-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NdfPPbRQZQP4zcLqK55MxZSAReuywaLmqMzMwyENgV6t6wARsDHwdTB0s4LaMfPB
 z7aUfhmg307ihl5GVaA03w==

<SEC-DOCUMENT>0000088053-09-000024.txt : 20090106
<SEC-HEADER>0000088053-09-000024.hdr.sgml : 20090106
<ACCEPTANCE-DATETIME>20090106165646
ACCESSION NUMBER:		0000088053-09-000024
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20081031
FILED AS OF DATE:		20090106
DATE AS OF CHANGE:		20090106
EFFECTIVENESS DATE:		20090106

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		09510621

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ar103108cerf.htm
<DESCRIPTION>N-CSR - THE CENTRAL EUROPE & RUSSIA FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>WASHINGTON, D. C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>FORM N-CSR</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="289" style='border-collapse:collapse; '>
    <tr >
        <td width="212" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investment Company Act file number  </font></p> </td>
        <td width="77" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>811-06041</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>Central Europe &amp; Russia Fund, Inc.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> (Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY 10154-0004</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2> (Address of principal executive offices) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s Telephone Number, including Area Code: </font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Paul Schubert</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY 10154-0004</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name and Address of Agent for Service)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="193" style='border-collapse:collapse'>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of fiscal year end:</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>10/31</font></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="211" style='border-collapse:collapse; '>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of reporting period:</font></p> </td>
        <td width="67" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>10/31/08</font></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>ITEM 1.</font></B><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><B><font SIZE=2>REPORT TO STOCKHOLDERS</font></B></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<!-- Document name: 08-27676-1.aa-->
<p align="left"><font face="Times New Roman" size="2"><b>SUMMARY OF GENERAL INFORMATION</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>THE FUND </b></font></p>
<p><font face="Times New Roman" size="2">The Central Europe and Russia Fund, Inc. (the "Fund") is a non-diversified, actively-managed closed-end fund listed on the New York Stock Exchange with the symbol "CEE." The Fund seeks long-term capital appreciation primarily through investment in equity and equity-linked securities of issuers domiciled in Central Europe and Russia. It is managed and advised by wholly-owned subsidiaries of the Deutsche Bank Group.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>SHAREHOLDER INFORMATION </b></font></p>
<p><font face="Times New Roman" size="2">Prices for the Fund's shares are published daily in the New York Stock Exchange Composite Transactions section of newspapers. Net asset value and market price information are published each Saturday in </font><font face="Times New Roman" size="2"><i>Barron's</i></font><font face="Times New Roman" size="2"> and other newspapers in a table called "Closed End Funds." Daily information on the Fund's net asset value is available from NASDAQ (symbol XCEEX). It is also available by calling: 1-800-437-6269 (in the U.S.) or 212-454-6266 (outside of the U.S.). In addition, a schedule of the Fund's largest holdings, dividend data and general shareholder information may be obtained by calling these numbers.</font></p>
<p><font face="Times New Roman" size="2">The foregoing information is also available on our Web site: www.ceefund.com.</font></p>
<p align="left"><font face="Times New Roman" size="1"><b>There are three closed-end funds investing in European equities managed by wholly-owned subsidiaries of the Deutsche Bank Group:</b></font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The European Equity Fund, Inc.-investing primarily in equity and equity-linked securities of companies domiciled in European countries utilizing the Euro currency.</font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The New Germany Fund, Inc.-investing primarily in the middle market German companies and up to 20% elsewhere in Western European companies (with no more than 10% in any single country).</font></p>
<p><font face="Times New Roman" size="1">&#149;&nbsp;&nbsp;The Central Europe and Russia Fund, Inc.-investing primarily in Central European and Russian equities.</font></p>
<p><font face="Times New Roman" size="1">Please consult your broker for advice on any of the above or call 1-800-437-6269 (in the U.S.) or 212-454-6266 (outside of the U.S.) for shareholder reports.</font></p>
<p><font face="Times New Roman" size="1">These funds focus their investments in certain geographical regions, thereby increasing their vulnerability to developments in that region. Investing in foreign securities presents certain risks such as currency fluctuation, political and economic changes, and market risks.</font></p>
<p><img src="j08276761_aa008.jpg"></p>
<p align="center"><font face="Times New Roman" size="3"><b>The Central Europe and</b></font></p>
<p align="center"><font face="Times New Roman" size="3"><b>Russia Fund, Inc.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>Annual Report</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>October 31, 2008</b></font></p>
<p><font face="Times New Roman" size="1">20675</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=1,FOLIO='',FILE='08-27676-1.aa',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.ba-->
<p><img src="j08276761_ba009.jpg"></p>
<p align="center"><font face="Times New Roman" size="3"><b>The Central Europe and Russia Fund, Inc.</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>LETTER TO THE SHAREHOLDERS</b></font></p>
<p><font face="Times New Roman" size="1">Dear Shareholder,</font></p>
<p><font face="Times New Roman" size="1">In the current market environment, there is significant uncertainty about future market and economic performance. Despite historically low valuations following the market sell-off in September and October 2008, market volatility and price declines have continued in November. While we continue to diligently monitor the Fund's holdings and geographic exposure, it is difficult to predict the duration of the current economic slowdown and bear market.</font></p>
<p><font face="Times New Roman" size="1">The negative impact of the US economic crisis dominated the global financial markets during the final quarter of the Fund's 2008 fiscal year amidst concerns of slowing gross domestic product (GDP) growth worldwide, expected to result in weak corporate earnings reports. However, if governmental efforts to unfreeze the money markets and stabilize the global financial system are successful, we could see a rally in the markets around the globe (including emerging European markets) led (at least in the early stages) by those sectors under the greatest stress over the past quarter or two, financials and commodity-related stocks. During the fiscal year ended October 31, 2008, The Central Europe and Russia Fund's total return based on net asset value per share was -61.27% while its total return based on share price was -65.28%. The Fund's blended benchmark fell 57.49% during the same period.</font><font face="Times New Roman"
size="1"><sup>1</sup></font></p>
<p><font face="Times New Roman" size="1">In the Fund's fiscal Q4 2008, each of the Fund's core markets was influenced by the overall situation in the financial markets, and performance of most shares was poor. The main reason for our underperformance is our overweight in <u>Russia</u>. After remaining fairly resilient during the earlier months of the year, the global financial crisis reached Russia (59.8% of portfolio assets) in September, when problems on international capital markets, coupled with domestic problems, triggered a near collapse of normal functioning within the local banking system and financial markets. Extremely high market volatility, lingering political tensions and continued outflows of investor funds completed a challenging setting for Russian equities. Falls in oil and metals prices undermined the profit outlook in the resources sector, while the credit crunch's impact stressed the banking sector. After the severe decline in the stock market, Russian equities
are valued at an estimated 2009 4.88x price/earnings (P/E) ratio. We believe the market has overshot to the down side, but that the near-term upside potential of the Russian equity market is much reduced as commodity prices fall, input cost pressures remain elevated and debt becomes harder to come by and more expensive. During the fiscal fourth quarter, we reduced the Fund's holdings in real estate, steel, and oil stocks while adding positions in CTC Media and VTB Bank OJSC. Overall, the Fund maintained a significant overweight position in Russian equities, as we remain optimistic about the Russian market longer term, but the global economy must regain its footing and investor risk tolerance must return to more normal levels before the market can retest its recent highs. Russia's currency is currently managed by the Central Bank of Russia in a tight range against a currency basket made up of 55% USD and 45% euro. Concern of a possible ruble devaluation has increased over the past few weeks. At the same time,

 the Fund has reviewed the potential impact of a Ruble devaluation on its Russian holdings and may reduce the Fund's exposure to Russian assets, particularly those companies that are focused on the domestic market, as ruble earning companies may suffer disproportionately from a currency devaluation.</font></p>
<p><font face="Times New Roman" size="1">The <u>Czech</u> market (11.3% of portfolio assets) is likely to remain one of the more defensive of the emerging European markets in the case of any future sell-offs due to the make-up of its blue chip index and the generally healthy economic situation of the country (though some weakening of the economy is likely due to spill-over effects from Western Europe entering recession). However, most of the blue chips finished the year with considerable losses. With global recession now a reality, a shift towards defensive stocks seems warranted. As a result, we began to reduce the Fund's underweight in Czech equities relative to the benchmark during the quarter by adding positions in Erste Bank der Oesterreichischen Sparkassen (incorporated in Austria), Komercni Banka, and Telefonica O2, though we sold the Fund's positions in Central European Media and coal mining company New World Resources.</font><font face="Times New Roman" size="1"><sup>2</sup></font></p>
<p><font face="Times New Roman" size="1"><u>Hungary</u> (3.3% of portfolio assets) continues to present unexciting growth prospects. Despite having outperformed the emerging Europe region over the past quarter, primarily due to the weak performance turned in by Russian shares, the medium-term outlook for the Hungarian equity market is not attractive in our view. We regard the Hungarian economy as fragile and expect that it may well stay that way until 2010. The forecast GDP </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>1</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=2,FOLIO='1',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>LETTER TO THE SHAREHOLDERS (</b><b>continued</b><b>)</b></font></p>
<p><font face="Times New Roman" size="1">growth of 2% is not expected to be enough to provide impetus for solid earnings per share (EPS) growth, in our opinion. The Fund holds a moderate underweight in Hungary relative to its benchmark, which we feel is appropriate despite the market's seemingly attractive valuation, given the country's reliance on exports in a slowing global growth environment and the domestic political uncertainty. We sold the Fund's position in Magyar Telekom during the quarter.</font></p>
<p><font face="Times New Roman" size="1"><u>Poland's</u> (14.5% of portfolio assets) market began falling in the third quarter of 2007, before other regional markets, and as a result, it fared better than most markets in the region during the quarter. Of the recent European Union (EU) entrants, we believe the Polish economy is the least exposed to a slowdown in Western Europe and has relatively low levels of bank lending to GDP. The political situation remains stable and Poland stands out for relatively solid macroeconomic data, supported by robust consumer and infrastructure spend and a lack of credit crunch-related issues in the banking sector. We sold the Fund's position in copper producer KGHM and trimmed a position in Bank Pekao during the quarter and are fairly comfortable with the Fund's current positioning in Poland, with the focus on Telekomunikacja Polska and Powszechna Kasa Oszczednosci Bank Polski (PKO BP), one of the largest financial stocks in Poland.</font></p>
<p><font face="Times New Roman" size="1"><u>Turkey's</u> (10.3% of portfolio assets) economic growth was decelerating even before the global financial crisis escalated in September and October, but the inflation outlook is a bright spot for the Turkish economy, aided by the correction in commodity prices and the central bank's tight monetary stance thus far. Recent global uncertainties made this even more important as the country continues to finance its growth with foreign funding. The better inflation outlook should allow domestic yields and interest rates to fall in coming quarters, supporting equities, which remain cheaply valued. We prefer the interest rate-sensitive banking and construction sectors as well as the domestic defensives over exporters and commodity names. During the quarter, we made a number of changes to the Fund's Turkish holdings, selling positions in Ford Otomotiv, Hurriyet, Migros and Trakya Cam while adding positions in Aksigorta AS, one of Turkey's leading
 non-life insurance companies; conglomerate Tekfen Holding AS, which may benefit from future infrastructure spending; and Turk Telekomunikasyon AS.</font></p>
<p><font face="Times New Roman" size="1">The Fund's discount to net asset value averaged 10.87% during the fiscal year ended October 31, 2008, compared with 11.43% for the same period last year. The Fund purchased 87,900 of its shares in the open market during the fourth fiscal quarter of 2008.</font></p>
<p><font face="Times New Roman" size="1">The sources, opinions and forecasts expressed are as of the date of this report. There is no guarantee that the views, opinions and forecasts expressed herein will come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation for any specific security. Past performance does not guarantee future results.</font></p>
<p><font face="Times New Roman" size="1"><sup>1</sup>&nbsp;&nbsp;A custom blend of 45% in Central Europe (CECE-Index), 45% Russia (RTX-Index) and 10% in Turkey (ISE National 30). The CECE is a regional capitalization-weighted index, including stocks from the Czech Republic, Hungary, Poland and Slovakia and is published daily by the Vienna Stock Exchange. The RTX is a capitalization-weighted index of Russian blue chip stocks and published daily by the Vienna Stock Exchange. The ISE National 30 is a capitalization-weighted index composed of National Market companies listed on the Istanbul Stock Exchange, except investment trusts and will also be used for trading in the Derivatives Market. Index returns assume reinvestment of dividends and, unlike Fund returns, do not include fees or expenses. It is not possible to invest directly into an index.</font></p>
<p><font face="Times New Roman" size="1"><sup>2</sup>&nbsp;&nbsp;"Overweight" means the Fund holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the Fund holds a lower weighting.</font></p>
<p><font face="Times New Roman" size="2">Sincerely,</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="75" align="left" valign="top">
<img src="j08276761_ba010.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="top">
<img src="j08276761_ba011.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top">
<img src="j08276761_ba012.jpg">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="75" align="left" valign="top">
<font face="Times New Roman" size="1">Christian Strenger<BR></font><font face="Times New Roman" size="1">Chairman</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="top">
<font face="Times New Roman" size="1">Ralf Oberbannscheidt<BR></font><font face="Times New Roman" size="1">Lead Portfolio Manager</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top">
<font face="Times New Roman" size="1">Michael G. Clark<BR></font><font face="Times New Roman" size="1">President and Chief<BR></font><font face="Times New Roman" size="1">Executive Officer</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman" size="1"><b>For additional information about the Fund including performance, dividends, presentations, press releases, daily NAV and shareholder reports, please visit www.ceefund.com</b></font></p>
<p align="center"><font size="2" face="Times New Roman"><br>2</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=3,FOLIO='2',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>ECONOMIC OUTLOOK</b></font></p>
<p><font face="Times New Roman" size="2"><b>Czech Republic:</b></font></p>
<p><font face="Times New Roman" size="2">Gross domestic product (GDP) growth slowed to 4.5% year-over-year (y-o-y) in the second quarter from 5.3% y-o-y in the first quarter. Private consumption picked up to 3.4% y-o-y while poor capital investment translated into lower imports, allowing net exports to make the highest contribution to GDP since the fourth quarter of 2005. The country's persistently high inflation, which moderated to 6.0% y-o-y at the end of October, had been the key obstacle for the Czech National Bank (CNB) to cut its repo rate. Policy easing began in early November 2008 with a 75 basis point reduction in the key interest rate to 2.75%. The currency depreciated during the quarter, as the traditional safe-haven status of the Czech Koruna was challenged by a deteriorating economic outlook for the Central European region in general and for the Czech Republic specifically. The CNB will be watching to see if the economic sentiment turns gloomier and wage bargaining poi
nts to moderation in wage growth. Leading indicators have started to deteriorate sharply since mid-2008. This has been particularly pronounced in industry, where they point to a possible y-o-y contraction in industrial production by the end of 2008.</font></p>
<p><font face="Times New Roman" size="2"><b>Hungary:</b></font></p>
<p><font face="Times New Roman" size="2">Economic growth will be unable to decouple from the approaching global and Eurozone slowdown.</font><font face="Times New Roman" size="1">1</font><font face="Times New Roman" size="2"> Export growth is already well off its peak, and the strong correlation with the German IFO Business Climate Index predicts export contraction.</font><font face="Times New Roman" size="1">2</font><font face="Times New Roman" size="2"> The good news is that inflation eased to 5.7% y-o-y in September</font><font face="Times New Roman" size="2"> </font><font face="Times New Roman" size="2">2008. Partly due to previous extensive borrowing, Hungary's weakness remains high leverage and external debt. Amidst the credit crisis, the markets increasingly penalized countries with high external debt ratios. The Hu
ngarian Central Bank raised rates 300 basis points to 11.5%, a week before the International Monetary Fund (IMF) and the European Union (EU) announced a $25 billion assistance package. The IMF funding was largely expected but the package was notable because it was the first time since joining the EU that any of the new EU member countries has received IMF funding. In 2009, the Hungarian government targets a budget deficit of 2.6% of GDP and expects GDP to decline 1%.</font></p>
<p><font face="Times New Roman" size="2"><b>Poland:</b></font></p>
<p><font face="Times New Roman" size="2">The Polish economy seems least exposed to an economic slowdown in Western Europe. The economy has relatively low levels of bank lending to GDP and is supported by robust consumer and infrastructure spend and a lack of credit crunch-related issues in the banking sector. GDP rose by 5.8% y-o-y in the second quarter, mainly due to still strong domestic demand. Investment growth decreased slightly to 15.2% y-o-y in the second quarter versus 15.7% in the first quarter. Inflation stood at 4.5% y-o-y in September 2008 while retail sales grew by 11.6% y-o-y. Like other Eastern European currencies, the Polish Zloty, depreciated against the dollar. The manufacturing sector is starting to feel the effects of the slowdown while the consumer, bank, media and construction sectors continue to offer good prospects for growth, though at a slower rate than the last couple years. The Polish Central Bank has left interest rates unchanged at 6.0% since May. The
political situation in Poland remains stable and the Prime Minister announced Poland's intentions of entering the European Monetary Union (EMU) by 2011 and adopting the euro in 2012.</font></p>
<p><font face="Times New Roman" size="2"><b>Russia:</b></font></p>
<p><font face="Times New Roman" size="2">Resiliency during the first half of the year has given way to a slowdown of economic growth since September 2008 that is expected to intensify in the future. Investment growth slowed to 7.9% y-o-y in August from over 20% in the first quarter of 2008 and is expected to slow even further. Industrial output growth rebounded to 4.7% y-o-y in August, although its continued strength seems increasingly unlikely amid escalating problems in the local banking system. On the other hand, consumer demand remains more resilient, supported by continued strength in wage and disposable income growth. Thus, retail sales continued to expand strongly at 14.2% y-o-y in September. Inflation remains high at 14.2% y-o-y in October, despite continued seasonal food deflation. However, inflation should start slowing due to the high base effect, and our view is that CPI could ease to 12.5% y-o-y by year end. The Central Bank of Russia (CBR) has moved to support the ban
ks via injections of capital, raising the level of deposit guarantees for savers to 700,000 rubles and the opening of loan windows. </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='3',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman" size="2">The CBR tapped its strong international reserves, which stood at US$546 billion in the third quarter, to support the ruble. Fiscal policy for the near future includes tax cuts for the oil sector, aiming to boost investment and production. The current account, which increased to an all-time record surplus of US$91.2 billion at the end of September, mainly due to record high oil prices, is likely to decline as the oil price has fallen 40% from its highs.</font></p>
<p><font face="Times New Roman" size="2"><b>Turkey:</b></font></p>
<p><font face="Times New Roman" size="2">Second quarter GDP growth slowed to a seven-year low of 1.9% y-o-y from 6.7% in the first quarter, as the growth of exports of goods and services slowed to 2.3% y-o-y from 12.2%. With key sectors such as automotive and appliances seeing sharp slowdowns in sales domestically and with demand from Europe cooling due to the looming recession in the main economies, the growth outlook is not encouraging. There are some signs of resilience in the consumer sector, with the September 2008 consumer sentiment index improving for the third month in a row. Inflation pressures appear to be easing, as the CPI stood at 12.0% y-o-y in October after peaking at 12.1% in July. Despite the positive September inflation data, we do not expect the Central Bank to ease monetary policy in the near term, due to the need to support the lira. The government's AK Party has seen its public support rise above 50%, which may give it confidence to push ahead with reforms and
 privatizations.</font></p>
<p><font face="Times New Roman" size="1">1</font><font face="Times New Roman" size="1">&nbsp;&nbsp;The Eurozone (officially euro area, or informally Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency.</font></p>
<p><font face="Times New Roman" size="1">2</font><font face="Times New Roman" size="1">&nbsp;&nbsp;The IFO Business Climate Index is a closely watched indicator of German business conditions, based on a monthly survey of about 7,000 companies. It is widely seen as a barometer for economic conditions in the whole of the Eurozone, which is a term used to describe the countries that joined the third stage of EMU and adopted the euro.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=5,FOLIO='4',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF OCTOBER 31, 2008</b></font></p>
<p><font face="Times New Roman" size="2"><b>All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit www.ceefund.com for the Fund's most recent performance.</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>TOTAL RETURNS:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="86" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="418" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the years ended October 31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="86" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="86" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Net Asset Value</font><font face="Times New Roman" size="1"><sup>(a)</sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">(61.27</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">42.32</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">48.55</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1"><sup>(b)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">48.74</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">35.20</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1"><sup>(c)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="86" align="left" valign="bottom">
<font face="Times New Roman" size="2">Market Value</font><font face="Times New Roman" size="1"><sup>(a)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman" size="2">(65.28</font></td>
<td colspan="1" width="32" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">41.83</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">19.25</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">80.71</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">18.73</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="86" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Benchmark</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">(57.49</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">)%</font><font face="Times New Roman" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">38.95</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">45.00</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">37.81</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1"><sup>(1)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">32.73</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">%</font><font face="Times New Roman" size="1"><sup>(2)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="1"><sup>(a)</sup></font><font face="Times New Roman" size="2">&nbsp;&nbsp;Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market value reflects changes in market value. Each figure includes reinvestments of dividend and capital gains distributions, if any. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund's shares trade during the period.</font></p>
<p><font face="Times New Roman" size="1"><sup>(b)&nbsp;&nbsp;</sup></font><font face="Times New Roman" size="2">Return excludes the effect of the $3.25 per share dilution associated with the Fund's rights offering. </font></p>
<p><font face="Times New Roman" size="1"><sup>(c)&nbsp;&nbsp;</sup></font><font face="Times New Roman" size="2">Return excludes the effect of the $2.15 per share dilution associated with the Fund's rights offering.</font></p>
<p><font face="Times New Roman" size="1"><sup>(1)</sup></font><font face="Times New Roman" size="2">&nbsp;&nbsp;Represents an arithmetic composite consisting of 45% CECE*/45% RTX**/10% ISE National 30***.</font></p>
