash, United States government securities,
securities of other regulated investment companies, and other securities, with these other
securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of
our total assets and not greater than 10% of the outstanding voting securities of that issuer, and
(2)&nbsp;not more than 25% of the value of our total assets may be invested in securities of (x)&nbsp;any one
issuer (other than U.S. government securities or securities of other regulated investment
companies), or of two or more issuers which we control and which are engaged in the same,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">similar or related trades or businesses or (y)&nbsp;in the securities of one or more &#147;qualified
publicly traded partnerships&#148; (as such term is defined in the Code).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for any year we do not qualify as a regulated investment company, all of our taxable income
(including our net capital gain) will be subject to tax at regular corporate rates without any
deduction for distributions to stockholders. These distributions will generally be taxable to the
individual stockholders as qualified dividend income, as discussed below, and generally will be
eligible for the dividends received deduction in the case of corporate stockholders. In addition,
we could be required to recognize unrealized gains, pay taxes and make distributions (which could
be subject to interest charges) before requalifying for taxation as a regulated investment company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Excise Tax on Regulated Investment Companies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 4% non-deductible federal excise tax is imposed on a regulated investment company to the
extent that it distributes income in such a way that it is taxable to stockholders in a calendar
year other than the calendar year in which the regulated investment company earned the income.
Specifically, the excise tax will be imposed if the regulated investment company fails to
distribute in each calendar year at least an amount equal to the sum of (1)&nbsp;98% of qualified
dividend income and ordinary taxable income for the calendar year and (2)&nbsp;98% of capital gain net
income (adjusted for certain ordinary losses) for the one-year period ending on October&nbsp;31 of this
calendar year (or, at the election of a regulated investment company having a taxable year ending
November&nbsp;30 or December&nbsp;31, for its taxable year) and (3)&nbsp;any ordinary income and capital gains for
previous years that were not distributed during those years. The balance of this income must be
distributed during the next calendar year. For the foregoing purposes, a regulated investment
company is treated as having distributed otherwise retained amounts if it is subject to income tax
on those amounts for any taxable year ending in such calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to make sufficient distributions or deemed distributions of our qualified dividend
income, ordinary income and capital gain net income prior to the end of each calendar year to avoid
liability for this excise tax. However, investors should note that we may in certain circumstances
be required to liquidate portfolio investments to make sufficient distributions to avoid excise tax
liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fund Investments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may make investments or engage in transactions that affect the character, amount and timing
of gains or losses that we realized. We may make investments that produce income that is not
matched by a corresponding cash receipt by us. Any of this income would be treated as income
earned by us and therefore would be subject to the distribution requirements of the Code. These
investments may require us to borrow money or dispose of other securities in order to comply with
those requirements. We may also make investments that prevent or defer the recognition of losses
or the deduction of expenses. These investments may likewise require us to borrow money or dispose
of other securities in order to comply with the distribution requirements of the Code.
Additionally, we may make investments that result in the recognition of ordinary income rather than
capital gain or that prevent us from accruing a long-term holding period. These investments may
prevent us from making capital gain distributions as described
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">below. We intend to monitor our transactions, will make the appropriate tax elections and
will make the appropriate entries in our books and records when we make any of these investments in
order to mitigate the effect of these rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We invest in equity securities of foreign issuers. If we purchase shares in certain foreign
corporations (referred to as passive foreign investment companies (&#147;PFICs&#148;) under the Code), we may
be subject to federal income tax on a portion of any &#147;excess distribution&#148; from this foreign
corporation, including any gain from the disposition of these shares, even if the income is
distributed by us to our stockholders. In addition, certain interest charges may be imposed on us
as a result of these distributions. If we were to invest in an eligible PFIC and elected to treat
the PFIC as a qualified electing fund (a &#147;QEF&#148;), in lieu of the foregoing requirements, we would be
required to include each year in our income and distribute to stockholders in accordance with the
distribution requirements of the Code a pro rata portion of the QEF&#146;s ordinary earnings and net
capital gain, whether or not distributed to us by the QEF. Alternatively, we generally will be
permitted to &#147;mark to market&#148; any shares we hold in a PFIC. If we make such an election, we would
be required to include in income each year and distribute to stockholders in accordance with the
distribution requirements of the Code, an amount equal to the excess, if any, of the fair market
value of the PFIC stock as of the close of the taxable year over the adjusted basis of this stock
at that time. We would be allowed a deduction for the excess, if any, of the adjusted basis of the
PFIC stock over its fair market value as of the close of the taxable year, but only to the extent
of any net mark-to-market gains with respect to the stock included by us for prior taxable years.
We will make appropriate basis adjustments in the PFIC stock to take into account the
mark-to-market amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any election that we make, dividends attributable to distributions from a
foreign corporation will not be eligible for the special tax rates applicable to qualified dividend
income if the foreign corporation is a PFIC either in the taxable year of the distribution or the
preceding taxable year, but instead will be taxable at rates applicable to ordinary income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fund Distributions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate distributing substantially all of our net investment income for each taxable
year. Dividends of net investment income paid to a noncorporate U.S. stockholder before January&nbsp;1,
2009 that are designated as qualified dividend income will generally be taxable to this stockholder
at a maximum rate of 15%. However, the amount of income that we may so designate will generally be
limited to the aggregate amount of qualified dividend income we receive. Higher tax rates will be
reimposed after 2008 unless further legislation by Congress is taken. We cannot assure you as to
what percentage of the dividends paid on the shares, if any, will consist of qualified dividend
income or long-term capital gains, both of which are taxed at lower rates for individuals than are
ordinary income and short-term capital gains. In addition, we must meet certain holding period and
other requirements with respect to the shares on which we receive the eligible dividends, and the
noncorporate U.S. stockholder must meet certain holding period requirements and other requirements
with respect to our shares. Dividends of net investment income that are not designated as
qualified dividend income and dividends of net short-term capital gains will be taxable to
stockholders at ordinary income rates. Dividends paid by us with respect to a taxable year will
qualify for the 70% dividends received deduction generally available to corporations to the extent
of the amount of dividends we receive from
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">certain domestic corporations for the taxable year. Stockholders will be advised annually as
to the U.S. federal income tax consequences of distributions made (or deemed made) during the year,
including the portion of dividends paid that qualify for the reduced tax rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinarily, stockholders are required to take taxable distributions by us into account in the
year in which the distributions are made. However, for federal income tax purposes, dividends that
are declared by us in October, November or December as of a record date in such month and actually
paid in January of the following year will be treated as if they were paid on December&nbsp;31 of the
year declared. Therefore, these dividends will generally be taxable to a stockholder in the year
declared rather than the year paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may either retain or distribute to stockholders our net capital gain for each taxable year.
We currently intend to distribute any of these amounts. If net capital gain is distributed and
designated as a &#147;capital gain dividend&#148;, it will be taxable to stockholders as long-term capital
gain, regardless of the length of time the stockholder has held his shares or whether this gain was
recognized by us prior to the date on which the stockholder acquired its shares. Capital gain of a
noncorporate U.S. stockholder that is recognized before January&nbsp;1, 2009 is generally taxed at a
maximum rate of 15% where the property is held by us for more than one year. Capital gain of a
corporate stockholder is taxed at the same rate as ordinary income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversely, if we elect to retain our net capital gain, we will be taxed thereon (except to
the extent of any available capital loss carryovers) at the 35% corporate tax rate. In such a
case, it is expected that we also will elect to have stockholders of record on the last day of our
taxable year treated as if each received a distribution of its pro rata share of this gain, with
the result that each stockholder will be required to report its pro rata share of this gain on its
tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share
of tax paid by us on the gain and will increase the tax basis for its shares by an amount equal to
the deemed distribution less the tax credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions by us that do not constitute qualified dividend income, ordinary income
dividends or capital gain dividends will be treated as a return of capital to the extent of (and in
reduction of) the stockholder&#146;s tax basis in its shares; any excess will be treated as gain from
the sale of its shares, as discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions by us will be treated in the manner described above regardless of whether these
distributions are paid in cash or reinvested in additional shares of our common stock (or of shares
of another fund). Stockholders receiving a distribution in the form of additional shares will be
treated as receiving a distribution in an amount equal to the fair market value of the shares
received, determined as of the reinvestment date. In addition, prospective investors should be
aware that distributions from us will, all other things being equal, have the effect of reducing
the net asset value of our shares by the amount of the distribution. If the net asset value is
reduced below a stockholder&#146;s cost, the distribution will nonetheless be taxable as described
above, even if the distribution effectively represents a return of invested capital. Investors
should consider the tax implications of buying shares just prior to a distribution, when the price
of shares may reflect the amount of the forthcoming distribution.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sale or Redemption of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A stockholder will recognize gain or loss on the sale or redemption of our shares in an amount
equal to the difference between the proceeds of the sale or redemption and the stockholder&#146;s
adjusted tax basis in the shares. All or a portion of any loss so recognized may be disallowed if
the stockholder acquires other shares of us within a period of 61&nbsp;days beginning 30&nbsp;days before and
ending 30&nbsp;days after that disposition, such as pursuant to reinvestment of a dividend in our
shares. Additionally, if a stockholder disposes of our shares within 90&nbsp;days following their
acquisition, and the stockholder subsequently re-acquires our shares pursuant to a reinvestment
right received upon the purchase of the original shares, any load charge (i.e., sales or additional
charge) incurred upon the acquisition of the original shares will not be taken into account as part
of the stockholder&#146;s basis for computing profit or loss upon the sale of the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, any gain or loss arising from (or treated as arising from) the sale or redemption
of our shares will be considered capital gain or loss and will be long-term capital gain or loss if
the shares were held for more than one year. However, any capital loss arising from the sale or
redemption of shares held for six months or less will be treated as a long-term capital loss to the
extent of the amount of capital gain dividends received on (or undistributed capital gains credited
with respect to) those shares. Capital gain of a noncorporate U.S. stockholder that is recognized
before January&nbsp;1, 2009 is generally taxed at a maximum rate of 15% where the property is held by
the stockholder for more than one year. Capital gain of a corporate stockholder is taxed at the
same rate as ordinary income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Backup Withholding</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be required in certain cases to backup withhold and remit to the U.S. Treasury a
portion of qualified dividend income, ordinary income dividends and capital gain dividends, and the
proceeds of redemption of shares, paid to any stockholder (1)&nbsp;who has provided either an incorrect
tax identification number or no number at all, (2)&nbsp;who is subject to backup withholding by the IRS
for failure to report the receipt of interest or dividend income properly or (3)&nbsp;who has failed to
certify to us that it is not subject to backup withholding or that it is a corporation or other
&#147;exempt recipient&#148;. Backup withholding is not an additional tax and any amounts withheld may be
refunded or credited against a stockholder&#146;s federal income tax liability, provided the appropriate
information is furnished to the IRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation of a stockholder who, as to the United States, is a nonresident alien individual,
foreign trust or estate, foreign corporation, or foreign partnership (&#147;foreign stockholder&#148;)
depends on whether the income from us is &#147;effectively connected&#148; with a U.S. trade or business
carried on by this stockholder. If the income from us is not effectively connected with a U.S.
trade or business carried on by a foreign stockholder, dividends paid to this foreign stockholder
from net investment income will be subject to U.S. withholding tax at the rate of 30% (or lower
treaty rate) on the gross amount of the dividend. This foreign stockholder would generally be
exempt from U.S. federal income tax, including withholding tax, on gains realized on the sale of
our shares, capital gain dividends and amounts retained by us that are designated as undistributed
capital gains. Generally, interest-related dividends and short-term capital gains dividends
</DIV>

<P align="center" style="font-size: 10pt">-58-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">received from a regulated investment company are exempt from the 30-percent withholding tax.
This exemption applies to both nonresident alien individuals and foreign corporations for dividends
paid after December&nbsp;31, 2004, and applies to income that would not be subject to the 30-percent tax
if earned by the foreign person directly. With respect to interest-related dividends, this
exemption does not apply if we do not receive a statement on Internal Revenue Service Form W-8
stating that the stockholder is not a U.S. person. If the income from us is effectively connected
with a U.S. trade or business carried on by a foreign stockholder, then ordinary income dividends,
capital gain dividends, undistributed capital gains credited to this stockholder and any gains
realized upon the sale of our shares will be subject to U.S. federal income tax at the graduated
rates applicable to U.S. citizens or domestic corporations. Foreign corporate stockholders may also
be subject to the branch profits tax imposed by the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of foreign noncorporate stockholders, we may be required to backup withhold U.S.
federal income tax on distributions that are otherwise exempt from withholding tax (or taxable at a
reduced treaty rate) unless those stockholders furnish us with proper notification of their foreign
status.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax consequences to a foreign stockholder entitled to claim the benefits of an applicable
tax treaty may be different from those described herein. Foreign stockholders are urged to consult
their own tax advisers with respect to the particular tax consequences to them of an investment in
us, the procedure for claiming the benefit of a lower treaty rate and the applicability of foreign
taxes. Transfers by gift of our shares by an individual foreign stockholder will not be subject to
U.S. federal gift tax, but the value of our shares held by this stockholder at his death will
generally be includible in his gross estate for U.S. federal estate tax purposes, subject to any
applicable estate tax treaty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may be subject to foreign withholding taxes or other foreign taxes with respect to income
(possibly including, in some cases, capital gain) received from sources within foreign countries.
So long as more than 50% of the value of our total assets at the close of the taxable year consists
of stock or securities of foreign issuers, we may elect to treat any foreign income taxes paid by
us as paid directly by our stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we make the election, each stockholder will be required to (i)&nbsp;include in gross income,
even though not actually received, its pro rata share of our foreign income taxes, and (ii)&nbsp;either
deduct (in calculating U.S. taxable income) or credit (in calculating U.S. federal income tax) its
pro rata share of our income taxes. A foreign tax credit may not exceed the U.S. federal income
tax otherwise payable with respect to the foreign source income. For this purpose, each
stockholder must treat as foreign source gross income (i)&nbsp;its proportionate share of foreign taxes
paid by us and (ii)&nbsp;the portion of any actual dividend paid by us which represents income derived
from foreign sources; the gain from the sale of securities will generally be treated as U.S. source
income and certain foreign currency gains and losses likewise will be treated as derived from U.S.
sources. This foreign tax credit limitation is, with certain exceptions, applied separately to
separate categories of income; dividends from us paid in taxable years beginning before January&nbsp;2,
2007 will be treated as &#147;passive&#148; or &#147;financial services&#148; income and dividends paid in taxable
years beginning after December&nbsp;31, 2006 will generally be treated as &#147;passive&#148; or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;general&#148;
income for this purpose. The effect of this limitation may be to prevent stockholders from
claiming as a credit the full amount of their pro rata share of our foreign income taxes. In
addition, the foreign tax credit is allowed to offset only 90% of the alternative minimum tax
imposed on corporations and individuals, and stockholders will not be eligible to claim a foreign
tax credit with respect to foreign income taxes paid by us unless certain holding period
requirements are met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will make such an election only if we deem it to be in the best interest of our
stockholders. A stockholder not subject to U.S. tax may prefer that this election not be made. We
will notify stockholders in writing each year if we make the election and of the amount of foreign
income taxes, if any, to be passed through to the stockholders and the amount of foreign taxes, if
any, for which our stockholders will not be eligible to claim a foreign tax credit because the
holding period requirements (described above) have not been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>State and Local Tax Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending on the residence of the stockholders for tax purposes, distributions may also be
subject to state and local taxes. Rules of state and local taxation regarding qualified dividend
income, ordinary income dividends and capital gain dividends from regulated investment companies
may differ from the U.S. federal income tax rules in other respects. Stockholders are urged to
consult their tax advisers as to the consequences of these and other state and local tax rules
affecting investment in us.
</DIV>
<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CUSTODIANS, DIVIDEND-PAYING AGENT, TRANSFER AGENT AND REGISTRAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors Bank and Trust Company (&#147;IBT&#148;), with principal offices at 200 Clarendon Street,
Boston, Massachusetts 02116, acts as our custodian, dividend-paying agent, transfer agent and
registrar. IBT has agreements with a global network of sub-custodians, which, together with IBT,
maintain custody of our portfolio securities and cash.
</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements, at October&nbsp;31, 2004, incorporated by reference in this prospectus
and in the SAI have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP
(&#147;PwC&#148;), Independent Registered Public Accounting Firm, given on their authority as experts in
auditing and accounting. The principal business address of PwC is 300 Madison Avenue, New York,
New York, 10017.
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VALIDITY OF SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the shares offered in this rights offering will be passed on for us by
Sullivan &#038; Cromwell LLP, New York, New York and for the dealer manager by Skadden, Arps, Slate,
Meagher &#038; Flom LLP, Chicago, Illinois.
</DIV>


<P align="center" style="font-size: 10pt">-60-
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#200">GENERAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#201">INVESTMENT OBJECTIVE AND POLICIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#202">INVESTMENT RESTRICTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#203">NET ASSET VALUE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#204">MANAGEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#205">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#206">INVESTMENT ADVISORY AND OTHER SERVICES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#207">BROKERAGE ALLOCATION AND OTHER PRACTICES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#208">FINANCIAL STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-61-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person has been authorized to give
any information or to make any
representations in connection with this
offering other than those contained in this
prospectus and, if given or made, such
information or representation must not be
relied upon as having been authorized by us.
Neither the delivery of this prospectus nor
any sale made hereunder shall, under any
circumstances, create any implication that
there has been no change in the affairs of us
since the date hereof or that the information
contained herein is correct as of any time
subsequent to its date. In the event that a
material change in our affairs occurs
subsequent to the date hereof, a supplemental
prospectus will be distributed in accordance
with applicable law. This prospectus does
not constitute an offer to sell or a
solicitation of any offer to buy any
securities other than the registered
securities to which it relates. This
prospectus does not constitute an offer to
sell or a solicitation of an offer to buy
such securities in any circumstances in which
such offer or solicitation is unlawful.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Available Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Prospectus Summary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Fee Table</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Financial Highlights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Market and Net Asset Value Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Our Rights Offering</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Investment Objective and Policies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Risk Factors and Special Considerations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Our Management</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Central European and Russian Economies and Markets</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">Description of Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">Dividends and Distributions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">Voluntary Cash Purchase Program and Dividend Reinvestment Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">Custodians, Dividend-Paying Agent, Transfer Agent and Registrar</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">Validity of Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">Table of Contents of Statement of Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;LOGO&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Central Europe and Russia Fund, Inc.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093; Shares of<BR>
Common Stock Issuable<BR>
Upon Exercise of Rights to<BR>
Subscribe for Such Shares</B>
</DIV>

<DIV>&nbsp;&nbsp;&nbsp;</DIV>
<CENTER>
<DIV style="width: 15%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
</CENTER>

<DIV align="center" style="font-size: 10pt"><B>PROSPECTUS</B>
</DIV>
<CENTER>
<DIV style="width: 15%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
</CENTER>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;Dealer Manager&#093;</B>
</DIV>
<DIV>&nbsp;&nbsp;&nbsp;</DIV>
<CENTER>
<DIV style="width: 20%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;, 2005
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Subject to Completion, dated November&nbsp;10, 2005
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE CENTRAL EUROPE AND RUSSIA FUND, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 12%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STATEMENT OF ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Statement of Additional Information (the &#147;SAI&#148;) is not a prospectus, but should be read
in conjunction with our prospectus dated
&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, 2005. This SAI does not include all
information that a prospective investor should consider before purchasing our shares, and investors
should obtain and read the prospectus prior to purchasing shares. A copy of the prospectus may be
obtained without charge, by calling our information agent at
&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;. This SAI incorporates
by reference the entire prospectus. Defined terms used in this SAI have the same meaning as
provided in the prospectus. The date of this SAI is
&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, 2005.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 12%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE
OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#200">GENERAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">FB-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#201">INVESTMENT OBJECTIVE AND POLICIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#202">INVESTMENT RESTRICTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#203">NET ASSET VALUE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#204">MANAGEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#205">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#206">INVESTMENT ADVISORY AND OTHER SERVICES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#207">BROKERAGE ALLOCATION AND OTHER PRACTICES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">B-29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#208">FINANCIAL STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The information contained in this SAI is not complete and may be changed. We may not sell these
securities until the Registration Statement filed with the Securities and Exchange Commission is
effective.</B>
</DIV>


<P align="center" style="font-size: 10pt">B-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="200"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GENERAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated in Maryland on February&nbsp;6, 1990 as The United Germany Fund, Inc. On
February&nbsp;15, 1990, we changed our name to The Future Germany Fund, Inc., and thereafter commenced
investment operations under that name. On June&nbsp;29, 1995, we changed our name to The Central
European Equity Fund, Inc. On June&nbsp;25, 2003, we changed our name to the current one, The Central
Europe and Russia Fund, Inc.
</DIV>
<DIV align="left">
<A name="201"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT OBJECTIVE AND POLICIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment objective is to seek long-term capital appreciation through investment
primarily in equity and equity-linked securities of issuers domiciled in Central Europe and Russia.
We may not be able to achieve our objective. For a more detailed discussion of our investment
objective and policies, see &#147;Investment Objective and Policies&#148; on page 33 of the prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of other investment policies and practices with respect to
warrants, participation certificates, futures and options, fixed income securities, securities
lending and currency transactions and the special considerations relevant to these practices that
supplements the material contained in the prospectus. For purposes of policies and practices
discussed below, all percentage limitations apply only immediately after a transaction, and any
subsequent change in any applicable percentage resulting from changing values will not require
elimination of any security from our portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Warrants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may invest in warrants if consistent with our investment objective. The warrants in which
we may invest are a type of security, usually issued together with another security of an issuer,
that entitles the holder to buy a fixed amount of common or preferred stock of that issuer at a
specified price for a fixed period of time (which may be in perpetuity). Warrants are commonly
issued attached to other securities of the issuer as a method of making these securities more
attractive and are usually detachable and thus may be bought or sold separately from the issued
security. Warrants can be a speculative instrument. The value of a warrant may decline because of
a decrease in the value of the underlying stock, the passage of time or a change in perception as
to the potential of the underlying stock, or any combination thereof. If the market price of the
underlying stock is below the exercise price set forth in the warrant on the expiration date, the
warrant will expire worthless. Publicly traded warrants currently exist with respect to the stock
of a significant number of European companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Participation Certificates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain German, Swiss and Austrian companies have issued participation certificates
(&#147;Participation Certificates&#148; or &#147;Genuss-Scheine&#148;), which entitle the holder to participate only in
dividend distributions, generally at rates above those declared on the issuers&#146; common stock, but
not to vote, nor usually to any claim for assets in liquidation. Participation Certificates trade
like common stock, either in the over-the-counter market or through the relevant stock exchanges.
</DIV>

<P align="center" style="font-size: 10pt">B-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These securities may have higher yields; however, they may be less liquid than common stock.
We may invest in Participation Certificates of issuers in any European country or Russia.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Futures and Options</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For hedging purposes, we may also purchase put and call options on stock of European or
Russian issuers and, to the extent permitted by applicable United States law, invest in the index
and bond futures and any other derivative securities listed on any organized exchange. Options are
contracts which give the buyer the right, but not the obligation, to buy or sell a fixed amount of
securities at a fixed price for a fixed period of time. A futures contract is a binding obligation
to purchase or deliver the specific type of financial instrument, or the cash equivalent of this
instrument in certain circumstances, called for in the contract at a specific price at a future
date. We will only invest in options or futures in an attempt to hedge against changes or
anticipated changes in the value of particular securities in our portfolio or all or a portion of
our portfolio. We will not invest in options or futures if, immediately thereafter, more than the
amount of our total assets would be hedged. For hedging purposes, we may also purchase put and
call options on bonds and other securities, as well as securities indices, if and when such
investments become available. We may invest in other options, futures and options on futures with
respect to any securities or securities indices compatible with our investment objective that may
from time to time become available on any organized exchange, if permitted by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also write (also referred to as &#147;selling&#148;) covered call options on our portfolio
securities and appropriate securities indices for purposes of generating income. We may write
covered call options on portfolio securities and appropriate securities indices up to the amount of
our entire portfolio. A call option gives the holder the right to purchase the underlying
securities from us at a special price (the &#147;exercise price&#148;) for a stated period of time (usually
three, six or nine months). Prior to the expiration of the option, the writer (also referred to as
the &#147;seller&#148;) of the option has an obligation to sell the underlying security to the holder of the
option at the exercise price regardless of the market price of the security at the time the option
is exercised. The initial purchaser of an option pays the writer a premium, which is paid at time
of purchase and is retained by the writer whether or not the option is exercised. A &#147;covered&#148; call
option means that so long as we are obligated as the writer of the option, we will own:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the underlying securities subject to the option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securities convertible or exchangeable without the payment of any consideration into
the securities subject to the option; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>warrants on the securities subject to the option exercisable at a price not greater
than the option exercise price and, at the time the option is exercisable, the
securities subject to the option.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of covered call options on securities indices, references to securities in the bullet
points above will include such securities as the investment adviser believes approximate the index
(but not necessarily all those comprising the index), as well as, in the case of the second two
bullets, securities convertible, exchangeable or exercisable into the value of the index. The
writing of a call option may involve the pledge of the underlying security which the call option
</DIV>
<P align="center" style="font-size: 10pt">B-3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">covers, or other portfolio securities. In order to make use of our authority to write covered call
options, we may pledge our assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the option is exercised, the writer may either deliver the underlying securities
at the exercise price or if it does not wish to deliver its own securities, purchase new securities
at a cost to the writer, which may be more than the exercise price premium received, and deliver
the new securities for the exercise option. In the event the option is exercised, our potential
for gain is limited to the difference between the exercise price plus the premium less the cost of
the security. Alternatively, the option&#146;s position could be extinguished or closed out by
purchasing a like option. It is possible, although considered unlikely, that we might be unable to
execute such a closing purchase transaction. If the price of a security declines below the amount
to be received from the exercise price less the amount of the call premium received and if the
option could not be closed out, we would hold a security which might otherwise have been sold to
protect against depreciation. In addition, our portfolio turnover may increase to the extent that
the market price of underlying securities covered by call options written by us increases and we
have not entered into closing purchase transactions. Brokerage commissions associated with writing
options transactions are normally higher than those associated with other securities transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fixed Income Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also invest up to 20% of our total assets in fixed income securities of European or
Russian issuers. Such investments may include debt instruments issued by private and public
entities, including multinational lending institutions and supranational institutions if
denominated in a European or Russian currency or composite currency, which have been determined by
our investment manager and investment adviser to be of comparable credit quality to securities
rated in the three highest categories by Moody&#146;s Investors Service, Inc. or Standard &#038; Poor&#146;s
Corporation. When selecting a debt instrument from among several investment opportunities, our
investment manager and investment adviser will consider the potential for capital appreciation,
taking into account maturity and yield considerations. For temporary defensive purposes, we also
may invest in money market instruments denominated in U.S. dollars or in a European or the Russian
currency or composite currency, including bank time deposits and certificates of deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Loaned Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also lend our portfolio securities to banks, securities dealers and other institutions
meeting the creditworthiness standards established by our board of directors. We may lend our
portfolio securities so long as the terms and the structure of such loans are not inconsistent with
the Investment Company Act, which currently requires that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the borrower pledge and maintain with us collateral consisting of cash, a letter of
credit issued by a domestic United States bank or securities issued or guaranteed by
the United States Government having a value at all times of not less than 100% of the
value of the securities loaned;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">B-4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the borrower add to such collateral whenever the price of the loaned securities
rises (e.g., the value of the loan is &#147;marked to market&#148; on a daily basis);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the loan be made subject to termination by us at any time; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we receive reasonable interest on the loan (which may include a portion of the
interest from our investing any cash collateral in interest bearing short-term
investments).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any such collateral may be invested by us in repurchase agreements collateralized by securities
issued or guaranteed by the United States Government. Any distributions on the loaned securities
and any increase in their market value accrue to us. Loan arrangements made by us will comply with
all other applicable regulatory requirements. All relevant facts and circumstances, including the
creditworthiness of the borrowing institution, will be monitored by our investment manager and
adviser, and will be considered in making decisions with respect to lending of securities, subject
to review by our board of directors. We may pay reasonable negotiated fees in connection with
loaned securities, so long as such fees are set forth in a written contract and approved by our
board of directors. In addition, any voting rights may pass with the loaned securities, but if a
material event were to occur affecting an investment on loan, the loan may be called and the
securities voted. Any gain or loss in the market price of the loaned securities that may occur
during the term of the loan will be for our account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Currency Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may attempt to hedge our foreign currency exposure by entering into forward currency
contracts. We do not currently engage in foreign exchange transactions as an investment strategy.
However, at such future time as our investment manager and investment adviser believe that one or
more currencies in which our securities are denominated might suffer a substantial decline against
the United States dollar, we may, in order to hedge the value of our portfolio, enter into forward
contracts, <I>e.g.</I>, to sell fixed amounts of such currencies for fixed amounts of United States
dollars in the interbank market. A forward currency contract involves an obligation to purchase or
sell a specific currency at a future date, which may be any fixed number of days from the date of
the contract agreed upon by the parties, at a price set at the time of the contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our dealings in forward exchange transactions will be limited to hedging involving either
specific transactions or portfolio positions. Transaction hedging is the purchase or sale of
forward currency with respect to our specific receivables or payables, which will generally arise
in connection with the purchase or sale of our portfolio securities. Position hedging is the sale
of forward currency with respect to portfolio security positions denominated or generally quoted in
that currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may engage in &#147;conventional hedging,&#148; which involves entering into forward currency
contracts to sell fixed amounts of a foreign currency (such as Russian Roubles) for fixed amounts
of United States dollars in order to hedge the United States dollar value of our portfolio. We may
also engage in &#147;cross-hedging&#148;, which involves entering into forward currency contracts to sell
fixed amounts of such foreign currency (such as Russian Roubles) for fixed amounts of another
foreign currency to which we may seek exposure (such as Euros).
</DIV>

<P align="center" style="font-size: 10pt">B-5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not position a hedge with respect to any currency to an extent greater than the
aggregate market value (at the time of making such sale) of the securities held in our portfolio
denominated or generally quoted in or currently convertible into such currency. If we enter into a
hedging transaction, our custodian or subcustodian will place cash or United States Government or
other liquid securities in a segregated account of ours in an amount equal to the value of our
total assets committed to the consummation of the forward contract, which value will be adjusted on
a daily basis. If the value of the securities placed in the segregated account declines,
additional cash or securities will be placed in the account so that the value of the account will
equal the amount of our commitment with respect to the contract.
</DIV>
<DIV align="left">
<A name="202"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT RESTRICTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to its investment objective and the other investment policies described under
&#147;Investment Objective and Policies&#148; above and in the prospectus, we have adopted certain investment
restrictions, which are fundamental policies and may be changed only by the approval of a majority
of our outstanding voting securities. Under the Investment Company Act, a &#147;majority&#148; means 67% of
our shares present at a meeting of our stockholders if the owners of more than 50% of our shares
then outstanding are present in person or by proxy or, if lower, more than 50% of our outstanding
shares. We refer to this approval voting level as a &#147;majority vote.&#148; For purposes of the
restrictions listed below, all percentage limitations apply only immediately after a transaction,
and any subsequent change in any applicable percentage resulting from changing values will not
require elimination of any security from our portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase more than 10% of the voting securities of any single issuer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invest 25% or more of our total assets in the securities of issuers in any one
industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue senior securities, borrow money or pledge our assets, except that we may
borrow for temporary or emergency purposes or for the clearance of transactions in
amounts not exceeding 10% of the value of our total assets (not including the amount
borrowed) and will not purchase securities while any of these borrowings are
outstanding, and except that we may pledge our assets in connection with writing
covered call options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make real estate mortgage loans or other loans, except through the purchase of
debt obligations consistent with our investment policies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>buy or sell commodities, commodity contracts, futures contracts, real estate or
interests in real estate (other than as described under &#147;Investment Objective and
Policies&#151;Portfolio Structure&#148; on page 33 of the prospectus and under &#147;Investment
Objective and Policies&#151;Currency Transactions&#148; on page B-5 of this SAI);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make short sales of securities or maintain a short position in any security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>buy, sell or write put or call options (other than as described under
&#147;Investment Objective and Policies&#151;Portfolio Structure&#148; on page 34 of the prospectus
and under &#147;Investment Objective and Policies&#151;Futures and Options&#148; on page B-3 in this
SAI);</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">B-6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase securities on margin, except such short-term credits as may be
necessary or routine for the clearance or settlement of transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>act as an underwriter, except to the extent we may be deemed to be an
underwriter in connection with the sale of securities in our portfolio; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase securities, the sale of which by us could not be effected without
prior registration under the Securities Act, except that this restriction shall not
preclude us from acquiring non-U.S. securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are classified as a &#147;non-diversified&#148; investment company under the Investment Company Act,
which means we are not limited by the Investment Company Act in the proportion of our assets that
may be invested in the securities of a single issuer. However, we conduct our operations so as to
qualify as a &#147;regulated investment company&#148; for purposes of the Internal Revenue Code, which
relieves us of any liability for Federal income tax to the extent that our earnings are distributed
to stockholders. To so qualify, among other requirements, we must limit our investments so that,
at the close of each quarter of the taxable year, (i)&nbsp;not more than 25% of the market value of our
total assets may be invested in the securities of a single issuer or a group of related issuers and
(ii)&nbsp;at least 50% of the market value of our total assets must be represented by cash, United
States Government securities and other securities, with such other securities limited, in respect
of any one issuer, to not more than 5% of the market value of our total assets and not more than
10% of the issuer&#146;s outstanding voting securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of our policy not to invest 25% or more of the total value of our assets in a
particular industry, our investment manager generally classifies the issuers of our portfolio
securities according to the broad industry classification used by Standard &#038; Poor&#146;s Corporation.
</DIV>
<DIV align="left">
<A name="203"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NET ASSET VALUE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share is determined on each business day that the NYSE is open for trading
as of 11:30&nbsp;a.m. New York City time. The daily NAVs will be publicly announced via website posting
(www.germanyfund.com) as soon as reasonably possible after the 11:30&nbsp;a.m. calculation time,
currently expected to be in the range of 1:00 p.m. to 2:00 p.m., New York time. The NAVs will also
continue to be made available via toll-free telephone (1-800-GERMANY) following the website
posting. Net asset value per share is calculated by dividing the value of our net assets (the
value of our assets less our liabilities) by the total number of shares of our common stock
outstanding. Any assets or liabilities initially expressed in terms of non-U.S. dollar currencies
are translated into U.S. dollars at the 10:00&nbsp;a.m. mid-point of the buying and selling spot rates
quoted by the Federal Reserve Bank of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All securities for which market quotations are readily available are valued at the last quoted
sale price on the primary exchange on which they are traded prior to the time of determination. If
no sale occurs on that business day or there is otherwise no last quoted sale price available at
that time, and both bid and asked prices are available, the securities are valued at the mean
between the last current bid and asked prices (but if no quoted asked prices are available, they
are valued at the last quoted bid price). Unlisted securities and listed securities whose primary
market is over-the-counter will be valued, if both bid and asked prices are
</DIV>

<P align="center" style="font-size: 10pt">B-7
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">available, at the mean between the last current bid and asked prices prior to the time of
determination (but if no quoted asked prices are available, they are valued at the last quoted bid
price). If bid and asked quotations are not available, then these securities are valued at their
fair value as determined in good faith by or under the direction of our board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants issued separately from any other security will be valued upon their issuance and
prior to commencement of trading at the stated value ascribed by the issuing entity. Warrants
attached to other securities (also known as a unit) are given no separate value. Warrants that
become detached from a unit are initially valued at the difference between the value of the unit
prior to detachment and the value of the other security after detachment. Warrants are then valued
at the quoted last sales price. Rights that are trading will be valued as any other equity
security. If the rights are not trading and the shares resulting from exercising the rights are
trading, then the rights will be valued at the market value of the new shares minus the cost to
subscribe to the new shares multiplied by the subscription ratio. If the rights are not trading
and the shares resulting from exercising the rights are not trading, then the rights are valued at
their fair value as determined in good faith by or under the direction of our board of directors.
Upon commencement of trading, both warrants and rights are valued as any other security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New shares initially issued resulting from the exercise of rights will be valued as any other
security if the new shares are trading. If the new shares are not trading and the rights are still
trading, then the shares will be valued at the market value of the number of rights needed to
exercise to receive the new shares less the cost to subscribe to the new shares. If the rights are
not trading and the new shares are not trading, then the shares are valued at their fair value as
determined in good faith by or under the direction of our board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial public offering securities will be initially valued at the offer price, and, upon
commencement of trading, will be valued as any other security. Any securities tendered by us will
continue to be valued at the closing market price until the tender is completed. Debt securities
with a remaining maturity of 60&nbsp;days or less at the time of purchase will be valued at amortized
cost unless the circumstances indicate that amortized cost does not approximate fair value.
Overnight repurchase agreements and other repurchase agreements maturing in seven days or less will
be valued at par. Longer-term repurchase agreements will be valued at the bid quotations. All
other securities and assets are valued at their fair value as determined in good faith by or under
the direction of our board of directors.
</DIV>
<DIV align="left">
<A name="204"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names and addresses of our directors and officers are set forth below, together with their
positions and their principal occupations during the past five years and, in the case of directors,
their positions with certain other organizations and companies.
</DIV>