<p><font face="Times New Roman" size="1"><sup>(2)</sup></font><font face="Times New Roman" size="2">&nbsp;&nbsp;Represents an arithmetic composite consisting of 70% CECE/30% RTX for the five months ended March 31, 2004 and 45% CECE/45% RTX/10% ISE National 30 for the seven months ended October 31, 2004. The Fund changed its benchmark from 70% CECE/30% RTX to 45% CECE/45% RTX/10% ISE National 30 on April 1, 2004.</font></p>
<p><font face="Times New Roman" size="1"><i>&nbsp;&nbsp;*&nbsp;&nbsp;The CECE is a regional capitalization-weighted index including stocks from the Czech Republic, Hungary, Poland and Slovakia and is published daily by the Vienna Stock Exchange.</i></font></p>
<p><font face="Times New Roman" size="1"><i>&nbsp;&nbsp;**&nbsp;&nbsp;The RTX is a capitalization-weighted index of Russian blue chip stocks and published daily by the Vienna Stock Exchange.</i></font></p>
<p><font face="Times New Roman" size="1"><i>&nbsp;&nbsp;***&nbsp;&nbsp;The ISE National 30 is a capitalization-weighted index composed of National Market companies on the Istanbul Stock Exchange which excludes investment trusts.</i></font></p>
<p><font face="Times New Roman" size="1"><i>Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly in an index.</i></font></p>
<p><font face="Times New Roman" size="2">Investments in funds involve risks including the loss of principal.</font></p>
<p><font face="Times New Roman" size="2">This Fund is non-diversified and may focus its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region. Moreover, this Fund can take larger positions in fewer companies, increasing its overall risk potential. Investing in foreign securities presents certain unique risks, such as currency fluctuation, political and economic changes and market risks. This may result in greater share price volatility.</font></p>
<p><font face="Times New Roman" size="2">Closed-end funds, unlike open-end funds, are not continuously offered. Shares, once issued, are traded in the open market through stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.</font></p>
<p><font face="Times New Roman" size="2">The Fund has elected to not be subject to the statutory calculation, notification and publication requirements of the German Investment Tax Act (Investmentsteuergesetz). As a result, German investors in the Fund may be subject to less favorable lump-sum taxation under the German law.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='5',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>FUND HISTORY AS OF OCTOBER 31, 2008 (continued)</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>STATISTICS:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="158" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">372,957,095</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" align="left" valign="bottom">
<font face="Times New Roman" size="2">Shares Outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font face="Times New Roman" size="2">15,950,068</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">NAV Per Share</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">23.38</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>DIVIDEND AND CAPITAL GAIN DISTRIBUTIONS:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="52" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Record<BR></b></font><font face="Times New Roman" size="1"><b>Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Payable<BR></b></font><font face="Times New Roman" size="1"><b>Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Ordinary<BR></b></font><font face="Times New Roman" size="1"><b>Income</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>ST Capital<BR></b></font><font face="Times New Roman" size="1"><b>Gains</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>LT Capital<BR></b></font><font face="Times New Roman" size="1"><b>Gains</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/15/08</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/08</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.07</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.07</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/21/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.95</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.47</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">8.84</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">10.26</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/21/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/28/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.58</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">1.94</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.99</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.51</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/20/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/30/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.33</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.21</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.51</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.05</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/22/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.17</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.17</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/22/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="bottom">
<font face="Times New Roman" size="2">12</font><font face="Times New Roman" size="2">/31/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.22</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.22</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/19/01</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="52" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">11</font><font face="Times New Roman" size="2">/29/01</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.10</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.13</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">0.23</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>OTHER INFORMATION:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="158" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">NYSE Ticker Symbol</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">CEE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" align="left" valign="bottom">
<font face="Times New Roman" size="2">NASDAQ Symbol</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman" size="2">XCEEX</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dividend Reinvestment Plan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Yes</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" align="left" valign="bottom">
<font face="Times New Roman" size="2">Voluntary Cash Purchase Program</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman" size="2">Yes</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Annual Expense Ratio (10/31/08)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">1.10%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="2">Fund statistics and expense ratio are subject to change. Distributions are historical, will fluctuate and are not guaranteed.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='6',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>10 LARGEST HOLDINGS AS OF OCTOBER 31, 2008 (As a % of Investment Portfolio <BR>excluding Securities Lending Collateral)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">1.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="226" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Gazprom</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">10.4</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">2.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="226" align="left" valign="bottom">
<font face="Times New Roman" size="2">LUKOIL</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.6</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">3.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="226" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Sberbank</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.4</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="226" align="left" valign="bottom">
<font face="Times New Roman" size="2">Rosneft Oil Company</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.2</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="226" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Ceske Energeticke Zavody</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.5</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">6.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="226" align="left" valign="bottom">
<font face="Times New Roman" size="2">Telekomunikacja Polska</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">7.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="226" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">MMC Norilsk Nickel</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">5.0</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">8.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="226" align="left" valign="bottom">
<font face="Times New Roman" size="2">Surgutneftegaz</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.8</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">9.</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="226" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Telefonica 02 Czech Republic</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.2</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom">
<font face="Times New Roman" size="2">10.</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="226" align="left" valign="bottom">
<font face="Times New Roman" size="2">Powszechna Kasa Oszczednosci Bank Polski</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom">
<font face="Times New Roman" size="2">4.1</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>COUNTRY BREAKDOWN AS OF OCTOBER 31, 2008 (As a % of Investment Portfolio <BR>excluding Securities Lending Collateral)*</b></font></p>
<p><font face="Times New Roman" size="2">Country Breakdown and 10 Largest Holdings are subject to change and not indicative of future portfolio composition.</font></p>
<p><font face="Times New Roman" size="2">Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.</font></p>
<p><font face="Times New Roman" size="1">*&nbsp;&nbsp;Securities listed in country where the significant business of the company is located.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='7',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>INTERVIEW WITH THE LEAD PORTFOLIO MANAGER &#151; Ralf Oberbannscheidt</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Question: </i></b></font><font face="Times New Roman" size="2"><b>Given that the Russian market was the worst performing of the Fund's core markets during the quarter, what measures has the Russian government taken in response to the global financial crisis?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> The Russian market experienced its worst sell-off since the 1998 financial crisis as growing concerns about global growth, a sharp fall in oil and metals prices, and military conflict with Georgia rattled investors' nerves, leading to substantial capital flight. The collapse of local financial markets in mid-September 2008 triggered the state to tap oil funds and stage major intervention into the markets. Initial support came in the form of a dramatic reversal of monetary policy, as the Central Bank of Russia slashed minimum reserve requirements and the Finance Ministry directly pumped $18 billion into the banking system. Rapid monetary expansion was supported by a hefty fiscal package, as the government effectively slashed oil export duties by about $6 billion and announced plans to provide $50 billion for refinancing external debt through a state-
owned bank. In late September, extreme selling sparked a wave of margin calls that threatened to wipe out the fortunes of a number of oligarchs. Efforts taken by the government and central bank provided little support, as the magnitude of unfolding events seemed always to run ahead of their responses. In early November, the government released a 55-point plan to support the economy, including various measures targeted at supporting domestic industries, but details on the size of the plan have not been disclosed.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Question:</i></b></font><font face="Times New Roman" size="2"><b> How has the appreciation of the US dollar over the past few months impacted the outlook for investments in Central Europe, Russia, and Turkey?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> All of the currencies in the Fund's core markets have undergone double-digit depreciation versus the US dollar during the Fund's fiscal fourth quarter. The Hungarian forint, Polish zloty, and Turkish lira all lost about 25% of their value while the Russian ruble and Czech koruna experienced more modest declines of 13% and 19%, respectively. As a result, we re-evaluate the Fund's investments to correctly position the portfolio in light of these developments (as well as the potential for a correction in the next few months) and their impact on the profitability of companies in which the Fund is invested. For example, financial and other companies with significant exposure to foreign currency debt may struggle, while export-oriented companies may become more competitive. Polish exporters, on the other hand, may suffer from decreased demand from a slowi
ng European economy and the relative strength of its currency compared to its neighbors, making its exports less competitive. At the same time, we are closely following policy developments, such as Russia's decision in early November to widen the band of the ruble exchange rate against a basket of the US dollar and the euro, effectively allowing further depreciation of the ruble.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Question:</i></b></font><font face="Times New Roman" size="2"><b> At the end of October, the IMF and the European Union (EU) approved a $25 billion package to support Hungary. What are the conditions that made this action necessary, and how will the package impact the Hungarian economy?</b></font></p>
<p><font face="Times New Roman" size="2"><b><i>Answer:</i></b></font><font face="Times New Roman" size="2"> Hungary's high debt levels (97% of GDP as of the end of 2007), together with a sharp rise in bond yields, the depreciation of the forint, high levels of foreign ownership in the Hungarian banking system and increased risk aversion among global investors, have left the country particularly susceptible to ripple effects from the global financial crisis. The IMF acted swiftly, approving a support package under its fast-track emergency procedures. The IMF/EU package aims to restore confidence in the Hungarian market and bolster the country's economy by supporting the country's banking system, ensuring foreign currency liquidity, improving the current account deficit and supporting long-term debt obligations. The package, which is equal to about one-third of the government's outstanding debt, includes a component of technical assistance from the World Ba
nk, aimed to support fiscal management and reforms in the financial sector. The Hungarian government is expected to make significant spending cuts and possibly abandon popular socialist policies as part of the program. By acting swiftly and compellingly, the IMF and EU hope to stem speculative bets against new EU member countries and quell market fears from spreading to other countries in the region.</font></p>
<p><font face="Times New Roman" size="1">The views expressed in this report reflect those of the named individuals only through the end of the period of the report stated on the cover. This information is subject to change at any time based on the market and other conditions and should not be construed as a recommendation. Past performance does not guarantee future results.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='8',FILE='08-27676-1.ba',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.ca-->
<p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Name, Address, Age*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Term of Office<BR></b></font><font face="Times New Roman" size="2"><b>and Length of<BR></b></font><font face="Times New Roman" size="2"><b>Time Served&#134;</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman" size="2"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Other Directorships Held by Director</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Detlef Bierbaum, 66</font><font face="Times New Roman" size="1">(1)(2)</font><font face="Times New Roman" size="2"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class I<BR></font><font face="Times New Roman" size="2">Since 1990</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Member of the Supervisory Board of Sal. Oppenheim Jr. &amp; Cie KGaA (investment management) (over five years).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. (since 1986) and The New Germany Fund, Inc. (since 2008). Member, Supervisory Board, Tertia Handelsbeteiligungsgesellschaft mbH (electronic retailer). Member, Supervisory Board, Douglas AG (retailer). Member, Supervisory Board, LVM Landwirtschaftlicher Versicherungsverein (insurance). Member, Supervisory Board, Monega KAG. Member of Supervisory Board, AXA Investment Managers GmbH (Investment Company). Chairman of Supervisory Board, Oppenheim Kapitalanlagegesellsehaft mbH (investment company). Chairman of the Supervisory Board, Oppenheim Real Estate Investment GmbH. Member of the Board of Dundee REIT, Toronto.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Dr. Kurt W Bock, 50</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class II<BR></font><font face="Times New Roman" size="2">Since 2004</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Chairman and Chief Executive Officer of BASF Corporation (since 2007) and Member of the Board of Executive Directors and CFO, BASF Aktiengesellschaft (since 2003; since January 14, 2008 BASF</font><font face="Times New Roman" size="2"> </font><font face="Times New Roman" size="2">SE).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director of The European Equity Fund, Inc. (since 2004) and The New Germany Fund, Inc. (since 2008). Member to the Supervisory Board of Wintershall Holding AG (since 2006). Member of the Advisory Board of Gebr. R&ouml;chling KG (since 2004). Member of the Board of Deutsches Rechnungslegungs Standards Committee ("DRSC") (since 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">John Bult, 72</font><font face="Times New Roman" size="1">(1)(2)</font><font face="Times New Roman" size="2"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class II<BR></font><font face="Times New Roman" size="2">Since 1990</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Chairman, PaineWebber International (since 1985) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. (since 1986) and The New Germany Fund, Inc. (since 1990). Director, The Greater China Fund, Inc. (closed end fund).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman"><br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='9',FILE='08-27676-1.ca',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Name, Address, Age*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Term of Office<BR></b></font><font face="Times New Roman" size="2"><b>and Length of<BR></b></font><font face="Times New Roman" size="2"><b>Time Served&#134;</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman" size="2"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Other Directorships Held by Director</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Ambassador<BR></font><font face="Times New Roman" size="2">Richard R. Burt, 61</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class I<BR></font><font face="Times New Roman" size="2">Since 2000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Managing Director, McLarty Associates (international strategic advisory) (since 2007). Chairman, Diligence, Inc. (international information and risk management firm) (2002-2007). Chairman, IEP</font><font face="Times New Roman" size="2"> </font><font face="Times New Roman" size="2">Advisors, LLP (information services firm) (1998-2001). Chairman of the Board, Weirton Steel Corp. (1996-2004). Formerly, Partner, McKinsey &amp; Company (consulting firm) (1991-1994). U.S. Ambassador to the Federal Republic of Germany (1985-1989).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. (since 2000) and The New Germany Fund, Inc. (since 2004). Board Member, IGT, Inc. (gaming technology) (since 1995). Director, UBS family of Mutual Funds (since 1998).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">John H. Cannon, 66</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class I<BR></font><font face="Times New Roman" size="2">Since 2004</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Consultant (since 2002); Vice President and Treasurer Venator Group/Footlocker Inc. (footwear retailer) (until 2001).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director of The New Germany Fund, Inc. (since 1990) and The European Equity Fund, Inc. (since 2004).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Richard Karl Goeltz, 66</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class I<BR></font><font face="Times New Roman" size="2">Since 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Consultant. Vice Chairman and Chief Financial Officer of American Express Co. (1996-2000).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. (since 2008) and The New Germany Fund, Inc. (since 2008). Independent Non-Executive Director of Aviva plc (financial services), Director of Delta Air Lines Inc.; Trustee, The American Academy in Berlin (since 2008), and The Warnaco Group Inc.; Member of the Court of Governors and the Council of the London School of Economics and Political Science.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman"><br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='10',FILE='08-27676-1.ca',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Name, Address, Age*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Term of Office<BR></b></font><font face="Times New Roman" size="2"><b>and Length of<BR></b></font><font face="Times New Roman" size="2"><b>Time Served&#134;</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman" size="2"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Other Directorships Held by Director</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Dr. Franz Wilhelm Hopp, 66</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class III<BR></font><font face="Times New Roman" size="2">Since 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Former Member of the Boards of Management of ERGO Versicherungsgruppe AG, ERGO Europa Beteiligungsgesellschaft AG, and ERGO International AG (insurance); Member of the Boards of Management of VICTORIA Holding, VICTORIA Lebensversicherung AG, VICTORIA Versicherung AG, VICTORIA International, VICTORIA R&uuml;ckversicherung AG and D.A.S. Versicherungs-AG. (insurance)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. (since 2008) and The New Germany Fund, Inc. (since 2008). Chairman of the Supervisory Board of Ideenkapital Media Finance. Member of the Supervisory Boards of Jenoptik, AG; TMW Immobilien AG; Oesterreichische Volksbanken; KarastadtQuelle Bank GmbH; GFKL Financial Services AG; MEAG Munich ERGO Kapitalanlagegesellschaft mbH; Internationales Immobilieninstitut GmbH; TMW Real Estate Group L.P., and Victoria Volksbanken, Oesterreich. Member of the Administrative Boards of Frankfurter Volksbank and HSBC Trinkaus &amp; Burkhardt. Member of the Advisory Boards of Dresdner Bank AG; EnBW Energie Baden-Wuerttemberg AG; Falke Bank AG; Landeskreditbank Baden-Wuerttemberg; Millenium Entertainment Partners L.P. and MPE Hotel, LLC.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Dr. Friedbert Malt, 67</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class II<BR></font><font face="Times New Roman" size="2">Since 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Vice Chairman and Member of the Executive Committee of NOL Neptune Orient Lines Ltd., Singapore ("NOL") (since 2002).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Member of the Board of NOL (since 2000). Director, The European Equity Fund, Inc. (since 2007) and The New Germany Fund, Inc. (since 2007). Director, T&Uuml;V Rheinland of North America, Inc.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Christian H. Strenger, 65</font><font face="Times New Roman" size="1">(1)(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class III<BR></font><font face="Times New Roman" size="2">Since 1990</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Member of Supervisory Board (since 1999) and formerly Managing Director (1991-1999) of DWS Investment GmbH (investment management), a subsidiary of Deutsche Bank AG.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director of The European Equity Fund, Inc. (formerly The Germany Fund, Inc.) (since 1986) and The New Germany Fund, Inc. (since 1990). (Member, Supervisory Board, Fraport AG (international airport business) and Hermes Focus Asset Management Europe Ltd. (asset management).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman"><br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='11',FILE='08-27676-1.ca',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Name, Address, Age*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Term of Office<BR></b></font><font face="Times New Roman" size="2"><b>and Length of<BR></b></font><font face="Times New Roman" size="2"><b>Time Served&#134;</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman" size="2"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Other Directorships Held by Director</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Dr. Frank Tr&ouml;mel, 72</font><font face="Times New Roman" size="1">(1) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class III<BR></font><font face="Times New Roman" size="2">Since 2005</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Deputy Chairman of the Supervisory Board of DELTON AG (strategic management holding company operation in the pharmaceutical, household products, logistics and power supply sectors) (2000-2006). Member (2000) and</font><font face="Times New Roman" size="2"> </font><font face="Times New Roman" size="2">Vice-President (2002-2006) of</font><font face="Times New Roman" size="2"> </font><font face="Times New Roman" size="2">the German Accounting Standards Board.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. (since 2005) and The New Germany Fund, Inc (since 1990).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Robert H. Wadsworth, 68</font><font face="Times New Roman" size="1">(1)(3)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class II<BR></font><font face="Times New Roman" size="2">Since 1990</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">President, Robert H. Wadsworth Associates, Inc. (consulting firm) (May 1983-present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">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.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Werner Walbr&ouml;l, 71</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class II<BR></font><font face="Times New Roman" size="2">Since 1990</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Delegate for North American Humboltt Universitat (Berlin). Formerly, President and Chief Executive Officer, The European American Chamber of Commerce, Inc. (until 2008). Formerly, President and Chief Executive Officer, The German American Chamber of Commerce, Inc. (until 2003).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director of The European Equity Fund, Inc. (since 1986) and The New Germany Fund, Inc. (since 1990). Director, T&Uuml;V Rheinland of North America, Inc. (independent testing and assessment services). Director, The German American Chamber of Commerce, Inc. President and Director, German-American Partnership Program (student exchange programs).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman"><br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='12',FILE='08-27676-1.ca',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>DIRECTORS OF THE FUND (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="140" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Name, Address, Age*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Term of Office<BR></b></font><font face="Times New Roman" size="2"><b>and Length of<BR></b></font><font face="Times New Roman" size="2"><b>Time Served&#134;</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman" size="2"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Other Directorships Held by Director</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="140" align="left" valign="top">