<P align="center" style="font-size: 10pt">B-8
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">1</sup> &#038; Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>by Director</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Interested Directors<SUP style="font-size: 85%; vertical-align: text-top">3</sup></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Detlef Bierbaum, 62<SUP style="font-size: 85%; vertical-align: text-top">3</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1990.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner of Sal. Oppenheim Jr. &#038;
Cie KGaA (investment
management) (over five years).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc. (since
1986).<SUP style="font-size: 85%; vertical-align: text-top">4&nbsp;</sup>
Member of the Supervisory Board,
Tertia Handelsbeteiligungsgesellschaft
mbH (electronic retailer).
Member of Supervisory Board,
Douglas AG (retailer). Member of
Supervisory Board, LVM
Landwirtschaftlicher
Versicherungsverein (insurance).
Member of Supervisory Board,
Monega KAG. Member of
Supervisory Board, AXA Investment
Managers GmbH (investment
company). Chairman of
Supervisory Board, Oppenheim
Kapitalanlagegesellschaft mbH
(investment company). Chairman
of Administrative Board,
Oppenheim Prumerica Asset
Management S.a.r.l. (investment
company). Member of Supervisory
Board, Altradius N.V. (insurance
company). Member of the
Supervisory Board of DWS
Investment GmbH. Member of the
Board of Duindee REIT, Toronto.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Bult, 69<SUP style="font-size: 85%; vertical-align: text-top">3</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1990.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, PaineWebber
International (asset
management)(since 1985).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc. (since 1986) and The
New Germany Fund, Inc. (since
1990).<SUP style="font-size: 85%; vertical-align: text-top">4&nbsp;</sup> Director, The Greater
China Fund, Inc. (closed-end
fund).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Christian H.
Strenger, 62<SUP style="font-size: 85%; vertical-align: text-top">3</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Director and
Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1990.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director (since 1999) and
Managing Director (1991-1999)
of DWS Investment GmbH
(investment management), a
subsidiary of Deutsche
Bank&nbsp;AG.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc. (since 1986) and The
New Germany Fund, Inc. (since
1990).<SUP style="font-size: 85%; vertical-align: text-top">4&nbsp;</sup> Member, Supervisory
Board, Fraport AG (international
airport business). Board member,
Incepta PLC (media and
advertising). Non-executive
Board member of Hermes Focus
Asset Management Europe Ltd.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">B-9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex<SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></sup></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">1</sup> &#038; Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>by Director</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-interested Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. Kurt W. Bock,
46<SUP style="font-size: 85%; vertical-align: text-top">5</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2004.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board of
Executive Directors and CFO,
BASF Aktiengesellschaft
(chemicals) (since 2003);
President, Logistics and
Information Services, BASF
Aktiengesellschaft (2000-2003);
Chief Financial Officer, BASF
Corporation (1998-2000).
Managing Director, Robert Bosch
Ltda. (automotive and
industrial products)
(1996-1998); Senior Vice
President, Finance and
Accounting, Robert Bosch GmbH
(1994-1996); Senior Vice
President, Finance, Robert
Bosch GmbH (1992-1994); Head of
Technology, Planning and
Controlling, Engineering
Plastics division, BASF
Aktiengesellschaft (1991-1992);
Executive Assistant to BASF&#146;s
Chief Financial Officer
(1987-1991).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of The European Equity
Fund, Inc. (since
2004).<SUP style="font-size: 85%; vertical-align: text-top">4</sup> &nbsp;Member
of the Supervisory Boards of
Wintershall AG (since 2003) and
Basell N.V, (since 2003). Member
of the Advisory Boards of WINGAS
GmbH (since 2003), WIEH GmbH
(since 2003), Landesbank
Baden-Wurttemberg (since 2003),
Initiative D21 (since 2003), DBW
(&#147;Die Betriebswirtschaft&#148;) (since
2003), and Gesellschaft fur
Unternehmensplanung (IUP) (since
2004). Member of the Boards of
BASFIN Corporation (since 2002),
Deutsches Rechnungslegungs
Standards Committee (&#147;DRSC&#148;)
(since 2003),
Schmalenbachgesellschaft (since
2004), and Jacob Gould Schurman
Stiftung (since 2004). Member of
the Trustees of Arbeitskreis
Evangelischer Unternehmer (&#147;AEU&#148;)
(since 2003). Member of the
Advisory Council of Deutsche Bank
AG (since June&nbsp;2004). Member of
the Advisory Board of Gebr.
Rochling KG (since May&nbsp;2004).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">B-10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">1</sup> &#038; Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>by Director</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-interested Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ambassador Richard
R. Burt, 58</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2000.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, Diligence LLC,
formerly IEP Advisors, Inc.
(international information and
risk management firm) (since
2002). Chairman, IEP Advisors
Inc. (information services
firm) (1998-2001). Chairman of
the Board, Weirton Steel Corp.
(1996-2004). Formerly,
Partner, McKinsey &#038; Company
(consulting firm) (1991-1994).
U.S. Ambassador to the Federal
Republic of Germany (1985-1989).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc., as well as other
funds in the Fund Complex as
indicated.<SUP style="font-size: 85%; vertical-align: text-top">4&nbsp;</sup>
Board Member, IGT,
Inc. (gaming technology) (since
1995). Board Member, Hollinger
International (printing and
publishing) (since 1995). Board
Member, HCL Technologies, Inc.
(information technology and
product engineering) (since
1999). Member, Textron
Corporation International
Advisory Council (aviation,
automotive, industrial operations
and finance) (since 1996).
Director, UBS-Paine Webber family
of Mutual Funds.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John H. Cannon, 63
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2004.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consultant (since 2002). Vice
President and Treasurer,
Venator Group/Footlocker Inc.
(footwear retailer) (until
2001).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of The New Germany Fund,
Inc. (since 1990) and The
European Equity Fund, Inc. (since
2004).<SUP style="font-size: 85%; vertical-align: text-top">4</sup></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fred H. Langhammer,
61<SUP style="font-size: 85%; vertical-align: text-top">8</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2003.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, Global Affairs, The
Est&#233;e Lauder Companies Inc.
(manufacturer and marketer of
cosmetics) (since July&nbsp;2004),
Chief Executive Officer
(2000-2004), President
(1995-2004), Chief Operating
Officer (1985-1999), Managing
Director, operations in Germany
(1982-1985), President,
operations in Japan (1975-1982).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc. (since
2003).<SUP style="font-size: 85%; vertical-align: text-top">4&nbsp;</sup>
Director, Gillette Company.
Director, Inditex, S.A (apparel
manufacturer and retailer).
Director, German-American Chamber
of Commerce, Inc. Co-Chairman,
American Institute for
Contemporary German Studies at
Johns Hopkins University. Senior
Fellow, Foreign Policy
Association. Director, The Walt
Disney Company (entertainment).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">B-11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">1</sup> &#038; Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>by Director</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Interested Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. Frank Tr&#246;mel,
69<SUP style="font-size: 85%; vertical-align: text-top">9</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deputy Chairman of the
Supervisory Board of DELTON AG
(strategic management holding
company operation in the
pharmaceutical, household
products, logistics and power
supply sectors) (since 2000).
Member (since 2000) and
Vice-President (since 2002) of
the German Accounting Standards
Board; Chairman of the Board of
Managing Directors of DELTON AG
(1990-1999); Chairman of the
Board of Managing Directors of
ALTANA AG (management holding
company for the pharmaceutical
and chemical operation)
(1987-1990) and Member of the
Board (1977-1987).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc. (since 2005) and The
New Germany Fund, Inc. (since
1990).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert H.
Wadsworth, 65
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1990.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Robert H. Wadsworth
Associates, Inc. (consulting
firm) (since 1983). President
and Trustee, Trust for
Investment Managers
(1999-2002). President,
Investment Company
Administration, L.L.C.
(1992-2001). President,
Treasurer and Director, First
Fund Distributors, Inc. (mutual
fund distribution)
(1990-2002). Vice President,
Professionally Managed
Portfolios (1991-2002). Vice
President, Advisors Series
Trust (registered investment
companies) (1996-2002).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc. (since 1986) and The
New Germany Fund, Inc. (since
1992) as well as other funds in
the Fund Complex as indicated.<SUP style="font-size: 85%; vertical-align: text-top">4</sup></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">B-12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">1</sup> &#038; Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>by Director</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Interested Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Werner Walbr&#246;l, 67<SUP style="font-size: 85%; vertical-align: text-top">10</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1990.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer, The European American
Chamber of Commerce, Inc.
Senior Adviser, Baker &#038;
McKenzie (law firm). Formerly,
President and Chief Executive
Officer, The German American
Chamber of Commerce, Inc.
(until 2003).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The European Equity
Fund, Inc. (since
1986).<SUP style="font-size: 85%; vertical-align: text-top">4&nbsp;</sup>
Director, T&#220;V Rheinland of North
America, Inc. (independent
testing and assessment
services). President and
Director, German-American
Partnership Program (student
exchange programs). Director,
AXA Art Insurance Corporation
(fine art and collectible
insurer).</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" valign="top" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><b>Position(s)</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><b>Term of Office</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><b>Principal</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><b>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">1</sup> &#038;</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><b>with</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><b>And Length of</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><b>Occupation(s)</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><b>Age</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Fund<SUP style="font-size: 85%; vertical-align: text-top">6</sup></b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Time Served</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>During Past Five Years</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><b>Officers</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vincent J. Esposito, 48
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director, Deutsche Asset Management (Since
2003). Formerly, Managing Director and Head of
Relationship Management, Putnam Investments (March
1999-2003) and Managing Director and National Sales
Manager, Putnam Investments (March&nbsp;1997-March&nbsp;1999).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sandra M. Schaufler, 38
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Investment Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2004.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Deutsche Asset Management (since 2004).
Formerly, Director of Equity Sales, HVB Capital Markets
(2001- 2003); Portfolio Manager, Deutsche Asset
Management (1997-2001).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carole Coleman, &nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Secretary; Director Deutsche Asset
Management (since 2005); Associate General Counsel, Fred
Alger &#038; Company (2002-2005); Associate Attorney, Charpie
&#038; Associates (1995-2002).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul Schubert, 42
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer and Chief
Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director, Deutsche Asset Management (since
2004). Formerly, Executive Director, Head of Mutual Fund
Services and Treasurer, UBS Global Asset Management
Family of Funds (1994-2004); Vice President and Director
of Mutual Fund Finance at UBS Global Asset Management
(1994-1998).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kathleen Sullivan D&#146;Eramo, 48
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2003.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Deutsche Asset Management (since 2002).
Manager, SevenFortyNine L.L.C. (commercial and
residential property) (since 2005). Formerly, Senior
Vice President, Zurich Scudder Investments (2000-2002);
Vice President, Zurich Scudder Investments and its
predecessor companies (1995-2000).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">B-13
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless otherwise indicated, the address of all directors and officers is c/o Deutsche Asset
Management., 345 Park Avenue, New York, New York 10154.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes The European Equity Fund, Inc. and the New Germany Fund, Inc., which are the other
closed-end registered investment companies for which Deutsche Investment Management Americas
Inc. acts as manager. It also includes &#091;186&#093; other open- and closed-end funds advised by
wholly-owned entities of the Deutsche Bank Group in the United States.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Indicates &#147;Interested Person&#148;, as defined in the Investment Company Act. Mr.&nbsp;Bierbaum is an
&#147;interested&#148; Director because of his affiliation with Sal. Oppenheim Jr. &#038; Cie KGaA, which is
the parent company of a registered broker-dealer; &#091;Mr.&nbsp;Bult is an &#147;interested&#148; Director
because of his affiliation with &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, a registered broker-dealer, and the dealer
manager in this rights offering&#093;; and Mr.&nbsp;Strenger is an &#147;interested&#148; Director because of his
affiliation with DWS-Deutsche Gesellschaft f&#252;r Wertpapiersparen mbH (&#147;DWS&#148;), a majority-owned
subsidiary of Deutsche Bank and because of his ownership of Deutsche Bank shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The European Equity Fund, Inc. and The New Germany Fund, Inc. are the other closed-end
registered investment companies for which Deutsche Investment Management Americas Inc. acts as
manager. Messrs.&nbsp;Burt and Wadsworth also serve as Directors/Trustees of the following
open-end investment companies: Scudder Advisor Funds, Scudder Advisor Funds II, Scudder
Advisor Funds III, Scudder Institutional Funds, Scudder Investment Portfolios, Scudder Cash
Management Portfolio, Scudder Treasury Money Portfolio, Scudder International Equity
Portfolio, Scudder Equity 500 Index Portfolio, Scudder Asset Management Portfolio, Scudder
Investments VIT Funds, Scudder MG Investments Trust, Scudder Investors Portfolios Trust,
Scudder Investors Funds, Inc., Scudder Flag Investors Value Builder Fund, Inc., Scudder Flag
Investors Equity Partners Fund, Inc., Scudder Flag Investors Communications Fund, Inc., Cash
Reserves Fund, Inc. and Scudder RREEF Securities Trust. They also serve as Directors of
Scudder RREEF Real Estate Fund, Inc. and Scudder RREEF Real Estate Fund II, Inc., closed-end
investment companies. These Funds are advised by either Deutsche Asset Management, Inc.,
Deutsche Asset Management Investment Services Limited, or Investment Company Capital Corp,
each an indirect, wholly-owned subsidiary of Deutsche Bank AG.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Dr.&nbsp;Tessen von Heydebreck, a managing director of Deutsche Bank, is a member of the
supervisory board of BASF AG, Dr.&nbsp;Bock&#146;s employer.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Each also serving as an officer of The European Equity Fund, Inc. and The New Germany Fund,
Inc. Our officers are elected annually by our board of directors at their meeting following
the Annual Meeting of Stockholders.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Indicates ownership of securities of Deutsche Bank AG either directly or through Deutsche
Bank&#146;s deferred compensation plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>In December&nbsp;2001, Mr.&nbsp;Langhammer&#146;s two adult children borrowed $1&nbsp;million from a Deutsche
Bank Group company. As of April&nbsp;1, 2004, the loan was fully repaid.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Dr.&nbsp;Tr&#246;mel&#146;s son has been employed since March&nbsp;1, 2002 by an indirect subsidiary of Deutsche
Bank AG.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Walbr&#246;l has a mortgage loan through Deutsche Bank. As of &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, 2005, the
principal amount outstanding was $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table contains additional information with respect to the beneficial
ownership of equity securities by each of our directors and, on an aggregated basis, in any
registered investment companies overseen by the director within our same Family of Investment
Companies:
</DIV>

<P align="center" style="font-size: 10pt">B-14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Dollar Range of Equity Securities in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>All Funds Overseen by Director in Family of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Securities in the Fund </B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Investment Companies </B><SUP style="font-size: 85%; vertical-align: text-top"><B>1, 2</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Detlef Bierbaum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kurt W. Bock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Bult</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Over $100,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ambassador Richard R. Burt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001 - $100,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001 - $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Cannon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$10,001 - $50,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fred H. Langhammer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christian H. Strenger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$10,001 - $50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$10,001 - $50,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frank Tr&#246;mel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert H. Wadsworth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001 - $100,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Werner Walbr&#246;l</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001 - $100,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001 - $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Valuation date is March&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The Family of Investment Companies consists of us, The European Equity Fund, Inc. and The New
Germany Fund, Inc., which are closed-end funds and share the same investment adviser and
manager and hold themselves out as related companies.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors presently has five standing committees including an audit
committee (the &#147;Audit Committee&#148;), an advisory committee (the &#147;Advisory Committee&#148;), an executive
committee (the &#147;Executive Committee&#148;), a nominating committee (the &#147;Nominating Committee&#148;) and a
special committee on shareholder initiatives (the &#147;Special Shareholder Initiatives Committee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee, comprising Messrs.&nbsp;Burt, Cannon, Tr&#246;mel, Wadsworth and Walbr&#246;l, operates
pursuant to a written charter. The members of the Audit Committee are &#147;independent&#148; as required by
the independence standards of Rule&nbsp;10A-3 under the Securities Exchange Act of 1934. The Board of
Directors has determined that each member of the Audit Committee is financially literate and has
determined that each of Messrs.&nbsp;Cannon and Wadsworth meets the requirements for an audit committee
financial expert under the rules of the Securities and Exchange Commission (&#147;SEC&#148;). Although the
Board has determined that these individuals meet the requirements for an audit committee financial
expert, their responsibilities are the same as those of the other audit committee members. They
are not auditors or accountants, do not perform &#147;field work&#148; and are not full-time employees. The
SEC has determined that an audit committee member who is designated as an audit committee financial
expert will not be deemed to be an &#147;expert&#148; for any purpose as a result of being identified as an
audit committee financial expert. The Audit Committee met seven times during the fiscal year ended
October&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Committee, comprising Messrs.&nbsp;Bierbaum, Burt, Wadsworth and Walbr&#246;l, makes
recommendations to the full Board with respect to the Management Agreement between us and DIMA, and
the Investment Advisory Agreement between us and DeAMI. The Advisory Committee met once during the
past fiscal year, in connection with the annual continuance of those agreements.
</DIV>

<P align="center" style="font-size: 10pt">B-15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee, comprising Messrs.&nbsp;Burt, Strenger, Wadsworth and Walbr&#246;l, has the
authority to act for the Board on all matters between meetings of the Board subject to any
limitations under applicable state law. During the past fiscal year the Executive Committee did
not meet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Shareholder Initiatives Committee, comprising Messrs.&nbsp;Bult, Burt, Cannon,
Wadsworth and Walbr&#246;l, has the authority to act for the Board on all matters relating to
stockholder initiatives. The Special Shareholder Initiatives Committee met once during the past
fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee comprises Messrs.&nbsp;Burt, Wadsworth and Walbr&#246;l. The Board has
determined that each of the members is not an &#147;interested person&#148; as the term is defined in Section
2(a)(19) of the Investment Company Act of 1940, as amended. Generally, the Nominating Committee
identifies, evaluates and selects and nominates, or recommends to the Board of Directors,
candidates for the Board or any committee of the Board. To be eligible for nomination as a
Director a person must, at the time of such person&#146;s nomination, have Relevant Experience and
Country Knowledge and must not have any Conflict of Interest, as those terms are defined in the our
Bylaws. The Nominating Committee may also take into account additional factors listed in the
Nominating Committee Charter, which generally relate to the nominee&#146;s industry knowledge, business
experience, education, ethical reputation, special skills, ability to work well in group settings
and the ability to qualify as an &#147;independent director.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee will consider nominee candidates properly submitted by stockholders
in accordance with applicable law, our Charter or Bylaws, resolutions of the Board and the
qualifications and procedures set forth in the Nominating Committee Charter. A stockholder or
group of stockholders seeking to submit a nominee candidate (i)&nbsp;must have beneficially owned at
least 5% of our common stock for at least two years, (ii)&nbsp;may submit only one nominee candidate for
any particular meeting of stockholders, and (iii)&nbsp;may submit a nominee candidate for only an annual
meeting or other meeting of stockholders at which directors will be elected. The stockholder or
group of stockholders must provide notice of the proposed nominee pursuant to the requirements
found in our Bylaws. Generally, this notice must be received not less than 90&nbsp;days nor more than
120&nbsp;days prior to the first anniversary of the date of mailing of the notice for the preceding
year&#146;s annual meeting. Such notice shall include the specific information required by our Bylaws.
The Nominating Committee will evaluate nominee candidates properly submitted by stockholders on the
same basis as it considers and evaluates candidates recommended by other sources. The Nominating
Committee met once during the past fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All members on each of the five committees of the Board are non-interested persons (except
that Mr.&nbsp;Strenger, an interested person, is a member of the Executive Committee; Mr.&nbsp;Bierbaum, an
interested person, is a member of the Advisory Committee; and Mr.&nbsp;Bult, an interested person, is a
member of the Special Shareholder Initiatives Committee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the past fiscal year, the Board of Directors had four regular meetings, and each
incumbent Director that served as a Director during the past fiscal year, with the exception of Mr.
Langhammer, attended at least 75% of the aggregate number of meetings of the Board and meetings of
Board Committees on which that Director served. The Board has a policy that
</DIV>

<P align="center" style="font-size: 10pt">B-16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">encourages Directors to attend the Annual Meeting of Stockholders, to the extent travel to the
Annual Meeting of Stockholders is reasonable for that Director. Two Directors attended the 2005
Annual Meeting of Stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To communicate with the Board of Directors or an individual Director, a stockholder must send
a written communication to our principal office at 345 Park Avenue, NYC20-2799, New York, New York
10154 (c/o The Central Europe and Russia Fund, Inc.), addressed to (i)&nbsp;the Board of Directors or an
individual Director, and (ii)&nbsp;our Secretary. Our Secretary will direct the correspondence to the
appropriate parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We pay each of our Directors who is not an interested person of us, of DeAM1 or of DIMA an
annual fee of $7,500 plus $750 for each Board and Committee meeting attended. Each such Director
who is also a Director of The European Equity Fund, Inc. or The New Germany Fund, Inc. also
receives the same annual and per-meeting fees for services as a Director of each such fund. No
Director of all three funds is paid for attending more than two funds&#146; board and committee meetings
when meetings of the three funds are held concurrently, and no such Director receives more than the
annual fee of two funds. Each of the three funds reimburses the Directors (except for those
employed by the Deutsche Bank Group) for travel expenses in connection with Board meetings. These
three funds, together with 162 other open- and closed-end funds advised by wholly-owned entities of
the Deutsche Bank Group in the United States, represent the entire Fund Complex within the meaning
of the applicable rules and regulations of the SEC. The following table sets forth (a)&nbsp;the
aggregate compensation from us for the fiscal year ended October&nbsp;31, 2004, and (b)&nbsp;the total
compensation from each fund in the Fund Complex for the 2004 fiscal year of each such fund, for (i)
each Director who is not an interested person of the Fund, and (ii)&nbsp;all such Directors as a group:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Compensation From</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>From Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Kurt W. Bock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ambassador Richard R. Burt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">199,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Cannon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fred H. Langhammer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frank Tr&#246;mel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">__</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert H. Wadsworth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">171,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Werner Walbrol</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">465,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="100"></TD>
</TR>
<TR valign="top">
    <TD>*Dr.&nbsp;Tromel became a Director in July&nbsp;2005.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No compensation is paid by us to Directors or officers who are interested persons of us
or of any entity of the Deutsche Bank Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has adopted a code of ethics pursuant to Rule&nbsp;17j-1 under the
Investment Company Act. This code of ethics permits access persons to trade in securities that may
be purchased or held by us for their own accounts, subject to compliance with the code of ethic&#146;s
preclearance requirements. In addition, the code of ethics provides for trading &#147;blackout periods&#148;
that prohibit trading by personnel within periods of trading by us in the same security. The code
of ethics prohibits short-term trading profits and personal investment in initial public
</DIV>

<P align="center" style="font-size: 10pt">B-17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">offerings and requires prior approval with respect to purchases of securities in private
placements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment manager (in its capacity as our investment manager) has adopted a code of
ethics pursuant to Rule&nbsp;17j-1 under Investment Company Act. This code of ethics permits access
persons to trade in securities that may be purchased or held by us for their own accounts, subject
to compliance with the code of ethics preclearance requirements. In addition, the code of ethics
provides for trading &#147;blackout periods&#148; that prohibit trading by personnel within periods of
trading by us in the same security. The code of ethics prohibits short-term trading profits and
personal investment in initial public offerings and requires prior approval with respect to
purchases of securities in private placements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment adviser has adopted a code of ethics pursuant to Rule&nbsp;17j-1 under the
Investment Company Act. This code of ethics permits access persons to trade in securities that may
be purchased or held by us for their own accounts, subject to compliance with the code of ethic&#146;s
requirements. The code of ethics requires prior approval for personal investment in initial public
offerings and prohibits short-term trading profits, &#147;front running&#148; trades placed by us, naked
short sales, and personal investment in private placements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These code of ethics are on file with and available from the SEC at http://www.sec.gov or by
calling 1-202-942-8090. Copies may also be obtained, after paying a duplication fee, by electronic
request at the following email address: publicinfo@sec.gov, or by writing the SEC&#146;s Public
Reference Section, Washington, D.C. 20549-0102.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proxy Voting Policies and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have delegated proxy voting responsibilities to our investment manager, subject to our
board of directors&#146; general oversight. We have delegated proxy voting to our investment manager
with the direction that proxies should be voted consistent with our best economic interests. Our
investment manager has adopted its own Proxy Voting Policies and Procedures (&#147;Policies&#148;), a Proxy
Voting Desktop Manual (&#147;Manual&#148;) and Proxy Voting Guidelines (&#147;Guidelines&#148;) for this purpose. The
Policies address, among other things, conflicts of interest that may arise between our interests,
and the interests of our investment manager and its affiliates. The Manual sets forth the
procedures that the investment manager has implemented to vote proxies, including monitoring for
corporate events, communicating with our custodian regarding proxies, considering the merits of
each proposal, and executing and recording the proxy vote. The Guidelines set forth our investment
manager&#146;s general position on various proposals, such as:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stockholder Rights</U> &#151; Our investment manager generally votes against
proposals that restrict stockholder rights.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Corporate Governance</U> &#151; Our investment manager generally votes for
confidential and cumulative voting and against supermajority voting requirements for
charter and bylaw amendments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Anti-Takeover Matters</U>  &#151; Our investment manager generally votes for
proposals that require stockholder ratification of poison pills or that request boards
to redeem poison</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">B-18
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pills, and votes &#147;against&#148; the adoption of poison pills if they are submitted for
stockholder ratification. Our investment manager generally votes for fair price
proposals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Routine Matters</U> &#151; Our investment manager generally votes for the
ratification of auditors, procedural matters related to the annual meeting, and changes
in company name, and against bundled proposals and adjournment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The general provisions described above do not apply to investment companies. Our investment
manager generally votes proxies solicited by investment companies in accordance with the
recommendations of an independent third-party, except for proxies solicited by or with respect to
investment companies for which our investment manager or any of its affiliates serve as investment
adviser or principal underwriter (&#147;affiliated investment companies&#148;). Our investment manager votes
affiliated investment company proxies in the same proportion as the vote of the investment
company&#146;s other stockholders (sometimes called &#147;mirror&#148; or &#147;echo&#148; voting). Master fund proxies
solicited from feeder funds are voted in accordance with applicable requirements of the Investment
Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Guidelines set forth our investment manager&#146;s general voting positions on various
proposals, our investment manager may, consistent with our best interest, determine under some
circumstances to vote contrary to those positions<I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guidelines on a particular issue may or may not reflect the view of individual members of
our board of directors, or of a majority of our board of directors. In addition, the Guidelines
may reflect a voting position that differs from the actual practices of the public companies within
the Deutsche Bank organization or of the investment companies for which our investment manager or
any of its affiliates serve as investment adviser or sponsor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investment manager may consider the views of a portfolio company&#146;s management in deciding
how to vote a proxy or in establishing general voting positions for the Guidelines, but
management&#146;s views are not determinative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As mentioned above, the Policies describe the way in which our investment manager resolves
conflicts of interest. To resolve conflicts, our investment manager, under normal circumstances,
votes proxies in accordance with its Guidelines. If our investment manager departs from the
Guidelines with respect to a particular proxy or if the Guidelines do not specifically address a
certain proxy proposal, a proxy voting committee established by our investment manager will vote
the proxy. Before voting any such proxy, however, the committee will exclude from the voting
discussions and determinations any member who is involved in or aware of a material conflict of
interest. If, after excluding any and all such members, there are fewer than three voting members
remaining, the investment manager will engage an independent third party to vote the proxy or
follow the proxy voting recommendations of an independent third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances, our investment manager may not be able to vote proxies, or may
find that the expected costs associated with voting outweigh the economic benefits. For example,
our investment manager may not vote proxies on certain foreign securities due to local
</DIV>

<P align="center" style="font-size: 10pt">B-19
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">restrictions or customs. Our investment manager generally does not vote proxies on securities
subject to share blocking restrictions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information on how we voted proxies relating to our portfolio securities in the 12&nbsp;month
period ended June&nbsp;30, 2005 is available on our website, www.germanyfund.com, and on the SEC&#146;s
website, www.sec.gov.
</DIV>
<DIV align="left">
<A name="205"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;31, 2005 no person, to the knowledge of management, owned of record or
beneficially more than 5% of our outstanding common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;31, 2005, all directors and executive officers as a group (15 persons) owned
approximately &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; shares of our common stock, which constitutes less than 1% of our
outstanding common stock.
</DIV>
<DIV align="left">
<A name="206"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT ADVISORY AND OTHER SERVICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Adviser and Investment Manager</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into a management agreement with DIMA&#146;s predecessor and an investment advisory
agreement with DeAMI (at the time of execution of the agreement, DB Capital Management
International GmbH) on March&nbsp;6, 1990. Our board of directors approved a transfer of the management
agreement to DIMA on July&nbsp;12, 2004, which became effective September&nbsp;1, 2004 and did not involve
any change in control or actual management of the investment manager. Both agreements continue in
effect for successive twelve-month periods from their initial term, but only if the agreements are
approved for continuance annually by our board of directors in accordance with the requirements of
the Investment Company Act. Our board of directors last voted to continue both the management
agreement and the investment advisory agreement on July&nbsp;17, 2005. Both agreements are terminable
without penalty by vote of a majority of our board of directors or by a vote of the holders of a
majority of our outstanding common stock, or by DIMA or DeAMI, as the case may be, at any time upon
not less than sixty days&#146; written notice to the other party. Since neither DIMA nor DeAMI is
willing to provide services separately, each agreement provides that it shall automatically
terminate upon assignment or upon termination of the other agreement. Both DIMA and DeAMI are
wholly owned direct or indirect subsidiaries of Deutsche Bank AG, a major German banking
institution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the management agreement, DIMA is our corporate manager and administrator and,
subject to the supervision of our board of directors and pursuant to recommendations made by the
investment adviser, determines which securities are suitable securities for our investment. DIMA
(i)&nbsp;handles our relationships with our stockholders, including stockholder inquiries, (ii)&nbsp;is
responsible for, arranges and monitors compliance with regulatory requirements and New York Stock
Exchange listing requirements and (iii)&nbsp;negotiates contractual arrangements with third-party
service providers, including, but not limited to, custodians, transfer agents, auditors and
printers. DIMA also provides office facilities and personnel to carry out these services, together
with clerical and bookkeeping services which are
</DIV>

<P align="center" style="font-size: 10pt">B-20
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">not being furnished by our custodian or transfer and dividend-paying agent. In addition, DIMA
(i)&nbsp;determines and publishes our net asset value in accordance with our policy as adopted from time
to time by our board of directors, (ii)&nbsp;establishes our operating expense budgets and authorizes
the payment of actual operating expenses incurred, (iii)&nbsp;calculates the amounts of dividends and
distributions to be declared and paid by us to our stockholders, (iv)&nbsp;provides our board of
directors with financial analyses and reports necessary for our board to fulfill its fiduciary
responsibilities, (v)&nbsp;maintains our books and records required under the Investment Company Act
(other than those being maintained by our custodian and transfer and dividend-paying agent and
registrar, as to which DIMA oversees such maintenance), (vi)&nbsp;prepares our United States federal,
state and local income tax returns, (vii)&nbsp;prepares financial information for our proxy statements
and quarterly and annual reports to stockholders and (viii)&nbsp;prepares our reports to the SEC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We pay DIMA a management fee, computed weekly and payable monthly, at an annual rate of 0.65%
of our average weekly net assets up to $100,000,000 and 0.55% of such assets in excess of
$100,000,000. During the fiscal years ended October&nbsp;31, 2005, October&nbsp;31, 2004 and October&nbsp;31,
2003, we paid DIMA a management fee of $2,046,762, $1,383,100 and $911,794, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to our investment advisory agreement, DeAMI, in accordance with our investment
objective, policies and restrictions, makes recommendations to our investment manager with respect
to our investments and, upon instructions given by our investment manager as to which securities
are suitable for investment, transmits purchase and sale orders and selects brokers and dealers to
execute portfolio transactions on our behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We pay DeAMI an investment advisory fee, computed weekly and payable monthly, at an annual
rate of 0.35% of our average weekly net assets up to $100&nbsp;million and 0.25% of such assets in
excess of $100&nbsp;million. During the fiscal years ended October&nbsp;31, 2005, October&nbsp;31, 2004 and
October&nbsp;31, 2003, we paid DeAMI an investment advisory fee of $985,229, $683,227 and $469,148,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both the management agreement and the investment advisory agreement provide that DIMA and
DeAMI, respectively, are responsible for all expenses of all employees and overhead incurred by
them in connection with their duties under their respective agreements. DIMA pays all salaries and
fees of our directors and officers who are &#147;interested persons&#148; under the Investment Company Act.
An &#147;interested person&#148; is a director who is not independent under the specific requirements of the
Investment Company Act. We bear all of our own expenses, including those expenses described in
&#147;Our Management&#148; on page 46 of the prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Factors Considered in Continuance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors unanimously approved the continuance of the management agreement between us and
DIMA and the investment advisory agreement between us and DeAMI (together called the &#147;agreements&#148;)
at a meeting held on July&nbsp;17, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In preparation for the meeting, the directors had requested and evaluated extensive materials
from DIMA and DeAMI, including performance and expense information for other
</DIV>

<P align="center" style="font-size: 10pt">B-21
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">investment companies with similar investment objectives derived from data compiled by Lipper
Inc. (&#147;Lipper&#148;). Prior to voting, the directors reviewed the proposed continuance of the
agreements with management and with experienced counsel who are independent of DIMA and DeAMI and
received a memorandum from such counsel discussing the legal standards for their consideration of
the proposed continuance. The directors also discussed the proposed continuance in a private
session with counsel at which no representatives of DIMA or DeAMI were present. In reaching their
determination relating to continuance of the agreements, the directors considered all factors they
believed relevant, including the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>information comparing our performance to other investment companies with
similar investment objectives and to an index;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nature, extent and quality of investment and administrative services
rendered by DIMA and DeAMI;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payments received by DIMA and DeAMI from all sources in respect us and all
investment companies in the Deutsche/Scudder family of funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the costs borne by, and profitability of, DIMA and Investment Adviser and their
affiliates in providing services to us and to all investment companies in the
Deutsche/Scudder family of funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comparative fee and expense data for us and other investment companies with
similar investment objectives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent to which economies of scale would be realized as we grow and whether
fee levels reflect these economies of scale for the benefit of investors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DIMA&#146;s and DeAMI&#146;s policies and practices regarding allocation of our portfolio
transactions, including the extent, if any, to which DIMA and DeAMI benefit from soft
dollar arrangements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our portfolio turnover rates compared to those of other investment companies
with similar investment objectives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fall-out benefits which DIMA, DeAMI and their affiliates receive from their
relationships with us;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the professional experience and qualifications of our portfolio management team
and other senior personnel of DIMA and DeAMI; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms of the agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors also considered their knowledge of the nature and quality of the services
provided by DIMA and DeAMI to us gained from their experience as directors of the European Equity
Fund and, where relevant, the New Germany Fund and other Deutsche/Scudder funds, their confidence
in DIMA&#146;s and DeAMI&#146;s integrity and competence gained from that experience and DIMA&#146;s and DeAMI&#146;s
responsiveness to concerns raised by them in the past, including
</DIV>

<P align="center" style="font-size: 10pt">B-22
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DIMA&#146;s and DeAMI&#146;s willingness to consider and implement organizational and operational
changes designed to improve investment results and the services provided to us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In their deliberations, the directors did not identify any particular information that was
all-important or controlling, and each director attributed different weights to the various
factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors determined that the overall arrangements between us and DIMA, as provided in the
management agreement, and between us and DeAMI, as provided in the investment advisory agreement,
were fair and reasonable in light of the services performed, expenses incurred and such other
matters as the directors considered relevant in the exercise of their reasonable judgment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The material factors and conclusions that formed the basis for the directors&#146; reaching their
determination to approve the continuance of the agreements (including their determinations that
DIMA and DeAMI should continue in those roles for us, and that the fees payable to DIMA and DeAMI
pursuant to the agreements are appropriate) were separately discussed by the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Nature, extent and quality of services provided by DIMA and DeAMI</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors noted that, under the management agreement, DIMA acts as our corporate manager
and administrator and, subject to the supervision of our board of directors and pursuant to
recommendations made by DeAMI, determines suitable securities for investment by us. Under the
investment advisory agreement, DeAMI, in accordance with our investment objectives, policies and
limitations, makes recommendations with respect to our investments and, upon instructions given by
DIMA as to suitable securities for investment by us, transmits purchase and sale orders and selects
brokers and dealers to execute portfolio transactions on our behalf. Under the management
agreement, DIMA also handles our relationships with shareholders, is responsible for compliance
with regulatory and NYSE listing requirements, negotiates arrangements with third party service
providers, provides our directors with relevant reports, prepares our tax returns and SEC and
shareholder reports, calculates dividends and net asset value, oversees payment of our expenses and
maintains books and records. DIMA also provides us with such office facilities and executive and
other personnel adequate to perform its services. DIMA pays all of the compensation of our
directors and officers who are interested persons of DIMA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors considered the scope and quality of services provided by DIMA and DeAMI under
the agreements and noted that the scope of services provided had expanded over time as a result of
regulatory and other developments. The directors noted that, for example, DIMA is responsible for
maintaining and monitoring its own and our compliance programs, and these compliance programs have
recently been refined and enhanced in light of new regulatory requirements. The directors
considered the quality of the investment research capabilities of DIMA and DeAMI and the other
resources they have dedicated to performing services for us. The quality of administrative and
other services, including DIMA&#146;s role in coordinating the activities of our other service
providers, also were considered. The directors concluded that, overall, they were satisfied with
the nature, extent and quality of services provided (and expected to be provided) to us under the
agreements.
</DIV>

<P align="center" style="font-size: 10pt">B-23
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Costs of Services Provided and Profitability to DIMA and DeAMI</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of the directors, DIMA provided information concerning profitability of DIMA&#146;s
and DeAMI&#146;s respective investment advisory and investment company activities and their financial
condition based on historical information for 2003 and 2004. The directors reviewed with DIMA
assumptions and methods of allocation used by DIMA and DeAMI in preparing fund specific
profitability data. DIMA stated its belief that the methods of allocation used were reasonable,
but it noted that there are limitations inherent in allocating costs to multiple individual
advisory clients served by an organization such as DIMA and DeAMI where each of the advisory
clients draws on, and benefits from, the research and other resources of the Deutsche Bank
organization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors recognized that it is difficult to make comparisons of profitability from fund
management contracts because comparative information is not generally publicly available and is
affected by numerous factors, including the structure of the particular adviser, the types of funds
it manages, its business mix, numerous assumptions regarding allocations and the adviser&#146;s capital
structure and cost of capital. In considering profitability information, the directors considered
the effect of possible fall-out benefits, on DIMA&#146;s and DeAMI&#146;s expenses, including any affiliated
brokerage commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors noted that during 2003 DIMA and DeAMI revised their soft dollar practices to
discontinue using soft dollars to receive third party research from brokers that execute purchases
and sales of securities for us, and formalized this change in their policies in 2004. DIMA and
DeAMI may continue to allocate brokerage to receive research generated by executing brokers and to
receive other information services. The directors also noted that in 2004 DIMA and DeAMI revised
their policies to prohibit consideration of the sale of shares of Deutsche/Scudder funds when
selecting broker dealers to execute portfolio transactions for us or other Deutsche/Scudder funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors recognized that DIMA and DeAMI should, in the abstract, each be entitled to earn
a reasonable level of profits for the services it provides to us and, based on their review,
concluded that DIMA&#146;s and DeAMI&#146;s levels of profitability from its relationship with us were not
excessive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Investment Results</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the information received by the directors for the meeting, the directors
receive detailed performance information for us at each regular board meeting during the year. The
directors reviewed information showing our performance compared to that of other European Closed
End Funds compiled by Lipper, plus three other equity oriented closed end country funds managed by
affiliates of DIMA and DeAMI (a total of 12 funds, including us). The directors also reviewed
information showing performance of our benchmark index, currently a blend of 45% CECE index of 26
Central European stocks, 45% RTX index of 8 Russian stocks and 10% ISE 30 index of 30 Turkish
stocks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The comparative information showed that we ranked in the top half for the one-, three- , five-
and 10- year periods ended March&nbsp;31, 2005. Our results were significantly positive in
</DIV>

<P align="center" style="font-size: 10pt">B-24
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">absolute terms, and exceeded our benchmark in 2003 and 2004. We exceeded our benchmark in two
of the five years 1998-2002. (Comparisons prior to 1998 are not meaningful because until then we
had a purely German focus.) We also exceeded our benchmark in each of the first two quarters of
2005. Taking into account these comparisons and the other factors considered, including the
excellent performance since our increased emphasis on Russian investments that began in mid-2003,
the directors concluded that our investment results over time were satisfactory.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Management and Investment Advisory Fees and Other Expenses</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors considered the management and investment advisory fee rates paid by us to DIMA
and DeAMI. The directors recognized that it is difficult to make comparisons of management and
advisory fees because there are variations in the services that are included in the fees paid by
other funds. Our peer group consisted of the 12 closed end country funds described above in
&#147;Investment Results.&#148; The information showed that our current effective management fee rate of
0.884% was the lowest in the peer group and significantly below the average and the median for the
peer group. The directors noted that our effective fee rate reflects the effect of breakpoints.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors also considered our total expense ratio in comparison to the fees and expenses
of funds within its peer group. The directors recognized that the expense ratio information for us
potentially reflected on DIMA&#146;s provision of services, as DIMA is responsible for coordinating
services provided to us by others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors also noted that our expense ratio was the third lowest of the peer group. DIMA
explained that this difference was principally the result of our relatively low management and
investment advisory fee and our relatively large asset base. The directors concluded that our
expense ratio was highly satisfactory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Economies of Scale</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors noted that our management fee and investment advisory schedules do contain
breakpoints that reduce the fee rate on assets above specified levels. The directors recognized
that breakpoints may be an appropriate way for DIMA and DeAMI to share their economies of scale
with some funds that have substantial assets or that may grow materially over the next year.
However, they also recognized that there is no direct relationship between the economies of scale
realized by funds and those realized by DIMA and DeAMI as assets increase, largely because
economies of scale are realized (if at all) by DIMA and DeAMI across a variety of products and
services, and not only in respect of a single fund. Having taken these factors into account, the
directors concluded that our breakpoint arrangements were acceptable under our circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Managers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has been advised that the investment manager seeks to offer its investment
professionals competitive short-term and long-term compensation. Portfolio managers and research
professionals are paid (i)&nbsp;base salaries, which are linked to job function, responsibilities and
financial services industry peer comparison and (ii)&nbsp;variable compensation, which is linked
</DIV>

<P align="center" style="font-size: 10pt">B-25
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to investment performance, individual contributions to the team and &#091;Scudder Investments&#146; and&#093;
Deutsche Bank&#146;s financial results. Variable compensation may include a cash bonus incentive and
participation in a variety of long-term equity programs (usually in the form of Deutsche Bank
equity).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonus and long-term incentives comprise a greater proportion of total compensation as an
investment professional&#146;s seniority and compensation levels increase. Top performing investment
professionals earn a total compensation package that is highly competitive, including a bonus that
is a multiple of their base salary. The amount of equity awarded under the long-term equity
programs is generally based on the individual&#146;s total compensation package and may comprise from
0%-40% of the total compensation award. As incentive compensation increases, the percentage of
compensation awarded in Deutsche Bank equity also increases. &#091;Certain senior investment
professionals may be subject to a mandatory diverting of a portion of their equity compensation
into proprietary mutual funds that they manage.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To evaluate its investment professionals, the investment manager uses a &#147;Performance
Management Process&#148;. Objectives evaluated by the process are related to investment performance and
generally take into account peer group and benchmark related data. The ultimate goal of this
process is to link the performance of investment professionals with client investment objectives
and to deliver investment performance that meets or exceeds clients&#146; risk and return objectives.
When determining total compensation, the investment manager considers a number of quantitative and
qualitative factors such as:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;Scudder Investments&#146; performance and&#093; the performance of
Deutsche Asset Management ; quantitative measures which include 1-, 3-
and 5-year pre-tax returns versus benchmark (such as the benchmark
used by the Fund as described in the prospectus) and the appropriate
peer group, taking into consideration risk targets. Additionally, the
portfolio manager&#146;s retail/institutional asset mix is weighted, as
appropriate for evaluation purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Qualitative measures include adherence to the investment process
and individual contributions to the process, among other things. In
addition, the investment manager assesses compliance, risk management
and teamwork skills.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other factors, including contributions made to the investment
team as well as adherence to compliance, risk management, and &#147;living
the values&#148; of the investment manager, are part of a discretionary
component which gives management the ability to reward these behaviors
on a subjective basis through bonus incentives.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the investment manager analyzes competitive compensation levels through the use
of extensive market data surveys. Portfolio manager compensation is reviewed and may be modified
each year as appropriate to reflect changes in the market, as well as to adjust the factors used to
determine overall compensation to promote good sustained investment performance.
</DIV>

<P align="center" style="font-size: 10pt">B-26
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Fund Ownership of Portfolio Managers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the dollar range of shares owned beneficially and of record by each
member of the Fund&#146;s portfolio management team in the Fund as well as &#091;in all Scudder Funds as a
group (i.e.,&#093; those funds advised by investment manager or its affiliates, including investments by
their immediate family members sharing the same household and amounts invested through retirement
and deferred compensation plans. This information is provided as of the most recent practicable
date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of All Investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Manager or Affiliate</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund Shares Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund Shares Owned</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sandra M. Schaufler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steffen Gruschka</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Kalin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sylwia Szczepek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Conflicts of Interest</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to managing the assets of the Fund, the Fund&#146;s portfolio managers may have
responsibility for managing other client accounts of the investment manager or its affiliates. The
tables below show, for each portfolio manager, the number and asset size of (1)&nbsp;SEC registered
investment companies (or series thereof) other than the Fund, (2)&nbsp;pooled investment vehicles that
are not registered investment companies and (3)&nbsp;other accounts (e.g., accounts managed for
individuals or organizations) managed by each portfolio manager. The tables also show the number
of performance based fee accounts, as well as the total assets of the accounts for which the
advisory fee is based on the performance of the account. This information is provided as of the
most recent practicable date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other SEC Registered Investment Companies Managed</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Assets of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Assets of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Company Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Performance-</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>with Performance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Based Fee</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Based Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sandra M. Schaufler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steffen Gruschka</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Kalin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sylwia Szczepek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other Pooled Investment Vehicles Managed:</I>
</DIV>


<P align="center" style="font-size: 10pt">B-27
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of Pooled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Assets of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment Vehicle</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Assets of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Pooled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Pooled</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Accounts with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Performance-</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Performance-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Based Fee</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Based Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sandra M. Schaufler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steffen Gruschka</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Kalin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sylwia Szczepek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other Accounts Managed</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Assets of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Accounts with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Performance-</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Assets of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Performance-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Based Fee</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Other Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Other Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Based Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sandra M. Schaufler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steffen Gruschka</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Kalin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sylwia Szczepek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the accounts above, an investment professional may manage accounts in a
personal capacity that may include holdings that are similar to, or the same as, those of the
funds. The investment manager has in place a Code of Ethics that is designed to address conflicts
of interest and that, among other things, imposes restrictions on the ability of portfolio
managers and other &#147;access persons&#148; to invest in securities that may be recommended or traded in
the funds and other client accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real, potential or apparent conflicts of interest may arise when a portfolio manager has
day-to-day portfolio management responsibilities with respect to more than one fund or account,
including the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain investments may be appropriate for the Fund and also for other clients advised by the
investment manager, including other client accounts managed by the Fund&#146;s portfolio management
team. Investment decisions for the Fund and other clients are made with a view to achieving their
respective investment objectives and after consideration of such factors as their current holdings,
availability of cash for investment and the size of their investments generally. A particular
security may be bought or sold for only one client or in different amounts and at different times
for more than one but less than all clients. Likewise, because clients of the investment manager
may have differing investment strategies, a particular security may be bought for one or more
clients when one or more other clients are selling the security. The investment results achieved
for the Fund may differ from the results achieved for other clients of the investment manager. In
addition, purchases or sales of the same security may be made for two or more clients on the same
day. In such event, such transactions will be allocated among the clients in a manner believed by
the investment manager to be most equitable to each client, generally utilizing a pro rata
allocation methodology. In some cases, the allocation procedure could potentially have an adverse
effect or positive effect on the price or amount of the securities purchased or sold by the Fund.
Purchase and sale orders for the Fund may be combined with those of other clients of the investment
manager in the interest of achieving the most favorable net results to the Fund and the other
clients.
</DIV>