<font face="Times New Roman" size="2">Peter Z&uuml;hlsdorff, 67</font><font face="Times New Roman" size="1">(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="left" valign="top">
<font face="Times New Roman" size="2">Class II<BR></font><font face="Times New Roman" size="2">Since 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1874" align="left" valign="top">
<font face="Times New Roman" size="2">Managing Director of DIH Deutsche Industrie Holding (holding company) (since 1997). Managing Director of DSD Duales System Deutschland AG (recycling) (until 2006).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3412" align="left" valign="top">
<font face="Times New Roman" size="2">Director, The European Equity Fund, Inc. (since 2008) and The New Germany Fund, Inc. (since 2008). Chairman of the Supervisory Board, Sinn Leffers AG (retail). Member of the Supervisory Board, Kaisers Tengelmann AG (food and specialty retailing). Member of the Advisory Board, Tengelmann Verwaltungs-und Beteiligungsgesellschaft GmbH (food and specialty retailing) and Ziegler Film (TV and film productions). Member of the Supervisory Board of YOC AG (mobile marketing) (since 2007).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="1">(1)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Indicates that each Director also serves as a Director of The European Equity Fund, Inc. and The New Germany Fund, Inc., two other closed-end registered investment companies for which Deutsche Investment Management Americas Inc. acts as manager.</font></p>
<p><font face="Times New Roman" size="1">(2)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Indicates "interested" Director, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Mr. Bierbaum is an "interested" Director because of his affiliation with Sal. Oppenheim Jr. &amp; Cie KGaA, which engages in brokerage with the Fund and other accounts managed by the investment advisor and manager; Mr. Bult is an "interested" Director because of his affiliation with PaineWebber International, an affiliate of UBS Securities Inc., a registered broker-dealer; and Mr. Strenger is an "interested" Director because of his affiliation with DWS-Deutsche Gesellschaft fur Werpapiersparen mbH ("DWS"), a majority-owned subsidiary of Deutsche Bank AG and because of his ownership of Deutsche Bank AG shares.</font></p>
<p><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Indicates that Mr. Wadsworth also serves as Director/Trustee of the following open-end investment companies: Cash Account Trust, Cash Management Portfolio, Cash Reserve Fund, Inc., DWS Advisor Funds, DWS Balanced Fund, DWS Blue Chip Fund, DWS Communications Fund, Inc., DWS Equity  Partners Fund, Inc., DWS Equity 500 Index Portfolio, DWS Equity Trust, DWS Global/International Fund, Inc., DWS High Income Series, DWS Institutional Funds, DWS International Fund, Inc., DWS Investment Trust, DWS Investments VIT Funds, DWS Investors Funds, Inc., DWS Money Funds, DWS Money Market Trust, DWS Mutual Funds, Inc., DWS Portfolio Trust, DWS Securities Trust, DWS State Tax-Free Income Series, DWS State Tax Free Trust, DWS Strategic Government Securities Fund, DWS Strategic Income Fund, DWS Target Date Series, DWS Target Fund, DWS Tax Free Trust, DWS Technology Fund, DWS
Value Builder Fund, Inc., DWS Value Equity Trust, DWS Value Series, Inc., DWS Variable Series I, DWS Variable Series II, Investors Cash Trust and Tax-Exempt California Money Market Fund. Mr. Wadsworth also serves as a Director/Trustee of DWS Dreman Value Income Edge Fund, DWS Global Commodities Stock Fund, Inc., DWS Global High Income Fund, Inc., DWS High Income Trust, DWS Income Trust, DWS Multi-Market Income Trust, DWS Municipal Income Trust, DWS Municipal Trust, DWS RREEF Real Estate Fund, Inc., DWS RREEF Real Estate Fund II, Inc., DWS RREEF World Real Estate &amp; Tactical Strategies Fund, Inc., DWS Strategic Income Trust and DWS Strategic Municipal Income Trust, closed-end investment companies. These Funds are advised by Deutsche Investment Management Americas Inc., an indirect wholly-owned subsidiary of Deutsche Bank AG.</font></p>
<p><font face="Times New Roman" size="1">(4)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Inception date of corporation which was predecessor to the LLC.</font></p>
<p><font face="Times New Roman" size="1">*&nbsp;&nbsp;The address of each Director is 345 Park Avenue, New York, NY 10154.</font></p>
<p><font face="Times New Roman" size="1">&#134;&nbsp;&nbsp;The term of office for Directors in Class I expires at the 2010 Annual Meeting, Class II expires at the 2011 Annual Meeting and Class III expires at the 2009 Annual Meeting. </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='13',FILE='08-27676-1.ca',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>OFFICERS OF THE FUND*</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="168" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Name, Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2"><b>Principal Occupations During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="168" align="left" valign="top">
<font face="Times New Roman" size="2">Michael G. Clark</font><font face="Times New Roman" size="1">(1,2)</font><font face="Times New Roman" size="2">, 43<BR></font><font face="Times New Roman" size="2">President and Chief Executive Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="left" valign="top">
<font face="Times New Roman" size="2">Managing Director</font><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="2">, Deutsche Asset Management (2006-present); President of DWS family of funds; formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="168" align="left" valign="top">
<font face="Times New Roman" size="2">Paul H. Schubert</font><font face="Times New Roman" size="1">(2)</font><font face="Times New Roman" size="2">, 45<BR></font><font face="Times New Roman" size="2">Chief Financial Officer and Treasurer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="left" valign="top">
<font face="Times New Roman" size="2">Managing Director</font><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="2">, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="168" align="left" valign="top">
<font face="Times New Roman" size="2">David Goldman</font><font face="Times New Roman" size="1">(2,4)</font><font face="Times New Roman" size="2">, 34<BR></font><font face="Times New Roman" size="2">Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="left" valign="top">
<font face="Times New Roman" size="2">Director</font><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="2">, Deutsche Asset Management</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="168" align="left" valign="top">
<font face="Times New Roman" size="2">John Millette</font><font face="Times New Roman" size="1">(5,6)</font><font face="Times New Roman" size="2">, 46<BR></font><font face="Times New Roman" size="2">Assistant Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="left" valign="top">
<font face="Times New Roman" size="2">Director</font><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="2">, Deutsche Asset Management</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="168" align="left" valign="top">
<font face="Times New Roman" size="2">Rita Rubin</font><font face="Times New Roman" size="1">(2,7)</font><font face="Times New Roman" size="2">, 38<BR></font><font face="Times New Roman" size="2">Assistant Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="left" valign="top">
<font face="Times New Roman" size="2">Vice President and Counsel, Deutsche Asset Management (2007-present). Formerly, Vice President, Morgan Stanley Investment Management Inc. (2004-2007); Director and Associate General Counsel, UBS Global Asset Management (US) Inc. (2001-2004).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="168" align="left" valign="top">
<font face="Times New Roman" size="2">Elisa D. Metzger</font><font face="Times New Roman" size="1">(2,8)</font><font face="Times New Roman" size="2">, 46<BR></font><font face="Times New Roman" size="2">Chief Legal Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="left" valign="top">
<font face="Times New Roman" size="2">Director</font><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="2">, Deutsche Asset Management (since September 2005); formerly, Counsel, Morrison and Foerster LLP (1999-2005)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="168" align="left" valign="top">
<font face="Times New Roman" size="2">Brett Rogers</font><font face="Times New Roman" size="1">(2,9)</font><font face="Times New Roman" size="2">, 32<BR></font><font face="Times New Roman" size="2">Chief Compliance Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1355" align="left" valign="top">
<font face="Times New Roman" size="2">Director</font><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="2">, Deutsche Asset Management (2008-present); formerly, Chief Compliance Officer, Deutsche Asset Management (Japan) Ltd. (2006); Vice President, Deutsche Asset Management (2005-2008); and Assistant Vice President, Deutsche Asset Management (2003-2005).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="1">Each also serves as an Officer of The European Equity Fund, Inc. and The New Germany Fund, Inc., two other closed-end registered investment companies for which Deutsche Investment Management Americas Inc. acts as manager.</font></p>
<p><font face="Times New Roman" size="1">*</font><font face="Times New Roman" size="1">&nbsp;&nbsp;As a result of their respective positions held with the Manager, these individuals are considered "interested persons" of the Manager within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.</font></p>
<p><font face="Times New Roman" size="1">(1)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Since June 15, 2006.</font></p>
<p><font face="Times New Roman" size="1">(2)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Address: 345 Park Avenue, New York, New York 10154.</font></p>
<p><font face="Times New Roman" size="1">(3)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Executive title, not a board directorship.</font></p>
<p><font face="Times New Roman" size="1">(4)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Since July 14, 2006.</font></p>
<p><font face="Times New Roman" size="1">(5)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Since July 14, 2006. From January 30, 2006 to July 14, 2006 served as Secretary to the Fund.</font></p>
<p><font face="Times New Roman" size="1">(6)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Address: One Beacon Street, Boston, Massachusetts 02108.</font></p>
<p><font face="Times New Roman" size="1">(7)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Since July 21, 2008.</font></p>
<p><font face="Times New Roman" size="1">(8)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Since January 30, 2006.</font></p>
<p><font face="Times New Roman" size="1">(9)</font><font face="Times New Roman" size="1">&nbsp;&nbsp;Since April 20, 2007.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='14',FILE='08-27676-1.ca',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>SHARES REPURCHASED AND ISSUED</b></font></p>
<p><font face="Times New Roman" size="2">The Fund has been purchasing shares of its common stock in the open market. Shares repurchased and shares issued for dividend reinvestment for the past five years are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="2">Fiscal year ended October 31,</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Shares repurchased</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">111,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">47,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">97,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom">
<font face="Times New Roman" size="2">Shares issued for dividend reinvestment</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">1,314,952</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman" size="2">792,411</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">388,226</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="32" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">37,769</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Shares issued in rights offering</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">3,417,070</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,555,677</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>PRIVACY POLICY AND PRACTICES</b></font></p>
<p><font face="Times New Roman" size="2">We never sell customer lists or information about individual clients (stockholders). We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal and state standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.</font></p>
<p><font face="Times New Roman" size="2">In the normal course of business, we may obtain information about stockholders whose shares are registered in their names. For purposes of these policies, "clients" means stockholders of the Fund. (We generally do not have knowledge of or collect personal information about stockholders who hold Fund shares in "street name," such as through brokers or banks.) Examples of the nonpublic personal information collected are name, address, Social Security number and transaction and balance information. To be able to serve our clients, certain of this client information may be shared with affiliated and nonaffiliated third party service providers such as transfer agents, custodians, and broker-dealers to assist us in processing transactions and servicing the clients' account with us. The organizations described above that receive client information may only use it for the purpose designated by the Fund.</font></p>
<p><font face="Times New Roman" size="2">We may also disclose nonpublic personal information about clients to other parties as required or permitted by law. For example, we are required or we may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm from such activity.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>CERTIFICATIONS</b></font></p>
<p align="left"><font face="Times New Roman" size="2">The Fund's chief executive officer has certified to the New York Stock Exchange that, as of July 16, 2008, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund's reports to the Securities and Exchange Commission on Forms N-CSR, N-CSRS and N-Q contain certifications by the Fund's chief executive officer and chief financial officer that relate to the Fund's disclosure in such reports and that are required by rule 30a-2(a) under the Investment Company Act.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>PROXY VOTING</b></font></p>
<p align="left"><font face="Times New Roman" size="2">A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site &#151; www.ceefund.com or on the SEC's Web site &#151; www.sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 437-6269.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='15',FILE='08-27676-1.ca',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.da-->
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; OCTOBER 31, 2008</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN RUSSIAN <BR></b></font><font face="Times New Roman" size="2"><b>SECURITIES &#150; 55.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMON STOCKS &#150; 55.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>BUILDING PRODUCTS &#150; 0.3%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Gornozavodsktsement</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,253,750</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 8.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">26,000,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Sberbank RF</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,805,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">VTB Bank OJSC GDR Reg S</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,300,000</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">32,105,000</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION <BR></b></font><font face="Times New Roman" size="1"><b>MATERIALS &#150; 0.3%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">504,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">LSR Group (GDR) Reg S*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,254,960</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED FINANCIAL <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 0.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">52,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Vostok Nafta Investment (SDR)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">203,662</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED <BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 4.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">800,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Comstar United Telesystems <BR></font><font face="Times New Roman" size="1">(GDR) Reg S</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,232,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">117,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Rostelecom (ADR)&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,742,550</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">750,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Vimpel Communications (ADR)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">10,455,600</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">17,430,150</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &#150; 0.1%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">216,633</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">OJSC The Fifth Power <BR></font><font face="Times New Roman" size="1">Generation (GDR)*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">469,660</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ENERGY EQUIPMENT &amp; <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 1.5%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">430,751</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Eurasia Drilling Co. Ltd. (GDR)*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,369,131</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,270,371</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Integra Group Holdings (GDR)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,185,038</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">91,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">TMK (GDR) Reg S</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">973,700</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,527,869</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD PRODUCTS &#150; 1.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">150,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Wimm Bill Dann Foods (ADR)*&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,925,450</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>MEDIA &#150; 0.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">200,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">CTC Media*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,462,000</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>METALS &amp; MINING &#150; 5.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,650,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Kuzbassrazrezugol*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">744,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,750,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">MMC Norilsk Nickel (ADR)&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">17,517,500</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">580,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Raspadskaya</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,218,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">19,479,500</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE <BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 29.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,398,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Gazprom</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">16,446,320</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Gazprom (ADR)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">19,870,000</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">300,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">LUKOIL</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">11,100,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">411,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">LUKOIL (ADR)&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">15,406,560</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">170,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">NovaTek OAO (GDR) Reg S</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,715,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,500,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Rosneft Oil Company <BR></font><font face="Times New Roman" size="1">(GDR) Reg S</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,300,000</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,200,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Surgutneftegaz (ADR)&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">14,190,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">52,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Vostok Gas Ltd.*&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">623,043</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">109,650,923</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>WIRELESS <BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATIONS <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 2.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,000,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Mobile Telesystems</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,850,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">50,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Mobile Telesystems (ADR)&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,926,700</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">100,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Mobile Telesystems (GDR) Reg S</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">3,853,400</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">10,630,100</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $287,717,167)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">205,393,024</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PREFERRED STOCK &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE <BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 0.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">1,200,000&nbsp;</font><font face="Times New Roman" size="1">Surgutneftegaz (ADR)&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">(cost $6,072,120)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,707,200</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in<BR></font><font face="Times New Roman" size="1">Russian Securities<BR></font><font face="Times New Roman" size="1">(cost $293,789,287)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">208,100,224</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="479" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN POLISH <BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 13.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 6.3%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bank Pekao</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">9,010,696</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,303,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Powszechna Kasa <BR></font><font face="Times New Roman" size="1">Oszczednosci Bank Polski</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">14,547,125</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">23,557,821</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION &amp; <BR></b></font><font face="Times New Roman" size="1"><b>ENGINEERING &#150; 0.4%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">97,175</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Pol-Aqua*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,357,867</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='16',FILE='08-27676-1.da',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; OCTOBER 31, 2008 (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED <BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 4.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,350,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Telekomunikacja Polska</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">17,603,630</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE <BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 2.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">560,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Polski Koncern Naftowy Orlen</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,646,991</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">149,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Polski Koncern Naftowy Orlen <BR></font><font face="Times New Roman" size="1">(GDR) Reg S</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,541,500</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8,188,491</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Polish <BR></font><font face="Times New Roman" size="1">Common Stocks <BR></font><font face="Times New Roman" size="1">(cost $42,145,190)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">50,707,809</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN CZECH REPUBLIC <BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 10.6%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 1.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">37,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Komercni Banka</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,541,677</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED <BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 3.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">700,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Telefonica 02 Czech Republic</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">14,795,162</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>ELECTRIC UTILITIES &#150; 5.2%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">450,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Ceske Energeticke Zavody</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">19,287,405</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Czech Republic<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $19,494,844)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">39,624,244</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN TURKISH <BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 9.7%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>AUTOMOBILES &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,100,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Tofas Turk Otomobil Fabrikasi</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,429,864</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 2.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">5,999,998</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Turkiye Garanti Bankasi*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">9,773,753</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION &amp; <BR></b></font><font face="Times New Roman" size="1"><b>ENGINEERING &#150; 0.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">550,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Tekfen Holding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,478,992</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>CONSTRUCTION <BR></b></font><font face="Times New Roman" size="1"><b>MATERIALS &#150; 0.3%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">676,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Akcansa Cimento</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,110,737</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>DIVERSIFIED <BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATION <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,300,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Turk Telekomunikasyon*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,773,109</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>FOOD &amp; STAPLES <BR></b></font><font face="Times New Roman" size="1"><b>RETAILING &#150; 1.