<P align="center" style="font-size: 10pt">B-28
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a portfolio manager has responsibilities for managing multiple client
accounts, a portfolio manager will need to divide time and attention among relevant accounts. The
investment manager attempts to minimize these conflicts by aligning its portfolio management teams
by investment strategy and by employing similar investment models across multiple client accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some cases, an apparent conflict may arise where the investment manager has an incentive,
such as a performance-based fee, in managing one account and not with respect to other accounts it
manages. The investment manager will not determine allocations based on whether it receives a
performance-based fee from the client. Additionally, the investment manager has in place
supervisory oversight processes to periodically monitor performance deviations for accounts with
like strategies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment manager is owned by Deutsche Bank AG, a multi-national financial services
company. Therefore, the investment manager is affiliated with a variety of entities that provide,
and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory,
broker-dealer activities (including sales and trading), hedge funds, real estate and private equity
investing, in addition to the provision of investment management services to institutional and
individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees
(the &#147;Firm&#148;) are engaged in businesses and have interests other than managing asset management
accounts, such other activities involve real, potential or apparent conflicts of interests. These
interests and activities include potential advisory, transactional and financial activities and
other interests in securities and companies that may be directly or indirectly purchased or sold by
the Firm for its clients&#146; advisory accounts. These are considerations of which advisory clients
should be aware and which may cause conflicts that could be to the disadvantage of the investment
manager&#146;s advisory clients. The has instituted business and compliance policies, procedures and
disclosures that are designed to identify, monitor and mitigate conflicts of interest and, as
appropriate, to report them to the Fund&#146;s Board.
</DIV>
<DIV align="left">
<A name="207"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BROKERAGE ALLOCATION AND OTHER PRACTICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary objective in placing orders for the purchase and sale of securities for the our
portfolio is to obtain best price together with efficient execution, taking into account such
factors as commission, size of order, difficulty of execution and skill required of the broker.
Brokerage commission rates in Central Europe and Russia for transactions executed on the exchanges
may be discounted for certain large domestic and foreign investors such as us. Off-board
transactions outside of the exchanges&#146; regular business hours are executed on a &#147;net&#148; basis with
dealers acting as principal for their own accounts without a stated commission, although the price
of the security usually includes a profit to the dealer. Subject to best price together with
efficient execution, orders for brokerage transactions may be placed with Deutsche Bank AG or any
of its affiliates. Our policy requires that commissions paid to Deutsche Bank AG or any of its
affiliates be reasonable and fair compared with commissions received by other brokers in connection
with comparable transactions involving similar securities being purchased or sold on a securities
exchange during a comparable period of time.
</DIV>

<P align="center" style="font-size: 10pt">B-29
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During our fiscal year ended October&nbsp;31, 2003, we incurred brokerage commissions amounting in
the aggregate to $162,271. During such period, we paid brokerage commissions to Deutsche Bank AG
or its affiliates amounting to $5,665, which constituted 3.49% of our aggregate brokerage
commissions, respectively. We did not pay Deutsche Bank AG or its affiliates any brokerage
commissions during the fiscal years ended October&nbsp;31, 2004 and October&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each board meeting, our board of directors reviews the commissions paid by us to determine
if the commissions paid over representative periods of time were reasonable in relation to the
benefits we receive. They have determined that the aforementioned commissions were at the best
rate available for institutions such as ours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to best price together with efficient execution, orders are placed with brokers and
dealers who supply research, market and statistical information (&#147;research&#148; as defined in Section
28(e) of the Exchange Act) to us, our investment manager and investment adviser. Our commissions to
such brokers may not represent the lowest obtainable commission rates, although they must be
reasonable in relation to the benefits received. The research may be used by our investment
manager and investment adviser in advising other clients. Conversely, the information provided to
our investment manager and investment adviser by brokers and dealers through whom their other
clients effect securities transactions may be useful to them in providing services to us. Although
research from brokers and dealers may be useful to our investment manager and investment adviser,
it is only supplementary to their own efforts. For our fiscal years ended October&nbsp;31, 2005,
October&nbsp;31, 2004, and October&nbsp;31, 2003, transactions in our portfolio securities with associated
brokerage commissions of approximately $&#95;&#95;&#95;, $&#95;&#95;&#95;and $162,271, respectively, were
allocated to persons or firms supplying research to us, our investment manager or our investment
adviser.
</DIV>


<P align="center" style="font-size: 10pt">B-30
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="208"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FINANCIAL STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The required financials statements are included in our 2004 Annual Report and our April&nbsp;30,
2005 Semi-Annual Report, and are incorporated by reference into this SAI. These statements in our
2004 Annual Report include: Schedule of Investments as of October&nbsp;31, 2004; Statement of Assets
and Liabilities as of October&nbsp;31, 2004; Statement of Operations for the fiscal year ended October
31, 2004; Statements of Changes in Net Assets for the fiscal years ended October&nbsp;31, 2004 and
October&nbsp;31, 2003; Notes to Financial Statements; and Financial Highlights for a share of common
stock outstanding during each of the fiscal years ended October&nbsp;31, 2004, 2003, 2002, 2001 and
2000. These statements in our April&nbsp;30, 2005 Semi-Annual Report include: Schedule of Investments
as of April&nbsp;30, 2005; Statement of Assets and Liabilities as of April&nbsp;30, 2005; Statement of
Operations for the six months ended April&nbsp;30, 2005; Statements of Changes in Net Assets for the six
months ended April&nbsp;30, 2005; Notes to Financial Statements; and Financial Highlights for a share of
common stock outstanding during the six months ended April&nbsp;30, 2005. Copies of our 2004 Annual
Report and our April&nbsp;30, 2005 Semi-Annual Report are available on the SEC&#146;s website at
http://www.sec.gov. Copies may also be obtained without charge upon written or oral request from
our information agent at &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or 1-800-&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>


<P align="center" style="font-size: 10pt">F-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART C</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;25. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Financial Statements
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part&nbsp;B&#151;The Central Europe and Russia Fund, Inc. Financial Statements are included in the
Fund&#146;s 2004 Annual Report and the Fund&#146;s April&nbsp;30, 2005 Semi-Annual Report and are incorporated by
reference into the Statement of Incorporation. These statements in the 2004 Annual Report include:
Schedule of Investments as of October&nbsp;31, 2004; the Statement of Assets and Liabilities as of
October&nbsp;31, 2004; Statement of Operations for the fiscal year ended October&nbsp;31, 2004; Statements of
Changes in Net Assets for the fiscal years ended October&nbsp;31, 2004 and October&nbsp;31, 2003; Notes to
Financial Statements; and Financial Highlights for a share of common stock outstanding during each
of the fiscal years ended October&nbsp;31, 2004, 2003, 2002, 2001 and 2000. These statements in the
April&nbsp;30, 2005 Semi-Annual Report include: Schedule of Investments as of April&nbsp;30, 2005; Statement
of Assets and Liabilities as of April&nbsp;30, 2005; Statement of Operations for the six months ended
April&nbsp;30, 2005; Statements of Changes in Net Assets for the six months ended April&nbsp;30, 2005; Notes
to Financial Statements; and Financial Highlights for a share of common stock outstanding during
the six months ended April&nbsp;30, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Exhibits
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation, dated February&nbsp;6, 1990</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment to Articles of
Incorporation, dated February&nbsp;14, 1990</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment of Articles of
Incorporation, dated June&nbsp;29, 1995</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles Supplementary, dated December&nbsp;14, 1999</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment of Articles of
Incorporation, dated June&nbsp;24, 2003</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws of the Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP>(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to By-Laws</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP>(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to By-Laws</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP>(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to By-Laws</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Subscription Certificate</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Guaranteed Delivery and Form
of Beneficial Owner Certification Form</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Nominee Holder Over-Subscription
Exercise Form</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Beneficial Owner Certification Form</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">C-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Subscription Agent Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(6)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Information Agent Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP>(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voluntary Cash Purchase Program and Dividend
Reinvestment Plan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(g)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Agreement, dated as of March&nbsp;6, 1990,
between the Fund and Deutsche Bank Securities
Inc. (formerly Deutsche Bank Capital
Corporation)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(g)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Advisory Agreement, dated as of March
6, 1990, between the Fund and Deutsche Asset
Management International GmbH (formerly DB
Capital Management International GmbH)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP>(g)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement Regarding Transfer of Management
Agreement, dated as of September&nbsp;1, 2004,
between Deutsche Bank Securities Inc. and
Deutsche Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(h)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Dealer Manager Agreement (including the
exhibits containing the form of Selling Group
Agreement and the form of Soliciting Dealer
Agreement)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(h)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(j)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Custody Agreement between
the the Fund and Investors Bank &#038; Trust Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(j)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delegation Agreement between the Fund and
Investors Bank &#038; Trust Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(k)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfer Agency and Service Agreement between
the Fund and Investors Bank &#038; Trust Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(l)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion and Consent of Sullivan &#038; Cromwell LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP>(m)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deutsche Asset Management
International GmbH to service of process in the
United States</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(n)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(o)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(p)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(q)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(r)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics of the Fund adopted pursuant to
Rule&nbsp;17j-1 of the Investment Company Act</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">&nbsp;&nbsp;&nbsp;</SUP>(r)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics of Deutsche Investment Management
Americas Inc. adopted pursuant to Rule&nbsp;17j-1 of
the Investment Company Act</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">C-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">&nbsp;&nbsp;&nbsp;</SUP>(r)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics of Deutsche Asset Management
International GmbH adopted pursuant to Rule
17j-1 of the Investment Company Act</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Exhibits
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;10 to Form N-2 (Commission
File No.&nbsp;811-06041) on January&nbsp;9, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;11 to Form N-2 (Commission
File No.&nbsp;811-06041) on February&nbsp;10, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;14 to Form N-2 (Commission
File No.&nbsp;811-06041) on September&nbsp;28, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;15 to Form N-2 (Commission
File No.&nbsp;811-06041) on November&nbsp;17, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;17 to Form N-2 (Commission
File No.&nbsp;811-06041) on April&nbsp;27, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;18 to Form N-2 (Commission
File No.&nbsp;811-06041) on August&nbsp;3, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>To be filed by amendment.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Form&nbsp;ADV filed on January 30, 2005
(Commission File No.&nbsp;801-20289).</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">C-3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;26. Marketing Arrangements.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;See Section 4(a) of the Dealer Manager Agreement, to be filed as Exhibit (2)(h)(1).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;See Section 4(b) of Exhibit (2)(h)(1).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Not Applicable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;27. Other Expenses of Issuance and Distribution.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the estimated expenses to be incurred in connection with this
rights offering described in this Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration fee</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">New York Stock Exchange listing fee</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frankfurt Stock Exchange expenses</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing (other than stock certificates)</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal fees and expenses</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting fees and expenses</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dealer Manager expense allowance</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscription Agent fees and expenses</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Information Agent fees and expenses</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NASD filing fee</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous expenses</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Total</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;28. Persons Controlled by or Under Common Control With the Fund.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;29. Number of Holders of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of November &#95;&#95;&#95;, 2005, the Fund had approximately &#95;&#95;&#95;holders of record of its common
stock, par value $0.001 per shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;30. Indemnification.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Article&nbsp;Eleventh of our Amended and Restated Articles of Incorporation and Article&nbsp;XII
of our Amended and Restated By-Laws, our directors and officers will be indemnified to the fullest
extent allowed and in the manner provided by Maryland law and provisions of the 1940 Act, including
advancing of expenses incurred in connection therewith. Indemnification shall not be provided,
however, to any officer or director against any liability to us or our security-holders to which he
or she would otherwise be subject by reasons of willful misfeasance, bad faith, gross negligence or
reckless disregard of the duties involved in the conduct of his or her office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain insurance on behalf of any person who is or was a director of officer of the Fund,
against certain liability asserted against him or her and incurred by him or her or arising
</DIV>

<P align="center" style="font-size: 10pt">C-4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">out of his or her position. In no event, however, will we pay that portion of the premium, if
any, for insurance to indemnify any such person or any act for which we ourselves are not permitted
to indemnify.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities under the Securities Act of 1933 may be permitted
to the directors and officers, we have been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in such Act and is therefore unenforceable.
If a claim for indemnification against such liabilities under the Securities Act of 1933 (other
than for expenses incurred in a successful defense) is asserted against us by the directors or
officers in connection with this rights offering, we will, unless in the opinion of our counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question of whether such indemnification by us is against public policy as expressed in such Act
and will be governed by the final adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Management Agreement and Investment Advisory Agreement, filed as exhibits (g)(1) and
(g)(2), respectively, limit the liability of our investment adviser and our investment manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;31. Business and Other Connections of Investment Adviser.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are fulfilling the requirement of this Item&nbsp;31 to provide a list of the officers and
directors of our investment adviser and investment manager, together with information as to any
other business, profession, vocation or employment of a substantial nature engaged in by those
entities or those of its officers and directors during the past two years, by incorporating herein
by reference the information contained in the current Form&nbsp;ADV filed on January &#091;30&#093;, 2005 and
&#091;January &#95;&#95;&#95;,&#093;, 2005, respectively, with the Securities and Exchange Commission by each of Deutsche
Asset Management International GmbH (Commission File No.&nbsp;801-20289) and Deutsche Investment
Management Americas Inc. (Commission File
No.&nbsp;801-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) pursuant to the Investment Advisers
Act of 1940, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;32. Location of Accounts and Records.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All accounts, books and other documents required to be maintained by Section 31(a) of the
Investment Company Act and the rules thereunder will be maintained at the offices of Investors Bank
&#038; Trust Company, 200 Clarendon Street, Boston Massachusetts 02116, and at our offices, 345 Park
Avenue, New York, New York 10154.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;33. Management Services.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;34. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Registrant undertakes to suspend offering of the shares covered under this registration
statement until it amends its prospectus contained herein if (1)&nbsp;subsequent to the effective date
of this Registration Statement, its net asset value per share declines more than ten percent from
its net asset value as of the effective date of this Registration Statement, or (2)&nbsp;its
</DIV>

<P align="center" style="font-size: 10pt">C-5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">net asset value increases to an amount greater than its net proceeds as stated in the
prospectus contained herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Registrant undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement: (i)&nbsp;to include any
prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933; (ii)&nbsp;to
reflect in the prospectus any facts or events arising after the effective date of
the registration statement (or the most recent post-effective amendment thereof) in
the registration statement; and (iii)&nbsp;to include any material information with
respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(4)&nbsp;For the purposes of determining any liability under the Securities Act of 1933,
the information omitted from the form of prospectus filed as part of this
registration statement in reliance upon Rule&nbsp;430A and contained in a form of
prospectus filed by the registrant under Rule 497(h) under the Securities Act of
1933 shall be deemed to be part of this registration statement as of the time it was
declared effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Registrant undertakes to send by first class mail or other means designed to ensure
equally prompt delivery, within two business days of receipt of a written or oral request, the
Statement of Additional Information.
</DIV>

<P align="center" style="font-size: 10pt">C-6
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act
of 1940, the registrant has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on
the 10th day of November, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid #000000"><B>The Central Europe and Russia Fund, Inc.</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="center"><B>(Registrant)</B><BR><BR></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left"></TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" align="left" style="border-bottom: 1px solid #000000">/s/&nbsp;&nbsp;Vincent J. Esposito</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vincent J. Esposito</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons and on the date indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Christian H. Strenger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Detlef Bierbaum
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
John Bult
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Kurt W. Bock
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Richard R. Burt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
John H. Cannon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Fred H. Langhammer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Frank Tr&#246;mel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Robert H. Wadsworth
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Werner Walbr&#246;l
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer (Principal Executive Officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Vincent J. Esposito
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer and Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
Paul Schubert
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Carole Coleman, by signing her name hereto, does sign this document in behalf of the
persons indicated above pursuant to a power of attorney duly executed by such person and filed
as an exhibit to this Registration Statement.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Carole Coleman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November 10, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD></TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Carole Coleman<BR>
Attorney-in Fact</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation, dated February&nbsp;6, 1990</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment to Articles of Incorporation, dated February&nbsp;14, 1990</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment of Articles of Incorporation, dated June&nbsp;29, 1995</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles Supplementary, dated December&nbsp;14, 1999</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(a)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Amendment of Articles of Incorporation, dated June&nbsp;24, 2003</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws of the Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP>(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to By-Laws</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP>(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to By-Laws</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP>(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to By-Laws</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Subscription Certificate</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Guaranteed Delivery</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Nominee Holder Over-Subscription Exercise Form</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Beneficial Owner Certification Form</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Subscription Agent Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(d)(6)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Information Agent Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP>(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voluntary Cash Purchase Program and Dividend Reinvestment Plan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(g)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Agreement, dated as of March&nbsp;6, 1990, between the Fund and
Deutsche Bank Securities Inc. (formerly Deutsche Bank Capital Corporation)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(g)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Advisory Agreement, dated as of March&nbsp;6, 1990, between the Fund
and Deutsche Asset Management International GmbH (formerly DB Capital
Management International GmbH)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP>(g)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement Regarding Transfer of Management Agreement, dated as of
September&nbsp;1, 2004, between Deutsche Bank Securities Inc. and Deutsche
Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(h)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Dealer Manager Agreement (including the exhibits containing the
form of Selling Group Agreement and the form of Soliciting Dealer
Agreement)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(h)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(j)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Custody Agreement between the the Fund and Investors
Bank &#038; Trust Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(j)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delegation Agreement between the Fund and Investors Bank &#038; Trust Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>(k)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfer Agency and Service Agreement between the Fund and Investors Bank
&#038; Trust Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(l)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion and Consent of Sullivan &#038; Cromwell LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP>(m)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deutsche Asset Management International GmbH to service of
process in the United States</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(n)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(o)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(p)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(q)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP>(r)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics of the Fund adopted pursuant to Rule&nbsp;17j-1 of the
Investment Company Act</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top"></SUP>(r)(2)
</DIV></TD>

  <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics of Deutsche Investment Management Americas Inc. adopted
pursuant to Rule&nbsp;17j-1 of the Investment Company Act</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><SUP style="font-size: 85%; vertical-align: text-top"></SUP>(r)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics of Deutsche Asset Management International GmbH adopted
pursuant to Rule&nbsp;17j-1 of the Investment Company Act</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Exhibits
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;10 to Form N-2 (Commission File No.&nbsp;811-06041) on January&nbsp;9, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;11 to Form N-2 (Commission File No.&nbsp;811-06041) on February&nbsp;10, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;14 to Form N-2 (Commission File No.&nbsp;811-06041) on September&nbsp;28, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;15 to Form N-2 (Commission File No.&nbsp;811-06041) on November&nbsp;17, 2004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;17 to Form N-2 (Commission File No.&nbsp;811-06041) on April&nbsp;27, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Amendment No.&nbsp;18 to Form N-2 (Commission File No.&nbsp;811-06041) on August&nbsp;3, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>To be filed by amendment.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Form&nbsp;ADV filed on January&nbsp;30, 2005 (Commission File No.&nbsp;801-20289).</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">2
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>2
<FILENAME>y14669exv99wn.htm
<DESCRIPTION>EX-99.N: CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.N</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></B>
</DIV>
<P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent
to the incorporation by reference in this Registration
Statement on Form&nbsp;N-2 of our report dated December&nbsp;21, 2004,
relating to the
financial statements and financial highlights which appears in the
October&nbsp;31,
2004 Annual Report to Shareholders of Central Europe and Russia Fund, Inc.,
which is also incorporated by reference into the Registration Statement. We
also consent to the references to us under the headings
&#147;Financial Highlights&#148; and &#147;Experts&#148; in such
Registration Statement.
</DIV>

<P>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ <I>PricewaterhouseCoopers LLP</I><BR>
&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<BR>
PricewaterhouseCoopers LLP
</DIV>
<P>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">New York, NY<BR>
November 10, 2005
</DIV>
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.R.2
<SEQUENCE>3
<FILENAME>y14669exv99wrw2.htm
<DESCRIPTION>EX-99.R.2: CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 99.R.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 8px;">