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">280,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Bim Birlesik Magazalar</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">5,610,860</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INDUSTRIAL <BR></b></font><font face="Times New Roman" size="1"><b>CONGLOMERATES &#150; 0.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">799,999</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Enka Insaat ve Sanayi</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,973,493</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>INSURANCE &#150; 1.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,100,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Aksigorta</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,218,487</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,172,618</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Anadolu Hayat Emeklilik</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,895,950</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4,114,437</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; CONSUMABLE <BR></b></font><font face="Times New Roman" size="1"><b>FUELS &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">200,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Tupras-Turkiye Petrol Rafinerileri</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,521,008</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>WIRELESS <BR></b></font><font face="Times New Roman" size="1"><b>TELECOMMUNICATIONS <BR></b></font><font face="Times New Roman" size="1"><b>SERVICES &#150; 0.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">683,166</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Turkcell Iletisim Hizmetleri</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">3,356,213</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Turkish<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $51,406,736)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">36,142,466</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN HUNGARIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 3.1%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 1.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">250,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">OTP Bank*&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4,164,606</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>OIL, GAS &amp; <BR></b></font><font face="Times New Roman" size="1"><b>CONSUMABLE FUELS &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">50,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">MOL Hungarian Oil and <BR></font><font face="Times New Roman" size="1">Gas Nryt.&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,718,305</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>PHARMACEUTICALS &#150; 1.3%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">30,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Richter Gedeon Nyrt.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,138,647</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Richter Gedeon Nyrt. (GDR)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">589,530</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="372" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">4,728,177</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Hungarian<BR></font><font face="Times New Roman" size="1">Common Stocks<BR></font><font face="Times New Roman" size="1">(cost $6,047,204)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">11,611,088</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='17',FILE='08-27676-1.da',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>SCHEDULE OF INVESTMENTS &#151; OCTOBER 31, 2008 (continued)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Description</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Value</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INVESTMENTS IN AUSTRIAN<BR></b></font><font face="Times New Roman" size="2"><b>COMMON STOCKS &#150; 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>COMMERCIAL BANKS &#150; 0.7%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">100,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Erste Bank der <BR></font><font face="Times New Roman" size="1">Oesterreichischen Sparkassen&#134;<BR></font><font face="Times New Roman" size="1">(cost $5,010,900)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">2,639,995</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>CLOSED-END<BR></b></font><font face="Times New Roman" size="2"><b>INVESTMENT COMPANY &#150; 0.4%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="257" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>RUSSIA &#150; 0.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,043,084</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">RenShares Utilities Limited*<BR></font><font face="Times New Roman" size="1">(cost $3,249,402)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,532,313</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments in Common and <BR></font><font face="Times New Roman" size="1">Preferred Stocks &#150; 93.9%<BR></font><font face="Times New Roman" size="1">(cost $421,143,563)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">350,358,139</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>SECURITIES LENDING<BR></b></font><font face="Times New Roman" size="2"><b>COLLATERAL &#150; 7.8%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="257" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,057,596</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Daily Assets Institutional <BR></font><font face="Times New Roman" size="1">Fund, 2.63%<sup>(b)(c)<BR></sup></font><font face="Times New Roman" size="1">(cost $29,057,596)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">29,057,596</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total Investments &#150; 101.7%<BR></font><font face="Times New Roman" size="1">(cost $450,201,159)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">379,415,735</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Other Assets and Liabilities,<BR></font><font face="Times New Roman" size="1">Net &#150; (1.7)%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(6,458,640</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="198" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="150" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET ASSETS&#150;100.0%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">372,957,095</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">*&nbsp;&nbsp;Non-income producing securities.</font></p>
<p align="left"><font face="Times New Roman" size="1">&#134;&nbsp;&nbsp;All or a portion of these securities were on loan. The value of all securities loaned at October 31, 2008 amounted to $25,839,936 which is 6.9% of the net assets.</font></p>
<p align="left"><font face="Times New Roman" size="1">(a)&nbsp;&nbsp;Values stated in US dollars.</font></p>
<p align="left"><font face="Times New Roman" size="1">(b)&nbsp;&nbsp;Represents collateral held in connection with securities lending. Income earned by the fund is net of borrower rebates.</font></p>
<p align="left"><font face="Times New Roman" size="1">(c)&nbsp;&nbsp;Affiliated fund managed by Deutsche Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.</font></p>
<p align="left"><font face="Times New Roman" size="1">ADR &#150; American Depositary Receipt</font></p>
<p align="left"><font face="Times New Roman" size="1">GDR &#150; Global Depositary Receipt</font></p>
<p align="left"><font face="Times New Roman" size="1">SDR &#150; Swedish Depositary Receipt</font></p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='18',FILE='08-27676-1.da',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC. <BR>SCHEDULE OF INVESTMENTS &#151; October 31, 2008 (continued)</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Fair Value Measurements</b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>The following is a summary of the inputs used as of October 31, 2008 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments and of the valuation inputs, and the aggregate levels used in the table below, please refer to the Security Valuation section of Note 1 in the accompanying Notes to the Financial Statements.</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="76" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Valuation Inputs</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Investments in<BR></b></font><font face="Times New Roman" size="1"><b>Securities</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Level 1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">261,265,098</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" align="left" valign="bottom">
<font face="Times New Roman" size="1">Level 2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom">
<font face="Times New Roman" size="1">118,150,637</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Level 3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="76" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>$</b></font></td>
<td colspan="1" width="66" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>379,415,735</b></font></td>
<td colspan="1" width="8" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='19',FILE='08-27676-1.da',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.ea-->
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>STATEMENT OF ASSETS AND LIABILITIES<BR>October 31, 2008</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments, at value, (cost $421,143,563) &#151; including $25,839,936 of securities loaned</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">350,358,139</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment in Daily Assets Fund Institutional (cost $29,057,596)*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,057,596</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total investments, at value (cost $450,201,159)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">379,415,735</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency, at value (cost $25,333,239)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">25,358,851</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Receivable for investments sold</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,210,942</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dividends receivable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,750,331</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign withholding tax refund receivable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">57,234</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Interest receivable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">86,962</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Other assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">41,817</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">436,921,872</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>LIABILITIES</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cash overdraft</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,844,041</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable upon return of securities loaned</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,057,596</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable for investments purchased</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">32,152,897</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Management fee payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">220,050</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment advisory fee payable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">104,977</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payable for Directors' fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">47,685</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Accrued expenses and accounts payable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">537,531</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">63,964,777</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">372,957,095</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets consist of:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Paid-in capital, $.001 par (Authorized 80,000,000 shares; 3,528,654 shares held in Treasury)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">449,247,742</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Undistributed net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">657,980</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Accumulated net realized loss on investments and foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(6,011,772</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net unrealized depreciation on investments and foreign currency</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">(70,936,855</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">372,957,095</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value per share ($372,957,095 &divide; 15,950,068 shares of common stock issued and outstanding)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">23.38</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">*Represents collateral on securities loaned.</font></p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='20',FILE='08-27676-1.ea',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>STATEMENT OF OPERATIONS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="402" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the<BR></b></font><font face="Times New Roman" size="1"><b>year ended<BR></b></font><font face="Times New Roman" size="1"><b>October 31, 2008</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="513" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>NET INVESTMENT INCOME:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dividends (net of foreign withholding taxes of $3,599,074)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">20,355,481</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Interest</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">759,516</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Interest &#151; Cash Management QP Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">337,896</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">476,200</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">21,929,093</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="513" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Expenses:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Management fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">4,558,398</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investment advisory fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">2,252,465</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Custodian fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,408,879</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Services to shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">38,167</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Reports to shareholders and shareholder meetings</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">185,314</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Directors' fees and expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">175,731</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Professional fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">527,379</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">NYSE listing fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">29,355</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Insurance</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">50,876</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Miscellaneous</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">121,506</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">9,348,070</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">12,581,023</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="513" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>REALIZED AND UNREALIZED GAIN (LOSS)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="513" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized gain (loss) from:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">(4,919,056</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2,735,230</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Payments by affiliates (Note 3)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">834</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="513" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Change in net unrealized appreciation (depreciation) during the period on:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">(602,076,247</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(964,730</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net loss on investments and foreign currency</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(610,694,429</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="402" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1"><b>NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(598,113,406</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>21</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='21',FILE='08-27676-1.ea',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>STATEMENTS OF CHANGES IN NET ASSETS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="343" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the<BR></b></font><font face="Times New Roman" size="1"><b>year ended<BR></b></font><font face="Times New Roman" size="1"><b>October 31, 2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the<BR></b></font><font face="Times New Roman" size="1"><b>year ended<BR></b></font><font face="Times New Roman" size="1"><b>October 31, 2007</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="573" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>INCREASE (DECREASE) IN NET ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="573" align="left" valign="bottom">
<font face="Times New Roman" size="1">Operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">12,581,023</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">6,023,642</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">(7,653,452</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">138,849,456</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="573" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Change net unrealized appreciation (depreciation) on:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">(602,076,247</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">169,020,887</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Foreign currency</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(964,730</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">774,695</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net increase (decrease) in net assets resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(598,113,406</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">314,668,680</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="573" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions to shareholders:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">(13,953,002</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">(8,177,463</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized gains</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(137,056,552</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(69,060,356</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total distributions to shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(151,009,554</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(77,237,819</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="573" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Capital share transactions:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net proceeds from reinvestment of dividends (1,314,952 and 792,411 shares, respectively)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">76,293,527</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom">
<font face="Times New Roman" size="1">42,332,949</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Cost of shares repurchased (111,900 and 47,900 shares, respectively)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(3,865,143</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2,834,364</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net increase in net assets from capital share transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">72,428,384</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">39,498,585</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total increase (decrease) in net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(676,694,576</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">276,929,446</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="573" align="left" valign="bottom">
<font face="Times New Roman" size="2"><b>NET ASSETS</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,049,651,671</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">772,722,225</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="343" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of year (including undistributed net investment income of $657,980 and $3,823,189, <BR></font><font face="Times New Roman" size="1">as of October 31, 2008 and October 31, 2007, respectively)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">372,957,095</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="73" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">1,049,651,671</font></td>
<td colspan="1" width="18" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">The accompanying notes are an integral part of the financial statements.<br>22</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=23,FOLIO='22',FILE='08-27676-1.ea',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.fa-->
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>FINANCIAL HIGHLIGHTS</b></font></p>
<p><font face="Times New Roman" size="2">Selected data for a share of common stock outstanding throughout each of the periods indicated: </font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="497" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For the years ended October 31, </b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Per share operating performance: </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">71.18</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">55.18</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">42.36</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">28.64</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">23.08</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font><font face="Times New Roman" size="1">(a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="1">.80</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman" size="1">.41</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.55</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.27</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">.20</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net realized and unrealized gain (loss)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(38.16</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">21.22</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">18.67</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">13.62</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">7.97</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase (decrease) from investment operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(37.36</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">21.63</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">19.22</font></td>
<td colspan="1" width="28" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">13.89</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">8.17</font></td>
<td colspan="1" width="28" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Increase resulting from share repurchases</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.04</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.03</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">.02</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions from net investment income </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.95</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.58</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.33</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.17</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.22</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions from net realized gains</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(9.31</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(4.93</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(2.72</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total distributions&#134;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(10.26</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(5.51</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(3.05</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.17</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.22</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dilution from rights offering </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(2.85</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(2.15</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dealer manager fees and offering costs</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="26" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.40</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.25</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Dilution in NAV from dividend reinvestment</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.22</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.15</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.10</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(.01</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net asset value:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of period </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">23.38</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">71.18</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">55.18</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">42.36</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">28.64</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" align="left" valign="bottom">
<font face="Times New Roman" size="1">Market value:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">End of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">18.94</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">64.20</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">49.94</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">44.89</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">24.99</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total investment return for the period:&#134;&#134;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Based upon market value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(65.28</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">41.83</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">19.25</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">80.71</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">18.73</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Based upon net asset value </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="1">(61.27</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman" size="1">42.32</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">48.55</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">%*</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">48.74</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">35.20</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">%*</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Ratio to average net assets:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Total expenses before custody credits**</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.10</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.01</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.09</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.20</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.27</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.48</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.69</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1.08</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.78</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">.81</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Portfolio turnover</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="1">47.59</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman" size="1">34.28</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">31.86</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">30.16</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">45.29</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net assets at end of period (000's)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">372,957</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,049,652</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">772,722</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">431,975</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">292,027</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" align="left" valign="bottom">
<font face="Times New Roman" size="1">(a)  Based on average shares outstanding during the period.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="681" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">&#134;For U.S. tax purposes, total distributions consisted of:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman" size="1">Ordinary income </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman" size="1">(1.413</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="52" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2.524</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(.545</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(0.17</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom">
<font face="Times New Roman" size="1">(0.22</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Long term capital gains </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(8.844</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2.992</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(2.507</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(10.257</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="52" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(5.516</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(3.052</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(0.17</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">(0.22</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;&#134;&#134;&nbsp;&nbsp;Total investment return based on market value is calculated assuming that shares of the Fund'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's dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. 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's net asset value is substituted for the closing market value. </font></p>
<p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;*&nbsp;&nbsp;Return excludes the effect of the $2.40 and $3.25 respectively, for 2004 and 2006 per share dilution associated with the Fund's rights offering. </font></p>
<p align="left"><font face="Times New Roman" size="1">&nbsp;&nbsp;**&nbsp;&nbsp;Prior to February, 2007, custody credits were earned on U.S. cash balances. The ratios of total expenses after custody credits to average net assets are 1.00%, 1.04%, 1.19% and 1.26% for 2007, 2006, 2005 and 2004, respectively.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=24,FOLIO='23',FILE='08-27676-1.fa',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.ga-->
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; OCTOBER 31, 2008</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 1. ACCOUNTING POLICIES</b></font></p>
<p><font face="Times New Roman" size="2">The Central Europe and Russia Fund, Inc. (the "Fund") is a non-diversified, closed-end management investment company incorporated in Maryland. The Fund commenced investment operations on March 6, 1990.</font></p>
<p><font face="Times New Roman" size="2">The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Security Valuation:</i></b></font><font face="Times New Roman" size="2"> Investments are stated at value. All securities for which market quotations are readily available are valued at the last sales price on the primary exchange on which they are traded prior to the time of valuation. If no sales price is available at that time, and both bid and ask prices are available, the securities are valued at the mean between the last current bid and ask prices; if no quoted asked prices are available, they are valued at the last quoted bid price. All securities for which market quotations are not readily available will be valued as determined in good faith by the Board of Directors of the Fund. The Fund calculates its net asset value per share at 11:30 a.m., New York time.</font></p>
<p><font face="Times New Roman" size="2">The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective at the beginning of the Fund's fiscal year. FAS 157 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and requires additional disclosure about the classification of fair value measurements.</font></p>
<p><font face="Times New Roman" size="2">Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels.</font></p>
<p align="left"><font face="Times New Roman" size="2">Level 1 &#151; includes quoted prices in active markets for identical securities.</font></p>
<p align="left"><font face="Times New Roman" size="2">Level 2 &#151; includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</font></p>
<p align="left"><font face="Times New Roman" size="2">Level 3 &#151; includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).</font></p>
<p><font face="Times New Roman" size="2">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</font></p>
<p><font face="Times New Roman" size="2">The aggregate value by input level for the Fund's investments as of October 31, 2008 is included at the end of the Fund's Schedule of Investments.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Securities Transactions and Investment Income:</i></b></font><font face="Times New Roman" size="2"> Securities transactions are recorded on the trade date. Cost of securities sold is calculated using the identified cost method. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Such dividend income is recorded net of unrecoverable foreign withholding tax. </font></p>
<p><font face="Times New Roman" size="2"><b><i>Securities Lending:</i></b></font><font face="Times New Roman" size="2"> The Fund may lend securities to financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of liquid, unencumbered assets having a value at least equal to or greater than the "Margin Percentage" of the value of the securities loaned. "Margin Percentage" shall mean (i) for collateral which is denominated in the same currency as the loaned securities, 102%, and (ii) for collateral which is denominated in a currency different from that of the loaned securities, 105%. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exe
mptive Orders issued by the SEC. Deutsche Investment Management Americas Inc. receives a management fee (.07% annual effective rate as of October 31, 2008) on the </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>24</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=25,FOLIO='24',FILE='08-27676-1.ga',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; OCTOBER 31, 2008 (continued)</b></font></p>
<p><font face="Times New Roman" size="2">cash collateral invested in the affiliated money fund. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of fees paid to a lending agent, and a portion of the interest that is paid to the borrower of the securities. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the value of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments. </font></p>
<p><font face="Times New Roman" size="2"><b><i>Foreign Currency Translation:</i></b></font><font face="Times New Roman" size="2"> The books and records of the Fund are maintained in United States dollars. </font></p>
<p><font face="Times New Roman" size="2">Assets and liabilities denominated in foreign currency are translated into United States dollars at the 11:00 a.m. mid-point of the buying and selling spot rates quoted by the Federal Reserve Bank of New York. Purchases and sales of investment securities, income and expenses are reported at the rate of exchange prevailing on the respective dates of such transactions. The resultant gains and losses arising from exchange rate fluctuations are identified separately in the Statement of Operations, except for such amounts attributable to investments, which are included in net realized and unrealized gains and losses on investments.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Contingencies:</i></b></font><font face="Times New Roman" size="2"> In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. </font></p>
<p><font face="Times New Roman" size="2"><b><i>Taxes:</i></b></font><font face="Times New Roman" size="2"> No provision has been made for United States Federal income tax because the Fund intends to meet the requirements of the United States Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to shareholders. </font></p>
<p><font face="Times New Roman" size="2">The cost of investments at October 31, 2008 was $452,306,724 for United States Federal income tax purposes. Accordingly, as of October 31, 2008, net unrealized depreciation of investments aggregated $72,890,989, of which $74,320,153 and $147,211,142 related to unrealized appreciation and depreciation, respectively.</font></p>
<p><font face="Times New Roman" size="2">For United States Federal income tax purposes, the Fund had a capital loss carry forward at October 31, 2008 of approximately $4,279,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2016, whichever occurs first.</font></p>
<p><font face="Times New Roman" size="2">Additionally, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.</font></p>
<p><font face="Times New Roman" size="2">The Fund has reviewed the tax provisions for each of the three open tax years as of October 31, 2008 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examinations by the Internal Revenue Service.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Dividends and Distributions to Shareholders:</i></b></font><font face="Times New Roman" size="2"> The Fund records dividends and distributions to its shareholders on the ex-dividend date. Income and capital gain distributions are determined in accordance with United States Federal income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences, which could be temporary or permanent in nature, may result in reclassification of distributions; however, net investment income, net realized gains and net assets are not affected.</font></p>
<p><font face="Times New Roman" size="2">At October 31, 2008, the Fund's components of distributable earnings (accumulated losses) on a tax-basis were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Undistributed ordinary income*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,037,034</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom">
<font face="Times New Roman" size="1">Undistributed net long-term capital gains</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman" size="1">&#151;</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Capital loss carryforward</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(4,279,000</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom">
<font face="Times New Roman" size="1">Net unrealized appreciation (depreciation)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="59" align="right" valign="bottom">
<font face="Times New Roman" size="1">(72,890,989</font></td>
<td colspan="1" width="18" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman"><br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=26,FOLIO='25',FILE='08-27676-1.ga',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; OCTOBER 31, 2008 (continued)</b></font></p>
<p><font face="Times New Roman" size="2">In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="121" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="181" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Years Ended October 31</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions from ordinary <BR></font><font face="Times New Roman" size="1">income*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">20,815,435</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">35,342,323</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom">
<font face="Times New Roman" size="1">Distributions from long-term<BR></font><font face="Times New Roman" size="1">capital gains</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman" size="1">130,194,119</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman" size="1">41,895,496</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="1">*For tax purposes short-term capital gains are considered ordinary income.</font></p>
<p><font face="Times New Roman" size="2">During the year ended October 31, 2008, the Fund reclassified permanent book and tax differences as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="149" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Increase<BR></b></font><font face="Times New Roman" size="1"><b>(decrease)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">Undistributed net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="1">(1,793,230</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">
<font face="Times New Roman" size="1">Accumulated net realized loss on <BR></font><font face="Times New Roman" size="1">investments and foreign currency</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman" size="1">1,793,230</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman" size="2"><b>N</b><b>OTE 2. </b><b>M</b><b>ANAGEMENT AND </b><b>I</b><b>NVESTMENT </b><b>A</b><b>DVISORY </b><b>A</b><b>GREEMENTS</b></font></p>
<p><font face="Times New Roman" size="2">The Fund has a Management Agreement with Deutsche Investment Management Americas Inc. (the "Manager"). The Fund has an Investment Advisory Agreement with Deutsche Asset Management International GmbH (the "Investment Adviser.") The Manager and the Investment Adviser are affiliated companies. </font></p>
<p><font face="Times New Roman" size="2">The Management Agreement provides the Manager with a fee, computed weekly and payable monthly, at the annual rates of 0.65% of the Fund's average weekly net assets up to $100 million, 0.55% of such assets in excess of $100 million and up to $500 million, 0.50% of such assets in excess of $500 million and up to $750 million, and 0.45% of such assets in excess of $750 million. The Investment Advisory Agreement provides the Investment Adviser with a fee, computed weekly and payable monthly, at the annual rates of 0.35% of the Fund's average weekly net assets up to $100 million and 0.25% of such assets in excess of $100 million. Accordingly, for the year ended October 31, 2008, the combined fee pursuant to the Management and Investment Advisory Agreements was equivalent to an annualized effective rate of 0.80% of the Fund's average net assets. </font></p>
<p><font face="Times New Roman" size="2">Pursuant to the Management Agreement, the Manager is the corporate manager and administrator of the Fund and, subject to the supervision of the Board of Directors and pursuant to recommendations made by the Fund's Investment Adviser, determines the suitable securities for investment by the Fund. The Manager also provides office facilities and certain administrative, clerical and bookkeeping services for the Fund. Pursuant to the Investment Advisory Agreement, the Investment Adviser, in accordance with the Fund's stated investment objective, policies and restrictions, makes recommendations to the Manager with respect to the Fund's investments and, upon instructions given by the Manager as to suitable securities for investment by the Fund, transmits purchase and sale orders to select brokers and dealers to execute portfolio transactions on behalf of the Fund. </font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 3. TRANSACTIONS WITH AFFILIATES </b></font></p>
<p><font face="Times New Roman" size="2">DWS Investments Service Company ("DISC"), an affiliate of the Manager, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent and dividend-paying agent paying function to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended October 31, 2008, the amount charged to the Fund by DISC aggregated $38,167, of which $9,562 is unpaid.</font></p>
<p><font face="Times New Roman" size="2">For the period ended October 31, 2008, Deutsche Bank AG, the German parent of the Manager and Investment Adviser, and its affiliates received $7,627 in brokerage commissions as a result of executing agency transactions in portfolio securities on behalf of the Fund, that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures.</font></p>
<p><font face="Times New Roman" size="2">Certain Officers of the Fund are also officers of either the Manager or Deutsche Bank AG.</font></p>
<p><font face="Times New Roman" size="2">The Fund pays each Director not affiliated with the Manager retainer fees plus specified amounts for attended board and committee meetings.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=27,FOLIO='26',FILE='08-27676-1.ga',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>NOTES TO FINANCIAL STATEMENTS &#151; OCTOBER 31, 2008 (continued)</b></font></p>
<p><font face="Times New Roman" size="2">Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by the advisor. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay the Investment Manager a management fee for the affiliated funds' investments in the QP Trust.</font></p>
<p><font face="Times New Roman" size="2">In addition, during the year ended October 31, 2008, the Advisor fully reimbursed the Fund $834 for losses on certain operation errors during the period. The amounts of the losses were less than .01% of the Fund's average daily net assets, thus having no impact on the Fund's total return.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 4. PORTFOLIO SECURITIES </b></font></p>
<p><font face="Times New Roman" size="2">Purchases and sales of investment securities, other than short-term investments, for the year ended October 31, 2008 were $391,590,897 and $464,787,762, respectively.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 5. INVESTING IN FOREIGN MARKETS </b></font></p>
<p><font face="Times New Roman" size="2">Foreign investments may involve certain considerations and risks such as the possibility of political and economic developments, and the level of governmental supervision and regulation of foreign securities markets. In addition, </font><font face="Times New Roman" size="2">certain foreign markets may be substantially smaller, less developed, less liquid and more volatile than the major markets of the United States. For example, there are significant risks inherent in securities of Russian issuers that are not typically associated with securities of companies in more developed countries.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>NOTE 6. CAPITAL</b></font></p>
<p><font face="Times New Roman" size="2">During the years ended October 31, 2008 and October 31, 2007, the Fund purchased 111,900 and 47,900 of its shares of Common Stock on the open market at a total cost of $3,865,143 and $2,834,364 ($34.54 and $59.17 average per share), respectively. The weighted average discount of these purchased shares comparing the purchase price to the net asset value at the time of purchase was 13.84% and 12.19%, respectively. During the year ended October 31, 2008, these shares are held in Treasury and included under "paid-in capital" in the Statement of Assets and Liabilities. During the years ended October 31, 2008 and October 31, 2007, the Fund reissued 1,314,952 and 792,411 ($58.02 and $53.42 average per share) shares held in treasury as part of the dividend reinvestment plan, respectively. The average discount of these reissued shares comparing the reissue price to the net asset value at the time of reissuance was 4.35% and 5.13%, respectively.</font
></p>
<p align="center"><font size="2" face="Times New Roman"><br>27</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='27',FILE='08-27676-1.ga',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.ha-->
<p align="left"><font face="Times New Roman" size="2"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
<p align="left"><font face="Times New Roman" size="2">To the Board of Directors and Shareholders of<BR>The Central Europe and Russia Fund, Inc.</font></p>
<p><font face="Times New Roman" size="2">In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Central Europe and Russia Fund, Inc. (the "Fund") at October 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial stat
ements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.</font></p>
<p align="left"><font face="Times New Roman" size="2">PricewaterhouseCoopers LLP<BR>New York, NY<BR>December 19, 2008</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='28',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>VOLUNTARY CASH PURCHASE PROGRAM AND DIVIDEND REINVESTMENT PLAN <BR>(unaudited)</b></font></p>
<p><font face="Times New Roman" size="2">The Fund offers shareholders a Voluntary Cash Purchase Program and Dividend Reinvestment Plan ("Plan") which provides for optional cash purchases and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. A more complete description of the Plan is provided in the Plan brochure available from DWS Investments Service Company, the transfer agent (the "Transfer Agent"), P.O. Box 219066, Kansas City, Missouri 64105 (telephone 1-800-437-6269). Computershare, Inc. (the "Plan Agent") acts as the plan agent under the Plan. A shareholder should read the Plan brochure carefully before enrolling in the Plan.</font></p>
<p><font face="Times New Roman" size="2">Under the Plan, participating shareholders ("Plan Participants") appoint the Transfer Agent to receive or invest Fund distributions as described below under "Reinvestment of Fund Shares." In addition, Plan Participants may make optional cash purchases through the Transfer Agent as often as once a month as described below under "Voluntary Cash Purchases." There is no charge to Plan Participants for participating in the Plan, although when shares are purchased under the Plan by the Plan Agent on the New York Stock Exchange or otherwise on the open market, each Plan Participant will pay a pro rata share of brokerage commissions incurred in connection with such purchases, as described below under "Reinvestment of Fund Shares" and "Voluntary Cash Purchases."</font></p>
<p><font face="Times New Roman" size="2"><b><i>Reinvestment of Fund Shares.</i></b></font><font face="Times New Roman" size="2"> Whenever the Fund declares a capital gains distribution, an income dividend or a return of capital distribution payable, at the election of shareholders, either in cash or in Fund shares, or payable only in cash, the Transfer Agent shall automatically elect to receive Fund shares for the account of each Plan Participant.</font></p>
<p><font face="Times New Roman" size="2">Whenever the Fund declares 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 the Fund's common stock equals or is less than the market price per share on the valuation date (the "Market Parity or Premium"), the Transfer Agent shall apply the amount of such dividend or distribution payable to a Plan Participant to the purchase from the Fund of Fund Shares for a Plan </font><font face="Times New Roman" size="2">Participant's account, except that if the Fund does not offer shares for such purpose because it concludes Securities Act registration would be required and such registration cannot be timely effected or is not otherwise a cost-effective alternative for the Fund, then the Transfer Agent shall follow the procedure described in the next paragraph. The number of additional shares to be credited to a Plan Participant's acc
ount shall be determined by dividing the dollar amount of the distribution payable to a Plan Participant by the net asset value per share of the Fund's 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 such dividend or distribution.</font></p>
<p><font face="Times New Roman" size="2">Whenever the Fund declares 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 the Fund's common stock exceeds the market price per share on the valuation date (the "Market Discount"), the Plan Agent shall apply the amount of such dividend or distribution payable to a Plan Participant (less a Plan Participant's pro rata share of brokerage commissions incurred with respect to open-market purchases in connection with the reinvestment of such dividend or distribution) to the purchase on the open market of Fund shares for a Plan Participant's account. The valuation date will be the payable date for such dividend or distribution. Such purchases will be made on or shortly after the valuation date and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of
federal securities laws.</font></p>
<p><font face="Times New Roman" size="2">The Transfer Agent or the Plan Agent may aggregate a Plan Participant's purchases with the purchases of other Plan Participants, and the average price (including brokerage commissions) of all shares purchased by the Plan Agent shall be the price per share allocable to each Plan Participant.</font></p>
<p><font face="Times New Roman" size="2">For all purposes of the Plan, the market price of the Fund's common stock on a payable date shall be the last sales price on the New York Stock Exchange on that date, or, if there is no sale on such Exchange (or, if different, the </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='29',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>VOLUNTARY CASH PURCHASE PROGRAM AND DIVIDEND REINVESTMENT PLAN <BR>(unaudited) (continued)</b></font></p>
<p><font face="Times New Roman" size="2">principal exchange for Fund shares) on that date, then the mean between the closing bid and asked quotations for such stock on such Exchange on such date. The net asset value per share of the Fund's common stock on a valuation date shall be as determined by or on behalf of the Fund.</font></p>
<p><font face="Times New Roman" size="2">The Transfer Agent may hold a Plan Participant's shares acquired pursuant to the Plan, together with the shares of other Plan Participants acquired pursuant to this Plan, in non-certificated form in the name of the Transfer Agent or that of a nominee. The Transfer Agent will forward to each Plan Participant any proxy solicitation material and will vote any shares so held for a Plan Participant only in accordance with the proxy returned by a Plan Participant to the Fund. Upon a Plan Participant's written request, the Transfer Agent will deliver to a Plan Participant, without charge, a certificate or certificates for the full shares held by the Transfer Agent.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Voluntary Cash Purchases.</i></b></font><font face="Times New Roman" size="2"> Plan Participants have the option of making investments in Fund shares through the Transfer Agent as often as once a month. Plan Participants 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.</font></p>
<p><font face="Times New Roman" size="2">The Plan Agent shall apply such funds (less a Plan Participant's pro rata share of brokerage commissions or other costs, if any) to the purchase on the New York Stock Exchange (or, if different, on the principal exchange for Fund shares) or otherwise on the open market of Fund shares for such Plan Participant's account, regardless of whether there is a Market Parity or Premium or a Market Discount. The Plan Agent will purchase shares for Plan Participants on or about the 15th of each month. Cash payments received by the Transfer Agent less than five business days prior to a cash purchase investment date will be held by the Transfer Agent until the next month's investment date. Uninvested funds will not bear interest. Plan Participants may withdraw any voluntary cash payment by written notice received by the Transfer Agent not less than 48 hours before such payment is to be invested.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Enrollment and Withdrawal.</i></b></font><font face="Times New Roman" size="2"> Both current shareholders and first-time investors in the Fund are eligible to participate in the Plan. Current shareholders my join the Plan by either enrolling their shares with the Transfer Agent or by making an initial cash deposit of at least $250 with the Transfer Agent. First-time investors in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent. In order to become a Plan Participant, shareholders must complete and sign the enrollment form included in the Plan brochure and return it, and, if applicable, an initial cash deposit of at least $250 directly to the Transfer Agent if shares are registered in their name. Shareholders who hold Fund shares in the name of a brokerage firm, bank or other nominee should contact such nominee to arrange for it to participate in the Plan on