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Deutsche Bank</B></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt">Deutsche Asset Management &#151; U.S. Code of Ethics</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y14669y1466900.gif" alt="(WORLD GRAPHIC)">
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt">&nbsp;</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y14669y1466901.gif" alt="(DEUTSCHE BANK)">
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Approver:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert Kloby</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Owner:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DeAM Compliance</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contact Person:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joseph Yuen</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Classification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Policy</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Functional Applicability:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DeAM U.S. Personnel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Geographic Applicability:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Americas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Last Revision Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;1, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Next Review Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;1, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">I. OVERVIEW</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">II. GENERAL RULE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">III. DEFINITIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">IV. RESTRICTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#304">A. General</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#305">B. Specific Blackout Period Restrictions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#306">SAME-DAY RULE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#307">7-DAY RULE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#308">G-CUBE RULE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#309">EXCEPTIONS TO BLACKOUT PERIODS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#310">C. New Issues (IPOs)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#311">D. Short -Term Trading</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#312">30-DAY RULE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#313">E. Restricted List</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#314">F. Private Placements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#315">V. COMPLIANCE PROCEDURES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#316">A. Designated Brokerage Accounts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#317">B. Pre-Clearance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#318">C. Scudder Proprietary Mutual Fund Holdings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#319">D. Reporting Requirements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#320"><I>(i)&nbsp;Disclosure of Employee Related Accounts/Provision of Statements</I></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#321"><I>(ii)&nbsp;Quarterly Personal Securities Trading Reports (&#147;PSTs&#148;)</I></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#322"><I>(iii)&nbsp;Annual Acknowledgement of Personal Securities Holdings</I></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#323"><I>(iv)&nbsp;Annual Acknowledgement of Accounts</I></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#324">E. Confirmation of Compliance with Policies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#325">VI. OTHER PROCEDURES/RESTRICTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#326">A. Service on Boards of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#327">B. Outside Business Affiliations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#328">C. Executorships</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#329">D. Trusteeships</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#330">E. Custodianships and Powers of Attorney</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#331">F. Gifts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#332">G. Rules for Dealing with Governmental Officials and Political Candidates</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#333">H. Confidentiality</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#334">VII. SANCTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#335">VIII. INTERPRETATIONS AND EXCEPTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#336">IX. APPENDIX</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#337">SCHEDULE A</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#338">SCHEDULE B: Supplement to the DeAM Code of Ethics</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#339">SCHEDULE C: DeAM &#151; U.S. Code of Ethics Sanctions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">2
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    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">3
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    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
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<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>DEUTSCHE ASSET MANAGEMENT<BR>
U.S. CODE OF ETHICS</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left">
<A name="300"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>I. OVERVIEW</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Deutsche Asset Management &#151; U.S. Code of Ethics (&#147;the Code&#148;) sets forth the specialized rules
for business conduct and guidelines for the personal investing activities that generally are
required of employees involved in the United States investment management areas of the Deutsche
Bank Group and its affiliates (collectively &#147;Deutsche Asset Management&#148; or &#147;DeAM&#148;).<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of the Code shall apply to all DeAM Employees in the U.S., as categorized in the
Definition Section (Section&nbsp;III) and such other employees as the Compliance Department
(&#147;Compliance&#148;)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>
may determine from time to time. The Code supplements the Deutsche Bank <I>Code of Professional Conduct </I>and the Deutsche Asset Management <I>Compliance Policies and Procedures
Manual (&#147;Compliance Manual&#148;) </I>available at the following link:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>http://docbase.backoff.nyc.dbna.com/Policy:/Compliance/Deutsche Asset Management/Deutsche Asset Management</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Employee must observe these policies, as well as abide by the additional principles and rules
set forth in the Code, and any other applicable legal vehicle or division specific policies and
obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is
essential that all Deutsche Bank employees understand and adhere to
Deutsche Bank&#146;s
commitment to act with fairness, decency and integrity in all of its business dealings. As part of
this commitment, Member of the Board of Managing Directors, Tessen von Heydebreck, and Henry Klehm,
Global Head of Compliance have introduced the <I>Deutsche Bank Global Compliance Core Principles
(&#147;GCCP&#148;)</I>. The GCCP set forth core principles regarding a wide range of regulatory and conduct
related issues, and provide guidance to promote the highest
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Deutsche Asset Management is the marketing name in the U.S. for the asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas (formerly Bankers Trust Co.),
Deutsche Bank Securities Inc. (limited applicability, see Schedule&nbsp;A), Deutsche Asset Management
Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Investment Management Americas
Inc. (and its affiliates, including Scudder Investor Services, Inc. and Scudder Distributors Inc.),
Scudder Trust Company and RREEF America L.L.C.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Compliance&#148; refers to the DB Americas centralized Compliance Unit (generally referred
to herein as &#147;Central Compliance,&#148; and/or its unit specifically designated to the DeAM business
unit: &#147;DeAM Compliance&#148;).</TD>
</TR>

</TABLE>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
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</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">standards of ethical conduct. This document is available at the
following link:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>http://docbase.backoff.nyc.dbna.com/Policy:/Global/Group/DB Docs/C. Effective/Global_Compliance_DB Group: Global Compliance Core Principles</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Von Heydebreck and Klehm stress that all Deutsche Bank employees are expected to review and act in
compliance with the GCCP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code and any amendments thereof will be provided to all employees of DeAM. All employees must
acknowledge receipt of the Code within ten (10)&nbsp;days of hire and on an annual basis at a time set
forth by DeAM Compliance, within the Code of Ethics Annual Acknowledgement. All employees must
also acknowledge receipt of any amendments made to the Code if such determination is made by DeAM
Compliance that such acknowledgement should occur prior to the next Code of Ethics Annual
Acknowledgement period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may find the latest version of the Code at the following link:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>http://nyc.compliance.cc.intranet.db.com/nd_nyc/code.shtml</U>
</DIV>
<DIV align="left">
<A name="301"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>II. GENERAL RULE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DeAM Employees will, in varying degrees, participate in or be aware of fiduciary and investment
services provided to registered investment companies, institutional investment clients, employee
benefit trusts and other types of investment advisory accounts. The fiduciary relationship
mandates adherence to the highest standards of conduct and integrity. We will at all times conduct
ourselves with integrity and distinction, putting first the interests of our clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accordingly, personnel acting in a fiduciary capacity must carry out their duties for the <B>exclusive
benefit </B>of the client accounts. Consistent with this fiduciary duty, the interests of DeAM clients
take priority over the investment desires of DeAM and DeAM personnel. All DeAM personnel must
conduct themselves in a manner consistent with the requirements and procedures set forth in the
Code.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There must be no conflict, or appearance of conflict, between the self-interest of any
Employee and the responsibility of that Employee to Deutsche Bank, its shareholders or its
clients.<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees must never improperly use their position with Deutsche Bank for personal or
private gain to themselves, their family or any other person.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The rules herein cannot anticipate all situations which may involve a possible
conflict of interest. If an Employee becomes aware of a personal interest that is, or might be, in
conflict with the interest of a client, that person should disclose the potential conflict to DeAM
Compliance or Legal prior to executing any such transaction.</TD>
</TR>

</TABLE>


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">3
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DeAM Employees may also be required to comply with other policies imposing separate requirements.
Specifically, they may be subject to laws or regulations that impose restrictions with respect to
personal securities transactions, including, but not limited to, Section 17(j) and Rule&nbsp;17j-1 under
the Investment Company Act of 1940 (the &#147;Act&#148;). The purpose of this Code of Ethics is to ensure
that, in connection with his or her personal trading, no Employee (as defined below) shall conduct
any of the following acts upon a client account:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To employ any device, scheme or artifice to defraud;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To make any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statement not misleading;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To engage in any act, practice or course of business that operates or would operate as a fraud or deceit; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To engage in any manipulative practice.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any violations of the Code of Ethics must be reported to designated Compliance person. The Chief
Compliance Officer will receive periodic reports of all violations of the Code of Ethics.
</DIV>
<DIV align="left">
<A name="302"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>III.
DEFINITIONS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Investment Personnel</B>&#148; shall mean and include:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Portfolio Managers, traders and analysts (and other Employees who work directly with Portfolio
Managers in an assistant capacity). As those responsible for making investment decisions (or
participating in such decisions) in client accounts or providing information or advice to Portfolio
Managers or otherwise helping to execute or implement the Portfolio Managers&#146; recommendations,
Investment Personnel occupy a comparatively sensitive position, and thus, additional rules outlined
herein apply to such individuals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Access Person</B>&#148; shall mean and include:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Officers and directors of DeAM entities and officers and directors of DeAM-sponsored investment
companies who are affiliated persons of DeAM entities. Also included are Employees of these
entities who have access to timely information relating to investment management activities,
research and/or client portfolio holdings as well as those who in the course of their job regularly
receive access to client trading activity (this would generally include members of the Investment
Operations and Treasurer&#146;s Offices). Also included here are persons in a control
relationship (as defined in Section&nbsp;2(a)(9) of the Act) to DeAM who obtain information concerning
investment recommendations made to any client account.</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other personnel with responsibilities related to the asset management business or frequent
interaction with Access Persons or Investment Personnel as determined by Compliance (e.g., Legal,
Compliance, Risk, Operations, Sales &#038; Marketing, as well as certain long-term temporary Employees
and consultants).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Non-Access Person</B>&#148; shall mean and include:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DeAM personnel who are not defined in Section&nbsp;III A. or B. above, and who have access to neither
client trading activity nor recommendations made in relation to any client account. An example
includes Employees of the Mutual Funds Call Center in Chicago.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Employees</B>&#148; is a general term which shall include all DeAM employees, including Investment
Personnel, Access Persons and Non-Access Persons as well as those non-DeAM employees who are
subject to this Code of Ethics (see III.B.(ii) above).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>E.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Accounts</B>&#148; shall mean all securities accounts, whether brokerage or otherwise, securities held
directly outside of accounts <B>and </B>shall include open-end and closed-end Mutual Fund accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>F.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Employee Related Account</B>&#148; of any person subject to the Code shall mean:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Employee&#146;s own Accounts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Employee&#146;s spouse&#146;s/domestic partner&#146;s Accounts and the Accounts of minor children and
other relatives living in the Employee&#146;s home;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounts in which the Employee, his/her
spouse/domestic partner, minor children or other relatives living in their home have a beneficial
interest (i.e., share in the profits even if there is no influence on voting or disposition of the
shares); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounts (including corporate Accounts and trust Accounts) over which the
Employee or his/her spouse/domestic partner exercises investment discretion or direct or indirect
influence or control.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTE: </B><B><I>ANY PERSON SUBJECT TO THE CODE IS RESPONSIBLE FOR COMPLIANCE WITH THESE RULES WITH RESPECT TO
ANY EMPLOYEE RELATED ACCOUNT, AS APPLICABLE.</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>G.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Securities</B>&#148; shall include equity or debt securities, derivatives of securities (such as
options, warrants, and ADRs), futures, commodities, securities indices, exchange-traded funds,
government and municipal bonds and similar instruments, but <B><I>do not include</I></B>:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bankers&#146; acceptances, bank certificates of deposit, commercial paper and high quality
short-term debt instruments, including repurchase agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>H.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Mutual Funds</B>&#148; shall include all mutual funds (open-end and closed-end mutual funds), but <B><I>will
exclude</I></B>:</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares of open-end money market mutual funds (unless otherwise directed by Compliance).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="303"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IV. RESTRICTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the Code, a prohibition or requirement applicable to any Employee applies also to
transactions in Securities and Mutual Funds for any of that Employee&#146;s Employee Related Accounts,
including transactions executed by that Employee&#146;s spouse or relatives living in that Employee&#146;s
household (see definition under III.F.).
</DIV>
<DIV align="left">
<A name="304"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The Basic Policy</I>: Employees have a personal obligation to conduct their investing activities
and related Securities and Mutual Fund transactions lawfully and in a manner that avoids actual or
potential conflicts between their own interests and the interests of Deutsche Asset Management and
its clients. Employees must carefully consider the nature of their DeAM responsibilities &#151; and the
type of information that he or she might be deemed to possess in light of any particular Securities
and Mutual Fund transaction &#151; before engaging in that transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Material Nonpublic Information</I>: Employees in possession of material nonpublic information
about or affecting Securities or their issuer are prohibited from buying or selling such Securities
or advising any other person to buy or sell such Securities. See also <I>Compliance Manual &#151;
Confidential, Material, Non-Public Information, Chinese Walls, Insider Trading and Related Matters
Policy.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Corporate and Departmental Restricted Lists</I>: Employees are not permitted to buy or sell any
Securities that are included on the Corporate Restricted List (available on the intranet) and/or
other applicable departmental restricted lists.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Frontrunning:&#148; </I>Employees are prohibited from buying or selling Securities, Mutual Funds or
other instruments in their Employee Related Accounts so as to benefit from the Employee&#146;s knowledge
of the Firm&#146;s or a client&#146;s trading positions, plans or strategies, or forthcoming research
recommendations.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="305"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Specific Blackout Period Restrictions</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="306"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SAME-DAY RULE: </B>Investment Personnel and Access Persons shall not knowingly effect the purchase
or sale of a Security for an Employee Related Account on a day during which any client account has
a &#147;buy&#148; or &#147;sell&#148; order for the same Security, until that order is executed or withdrawn.</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left">
<A name="307"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>7-DAY RULE: </B>Investment Personnel shall not effect the purchase or sale of a Security for an
Employee Related Account within <B>seven calendar days before or seven calendar days after </B>the same
Security is traded (or contemplated to be traded) for by a client account with which the individual
is associated.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="308"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>G-CUBE RULE: </B>Investment Personnel and other persons with <I>real time </I>access to a global
research sharing system platform (e.g., &#147;GERP&#148;<SUP style="font-size: 85%; vertical-align: text-top">4</SUP>) shall not effect the purchase or sale
of a Security for an Employee Related Account within <B>seven calendar days before or seven calendar
days after </B>the same Security (a)&nbsp;is added to/deleted from or has its weighting changed in the
&#147;Model&#148; Portfolio; or (b)&nbsp;has its internal rating upgraded or downgraded; or (c)&nbsp;has research
coverage initiated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees must always act to avoid any actual or potential conflict of interest between their
DeAM duties and responsibilities and their personal investment activities. To avoid potential
conflicts, absent specific written approval from their Managing Officer<SUP style="font-size: 85%; vertical-align: text-top">5</SUP> and Compliance,
Employees should not personally invest in Securities issued by companies with which they have
significant dealings on behalf of DeAM, or in investment vehicles sponsored by the companies.
Additional rules that apply to Securities transactions by Employees, including the requirement for
Employees to pre-clear personal Securities transactions and rules regarding how Employee Related
Accounts must be maintained, are described in more detail later in this Code of Ethics.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Deutsche Bank Securities: </I>During certain times of the year, all Deutsche Bank Employees are
prohibited from conducting transactions in the equity and debt Securities of Deutsche Bank, which
affect their beneficial interest in the Firm. Central Compliance generally imposes these
&#147;blackout&#148; periods around the fiscal reporting of corporate earnings. Blackouts typically begin
two days prior to the expected quarterly or annual earnings announcement and end after earnings are
released publicly. Additional restricted periods may be required for certain individuals and
events, and Compliance will announce when such additional restricted periods are in effect.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="309"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EXCEPTIONS TO BLACKOUT PERIODS </B><U><B>(above items i, ii, and iii only)</B></U></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>GERP (Global Equity Research Portal) is a web-based application (Active Equity
businesses) allowing for the publishing and dissemination of research and model portfolios in
real-time by the Global Sector Teams, Portfolio Selection Teams, Local Research Teams, designated
PIC/PB users and Small Cap Teams to Portfolio Managers, who will use GERP for investment
recommendations and portfolio construction for clients.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of this policy, <B>&#147;Managing Officer&#148; </B>is defined as an officer of at least
the Managing Director level to whom the Employee directly or indirectly reports, who is in charge
of the Employee&#146;s unit (e.g., a Department Head, Division Head, Function Head, Group Head, General
Manager, etc).</TD>
</TR>

</TABLE>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following are exempt from the specified blackout periods:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purchase or sale of 500 shares or less in companies comprising the S&#038;P 500 Index;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ETFs (Exchange-Traded Funds &#151; e.g., SPDRs or &#147;Spiders&#148; (S&#038;P 500 Index), DIAs or &#147;Diamonds&#148; (Dow Jones Industrial Average), etc.);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Government and municipal bonds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Currency and Interest Rate Futures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities indices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased under an issuer sponsored Dividend Reinvestment Plan (&#147;DRIPs&#148;), other than optional purchases;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent acquired from the issuer, purchases effected upon the exercise of rights issued pro rata to holders of a class of Securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities purchased under an employer sponsored stock purchase plan or upon the exercise of employee stock options.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Note: </B>Transactions in derivative instruments, including warrants, convertible Securities, futures
and options, etc. shall be restricted in the same manner as the underlying Security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="310"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>New Issues (IPOs)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Personnel, Access Persons and Non-Access Persons are prohibited from purchasing or
subscribing for Securities pursuant to an initial public offering. This prohibition applies even
if Deutsche Bank (or any affiliate of Deutsche Bank) has no underwriting role and/or is not
involved with the distribution.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="311"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short-Term Trading</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees must always conduct their personal trading activities lawfully, properly and responsibly,
and are encouraged to adopt long-term investment strategies that are consistent with their
financial resources and objectives. Deutsche Bank generally discourages short-term trading
strategies, and Employees are cautioned that such strategies may inherently carry a higher risk of
regulatory and other scrutiny. In any event, excessive or inappropriate trading that interferes
with job performance or compromises the duty that Deutsche Bank owes to its clients and
shareholders will not be tolerated.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="312"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>30-DAY RULE: </B>Employees are prohibited from transacting in the <U><B>purchase and sale</B></U>, <B>or </B><U><B>sale and
purchase</B></U>, of the same (or equivalent) Securities and Mutual Funds within 30 calendar days. The
30-day holding period also applies to each short vs. the box sale, which is the only short sale
permitted activity. Therefore, for purposes of this section,</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the assumption is a <B>last in, first out (LIFO) </B>order of transaction in a particular Security and Mutual Fund. <B>The following are
exempted from this restriction:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased under an issuer sponsored Dividend Reinvestment Plan (&#147;DRIPs&#148;), other than optional purchases;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent acquired from the issuer, purchases effected upon the exercise of rights issued pro rata to holders of a class of Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities purchased under an employer sponsored stock purchase plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities pre-cleared and purchased with a specific stop-limit provision attached;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mutual Funds subject to periodic purchase plans (i.e., can be sold once within 30&nbsp;days after a periodic purchase); and,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fixed Income Mutual Funds investing in government bonds with &#147;short-term&#148; in their name.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="313"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>E.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restricted List</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Deutsche Bank Employees are prohibited from buying or selling any Securities that are included
on the Corporate Restricted List and/or other applicable departmental restricted lists. The
Corporate Restricted List is available on the intranet at:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>http://cct-grl-prd.svc.btco.com/corp/cct/grl/grl_init.htm</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(It is also available through the &#147;Americas Portal&#148; at <U>http://americasportal.cc.db.com/</U> listed under &#147;Employee Trading&#148;.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please see <I>Compliance Manual &#151; Restricted List: Overview &#038; Instructions Policy</I>.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="314"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>F.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Private Placements</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to effecting a transaction in private Securities (i.e., Securities not requiring registration
with the Securities and Exchange Commission and sold directly to the investor), all Employees must
first, in accordance with Deutsche Bank policy, obtain the approval of his/her supervisor and then
pre-clear the transaction with the Central Compliance Department, including completing the
questionnaire. Any person who has previously purchased privately-placed Securities must disclose
such purchases to the Compliance Department before he or she participates in a fund&#146;s or an
advisory client&#146;s</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subsequent consideration of an investment in the Securities of the same or a related issuer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="315"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>V. COMPLIANCE PROCEDURES</B>
</DIV>