such shareholder's behalf.</font></p>
<p><font face="Times New Roman" size="2">If the Plan Participant elects to participate in the Plan by enrolling current shares owned by the Plan Participant with the Transfer Agent, participation in the dividend reinvestment feature of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan Participant's written authorization, provided such authorization is received by the Transfer Agent prior to the record date for such dividend or distribution. If such authorization is received after such record date, the Plan Participant's participation in the dividend reinvestment feature of the Plan begins with the following dividend or distribution.</font></p>
<p><font face="Times New Roman" size="2">If the Plan Participant elects to participate in the Plan by making an initial cash deposit of at least $250 with the Transfer Agent, participation in the dividend reinvestment feature of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan Participant's authorization and deposit, and after the Plan Agent purchases shares for the Plan Participant on the New York Stock Exchange (or, if different, on the principal exchange for Fund shares) or otherwise on the open market, provided that the authorization and deposit are received, and the purchases are made by the Plan Agent prior to the record date. If such authorization and deposit are received after the record date, or if the Plan Agent purchases </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=31,FOLIO='30',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>VOLUNTARY CASH PURCHASE PROGRAM AND DIVIDEND REINVESTMENT PLAN <BR>(unaudited) (continued)</b></font></p>
<p><font face="Times New Roman" size="2">shares for the Plan Participant after the record date, the Plan Participant's participation in the dividend reinvestment feature of the Plan begins with the following dividend or distribution.</font></p>
<p><font face="Times New Roman" size="2">A shareholder's written authorization and cash payment must be received by the Transfer Agent at least five business days in advance of the next cash purchase investment date (normally the 15th of every month) in order for the Plan Participant to participate in the voluntary cash purchase feature of the Plan in that month.</font></p>
<p><font face="Times New Roman" size="2">Plan Participants may withdraw from the Plan without charge by written notice to the Transfer Agent. Plan Participants who choose to withdraw may elect to receive stock certificates representing all of the full shares held by the Transfer Agent on their behalf, or to instruct the Transfer Agent to sell such full shares and distribute the proceeds, net of brokerage commissions, to such withdrawing Plan Participant. Withdrawing Plan Participants will receive a cash adjustment for the market value of any fractional shares held on their behalf at the time of termination. Withdrawal will be effective immediately with respect to distributions with a record date not less than 10 days later than receipt of such written notice by the Transfer Agent.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Amendment and Termination of Plan.</i></b></font><font face="Times New Roman" size="2"> The Plan may only be amended or supplemented by the Fund or by the Transfer Agent by giving each Plan Participant written notice at least 90 days prior to the effective date of such amendment or supplement, except that such notice period may be shortened when necessary or appropriate in order to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory body. </font></p>
<p><font face="Times New Roman" size="2">The Plan may be terminated by the Fund or by the Transfer Agent by written notice mailed to each Plan Participant. Such termination will be effective with respect to all distributions with a record date at least 90 days after the mailing of such written notice to the Plan Participants.</font></p>
<p><font face="Times New Roman" size="2"><b><i>Federal Income Tax Implications of Reinvestment of Fund Shares.</i></b></font><font face="Times New Roman" size="2"> Reinvestment of Fund shares does not relieve Plan Participants from any income tax which may be </font><font face="Times New Roman" size="2">payable on dividends or distributions. For U.S. federal income tax purposes, when the Fund issues shares representing an income dividend or a capital gains dividend, a Participant will include in income the fair market value of the shares received as of the payment date, which will be ordinary dividend income or capital gains, as the case may be. The shares will have a tax basis equal to such 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 Plan Participant will include in income the amount of the cash pay
ment made. The basis of such 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.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='31',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>REPORT OF STOCKHOLDERS' MEETING (unaudited)</b></font></p>
<p><font face="Times New Roman" size="2">The Annual Meeting of Stockholders of The Central Europe and Russia Fund, Inc. was held on June 20, 2008. At the Meeting, the following matters were voted upon by the stockholders. The resulting votes are presented below:</font></p>
<p><font face="Times New Roman" size="2">1. To elect seven Directors to serve for a term of various lengths and until their successors are elected and qualify.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="119" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="159" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Number of Votes</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Withheld</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dr. Kurt W. Bock</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,146,988</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,660,240</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom">
<font face="Times New Roman" size="2">John Bult</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,170,236</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,636,992</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Richard Karl Goeltz</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,143,224</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,664,004</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dr. Franz Wilhelm Hopp</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,145,053</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,662,175</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Dr. Friedbert H. Malt</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,144,658</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,662,570</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom">
<font face="Times New Roman" size="2">Robert H. Wadsworth</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,178,286</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,628,942</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2">Peter Z&uuml;hlsdorff</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">11,136,842</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">2,670,386</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="2">2. To ratify the appointment by the Audit Committee and the Board of Directors of PricewaterhouseCoopers LLP, an independent registered public accounting firm, as independent auditors for the fiscal year ending October 31, 2008.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="214" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Number of Votes</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Against</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman" size="1"><b>Abstain</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman" size="2"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">13,668,252</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">99,374</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman" size="2">39,604</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman" size="2">In addition to the four Class II nominees, Dr. Kurt W. Bock, Mr. John Bult, Dr. Freidbert H. Malt and Robert H. Wadsworth proposed for re-election, the Nominating Committee of The Central Europe and Russia Fund, Inc. recommended and all of the current members of the Board of Directors approved the nomination for election of three current directors of The New Germany Fund, Inc. Mr. Richard Karl Goeltz, Dr. Franz Wilhelm Hopp and Mr. Peter Z&uuml;hlsdorff. The purpose for the additional directors' nominations is to conform membership across the Boards of all the funds in the Family of Investment Companies consisting of The Central Europe and Russia Fund, Inc., The New Germany Fund, Inc. and The European Equity Fund, Inc. The Family of Investment Companies are closed-end funds that share the same investment adviser and manager and hold themselves out as related companies. Messrs. Goeltz, Hopp and Z&uuml;hlsdorff will serve terms of office of va
rious lengths and until his successor is elected and qualifies.</font></p>
<p><font face="Times New Roman" size="2">With the election of the above-named Directors, The Central Europe and Russia Fund, Inc. is governed by Detlef Bierbaum, Dr. Kurt W. Bock, John Bult, Ambassador Richard R. Burt, John H. Cannon, Richard Karl Goeltz, Dr. Franz Wilhelm Hopp, Dr. Friedbert H. Malt, Christian H. Strenger, Dr. Frank Tr&ouml;mel, Robert H. Wadsworth, Werner Walbr&ouml;l and Peter Z&uuml;hlsdorff.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>32</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=33,FOLIO='32',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b><BR>2008 U.S. TAX INFORMATION (unaudited)</b></font></p>
<p><font face="Times New Roman" size="2">The Fund paid distributions of $8.84 per share from net long-term capital gains during its year ended October 31, 2008, of which 100% represents 15% rate gains.</font></p>
<p><font face="Times New Roman" size="2">The Fund paid foreign taxes of $</font><font face="Times New Roman" size="2">3,599,074</font><font face="Times New Roman" size="2"> and earned $</font><font face="Times New Roman" size="2">11,678,220</font><font face="Times New Roman" size="2"> of foreign source income year during the year ended October 31, 2008. Pursuant to section 853 of the Internal Revenue Code, the Fund designates $.23 per share as foreign taxes paid and $.73 per share as income earned from foreign sources for the year ended October 31, 2008.</font></p>
<p><font face="Times New Roman" size="2">For Federal income tax purposes, the Fund designates $</font><font face="Times New Roman" size="2">26,350,000</font><font face="Times New Roman" size="2">, or the maximum amount allowable under tax law, as qualified dividend income.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>33</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=34,FOLIO='33',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>INVESTMENT MANAGEMENT AGREEMENT AND<BR>INVESTMENT ADVISORY AGREEMENT APPROVAL</b></font></p>
<p><font face="Times New Roman" size="2">The Fund's directors unanimously approved the continuance of the management agreement between the Fund and Deutsche Investment Management Americas Inc. ("DIMA") and the investment advisory agreement between the Fund and Deutsche Asset Management International GmbH ("DeAMI") (together called the "agreements") at a meeting held on July 21, 2008.</font></p>
<p><font face="Times New Roman" size="2">In preparation for the meeting, the directors had requested and evaluated extensive materials from DIMA and DeAMI, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by Lipper Inc. ("Lipper"). 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:</font></p>
<p><font face="Times New Roman" size="2">1. information comparing the Fund's performance to other investment companies with similar investment objectives and to an index;</font></p>
<p><font face="Times New Roman" size="2">2. the nature, extent and quality of investment and administrative services rendered by DIMA and DeAMI;</font></p>
<p><font face="Times New Roman" size="2">3. payments received by DIMA and DeAMI from all sources in respect to the Fund and all investment companies in the Deutsche/Scudder family of funds;</font></p>
<p><font face="Times New Roman" size="2">4. the costs borne by, and profitability of, DIMA and DeAMI and their affiliates in providing services to the Fund and to all investment companies in the Deutsche/Scudder family of funds;</font></p>
<p><font face="Times New Roman" size="2">5. comparative fee and expense data for the Fund and other investment companies with similar investment objectives;</font></p>
<p><font face="Times New Roman" size="2">6. the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of investors;</font></p>
<p><font face="Times New Roman" size="2">7. DIMA's and DeAMI's policies and practices regarding allocation of the Fund's portfolio transactions, including the extent, if any, to which DIMA and DeAMI benefit from soft dollar arrangements;</font></p>
<p><font face="Times New Roman" size="2">8. the Fund's portfolio turnover rates compared to those of other investment companies with similar investment objectives;</font></p>
<p><font face="Times New Roman" size="2">9. fall-out benefits which DIMA, DeAMI and their affiliates receive from their relationships with the Fund;</font></p>
<p><font face="Times New Roman" size="2">10. the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of DIMA and DeAMI; and</font></p>
<p><font face="Times New Roman" size="2">11. the terms of the agreements.</font></p>
<p><font face="Times New Roman" size="2">The directors also considered their knowledge of the nature and quality of the services provided by DIMA and DeAMI to the Fund gained from their experience as directors of the European Equity Fund and, where relevant, the New Germany Fund and other Deutsche funds, their confidence in DIMA's and DeAMI's integrity and competence gained from that experience and DIMA's and DeAMI's responsiveness to concerns raised by them in the past, including DIMA's and DeAMI's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.</font></p>
<p><font face="Times New Roman" size="2">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.</font></p>
<p><font face="Times New Roman" size="2">The directors determined that the overall arrangements between the Fund and DIMA, as provided in the management agreement, and between the Fund 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.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>34</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=35,FOLIO='34',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>INVESTMENT MANAGEMENT AGREEMENT AND<BR>INVESTMENT ADVISORY AGREEMENT APPROVAL (continued)</b></font></p>
<p><font face="Times New Roman" size="2">The material factors and conclusions that formed the basis for the directors' reaching their determination to approve the continuance of the agreements (including their determinations that DIMA and DeAMI should continue in those roles for the Fund, and that the fees payable to DIMA and DeAMI pursuant to the agreements are appropriate) were separately discussed by the directors.</font></p>
<p><font face="Times New Roman" size="2"><b>Nature, Extent and Quality of Services Provided by DIMA and DeAMI</b></font></p>
<p><font face="Times New Roman" size="2">The directors noted that, under the management agreement, DIMA acts as the Fund's corporate manager and administrator and, subject to the supervision of the Fund's board of directors and pursuant to recommendations made by DeAMI, determines suitable securities for investment by the Fund. Under the investment advisory agreement, DeAMI, in accordance with the Fund's investment objectives, policies and limitations, makes recommendations with respect to the Fund's 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 the Fund's behalf. Under the management agreement, DIMA also handles the Fund's relationships with shareholders, is responsible for compliance with regulatory and NYSE listing requirements, negotiates arrangements with third party service providers, provides the Fund's directors with rele
vant reports, prepares the Fund's tax returns and SEC and shareholder reports, calculates dividends and net asset value, oversees payment of the Fund's expenses and maintains books and records. DIMA also provides the Fund with such office facilities and executive and other personnel adequate to perform its services. DIMA pays all of the compensation of the Fund's directors and officers who are interested persons of DIMA.</font></p>
<p><font face="Times New Roman" size="2">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 the Fund's compliance programs, and these compliance programs have in recent years been refined and enhanced in light of </font><font face="Times New Roman" size="2">evolving 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 the Fund. The quality of administrative and other services, including DIMA's role in coordinating the activities of the Fund's other service providers, also were considered. The directors concluded that, overall, they were satisfied w
ith the nature, extent and quality of services provided (and expected to be provided) to the Fund under the agreements.</font></p>
<p><font face="Times New Roman" size="2"><b>Costs of Services Provided and Profitability to DIMA and DeAMI</b></font></p>
<p><font face="Times New Roman" size="2">At the request of the directors, DIMA provided information concerning profitability of DIMA's and DeAMI's respective investment advisory and investment company activities and their financial condition based on historical information for 2006 and 2007. 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. 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 affecte
d 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's capital structure and cost of capital. In considering profitability information, the directors considered the effect of possible fall-out benefits, on DIMA's and DeAMI's expenses, including any affiliated brokerage commissions.</font></p>
<p><font face="Times New Roman" size="2">The directors noted that during 2003 and 2004 DIMA discontinued using soft dollars to receive third party research from brokers that execute purchases and sales of securities for us, and revised their policies to prohibit consideration of the sale of shares of Deutsche funds when </font></p>
<p align="center"><font size="2" face="Times New Roman"><br>35</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=36,FOLIO='35',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman" size="2"><b>INVESTMENT MANAGEMENT AGREEMENT AND<BR>INVESTMENT ADVISORY AGREEMENT APPROVAL (continued)</b></font></p>
<p><font face="Times New Roman" size="2">selecting broker dealers to execute portfolio transactions for the Fund or other Deutsche funds. DIMA and DeAMI may continue to allocate brokerage to receive research generated by executing brokers and to receive other information services.</font></p>
<p><font face="Times New Roman" size="2">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's and DeAMI's levels of profitability from their relationships with us were not excessive.</font></p>
<p><font face="Times New Roman" size="2"><b>Investment Results</b></font></p>
<p><font face="Times New Roman" size="2">In addition to the information received by the directors for the meeting, the directors receive detailed performance information for the Fund at each regular board meeting during the year. The directors reviewed information showing the Fund's performance compared to that of other investment vehicles compiled by Lipper (a total of 41 funds, including us, consisting of exchange-traded funds, open-end funds and single-country funds). The directors also reviewed information showing performance of the Fund's benchmark index, currently a blend of 45% CECE index of 27 Central European stocks, 45% RTX index of 12 Russian stocks and 10% ISE 30 index of 30 Turkish stocks.</font></p>
<p><font face="Times New Roman" size="2">The comparative information showed that the Fund ranked in or near the top quartile for the one-, three- , five- and 10- year periods ended December 31, 2007. The Fund's results were significantly positive in absolute terms, and exceeded its benchmark each year since 2000. Taking into account these comparisons and the other factors considered, including the excellent performance since the Fund's increased emphasis on Russian investments that began in mid-2003, the directors concluded that the Fund's investment results over time were satisfactory.</font></p>
<p><font face="Times New Roman" size="2"><b>Management and Investment Advisory Fees and Other Expenses</b></font></p>
<p><font face="Times New Roman" size="2">The directors considered the management and investment advisory fee rates paid by the Fund to DIMA and DeAMI. The directors recognized that it is difficult to make comparisons of management and advisory fees because </font><font face="Times New Roman" size="2">there are variations in the services that are included in the fees paid by other funds. The Fund's expense comparison group consisted of 31 closed end country funds. As of December 31, 2007, the information showed that the Fund's effective management fee rate of 0.792% was in the lowest third of the comparison group and below the median for the comparison group. The directors noted that the Fund's effective fee rate reflects the effect of breakpoints and that DIMA had voluntarily added a breakpoint reducing the fee rate from 0.55% to 0.50% for net assets exceeding $500 million, effective June 1, 2006, and a breakpoint reducing the fee rate from 0.50% to 0.45%
 for net assets exceeding $750 million, effective August 1, 2007. The directors also considered the Fund's total expense ratio in comparison to the fees and expenses of funds within the comparison group. The directors recognized that the expense ratio information for the Fund potentially reflected on DIMA's provision of services, as DIMA is responsible for coordinating services provided to the Fund by others. The directors also noted that the Fund's expense ratio was the third lowest of the comparison group. DIMA explained that this difference was principally the result of the Fund's relatively low management and investment advisory fee and the Fund's relatively large asset base. The directors concluded that the Fund's expense ratio was highly satisfactory.</font></p>
<p><font face="Times New Roman" size="2"><b>Economies of Scale</b></font></p>
<p><font face="Times New Roman" size="2">The directors noted that the Fund's 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 the Fund's breakpoint arrangements were acceptable under the Fund's circumstances.</font></p>
<p align="center"><font size="2" face="Times New Roman"><br>36</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=37,FOLIO='36',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman" size="2">[THIS PAGE INTENTIONALLY LEFT BLANK.]</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=38,FOLIO='',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman" size="2">[THIS PAGE INTENTIONALLY LEFT BLANK.]</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=39,FOLIO='',FILE='08-27676-1.ha',USER='rwaldoc',CD='Dec 29 15:36 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

<!-- Document name: 08-27676-1.za-->
<p><font face="Times New Roman" size="1"><b>EXECUTIVE OFFICES </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>345 Park Avenue, New York, NY 10154 </i></font></p>
<p><font face="Times New Roman" size="1"><b>MANAGER </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Deutsche Investment Management Americas Inc. </i></font></p>
<p><font face="Times New Roman" size="1"><b>INVESTMENT ADVISER </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Deutsche Asset Management International GmbH </i></font></p>
<p><font face="Times New Roman" size="1"><b>CUSTODIAN</b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Brown Brothers Harriman &amp; Co. </i></font></p>
<p><font face="Times New Roman" size="1"><b>TRANSFER AGENT </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>DWS Investments Service Company </i></font></p>
<p><font face="Times New Roman" size="1"><b>LEGAL COUNSEL </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Sullivan &amp; Cromwell LLP </i></font></p>
<p><font face="Times New Roman" size="1"><b>INDEPENDENT REGISTERED PUBLIC ACOUNTING FIRM </b></font></p>
<p align="left"><font face="Times New Roman" size="1"><i>PricewaterhouseCoopers LLP </i></font></p>
<p><font face="Times New Roman" size="1"><b>DIRECTORS AND OFFICERS </b></font></p>
<p><font face="Times New Roman" size="1">CHRISTIAN H. STRENGER</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chairman and Director</i></font></p>
<p><font face="Times New Roman" size="1">DETLEF BIERBAUM </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">DR. KURT W. BOCK</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">JOHN A. BULT</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">RICHARD R. BURT </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">JOHN H. CANNON</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">RICHARD KARL GOELTZ</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">DR. FRANZ WILHELM HOPP</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">DR. FRIEDBERT MALT</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">DR. FRANK TR&Ouml;MEL </font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">ROBERT H. WADSWORTH</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">WERNER WALBR&Ouml;L</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">PETER Z&Uuml;HLSDORFF</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Director</i></font></p>
<p><font face="Times New Roman" size="1">MICHAEL CLARK</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>President and Chief Executive Officer</i></font></p>
<p><font face="Times New Roman" size="1">PAUL H. SCHUBERT</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chief Financial Officer and Treasurer</i></font></p>
<p><font face="Times New Roman" size="1">ELISA METZGER</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chief Legal Officer</i></font></p>
<p><font face="Times New Roman" size="1">BRETT ROGERS</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Chief Compliance Officer</i></font></p>
<p><font face="Times New Roman" size="1">DAVID GOLDMAN</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Secretary</i></font></p>
<p><font face="Times New Roman" size="1">JOHN MILLETTE</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Assistant Secretary</i></font></p>
<p><font face="Times New Roman" size="1">RITA RUBIN</font></p>
<p align="left"><font face="Times New Roman" size="1"><i>Assistant Secretary</i></font></p>
<p><font face="Times New Roman" size="1">R-7374-1 (12/08)</font></p>
<p align="center"><font face="Times New Roman" size="1"><b>VOLUNTARY CASH PURCHASE PROGRAM <BR>AND DIVIDEND REINVESTMENT PLAN </b></font></p>
<p><font face="Times New Roman" size="1">The Fund offers shareholders a Voluntary Cash Purchase Program and Dividend Reinvestment Plan ("Plan") which provides for optional cash purchases and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. Plan participants may invest as little as $100 in any month and may invest up to $36,000 annually. The Plan allows current shareholders, who are not already participants in the Plan, and first time investors to enroll in the Plan by making an initial cash deposit of at least $250 with the plan agent. Share purchases are combined to receive a beneficial brokerage fee. A brochure is available by writing or telephoning the transfer agent: </font></p>
<p align="center"><font face="Times New Roman" size="1">DWS Investments Service Company<BR>210 W 10th Street 6th Floor<BR>Attn Closed End Fund Area<BR>Kansas City, MO 64105<BR>Tel. 1-800-437-6269 </font></p>
<p><font face="Times New Roman" size="1">This report, including the financial statements herein, is transmitted to the shareholders of The Central Europe and Russia Fund, Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report. The information contained in the letter to the shareholders, the interview with the lead portfolio manager and the report from the investment adviser and manager in this report is derived from carefully selected sources believed reasonable. We do not guarantee its accuracy or completeness, and nothing in this report shall be construed to be a representation of such guarantee. Any opinions expressed reflect the current judgment of the author, and do not necessarily reflect the opinion of Deutsche Bank AG or any of its subsidiaries and affiliates. </font></p>
<p><font face="Times New Roman" size="1">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase at market prices from time to time shares of its common stock in the open market. </font></p>
<p><font face="Times New Roman" size="1">Comparisons between changes in the Fund's net asset value per share and changes in the CECE, RTX and ISE National 30 indices should be considered in light of the Fund's investment policy and objectives, the characteristics and quality of the Fund's investments, the size of the Fund and variations in the foreign currency/dollar exchange rate. </font></p>
<p><font face="Times New Roman" size="1">Fund Shares are not FDIC - insured and are not deposits or other obligations of or guaranteed by any bank. Fund Shares involve investment risk, including possible loss of principal.</font></p>
<p><img src="j08276761_za014.jpg"></p>
<p align="center"><font face="Times New Roman" size="2">Copies of this report, monthly fact sheets and other information are available at: <BR>www.ceefund.com </font></p>
<p align="left"><font face="Times New Roman" size="1">For latest net asset value, schedule of the Fund's largest holdings, dividend data and shareholder inquiries, please call 1-800-437-6269 in the U.S. or 617-443-6918 outside of the U.S.</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=40,FOLIO='',FILE='08-27676-1.za',USER='rwaldoc',CD='Dec 29 15:09 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">

</DIV>


<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CODE OF ETHICS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As of the end of the period, October 31, 2008, The Central Europe And Russia Fund, Inc. has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE FINANCIAL EXPERT</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Fund&#146;s Board of Directors has determined that the Fund has at least one &#147;audit committee financial expert&#148; serving on its audit committee: Mr. John H. Cannon, and Mr. Robert H. Wadsworth. Each of these audit committee members is &#147;independent,&#148; meaning that he is not an &#147;interested person&#148; of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member).</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>An &#147;audit
committee financial expert&#148; is not an &#147;expert&#148; for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an &#147;audit committee financial expert.&#148; Further, the designation of a person as an &#147;audit committee financial expert&#148; does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the &#147;audit committee financial expert&#148; designation. Similarly, the designation of a person as an &#147;audit committee financial expert&#148; does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 4.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>THE CENTRAL EUROPE AND RUSSIA FUND, INC.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>FORM N-CSR DISCLOSURE RE: AUDIT FEES</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees that PricewaterhouseCoopers, LLP (&#147;PWC&#148;), the Fund&#146;s independent registered public accounting firm, billed to the Fund during the Fund&#146;s last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Services that the Fund&#146;s Independent Registered Public Accounting Firm Billed to the Fund</font></b></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse;  '>
    <tr >
        <td width="163" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Fiscal Year</font><br> <font size=2>Ended</font><br> <font size=2>October 31,</font></p> </td>
        <td width="123" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Audit Fees Billed to Fund</font></p> </td>
        <td width="123" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Audit-Related</font><br> <font size=2>Fees Billed to Fund</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Tax Fees Billed to Fund</font></p> </td>
        <td width="114" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>All</font><br> <font size=2>Other Fees Billed to Fund</font></p> </td> </tr>
    <tr >
        <td width="163" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2008</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$86,500</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$9,630</font></p> </td>
        <td width="114" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="163" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2007</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$90,000</font></p> </td>
        <td width="123" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$8,806</font></p> </td>
        <td width="114" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Services that the Fund&#146;s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (&#147;DeIM&#148; or the &#147;Adviser&#148;), and any entity controlling, controlled by or under common control with DeIM (&#147;Control Affiliate&#148;) that provides ongoing services to the Fund (&#147;Affiliated Fund Service Provider&#148;), for engagements directly related to the Fund&#146;s operations and financial reporting, during the Fund&#146;s last two fiscal years.</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse;  '>
    <tr style='height:66.1pt'>
        <td width="201" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>Fiscal Year</font><br> <font size=2>October 31,</font></p> </td>
        <td width="152" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>Audit-Related</font><br> <font size=2>Fees Billed<sup> </sup>to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="162" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>Tax Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="140" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font size=2>All</font><br> <font size=2>Other Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2008</font></p> </td>
        <td width="152" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="162" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$19,000</font></p> </td>
        <td width="140" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2007</font></p> </td>
        <td width="152" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$58,500</font></p> </td>
        <td width="162" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$25,000</font></p> </td>
        <td width="140" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The &#147;Audit-Related Fees&#148; were billed for services in connection with the agreed-upon procedures related to fund mergers and the above &#147;Tax Fees&#148; were billed in connection with tax consultation and agreed-upon procedures.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Non-Audit Services</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees that PWC billed during the Fund&#146;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#146;s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund&#146;s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWC&#146;s independence.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse;  '>
    <tr style='height:143.5pt'>
        <td width="131" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Fiscal Year</font><br> <font size=2>Ended</font><br> <font size=2>October 31,</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total </font><br> <font size=2>Non-Audit Fees Billed to Fund</font></p>
<p  style=' page-break-after:avoid'><font size=2>(A)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)</font></p>
<p  style=' page-break-after:avoid'><font size=2>(B)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)</font></p>
<p  style=' page-break-after:avoid'><font size=2>(C)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total of (A), (B)</font><br> <br> <font size=2>and (C)</font></p> </td> </tr>
    <tr >
        <td width="131" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font size=2>2008</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$9,630</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$19,000</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$600,000</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$628,630</font></p> </td> </tr>
    <tr >
        <td width="131" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font size=2>2007</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$8,806</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$25,000</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$0</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$33,806</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><font size=2>***</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 5.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE OF LISTED REGISTRANTS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of Werner Walbrol (Chairman), Robert H. Wadsworth, Dr. Frank Tromel, Richard R. Burt, Dr. Friedbert Malt and John H. Cannon.</font></p></td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 6.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SCHEDULE OF INVESTMENTS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not Applicable</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 7.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="189" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>I.</font></B></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>INTRODUCTION</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM has adopted and implemented the following policies and procedures, which it believes are reasonably designed to ensure that proxies are voted in the best economic interest of clients, in accordance with its fiduciary duties and local regulation. In addition, AM&#146;s proxy policies reflect the fiduciary standards and responsibilities for ERISA accounts.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>The attached guidelines represent a set of global recommendations that were determined by the Global Proxy Voting Sub-Committee (&#147;the GPVSC&#148;).  These guidelines were developed to provide AM with a comprehensive list of recommendations that represent how AM will generally vote proxies for its clients.  The recommendations derived from the application of these guidelines are not intended to influence the various AM legal entities either directly or indirectly by parent or affiliated companies.  In addition, the organizational structures and documents of the various AM legal entities allows, where necessary or appropriate, the execution by individual AM subsidiaries of the proxy voting rights independently of any DB parent or affiliated company.  This applies in particular to non U.S. fund management companies.  The individuals that make proxy voting decisions are also free to act independently,
subject to the normal and customary supervision by the management/boards of these AM legal entities.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="354" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>II.</font></B></p> </td>
        <td width="291" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>AM&#146;S PROXY VOTING RESPONSIBILITIES</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Proxy votes are the property of AM&#146;s advisory clients.<sup>1</sup>  As such, AM&#146;s authority and responsibility to vote such proxies depend upon its contractual relationships with its clients.  AM has delegated responsibility for effecting its advisory clients&#146; proxy votes to Institutional Shareholder Services (&#147;ISS&#148;), an independent third-party proxy voting specialist.  ISS votes AM&#146;s advisory clients&#146; proxies in accordance with AM&#146;s proxy guidelines or AM&#146;s specific instructions.  Where a client has given specific instructions as to how a proxy should be voted, AM will notify ISS to carry out those instructions.  Where no specific instruction exists, AM will follow the procedures in voting the proxies set forth in this document.  Certain Taft-Hartley clients may direct AM to have ISS vote their proxies in accordance with Taft Hartley voting Guidelines </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Clients may in certain instances contract with their custodial agent and notify AM that they wish to engage in securities lending transactions. In such cases, it is the responsibility of the custodian to deduct the number of shares that are on loan so that they do not get voted twice.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="146" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>III.</font></B></p> </td>
        <td width="83" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>POLICIES</font></B></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="498" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>1.</font></b></i></p> </td>
        <td width="435" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proxy voting activities are conducted in the best economic interest of clients</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM has adopted the following policies and procedures to ensure that proxies are voted in accordance with the best economic interest of its clients, as determined by AM in good faith after appropriate review.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="310" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>2.</font></b></i></p> </td>
        <td width="247" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>The Global Proxy Voting Sub-Committee</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Global Proxy Voting Sub-Committee (the &#147;GPVSC&#148;) is an internal working group established by the applicable AM&#146;s Investment Risk Oversight Committee pursuant to a written charter.  The GPVSC is responsible for overseeing AM&#146;s proxy voting activities, including:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(i)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>adopting, monitoring and updating guidelines, attached as Exhibit A (the &#147;Guidelines&#148;), that provide how AM will generally vote proxies pertaining to a comprehensive list of common proxy voting matters;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>________________</font></p>
<sup>&nbsp;</sup>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="19" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>1</sup></font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>For purposes of these Policies and Procedures, &#147;clients&#148; refers to persons or entities: for which AM serves as investment adviser or sub-adviser; for which AM votes proxies; and that have an economic or beneficial ownership interest in the portfolio securities of issuers soliciting such proxies.</font></p> </td> </tr></table>
</div>


<sup>&nbsp;</sup>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(ii)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>voting proxies where (A) the issues are not covered by specific client instruction or the Guidelines; (B) the Guidelines specify that the issues are to be determined on a case-by-case basis; or (C) where an exception to the Guidelines may be in the best economic interest of AM&#146;s clients; and</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(iii)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>monitoring the Proxy Vendor Oversight&#146;s proxy voting activities (see below).</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM&#146;s Proxy Vendor Oversight, a function of AM&#146;s Operations Group, is responsible for coordinating with ISS to administer AM&#146;s proxy voting process and for voting proxies in accordance with any specific client instructions or, if there are none, the Guidelines, and overseeing ISS&#146; proxy responsibilities in this regard.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="509" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>3.</font></b></i></p> </td>
        <td width="445" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Availability of Proxy Voting Policies and Procedures and proxy voting record</font></b></i></p> </td> </tr></table>
</div>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Copies of these Policies and Procedures, as they may be updated from time to time, are made available to clients as required by law and otherwise at AM&#146;s discretion.  Clients may also obtain information on how their proxies were voted by AM as required by law and otherwise at AM&#146;s discretion; however, AM must not selectively disclose its investment company clients&#146; proxy voting records.  The Proxy Vendor Oversight will make proxy voting reports available to advisory clients upon request.  The investment companies&#146; proxy voting records will be disclosed to shareholders by means of publicly-available annual filings of each company&#146;s proxy voting record for 12-month periods ended June 30 (see &#147;Recordkeeping&#148; below), if so required by relevant law.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="174" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>IV.</font></B></p> </td>
        <td width="111" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>PROCEDURES</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The key aspects of AM&#146;s proxy voting process are as follows:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>1.</font></b></i></p> </td>
        <td width="236" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>The GPVSC&#146;s Proxy Voting Guidelines</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Guidelines set forth the GPVSC&#146;s standard voting positions on a comprehensive list of common proxy voting matters.  The GPVSC has developed, and continues to update the Guidelines based on consideration of current corporate governance principles, industry standards, client feedback, and the impact of the matter on issuers and the value of the investments.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The GPVSC will review the Guidelines as necessary to support the best economic interests of AM&#146;s clients and, in any event, at least annually.  The GPVSC will make changes to the Guidelines, whether as a result of the annual review or otherwise, taking solely into account the best economic interests of clients.  Before changing the Guidelines, the GPVSC will thoroughly review and evaluate the proposed change and the reasons therefore, and the GPVSC Chair will ask GPVSC members whether anyone outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as a AM advisory client has requested or attempted to influence the proposed change and whether any member has a conflict of interest with respect to the proposed change.  If any such matter is reported to the GPVSC Chair, the Chair will promptly notify the Conflicts of Interest Management
Sub-Committee (see below) and will defer the approval, if possible.  Lastly, the GPVSC will fully document its rationale for approving any change to the Guidelines.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Guidelines may reflect a voting position that differs from the actual practices of the public company(ies) within the Deutsche Bank organization or of the investment companies for which AM or an affiliate serves as investment adviser or sponsor.  Investment companies, particularly closed-end investment companies, are different from traditional operating companies. These differences may call for differences in voting positions on the same matter.  Further, the manner in which AM votes investment company proxies may differ from proposals for which a AM-advised or sponsored investment company solicits proxies from its shareholders.  As reflected in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are generally voted in accordance with the pre-determined guidelines of ISS. See Section IV.3.B.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Funds (&#147;Underlying Funds&#148;) in which Topiary Fund Management Fund of Funds (each, a &#147;Fund&#148;) invest, may from time to time seek to revise their investment terms (i.e. liquidity, fees, etc.) or investment structure.  In such event, the Underlying Funds may require approval/consent from its investors to effect the relevant changes.  Topiary Fund Management has adopted Proxy Voting Procedures which outline the process for these approvals.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="368" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>2.</font></b></i></p> </td>
        <td width="304" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Specific proxy voting decisions made by the GPVSC</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Proxy Vendor Oversight will refer to the GPVSC all proxy proposals (i) that are not covered by specific client instructions or the Guidelines; or (ii) that, according to the Guidelines, should be evaluated and voted on a case-by-case basis.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Additionally, if, the Proxy Vendor Oversight, the GPVSC Chair or any member of the GPVSC, a portfolio manager, a research analyst or a sub-adviser believes that voting a particular proxy in accordance with the Guidelines may not be in the best economic interests of clients, that individual may bring the matter to the attention of the GPVSC Chair and/or the Proxy Vendor Oversight.<sup>2</sup></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If the Proxy Vendor Oversight refers a proxy proposal to the GPVSC or the GPVSC determines that voting a particular proxy in accordance with the Guidelines is not in the best economic interests of clients, the GPVSC will evaluate and vote the proxy, subject to the procedures below regarding conflicts.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The GPVSC endeavors to hold meetings to decide how to vote particular proxies sufficiently before the voting deadline so that the procedures below regarding conflicts can be completed before the GPVSC&#146;s voting determination. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="280" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>3.</font></b></i></p> </td>
        <td width="216" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Certain proxy votes may not be cast</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>In some cases, the GPVSC may determine that it is in the best economic interests of its clients not to vote certain proxies.  If the conditions below are met with regard to a proxy proposal, AM will abstain from voting:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Neither the Guidelines nor specific client instructions cover an issue;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>ISS does not make a recommendation on the issue;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The GPVSC cannot convene on the proxy proposal at issue to make a determination as to what would be in the client&#146;s best interest. (This could happen, for example, if the Conflicts of Interest Management Sub-committee found that there was a material conflict or if despite all best efforts being made, the GPVSC quorum requirement could not be met).</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>In addition, it is AM&#146;s policy not to vote proxies of issuers subject to laws of those jurisdictions that impose restrictions upon selling shares after proxies are voted, in order to preserve liquidity.  In other cases, it may not be possible to vote certain proxies, despite good faith efforts to do so.  For example, some jurisdictions do not provide adequate notice to shareholders so that proxies may be voted on a timely basis.  Voting rights on securities that have been loaned to third-parties transfer to those third-parties, with loan termination often being the only way to attempt to vote proxies on the loaned securities.  Lastly, the GPVSC may determine that the costs to the client(s) associated with voting a particular proxy or group of proxies outweighs the economic benefits expected from voting the proxy or group of proxies.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The Proxy Vendor Oversight will coordinate with the GPVSC Chair regarding any specific proxies and any categories of proxies that will not or cannot be voted.  The reasons for not voting any proxy shall be documented.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>________________</font></p>
<sup>&nbsp;</sup>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="19" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>2</sup></font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Proxy Vendor Oversight generally monitors upcoming proxy solicitations for heightened attention from the press or the industry and for novel or unusual proposals or circumstances, which may prompt the Proxy Vendor Oversight to bring the solicitation to the attention of the GPVSC Chair.  AM portfolio managers, AM research analysts and sub-advisers also may bring a particular proxy vote to the attention of the GPVSC Chair, as a result of their ongoing monitoring of portfolio securities held by advisory clients and/or their review of the periodic proxy voting record reports that the GPVSC Chair distributes to AM portfolio managers and AM research analysts.</font></p> </td> </tr></table>
</div>


<sup>&nbsp;</sup>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="253" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>4.</font></b></i></p> </td>
        <td width="189" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Conflict of Interest Procedures</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="442" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font SIZE=2>A.</font></p> </td>
        <td width="379" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><u><font size=2>Procedures to Address Conflicts of Interest and Improper Influence</font></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Overriding Principle</font></i><font size=2>.  In the limited circumstances where the GPVSC votes proxies,<sup>3</sup> the GPVSC will vote those proxies in accordance with what it, in good faith, determines to be the best economic interests of AM&#146;s clients.<sup>4</sup></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Independence of the GPVSC</font></i><font size=2>.  As a matter of Compliance policy, the GPVSC and the Proxy Vendor Oversight are structured to be independent from other parts of Deutsche Bank.  Members of the GPVSC and the employee responsible for Proxy Vendor Oversight are employees of AM.  As such, they may not be subject to the supervision or control of any employees of Deutsche Bank Corporate and Investment Banking division (&#147;CIB&#148;).  Their compensation cannot be based upon their contribution to any business activity outside of AM without prior approval of Legal and Compliance.  They can have no contact with employees of Deutsche Bank outside of the Private Client and Asset Management division (&#147;PCAM&#148;) regarding specific clients, business matters or initiatives without the prior approval of Legal and Compliance.  They furthermore may not discuss proxy votes with any person
outside of AM (and within AM only on a need to know basis).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Conflict Review Procedures</font></i><font size=2>.  There will be a committee (the &#147;Conflicts of Interest Management Sub-Committee&#148;) established within AM that will monitor for potential material conflicts of interest in connection with proxy proposals that are to be evaluated by the GPVSC.  Promptly upon a determination that a vote shall be presented to the GPVSC, the GPVSC Chair shall notify the Conflicts of Interest Management Sub-Committee.  The Conflicts of Interest Management Sub-Committee shall promptly collect and review any information deemed reasonably appropriate to evaluate, in its reasonable judgment, if AM or any person participating in the proxy voting process has, or has the appearance of, a material conflict of interest.  For the purposes of this policy, a conflict of interest shall be considered &#147;material&#148; to the extent that a reasonable person could expect the