<DIV align="left">
<A name="316"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Designated Brokerage Accounts</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Employees must obtain the explicit permission of the
Central Compliance Department prior to opening a new Employee Related Account. Upon joining Deutsche Bank, new
Employees are required to disclose all of their Employee Related Accounts (as previously defined)
to Central Compliance and must carry out the instructions provided to conform such accounts, if
necessary, to the Firm&#146;s policies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Under no circumstance is an Employee permitted to open or maintain any Employee Related Account
that is undisclosed to Compliance. Also, the policies, procedures and rules described throughout
this Code of Ethics apply to all Employee Related Accounts.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accordingly, all Employees are required to open and maintain their Employee Related Accounts in
accordance with the Deutsche Bank <I>Employee/Employee-Related Trading Policy</I>, including directing
their brokers to supply duplicate copies of transaction confirmations and periodic account
statements, as well as additional division-specific requirements, if any.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="317"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pre-Clearance</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed Securities and closed-end Mutual Fund transactions must be pre-cleared by all Employees
with the Central Compliance Department (and approved by a Supervisor) in accordance with the
Deutsche Bank <I>Employee/Employee-Related Trading Policy </I>via the intranet based Employee Trade
Request (&#147;ETR&#148;) system prior to their being placed with the broker. Such approvals are good only
for the day on which they are issued. Employees are personally responsible for ensuring that the
proposed transaction does not violate the Firm&#146;s policies or applicable securities laws and
regulations by virtue of the Employee&#146;s Deutsche Bank responsibilities or information he or she may
possess about the Securities or their issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following are exempted from the pre-clearance requirement:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Open-end Mutual Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Direct obligations of the Government of the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased under an issuer sponsored Dividend Reinvestment Plan (&#147;DRIPs&#148;), other than optional purchases;</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings">&#113;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounts expressly exempted by Central Compliance which are managed under the exclusive direction of an outside money manager;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings">&#113;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities pre-cleared and purchased with a specific stop-limit provision attached do not require additional pre-clearance prior to execution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings">&#113;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent acquired from the issuer, purchases effected upon the exercise of rights issued pro rata to holders of a class of Securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings">&#113;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities purchased under an employer sponsored stock purchase plan.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="318"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Scudder Proprietary Mutual Fund Holdings</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Employees are required to maintain their holdings of Scudder proprietary mutual funds in the
Deutsche Bank 401(k) Plan, in E*Trade or Deutsche Bank Alex Brown brokerage accounts, or directly
with Scudder Investments.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="319"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reporting Requirements</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="320"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B><I>Disclosure of Employee Related Accounts/Provision of Statements</I></B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As stated in <I>Section&nbsp;V. COMPLIANCE PROCEDURES (A. Designated Brokerage Accounts) </I>above, upon
joining Deutsche Bank, new Employees are required to disclose all of their Employee Related
Accounts to Central Compliance, and must carry out the instructions provided to conform such
Accounts, if necessary, to Deutsche Bank policies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, pursuant to Rule&nbsp;17j-1 of the Act, no later than ten (10)&nbsp;days after an individual
becomes an Employee (i.e., joining/transferring into DeAM, etc.), he or she must also complete and
return a &#147;Personal Securities Holdings Report&#148; (filed during the &#147;new hire&#148; Code of Ethics Annual
Acknowledgement) for Securities and Mutual Fund holdings to DeAM Compliance (see iii. <I>Annual
Acknowledgement of Personal Securities Holdings </I>below).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="321"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B><I>Quarterly Personal Securities Trading Reports (&#147;PSTs&#148;)</I></B></U></TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;17j-1 of the Act, within thirty (30)&nbsp;days of the end of each calendar quarter, all
Employees must submit to DeAM Compliance a PST report for Securities and Mutual Fund transactions,
unless exempted by a division-specific requirement, if any.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All PSTs that have reportable personal Securities and Mutual Fund transactions for the quarter will
be reviewed by the appropriate designated supervisory and/or Compliance person. <B>Employees that do
not have any reportable transactions in a particular quarter must indicate as such in the reporting
system for the respective quarter.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3"><U><B><I>The following types of transactions do not have to be reported:</I></B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transactions effected in an account in which the employee has <U>no direct or indirect influence or
control</U> (i.e. discretionary/managed accounts) do not have to be reported.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transactions in <U>mutual funds subject to periodic purchase plans</U> are not required to be reported
quarterly, <U>but holdings in such are still required to be reported annually</U> (see iii. below).</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transactions effected pursuant to an <U>automatic investment plan</U> or as a result of a <U>dividend
reinvestment plan</U> do not have to be reported.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transactions in the following:</I></td></tr>


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings" size="1">&#161;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bankers&#146; Acceptances;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings" size="1">&#161;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bank Certificates of Deposits (CDs);</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings" size="1">&#161;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Commercial Paper;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings" size="1">&#161;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Money Markets;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings" size="1">&#161;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Direct Obligations of the U.S. Government;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings" size="1">&#161;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>High Quality, Short-Term Debt Instruments (including repurchase agreements); and,</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="wingdings" size="1">&#161;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Open-End MONEY MARKET Mutual Funds (unless specifically directed by DeAM Compliance)</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="322"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B><I>Annual Acknowledgement of Personal Securities Holdings</I></B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Employees must submit to DeAM Compliance on an annual basis at a date specified by DeAM
Compliance, a Personal Securities Holdings Report for all Securities and Mutual Fund holdings,
unless exempted by a division-specific requirement, if any.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A new employee must submit this report within ten (10)&nbsp;days of hire or rehire. This report must be
submitted once within each twelve (12)&nbsp;month period and the information submitted must be current
within forty-five (45)&nbsp;calendar days of the report or forty-five (45)&nbsp;days prior to the hire date,
in the case of a new employee.</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Personal Securities Holdings will be reviewed by the appropriate designated supervisory and/or
Compliance person. <B>Employees that do not have any reportable securities holdings must indicate as
such in the reporting system.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3"><U><B><I>The following types of holdings do not have to be reported:</I></B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Securities held in accounts over which the employee had no direct or indirect influence or control
(i.e. discretionary/managed accounts) do not require reporting.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bankers&#146; Acceptances;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bank Certificates of Deposits (CDs);</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Commercial Paper;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Money Markets;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Direct Obligations of the U.S. Government;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>High Quality, Short-Term Debt Instruments (including repurchase agreements); and,</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Open-End MONEY MARKET Mutual Funds (unless specifically directed by DeAM Compliance)</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="323"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Annual Acknowledgement of Accounts</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Once each year, at a date to be specified by Central Compliance, each Employee must acknowledge
that they do or do not have brokerage and Mutual Fund Accounts. Employees with brokerage and
Mutual Fund Accounts must acknowledge each Account.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="324"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>E.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confirmation of Compliance with Policies</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annually, each Employee is required to acknowledging that he or she has received the Code, as
amended or updated, and confirm his or her adherence to it. Understanding and complying with the
Code and truthfully completing the Acknowledgment is the obligation of each Employee. Failure to
perform this obligation may result in disciplinary action, including dismissal, as well as possible
civil and criminal penalties. <I>(See Section&nbsp;I. OVERVIEW)</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="325"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VI. OTHER PROCEDURES/RESTRICTIONS</B>
</DIV>

<DIV align="left">
<A name="326"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Service on Boards of Directors</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Service on Boards of publicly traded companies should be limited to a small number of instances.
However, such service may be undertaken after approval from the regional head of Deutsche Asset
Management and Compliance, based upon a determination that these activities are consistent with the
interests of DeAM and its clients. Employees</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">13
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>serving as directors will not be permitted to participate in the process of making investment decisions on behalf of clients which
involve the subject company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DeAM Compliance will periodically present updates on such information to the DeAM Investment
Committee for review and approval.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="327"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Outside Business Affiliations</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees may not maintain outside business affiliations (e.g., officer, director, governor,
trustee, part-time employment, etc.) without the prior written approval of the appropriate senior
officer of their respective business units after consultation with Compliance (see request form in
the Appendix), and disclosure to the Office of the Secretary as required.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="328"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Executorships</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The duties of an executor are often arduous, time consuming and, to a considerable extent, foreign
to our business. As a general rule, DeAM discourages acceptance of executorships by members of the
organization. However, business considerations or family relationships may make it desirable to
accept executorships under certain wills. In all cases (other than when acting as Executor for
one&#146;s own spouse, parent or spouse&#146;s parent), it is necessary for the individual to have the
written authorization of the Firm to act as an executor. All such existing or prospective
relationships should be reported in writing to DeAM Compliance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When DeAM Employees accept executorships under clients&#146; wills, the organization considers these
individuals to be acting for DeAM and that fees received for executors&#146; services rendered while
associated with the firm are exclusively DeAM income. In such instances, the Firm will indemnify
the individual and the individual will be required at the time of qualifying as executor to make a
written assignment to DeAM Compliance of any executor&#146;s fees due under such executorships. Copies
of this assignment and DeAM&#146;s authorization to act as executor are to be filed in the client&#146;s
file.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Generally speaking, it is not desirable for members of the organization to accept executorships
under the wills of persons other than a client, a spouse or a parent. Authorization may be given in
other situations assuming that arrangements for the anticipated workload can be made without undue
interference with the individual&#146;s responsibilities to DeAM. For example, this may require the
employment of an agent to handle the large amount of detail which is usually involved. In such a
case, the Firm would expect the individual to retain the commission. There may be other exceptions
which will be determined based upon the facts of each case.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="329"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Trusteeships</B></TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It can be desirable for members of the organization to act individually as trustees for clients&#146;
trusts. Such relationships are not inconsistent with the nature of our business. As a general rule,
DeAM does not accept trustee&#146;s commissions where it acts as investment counsel. As in the case of
most executorships, all trusteeships must have the written approval of the Firm.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is recognized that Employees may be asked to serve as trustees of trusts which do not employ
DeAM. The Firm will normally authorize Employees to act as trustees for trusts of their immediate
family. Other non-client trusteeships can conflict with our clients&#146; interests so that acceptance
of such trusteeships will be authorized only in unusual circumstances.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="330"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>E.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Custodianships and Powers of Attorney</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is expected that most custodianships will be for minors of an individual&#146;s immediate family.
These will be considered as automatically authorized and do not require written approval of the
Firm. However, the written approval of DeAM (see Appendix) is required for all other
custodianships.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Entrustment with a Power of Attorney to execute Securities transactions on behalf of another
requires written approval of the Firm. Authorization will only be granted if DeAM believes such a
role will not be unduly time consuming or create conflicts of interest.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="331"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>F.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Gifts</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Units of the Deutsche Bank Group may neither solicit nor
accept inducements.<SUP style="font-size: 85%; vertical-align: text-top">8</SUP> However, gifts offered or received which have no undue influence on providing financial services
are not generally prohibited. Special circumstances may apply to Employees acting in certain
capacities within the organization.<SUP style="font-size: 85%; vertical-align: text-top">9</SUP> If you have questions regarding the capacity in
which you are acting, consult the Compliance Group.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Accepting Gifts</I><BR>Employees are prohibited from soliciting personal payment or gift to influence, support or reward
service, transaction or business involving Deutsche Bank, or that appears to be made or offered in
anticipation of future service, transaction or</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Under the Bank Bribery Act and other applicable laws and regulations, severe penalties
may be imposed on anyone who offers or accepts such improper payments or gifts. If you receive or
are offered an improper payment or gift, or if you have any questions as to the application or
interpretation of Deutsche Bank&#146;s rules regarding the acceptance of gifts, you must bring the
matter to the attention of the Compliance Department.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">9</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In accordance with regulations and practices in various jurisdictions, as well as the
rules of the New York Stock Exchange and the National Association of Securities Dealers, Inc.
certain Employees may be subject to more stringent gift-giving and receiving guidelines. In
general, these rules apply to the receipt of gifts by and from &#147;associated persons&#148; or where such
gratuity is in relation to the business of the employer. If you have any questions regarding your
role relative to these rules contact the Compliance Group.</TD>
</TR>

</TABLE>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">15
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>business opportunity. A payment or gift includes any fee, compensation, remuneration or thing of
value.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The acceptance of some types of <B>unsolicited </B>reasonable business gifts are permissible, providing
the following requirements are met:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash gifts of any amount are prohibited. This includes cash equivalents such as gift
certificates, bonds, securities or other items that may be readily converted to cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gifts, other than cash, given in connection with special occasions (e.g., promotions,
retirements, weddings), of reasonable value as defined by the Business Group&#146;s procedures are
permissible.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reasonable and conventional business courtesies, such as joining a client or vendor in
attending sporting events, golf outings or concerts, provided that such activities involve no
more than the customary amenities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The cost of working session meals or reasonable related expenses involving the discussion or
review of business matters related to Deutsche Bank may be paid by the client, vendor or
others, provided that such costs would have otherwise been
reimbursable to the Employee by Deutsche Bank in accordance with its travel and entertainment and
expense reimbursement policies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Employee must report to their management gifts received according to the procedures established
within their Business Group. Business Group Management is responsible for ensuring relevant gift
information is documented in the Business Group&#146;s log of gifts and the log is forwarded to the
Compliance Group on request. Business Group Management will bring apparent or perceived issues to
the attention of the Compliance Group.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Gift Giving (to Persons other than Government Officials)</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In appropriate circumstances, it may be acceptable for Deutsche Bank Employees to extend gifts to
clients or others who do business with Deutsche Bank. Employees should be certain that the gift
does not give rise to a conflict of interest, or appearance of conflict, and that there is no
reason to believe that the gift violates applicable codes of conduct of the recipient.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees may make business gifts at Deutsche Bank&#146;s expense, provided:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The gift is not cash or a cash equivalent &#151; regardless of amount.</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">16
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The gift is of reasonable value in the circumstances, and should not exceed a value of U.S.
$100 unless the specific prior approval of an appropriate manager is obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The gift is lawful and in accordance with regulatory rules and generally accepted business
practices of the governing jurisdictions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Employee is authorized to give gifts by his/her Business Group Management and follows all
procedures established within his/her Group.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Business Group Management will ensure that relevant gift information is documented in the Business
Group&#146;s log of gifts and that the log is forwarded to the Compliance Group on a monthly basis.
Business Group Management is responsible for bringing any apparent or perceived issues to the
attention of the Compliance Group.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Gifts to Government Officials</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compliance Department must be contacted prior to making gifts to a governmental employee or
official. Various governmental agencies, legislative bodies and jurisdictions may have rules and
regulations regarding the receipt of gifts by their employees or officials. In some cases,
government employees or officials may be prohibited from accepting any gifts. <I>(See next section
for additional rules regarding political contributions.)</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Non-Cash Compensation</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees, Registered Representatives and Associated Persons of Deutsche Asset Management
broker-dealer affiliates must also comply with National Association of Securities Dealers, Inc.
(NASD&#174;) Rules governing the payment of Non-Cash Compensation. Non-Cash Compensation encompasses
any form of compensation received in connection with the sale and distribution of variable
contracts and investment company securities that is not cash compensation, including, but not
limited to, merchandise, gifts and prizes, travel expenses, meals and lodging.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For more information on the policy refer to the Scudder Distributors Inc. Written Supervisory
Procedures and the Scudder Investor Services, Inc. Written Supervisory Procedures.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="332"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>G.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rules for Dealing with Governmental Officials and Political Candidates</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Corporate Payments or Political Contributions</I><BR>No corporate payments or gifts of value may be made to any outside party,
including any government official or political candidate or official, for the</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">17
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purpose of securing or retaining business for
Deutsche Bank or influencing any decision on its behalf.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Federal Election Campaign Act prohibits corporations and labor organizations from using their
general treasury funds to make contributions or expenditures in connection with federal elections,
and therefore <B>Deutsche Bank departments may not make contributions to U.S. Federal political
parties or candidates</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate contributions to political parties or candidates in jurisdictions not involving U.S.
Federal elections are permitted only when such contributions are made in accordance with applicable
local laws and regulations, the prior approval of a member of the DeAM Executive Committee has been
obtained and the Deutsche Bank Americas Regional Cost Committee has been notified.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Under the Foreign Corrupt Practices Act, Bank Bribery Law, Elections Law and other applicable
regulations, severe penalties may be imposed on Deutsche Bank and on individuals who violate these
laws and regulations. Similar laws and regulations may also apply in various countries and legal
jurisdictions where Deutsche Bank does business.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Personal Political Contributions</I><BR>No personal payments or gifts of value may be made to any outside party, including any government
official or political candidate or official, for the purpose of securing business for Deutsche Bank
or influencing any decision on its behalf. Employees should always exercise care and good judgment
to avoid making any political contribution that may give rise to a conflict of interest or the
appearance of conflict. For example, if a DeAM business unit engages in business with a particular
governmental entity or official, DeAM Employees should avoid making personal political
contributions to officials or candidates who may appear to be in a position to influence the award
of business to Deutsche Bank.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Entertainment of Government Officials</I><BR>Entertainment and other acts of hospitality toward government or political officials should never
compromise or appear to compromise the integrity or reputation of the official or Deutsche Bank.
When hospitality is extended, it should be with the expectation that it will become a matter of
public knowledge.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="333"></A>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>H.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confidentiality</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees must not divulge contemplated or completed securities transactions or trading strategies
of DeAM clients to any person, except as required by the performance of such person&#146;s duties and
only on a need-to-know basis. In addition, the Deutsche Bank</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">18
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>standards contained in the <I>Compliance Manual &#151; Confidential, Material, Non-Public Information, Chinese Walls, Insider Trading
and Related Matters Policy</I>, as well as those within the <I>Code of Professional Conduct </I>must be
observed.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="334"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VII. SANCTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any Employee who violates the Code may be subject to disciplinary actions, including possible
dismissal. In addition, any Securities transactions executed in violation of the Code, such as
short-term trading or trading during blackout periods, may subject the Employee to sanctions,
ranging from warnings and trading privilege suspensions to financial penalties, including but not
limited to, unwinding the trade and/or disgorging of the profits. Finally, violations and
suspected violations of criminal laws will be reported to the appropriate authorities as required
by applicable laws and regulations.
</DIV>
<DIV align="left">
<A name="335"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIII. INTERPRETATIONS AND EXCEPTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compliance shall have the right to make final and binding interpretations of the Code and may grant
an exception to certain of the above restrictions, as long as no abuse or potential abuse is
involved. Each Employee must obtain approval from DeAM Compliance before taking action regarding
such an exception. Any questions regarding the applicability, meaning or administration of the
Code shall be referred in advance of any contemplated transaction to DeAM Compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, DeAM has an Ethics Committee that is empowered to administer, apply, interpret and
enforce the Code.
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">19
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left">
<A name="336"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX</B>
</DIV>

<DIV align="left">
<A name="337"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The following entities<SUP style="font-size: 85%; vertical-align: text-top">10</SUP> have adopted the Deutsche Asset Management Code of Ethics:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DB Investment Managers, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Deutsche Asset Management Inc. (formerly Morgan Grenfell Inc.)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Deutsche Investment Management Americas Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DB Absolute Return Strategies
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Investment Company Capital Corp.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Scudder Distributors Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Scudder Financial Services, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Scudder Investor Services, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Scudder Trust Company
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RREEF America L.L.C.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">10</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The references in the document to DeAM Employees include employees of the entities
that have adopted the Deutsche Asset Management Code of Ethics.</TD>
</TR>

</TABLE>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">20
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left">
<A name="338"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">SUPPLEMENT<BR>
TO THE<BR>
DEUTSCHE ASSET MANAGEMENT &#151; U.S CODE OF ETHICS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">RREEF America L.L.C. (&#147;RREEF&#148;)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-1. <U>Effective Date</U>. This Supplement to the Deutsche Asset Management &#151; U.S. Code of
Ethics (the &#147;Code&#148;) shall be effective February&nbsp;1, 2004. The Code and this Supplement shall
replace and supersede the RREEF America L.L.C. Code of Ethics (Last Updated December&nbsp;2002).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-2. <U>Applicability</U>. The restrictions of the Code applying to Investment Personnel shall apply
only to those Employees of RREEF who are Investment Personnel employed on the RREEF Securities
Investment Team. The restrictions of the Code applying to Access Persons shall apply only to (i)
those RREEF Employees, officers or directors who, with respect to any registered investment
company or other securities investment advisory client, make any recommendation, participate in the
determination of which recommendation will be made, or whose principal functions or duties relate
to the determination or which recommendations will be made, or who, in connection with his or her
duties, obtain any timely information concerning recommendations on Securities being made by RREEF,
or (ii)&nbsp;those RREEF Employees who are designated as covered under this Supplement to the Code by
DeAM Compliance or its designee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-3. <U>Additional Trading Restrictions</U>. In addition to the restrictions set forth in the
Code, no RREEF Employee identified in Section&nbsp;A-2 of this Supplement shall, without the prior
written approval of DeAM Compliance, acquire or sell any Real Estate Securities in any Employee
Related Account. Approvals of acquisitions will be granted only in extraordinary circumstances.
Real Estate Securities shall include all publicly-traded Securities issued by any Real Estate
Investment Trust (&#147;REIT&#148;), as well as publicly-traded Securities issued by companies if at least
50% of their revenues, or at least 50% of the market value of their assets, are attributable to the
ownership, construction, management or sale of residential, commercial or industrial real estate.
These companies may include real estate master limited partnerships and real estate brokers and
developers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-4. <U>Adoption of the Deutsche Bank Americas Code of Professional Conduct</U>. The terms of the
Deutsche Bank Americas Code of Professional Conduct are hereby incorporated into this Supplement
and those Employees of RREEF identified in Section&nbsp;A-2 of this Supplement shall be subject to and
covered by such terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-5. <U>Conflict</U>. In the event of any conflict or discrepancy between the terms of the Code and
this Supplement with respect to any RREEF Employee, the terms of this Supplement shall govern.
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">The information contained herein is the property of Deutsche Bank Group and may not be copied, used
or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any
means (electronic, mechanical, reprographic, recording or otherwise) outside of Deutsche Bank Group
without prior written permission.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt">21
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="339"></A>
</DIV>
<DIV align="left" style="font-size: 14pt; margin-top: 12pt"><U><B>DeAM &#151; U.S. Code of Ethics Sanctions</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Violation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Sanction</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Failure to Obtain Pre-Clearance</I></B><SUP style="font-size: 85%; vertical-align: text-top"><B><I>1</I></B></SUP></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Managing Director, Director and Vice President (also Portfolio Managers and Investment Personnel regardless of level)</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$200.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trading Prohibited for 30 Days<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> and $500.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Below Vice President</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$100.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trading Prohibited for 30&nbsp;days<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> and $250.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Failure to Comply with the with Same Day Rule</I></B><SUP style="font-size: 85%; vertical-align: text-top"><B><I>3</I></B></SUP></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Portfolio Manager</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unwind the Trade/Disgorgement of Profit and Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unwind the Trade/Disgorgement of Profit and $200.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unwind the Trade/Disgorgement of Profit and $500.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Investment Personnel (Non-Portfolio Manager)</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and $150.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and $400.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Access Person</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and $100.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and $300.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Failure to Comply with the 7-Day Rule</I></B><SUP style="font-size: 85%; vertical-align: text-top"><B><I>3</I></B></SUP></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Portfolio Manager</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unwind the Trade/Disgorgement of Profit and Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unwind the Trade/Disgorgement of Profit and $200.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unwind the Trade/Disgorgement of Profit and $500.00</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Investment Personnel (Non-Portfolio Manager)</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and $100.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Potentially Unwind the Trade/Disgorgement of Profit and $250.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Failure to Comply with the with 30 Day Hold Rule</I></B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Managing Director, Director and Vice President</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$200.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trading Prohibited for 30 Days<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> and $500.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Below Vice President</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Violation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$100.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Violation &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trading Prohibited for 30&nbsp;days<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> and $250.00 Fine</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This schedule continues on the following page.</B>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Portfolio Managers and other Investment Personnel, regardless of position held, are
subject to the pre-clearance sanctions for Managing Directors, Directors and Vice Presidents.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The Compliance Department will take financial hardship into consideration in applying
a trading prohibition. Please see important notes below for more information regarding financial
hardship.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The Compliance Department will take into consideration the employee&#146;s knowledge of
portfolio trading and the severity and frequency of the violation in determining whether the trade
should be broken and profit disgorged and the amount of the fine, if any. Second and third
violations of the 7-day and Same Day rules within the same year will result in the escalation of
fines and disciplinary action similar to other second and third violations and depending on the
circumstances as indicated above. Any violations, along with attendant sanctions, will be noted in
the employee&#146;s personnel file.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>IMPORTANT NOTES FOLLOW THIS PAGE</B></DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><B>Deutsche Asset Management &#151; U.S. Code of Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="y14669y1466902.gif" alt="(DEUTSCHE BANK)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 12pt"><U><B>DeAM &#151; U.S. Code of Ethics Sanctions continued</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Violation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Sanction</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Failure to File / Incomplete / Late 17j-1 Reporting (Quarterly Personal Securities Trading Reporting)</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>1</I><SUP style="font-size: 85%; vertical-align: text-top"><I>st</I></SUP> <I>Violation &#151; Filed by:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">First Period Level<SUP style="font-size: 85%; vertical-align: text-top">4</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Second Period Level
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$100.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Third Period Level
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$150.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Forth Period Level &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trading Prohibited for 30 Days<SUP style="font-size: 85%; vertical-align: text-top">2 </SUP> and $250.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>2</I><SUP style="font-size: 85%; vertical-align: text-top"><I>nd</I></SUP> <I>Violation &#151; Filed by:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">First Period Level
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$150.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Second Period Level
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$200.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Third Period Level
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trading Prohibited for 30 Days<SUP style="font-size: 85%; vertical-align: text-top">2 </SUP> and $300.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Forth Period Level &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severe Disciplinary Action (Possible Termination)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>3</I><SUP style="font-size: 85%; vertical-align: text-top"><I>rd</I></SUP> <I>Violation &#151; Filed by:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">First Period Level
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$200.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Second Period Level
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trading Prohibited for 30 Days<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> and $400.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Third Period Level &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severe Disciplinary Action (Possible Termination)</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Failure to File / Incomplete / Late Code of Ethics Annual Acknowledgement (including 17-j1 Annual Personal Holdings Report)</I></B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>Code of Ethics Annual Acknowledgement Period during the month of October. Filed by:</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">October&nbsp;31 through November&nbsp;15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written Warning</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">November&nbsp;16 through November&nbsp;30
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$100.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">December 1 through December&nbsp;15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$150.00 Fine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">December&nbsp;16 through December&nbsp;30 &#043;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$200.00 Fine</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The Compliance Department will take financial hardship into consideration in applying
a trading prohibition. Please see important notes below for more information regarding financial
hardship.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Period Levels are defined by DeAM Compliance and generally follow approximate 15-day
periods that are adjusted for the calendar month. The First Period Level begins immediately after
the due date of the respective filing. You will be notified of these levels in specific
communications from DeAM Compliance when warranted.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>Important Notes</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If payment for any fine is not received by the due date, a report will be made to Senior Management
regarding this delinquency, and the employee will be subject to further sanctions, including a
substantial escalation of the fine (including, possibly, the doubling of the fine amount).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Asset Management Compliance will consider certain Code of Ethics infractions on a case-by-case
basis in determining a final decision on the technicality or materiality of the violation itself,
as well as the (if applicable) ensuing sanctions and/or fines levied on the employee. Asset
Management Compliance will solely determine the factors used in arriving in any decisions made
apart from this DeAM Sanctions Schedule.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Final disciplinary sanctions will be determined by the Compliance Department and Senior Management,
which will take into consideration such factors, which include, but are not limited to, the period
of time between violations, financial hardship, the employee&#146;s knowledge of portfolio trading and
trading system technical difficulties. For example, violations occurring within a 24-month period
will be taken into consideration, but will not be given full weight in the determination of
disciplinary action. Financial hardship may include the inability to pay for tuition and medical
expenses and the inability to purchase a home.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All violations will be reviewed on a rolling 1-year period and sanctions for second and third
violations will be applicable if the violations occur within the same year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Multiple simultaneous violations will be subject to all the applicable sanctions. For example, a
portfolio manager who fails to obtain pre-clearance (2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> violation) and simultaneously
violates the Same Day Rule (2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> violation), will be subject to a $400.00 fine and
disgorgement of profit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Continued violation of the DeAM &#151; U.S. Code of Ethics may subject you to severe penalties,
including possible termination.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.R.3
<SEQUENCE>4
<FILENAME>y14669exv99wrw3.htm
<DESCRIPTION>EX-99.R.3: CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 99.R.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="y14669y1466903.gif" alt="(DWS LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y14669y1466904.gif" alt="(DEUTCHE ASSET MANAGEMENT LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>CODE OF ETHICS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>of</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Deutsche Asset Management International GmbH</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Deutsche Asset Management Investmentgesellschaft mbH</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>DWS Holding &#038; Service GmbH</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>DWS Investment GmbH</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(hereafter &#147;DWS/DeAM&#148;)</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DWS/DeAM</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CODE OF ETHICS</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Table of Contents
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Page Number</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">I.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Overview</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">II.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Rule</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">III.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restrictions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IV.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance Procedures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Procedures/Restrictions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VI.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sanctions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VII.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interpretations and Exceptions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Appendix 1 Definitions
</DIV>


<P align="right" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DWS/DeAM</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CODE OF ETHICS</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>I.&nbsp;&nbsp;Overview</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code of Ethics (&#147;Code&#148;) sets forth the specialized rules for business conduct and guidelines
for the personal investing activities of employees connected with the investment management of US
registered Investment Companies, as categorized in the Definition Section and such other employees
that the Compliance Department may determine from time to time, in accordance with Rule&nbsp;17j-1 under
the Investment Company Act of 1940 (the &#147;Investment Company Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code supplements the DWS/DeAM Personal Account Dealing Rules for each of the affected
entities. Each region either managing US registered Investment Companies or whose Employees have
access to a DWS/DeAM global research database must implement and abide by this Code. Regional
differences may be noted within this code to conform to local regulation. Each affected Employee
must observe local Personal Account Dealing Rules, as well as abide by the additional principles
and rules set forth in this Code, and any other applicable legal vehicle or division specific
policies and obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>II.&nbsp;&nbsp;General Rule for personal dealing</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees may be subject to laws or regulations that impose restrictions with respect to personal
securities transactions, including, but not limited to, Section 17(j) and Rule&nbsp;17j-1 under the
Investment Company Act of 1940 (the &#147;Act&#148;). The purpose of this Code of Ethics is to ensure that,
<B>in connection with his or her personal trading</B>, no Employee (as defined in Appendix&nbsp;1) shall
conduct any of the following acts upon a US registered Investment Company:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To employ any device, scheme or artifice to defraud;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To make any untrue statement of a material fact, or omit to state a material fact
necessary in order to make the statement not misleading;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To engage in any act, practice or course of business that operates or would operate as a
fraud or deceit; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To engage in any manipulative practice.</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>III.&nbsp;&nbsp;Restrictions for personal dealing</U></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The Basic Policy</I>: Employees have a personal obligation to conduct their investing
activities and related securities transactions lawfully and in a manner that avoids actual or
potential conflicts between their own interests and the interests of DWS/DeAM and its
clients. Employees must carefully consider the nature of their
DWS/DeAM responsibilities &#151;
and the type of information that he or she might be deemed to possess in light of any
particular securities transaction &#151; <U>before</U> engaging in that transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Material Nonpublic Information</I>: Employees in possession of material nonpublic
information about or affecting securities, or their issuer, are prohibited from buying or
selling such securities, or advising any other person to buy or sell such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Corporate and Departmental Restricted Lists</I>: Employees are not permitted to buy or sell
any securities that are included on the Corporate Restricted List and/or other applicable
restricted lists for the adviser.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>&#147;Frontrunning:&#148; </I>Employees are prohibited from buying or selling securities or other
instruments in their Employee Related Accounts so as to benefit from the employee&#146;s knowledge
of the Firm&#146;s or an Investment Companies trading positions, plans or strategies, or
forthcoming research recommendations where market impact can be expected.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specific Blackout Period Restrictions</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access Persons shall not knowingly effect the purchase or sale of a Security for an
Employee Related Account on a day during which any Investment Company has a &#147;buy&#148; or &#147;sell&#148;
order for the same Security, until that order is executed or withdrawn;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access Persons managing US registered funds (hereafter &#147;Fund Managers&#148;) shall not
knowingly effect the purchase or sale of a Security for an Employee Related Account within
<B>seven calendar days before or seven calendar days after </B>the same Security is traded (or
contemplated to be traded) by an US registered fund managed by the Fund Manager.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exceptions:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purchase or sale of the equivalent of EURO 10.000 or less in shares in
companies listed in one of the following indices: Stoxx 50, Eurostoxx 50,
Dax, MIB 30, CAC 40, Ibex 35, AEX, ATX, SMI, FTSE 100, S&#038;P 500</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access Persons with <I>real time </I>access to a global research sharing system platform (e.g.,
&#147;GERP&#148;, &#147;GFIRP&#148; or &#147;G-Cube&#148;<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>) shall not effect the purchase or sale of a Security
for an Employee Related Account within <B>seven calendar days after </B>the same Security (a)&nbsp;is added
to/deleted from or has its weighting materially changed in the &#147;Model&#148; Portfolio; or (b)&nbsp;has
its internal rating materially changed. <BR>
Access Persons with <I>real time </I>access to a global
research sharing system platform shall not knowingly effect the purchase or sale of a Security
for an Employee Related Account within seven calendar days before any of the above changes in
the Model Portfolio or rating occurs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees must always act to avoid any actual or potential conflict of interest between
their DWS/DeAM duties and responsibilities, and their personal investment activities. To avoid
potential conflicts, absent specific approval from Compliance, Employees should not personally
invest in securities issued by companies with which they have significant dealings on behalf of
DWS/DeAM, e.g. SPV/CDO&#146;s.
</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New Issues (IPOs)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access Persons are prohibited from purchasing or subscribing for Securities pursuant to an
initial public offering unless the purchase/subscription would not prejudice an Investment
Company&#146;s order. This applies even if Deutsche Bank (or any affiliate of Deutsche Bank) has no
underwriting role and/or is not involved with the distribution.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>GERP (Global Equity Research Portal) is a web-based application (Active Equity
businesses) allowing for the publishing and dissemination of research and model portfolios in
real-time by the Global Sector Teams, Portfolio Selection Teams, Local Research Teams, designated
PIC/PB users and Small Cap Teams to Portfolio Managers, who will use GERP for investment
recommendations and portfolio construction for clients. GFIRP (Global Fixed Income Research
Portal) is a web based application that allows for the posting and dissemination of fixed income
research. G-Cube is a web-based application that combines the securities from GERP and GFIRP.
Employees with full access to G-Cube can view equity and fixed income securities.</TD>
</TR>

</TABLE>



<P align="right" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Short-Term Trading</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees must always conduct their personal trading activities lawfully, properly and
responsibly, and are encouraged to adopt long-term investment strategies that are consistent
with their financial resources and objectives. DWS/DeAM generally discourages short-term
trading strategies, and employees are cautioned that such strategies may inherently carry a
higher risk of regulatory and other scrutiny. In any event, excessive or inappropriate
trading that interferes with job performance, or compromises the duty that DWS/DeAM owes to
its clients and shareholders, will not be tolerated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees working in Investment, Fundsmanagement Services, Compliance and Members of the
Board of companies regulated under the German Investment Law have to adhere to a holding
period of 30&nbsp;days for all securities and derivatives bought or allocated (lifo-method
applies). The following are exempted from this restriction:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased under an issuer sponsored Dividend Reinvestment
Plan (&#147;DRIPs&#148;), other than optional purchases;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent acquired from the issuer, purchases effected upon the
exercise of rights issued pro rata to holders of a class of securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities pre-cleared and purchased with a specific stop-limit
provision attached.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities purchased under an employer sponsored stock purchase plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mutual Funds subject to periodic purchase plans</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mutual Funds in the DWS/DeAM retirement plans (i.e., will be subject
to the funds&#146; prospectus requirements regarding holding periods); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DWS Money Market Funds</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restricted List</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All employees are prohibited from buying or selling any securities that are included on the
Corporate Restricted List and/or other applicable departmental restricted lists.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Private Placements</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to effecting a transaction in private securities all Access Persons must first obtain
the approval of his/her supervisor and then pre-clear the transaction with the Compliance
Department. Any person who has previously purchased privately-placed Securities must disclose
such purchases to the Compliance Department before he or she participates in a Fund&#146;s or an
advisory client&#146;s subsequent consideration of an investment in the Securities of the same or
a related issuer.</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>IV.&nbsp;&nbsp;Compliance Procedures for personal dealing</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All members of staff are subject to DWS/DeAM Personal Account Dealing Rules. The following
procedures are additional requirements necessary because of US regulations.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reporting Requirements</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Disclosure of Personal Securities Holdings</I><BR>
Pursuant to Rule&nbsp;17j-1 of the Investment Company Act, no later than ten days after an
individual becomes an Access Person, he or she must also complete and return a &#147;Personal
Securities Holdings Report&#148; that identifies all personal and Employee Related Account
holdings (plus holdings in accounts in which the employee receives any share of the profits
even if the employee does not participate in trading decisions) in both Securities and
Mutual Funds to Compliance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Annual Holdings Report</I><BR>
Once each year, at a date to be specified by DWS/DeAM Compliance, each Access Person must
provide to Compliance an Annual Holdings Report that identifies both Brokerage and Mutual
Fund accounts current as of a date not more than 45&nbsp;days prior to the date of the report.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confirmation of Compliance with Policies</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annually, each Access Person is required to acknowledge either electronically or in
writing that he or she has received this Code, as amended or updated, and confirm his or
her adherence to it. Understanding and complying with this Code, and truthfully
completing the Acknowledgment are the obligation of each Employee. In addition, a senior
Compliance Officer in each region must confirm to the US that this Global Code has been
complied with by all Access Persons and that the required records are on file.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>V.&nbsp;&nbsp;Other Procedures/Restrictions</U></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Service on Boards of Directors</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Service on Boards of publicly traded companies should be limited to a small number of
instances. However, such service may be undertaken after approval from the CEO and
Compliance, based upon a determination that these activities are consistent with the
interests of the Adviser and its clients.<BR>
Employees serving as directors will not be permitted to participate in the process of making
investment decisions on behalf of clients which involve the subject company.</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Outside Business Affiliations</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees may not maintain outside business affiliations (e.g., officer or director,
governor, trustee, part-time employment, etc.) without the prior approval of Human Resources.
Compliance will be involved if necessary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gifts</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Accepting Gifts</I><BR>
Employees are prohibited from soliciting any personal payment or gift to influence,
support or reward any service, transaction or business involving DWS/DeAM and its
funds/clients, or that appears to be made or offered in anticipation of any future
service, transaction or business opportunity. A payment or gift includes any fee,
compensation, remuneration or thing of value.<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the prerequisites of honesty, absolute fulfillment of fiduciary duty
to DWS/DeAM, relevant laws and regulations, and reasonable conduct on the part of
the employee, however, the acceptance of some types of unsolicited, reasonable
business gifts may be permissible. DWS/DeAM Gift Policy applies.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rules for Dealing with Governmental Officials and Political Candidates</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Corporate Payments or Political Contributions</I><BR>
No corporate payments or gifts of value may be made to any political party, including
any government official or political candidate or official, for the purpose of securing
or retaining business for DWS/DeAM, or influencing any decision on its behalf.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidentiality</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees must not divulge contemplated or completed securities transactions or trading
strategies of DWS/DeAM clients to any person, except as required by the performance of such
person&#146;s duties, and only on a need-to-know basis.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><I>Under the Bank Bribery Act and other applicable laws and regulations, severe
penalties may be imposed on anyone who offers or accepts such improper payments or gifts. If you
receive or are offered an improper payment or gift, or if you have any questions as to the
application or interpretation of DWS/DeAM&#146;s rules regarding the acceptance of gifts, you must bring
the matter to the attention of the Compliance Department.</I></TD>
</TR>

</TABLE>



<P align="right" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>VI.&nbsp;&nbsp;Sanctions</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any Employee who violates this Code may be subject to disciplinary actions, including possible
dismissal. In addition, any Securities transactions executed in violation of this Code, such as
short-term trading or trading during blackout periods, may subject the employee to sanctions,
ranging from warnings and trading privilege suspensions, to financial penalties, including but not
limited to unwinding the trade and/or disgorging of the profits. All material violations of this
Code and sanctions imposed with respect thereto shall be reported to the board of directors of the
Investment Company with respect to which the violation occurred. Finally, violations and suspected
violations of criminal laws will be reported to the appropriate authorities as required by
applicable laws and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>VII.&nbsp;&nbsp;Interpretations and Exceptions</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compliance may grant an exception to certain of the above restrictions, as long as no abuse or
potential abuse is involved. Each Employee must obtain approval from Compliance before taking
action regarding such an exception. Any questions regarding the applicability, meaning or
administration of this Code shall be referred in advance of any contemplated transaction, to
Compliance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
September&nbsp;2004
</DIV>


<P align="right" style="font-size: 10pt">9
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Appendix&nbsp;1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Definitions</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Adviser&#148; shall mean any asset management legal entity that employs (1)&nbsp;individuals who manage
or deal on behalf of an Investment Company registered under the Investment Company Act or (2)
employees who create and post research to a global research platform.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Investment Company&#148; shall mean a company registered under the US Investment Company Act of
1940 or any series thereof for which the Adviser is the investment adviser.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Advisory Person&#148; shall mean:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any employee of the Adviser, any company in a control relationship with the Investment
Company or the Adviser who in connection with his or her regular functions or duties, makes
any recommendation, participates in the determine of which recommendation will be made, or
obtains information regarding recommendations for the purchase or sale of a security by an
Investment Company (i.e. any employee with access to GERP), or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any natural person in a control relationship with the Investment Company or the Adviser who
obtains information concerning the recommendations made to an Investment Company with regard
to the purchase or sale of a security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Access Person&#148; shall mean any officer, director or Advisory Person of US Investment Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>E.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employees&#148; is a general term, which shall include all of the Adviser&#146;s employees, including
Access Persons.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>F.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employee Related Account&#148; of any person subject to this Code shall mean:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The employee&#146;s own Securities Accounts, and securities held directly outside of
accounts, but shall not include accounts in which securities transactions cannot be
effected;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Personal accounts over which the employee exercises investment discretion or direct or
indirect influence or control</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>G.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Securities&#148; shall include equity or debt securities, derivatives of securities (such as
options, warrants, and ADRs), futures, securities indices, exchange traded funds, government and
municipal bonds and similar instruments.</TD>
</TR>

</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">10
</DIV>


</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>y14669exv99.htm
<DESCRIPTION>EX-99: POWER OF ATTORNEY
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 99</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Directors and officers of The Central Europe and Russia Fund, Inc., a Maryland
corporation (the &#147;Fund&#148;), each does hereby appoint Vincent Esposito, Paul Schubert and Carole
Coleman, or any of them, as his attorney-in-fact to execute and to file with the Securities and
Exchange Commission a Registration Statement on Form N-2 under the Securities Act of 1933 and the
Investment Company Act of 1940 relating to the registration of the Fund&#146;s securities, any and all
amendments to such Registration Statement, and to execute and file such other documents necessary
or appropriate in connection with such Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In witness whereof, the undersigned has duly executed this power of attorney as of the
28<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of October, 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/&nbsp;&nbsp;Fred H. Langhammer</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Detlef Bierbaum, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fred H. Langhammer, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/&nbsp;&nbsp;Christian H. Strenger</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. Kurt W. Bock, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Christian H. Strenger, Chairman of
the Board and Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;John Bult</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/&nbsp;&nbsp;Dr. Frank Tr&#246;mel</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Bult, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dr. Frank Tr&#246;mel, Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Richard
R. Burt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/&nbsp;&nbsp;Robert H. Wadsworth</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard R. Burt, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert H. Wadsworth, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;John H. Cannon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/&nbsp;&nbsp;Werner Walbr&#246;l</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John H. Cannon, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Werner Walbr&#246;l, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Vincent Esposito
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/&nbsp;&nbsp;Paul Schubert</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vincent Esposito, President and Chief
Executive Officer (Principal Executive Officer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paul Schubert, Treasurer and
Chief Financial Officer
<BR>
(Principal Accounting Officer and
Principal Financial Officer)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">
</DIV>


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