conflict to influence, or appear to influence, the GPVSC&#146;s decision on the particular vote at issue.  GPVSC should provide the Conflicts of Interest Management Sub-Committee a reasonable amount of time (no less than 24 hours) to perform all necessary and appropriate reviews.  To the extent that a conflicts review can not be sufficiently completed by the Conflicts of Interest Management Sub-Committee the proxies will be voted in accordance with the standard guidelines.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The information considered by the Conflicts of Interest Management Sub-Committee may include without limitation information regarding (i) AM client relationships; (ii) any relevant personal conflict known by the Conflicts of Interest Management Sub-Committee or brought to the attention of that sub-committee; (iii) and any communications with members of the GPVSC (or anyone participating or providing information to the GPVSC) and any person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as a AM advisory client regarding the vote at issue.  In the context of any determination, the Conflicts of Interest Management Sub-Committee may consult with, and shall be entitled to rely upon, all applicable outside experts, including legal counsel.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Upon completion of the investigation, the Conflicts of Interest Management Sub-Committee will document its findings and conclusions.  If the Conflicts of Interest Management Sub-Committee determines that (i) AM has a material conflict of interest that would prevent it from deciding how to vote the proxies concerned without further client consent or (ii) certain individuals should be recused from participating in the proxy vote at issue, the Conflicts of Interest Management Sub-Committee will so inform the GPVSC chair.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If notified that AM has a material conflict of interest as described above, the GPVSC chair will obtain instructions as to how the proxies should be voted either from (i) if time permits, the effected  clients, or (ii) in accordance with the standard guidelines.  If notified that certain individuals should be recused from the proxy vote at issue, the GPVSC Chair shall do so in accordance with the procedures set forth below.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>________________</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="19" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>3</sup></font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As mentioned above, the GPVSC votes proxies (i) where neither a specific client instruction nor a Guideline directs how the proxy should be voted, (ii) where the Guidelines specify that an issue is to be determined on a case by case basis or (iii) where voting in accordance with the Guidelines may not be in the best economic interests of clients.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>4 </sup></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Proxy Vendor Oversight, who serves as the non-voting secretary of the GPVSC, may receive routine calls from proxy solicitors and other parties interested in a particular proxy vote.  Any contact that attempts to exert improper pressure or influence shall be reported to the Conflicts of Interest Management Sub-Committee.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Note:  Any AM employee who becomes aware of a potential, material conflict of interest in respect of any proxy vote to be made on behalf of clients shall notify Compliance.  Compliance shall call a meeting of the conflict review committee to evaluate such conflict and determine a recommended course of action.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Procedures to be followed by the GPVSC</font></i><font size=2>.  At the beginning of any discussion regarding how to vote any proxy, the GPVSC Chair (or his or her delegate) will inquire as to whether any GPVSC member (whether voting or ex officio) or any person participating in the proxy voting process has a personal conflict of interest or has actual knowledge of an actual or apparent conflict that has not been reported to the Conflicts of Interest Management Sub-Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>The GPVSC Chair also will inquire of these same parties whether they have actual knowledge regarding whether any director, officer or employee outside of the  AM organization (but within  Deutsche Bank and its affiliates)  or any entity that identifies itself as a AM advisory client, has: (i) requested that AM, the Proxy Vendor Oversight (or any member thereof) or a GPVSC member vote a particular proxy in a certain manner;  (ii) attempted to influence AM, the Proxy Vendor Oversight (or any member thereof), a GPVSC member or any other person in connection with proxy voting activities; or (iii) otherwise communicated with a GPVSC member or any other person participating or providing information to the GPVSC regarding the particular proxy vote at issue, and which incident has not yet been reported to the Conflicts of Interest Management Sub- Committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If any such incidents are reported to the GPVSC Chair, the Chair will promptly notify the Conflicts of Interest Management Sub-Committee and, if possible, will delay the vote until the Conflicts of Interest Management Sub-Committee can complete the conflicts report.  If a delay is not possible, the Conflicts of Interest Management Sub-Committee will instruct the GPVSC whether anyone should be recused from the proxy voting process, or whether AM should vote the proxy in accordance with the standard guidelines, seek instructions as to how to vote the proxy at issue from ISS or, if time permits, the effected clients.  These inquiries and discussions will be properly reflected in the GPVSC&#146;s minutes.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Duty to Report</font></i><font size=2>.  Any AM employee, including any GPVSC member (whether voting or ex officio), that is aware of any actual or apparent conflict of interest relevant to, or any attempt by any person outside of the AM organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as a AM advisory client to influence, how AM votes its proxies has a duty to disclose the existence of the situation to the GPVSC Chair (or his or her designee) and the details of the matter to the Conflicts of Interest Management Sub-Committee.  In the case of any person participating in the deliberations on a specific vote, such disclosure should be made before engaging in any activities or participating in any discussion pertaining to that vote.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Recusal of Members</font></i><font size=2>.  The GPVSC will recuse from participating in a specific proxy vote any GPVSC members (whether voting or ex officio) and/or any other person who (i) are personally involved in a material conflict of interest; or (ii) who, as determined by the Conflicts of Interest Management Sub-Committee, have actual knowledge of a circumstance or fact that could effect their independent judgment, in respect of such vote.  The GPVSC will also exclude from consideration the views of any person (whether requested or volunteered) if the GPVSC or any member thereof knows, or if the Conflicts of Interest Management Sub-Committee has determined, that such other person has a material conflict of interest with respect to the particular proxy, or has attempted to influence the vote in any manner prohibited by these policies.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>If, after excluding all relevant GPVSC voting members pursuant to the paragraph above, there are three or more GPVSC voting members remaining, those remaining GPVSC members will determine how to vote the proxy in accordance with these Policies and Procedures. If there are fewer than three GPVSC voting members remaining, the GPVSC Chair will vote the proxy in accordance with the standard guidelines, will obtain instructions as to how to have the proxy voted from, if time permits, the effected clients and otherwise from ISS.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="385" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font SIZE=2>B.</font></p> </td>
        <td width="321" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><u><font size=2>Investment Companies and Affiliated Public Companies</font></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Investment Companies</font></i><font size=2>.  As reflected in the Guidelines, all proxies solicited by open-end and closed-end investment companies are voted in accordance with the pre-determined guidelines of ISS, unless the investment company client directs AM to vote differently on a specific proxy or specific categories of proxies.  However, regarding investment companies for which AM or an affiliate serves as investment adviser or principal underwriter, such proxies are voted in the same proportion as the vote of all other shareholders (i.e., &#147;mirror&#148; or &#147;echo&#148; voting).  Master fund proxies solicited from feeder funds are voted in accordance with applicable provisions of Section 12 of the Investment Company Act of 1940.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Subject to participation agreements with certain Exchange Traded Funds ("ETF") issuers that have received exemptive orders from the U.S. Securities and Exchange Commission allowing investing DWS funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally when required to do so by participation agreements and SEC orders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><i><font size=2>Affiliated Public Companies</font></i><font size=2>. For proxies solicited by non-investment company issuers of or within the Deutsche Bank organization, e.g., Deutsche bank itself, these proxies will be voted in the same proportion as the vote of other shareholders (i.e., &#147;mirror&#148; or &#147;echo&#148; voting).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Note: With respect to the QP Trust (not registered under the Investment Company Act of 1940), the Fund is not required to engage in echo voting and the investment adviser will use these Guidelines, and may determine, with respect to the QP Trust, to vote contrary to the positions in the Guidelines, consistent with the Fund&#146;s best interest.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="348" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font SIZE=2>C.</font></p> </td>
        <td width="284" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><u><font size=2>Other Procedures That Limit Conflicts of Interest</font></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM and other entities in the Deutsche Bank organization have adopted a number of policies, procedures and internal controls that are designed to avoid various conflicts of interest, including those that may arise in connection with proxy voting, including:</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><font size=2>Deutsche Bank Americas Restricted Activities Policy</font></i><font size=2>.  This policy provides for, among other things, independence of AM employees from CIB, and information barriers between AM and other affiliates.  Specifically, no AM employee may be subject to the supervision or control of any employee of CIB.  No AM employee shall have his or her compensation based upon his or her contribution to any business activity within the Bank outside of the business of AM, without the prior approval of Legal or Compliance.  Further, no employee of CIB shall have any input into the compensation of a AM employee without the prior approval of Legal or Compliance. Under the information barriers section of this policy, as a general rule, AM employees who are associated with the investment process should have no
contact with employees of Deutsche Bank or its affiliates, outside of PCAM, regarding specific clients, business matters, or initiatives.  Further, under no circumstances should proxy votes be discussed with any Deutsche Bank employee outside of AM (and should only be discussed on a need-to-know basis within AM).</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Other relevant internal policies include the Deutsche Bank Americas Code of Professional Conduct, the Deutsche Bank Americas Confidential and Inside Information Policy, the Deutsche Asset Management Code of Ethics, the Sarbanes-Oxley Senior Officer Code of Ethics, and the Deutsche Bank Group Code of Conduct.  The GPVSC expects that these policies, procedures and internal controls will greatly reduce the chance that the GPVSC (or, its members) would be involved in, aware of or influenced by, an actual or apparent conflict of interest.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="202" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>V.</font></B></p> </td>
        <td width="139" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>RECORDKEEPING</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>At a minimum, the following types of records must be properly maintained and readily accessible in order to evidence compliance with this policy.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM will maintain a record of each vote cast by AM that includes among other things, company name, meeting date, proposals presented, vote cast and shares voted.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The Proxy Vendor Oversight maintains records for each of the proxy ballots it votes.  Specifically, the records include, but are not limited to:</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The proxy statement (and any additional solicitation materials) and relevant portions of annual statements.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Any additional information considered in the voting process that may be obtained from an issuing company, its agents or proxy research firms.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Analyst worksheets created for stock option plan and share increase analyses.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Proxy Edge print-screen of actual vote election.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM will retain these Policies and Procedures and the Guidelines; will maintain records of client requests for proxy voting information; and will retain any documents the Proxy Vendor Oversight or the GPVSC prepared that were material to making a voting decision or that memorialized the basis for a proxy voting decision.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The GPVSC also will create and maintain appropriate records documenting its compliance with these Policies and Procedures, including records of its deliberations and decisions regarding conflicts of interest and their resolution.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>With respect to AM&#146;s investment company clients, ISS will create and maintain records of each company&#146;s proxy voting record for 12-month periods ended June 30.  AM will compile the following information for each matter relating to a portfolio security considered </font><i><font size=2>at any shareholder meeting held during the period covered</font></i><font size=2> by the report and with respect to which the company was entitled to vote:</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The name of the issuer of the portfolio security; </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means); </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The Council on Uniform Securities Identification Procedures number for the portfolio security (if the number is available through reasonably practicable means); </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The shareholder meeting date; </font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>A brief identification of the matter voted on; </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Whether the matter was proposed by the issuer or by a security holder; </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Whether the company cast its vote on the matter; </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>How the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=1>&#150;</font></p> </td>
        <td  valign=top style='padding:1.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Whether the company cast its vote for or against management.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><u><font size=2>Note</font></u><font size=2>:  This list is intended to provide guidance only in terms of the records that must be maintained in accordance with this policy. In addition, please note that records must be maintained in accordance with the applicable AM Records Management Policy. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>With respect to electronically stored records, &#147;properly maintained&#148; is defined as complete, authentic (unalterable) usable and backed-up.  At a minimum, records should be retained for a period of not less than six years (or longer, if necessary to comply with applicable regulatory requirements), the first three years in an appropriate AM office.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="297" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VI.</font></B></p> </td>
        <td width="233" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>THE GPVSC&#146;S OVERSIGHT ROLE</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>In addition to adopting the Guidelines and making proxy voting decisions on matters referred to it as set forth above, the GPVSC will monitor the proxy voting process by reviewing summary proxy information presented by ISS. The GPVSC will use this review process to determine, among other things, whether any changes should be made to the Guidelines. This review will take place at least quarterly and will be documented in the GPVSC&#146;s minutes.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Attachment A &#150; Global Proxy Voting Guidelines</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=2>Table of contents</font></b></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#73;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Board Of Directors And Executives</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Election Of Directors</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Classified Boards Of Directors</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Board And Committee Independence</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Liability And Indemnification Of Directors</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Qualifications Of Directors</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Removal Of Directors And Filling Of Vacancies</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Proposals To Fix The Size Of The Board</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="469" style='border-collapse:collapse'>
    <tr >
        <td width="29" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>H</font></p> </td>
        <td width="421" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposals to Restrict Chief Executive Officer&#146;s Service on Multiple Boards</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.3in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="485" style='border-collapse:collapse'>
    <tr >
        <td width="29" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>I</font></p> </td>
        <td width="437" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposals to Restrict Supervisory Board Members Service on Multiple Boards</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.3in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="288" style='border-collapse:collapse; '>
    <tr >
        <td width="29" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="19" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>J</font></p> </td>
        <td width="240" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposals to Establish Audit Committees</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>II</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Capital Structure</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Authorization Of Additional Shares</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Authorization Of &#147;Blank Check&#148; Preferred Stock</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Stock Splits/Reverse Stock Splits</font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Dual Class/Supervoting Stock</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Large Block Issuance</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Recapitalization Into A Single Class Of Stock</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Share Repurchases</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#72;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Reductions In Par Value</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>III</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Corporate Governance Issues</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Confidential Voting</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Cumulative Voting</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Supermajority Voting Requirements</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Shareholder Right To Vote</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>IV</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Compensation</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Establishment of a Remuneration Committee</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Executive And Director Stock Option Plans</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Employee Stock Option/Purchase Plans</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Golden Parachutes</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Proposals To Limit Benefits Or Executive Compensation</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Option Expensing</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Management board election and motion</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#72;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Remuneration (variable pay)</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#73;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Long-term incentive plans</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#74;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Shareholder Proposals Concerning &#147;Pay For Superior Performance&#148;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#75;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Executive Compensation Advisory</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#86;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Anti-Takeover Related Issues</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Shareholder Rights Plans (&#147;Poison Pills&#148;)</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Reincorporation</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Fair-Price Proposals</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Exemption From State Takeover Laws</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Non-Financial Effects Of Takeover Bids</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>VI</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Mergers &amp; Acquisitions</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>VII</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Social &amp; Political Issues</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Labor &amp; Human Rights</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Diversity &amp; Equality</font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Health &amp; Safety</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Government/Military</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Tobacco</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>VIII</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Environmental Issues</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=2>IX</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Miscellaneous Items</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#65;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Ratification Of Auditors</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#66;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Limitation Of Non-Audit Services Provided By Independent Auditor</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#67;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Audit Firm Rotation</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#68;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Transaction Of Other Business</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#69;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Motions To Adjourn The Meeting</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#70;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Bundled Proposals</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#71;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Change Of Company Name</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#72;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Proposals Related To The Annual Meeting</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#73;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Reimbursement Of Expenses Incurred From Candidate Nomination</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#74;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Investment Company Proxies</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="29" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>&#75;</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>International Proxy Voting</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>These Guidelines may reflect a voting position that differs from the actual practices of the public company (ies) within the Deutsche Bank organization or of the investment companies for which AM or an affiliate serves as investment adviser or sponsor.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>NOTE: Because of the unique structure and regulatory scheme applicable to closed-end investment companies, the voting guidelines (particularly those related to governance issues) generally will be inapplicable to holdings of closed-end investment companies.  As a result, determinations on the appropriate voting recommendation for closed-end investment company shares will be made on a case-by-case basis.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="278" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>I.</font></B></p> </td>
        <td width="215" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Board of Directors and Executives</font></b></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="198" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="135" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Election of Directors</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Routine: AM Policy is to vote &#147;for&#148; the uncontested election of directors. Votes for a director in an uncontested election will be withheld in cases where a director has shown an inability to perform his/her duties in the best interests of the shareholders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Proxy contest: In a proxy contest involving election of directors, a case-by-case voting decision will be made based upon analysis of the issues involved and the merits of the incumbent and dissident slates of directors. AM will incorporate the decisions of a third party proxy research vendor, currently, Institutional Shareholder Services (&#147;ISS&#148;) subject to review by the Proxy Voting Sub-Committee (GPVSC) as set forth in the AM&#146;s Proxy Voting Policies and Procedures.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The large majority of corporate directors fulfill their fiduciary obligation and in most cases support for management&#146;s nominees is warranted. As the issues relevant to a contested election differ in each instance, those cases must be addressed as they arise.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="250" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="187" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Classified Boards of Directors</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote against proposals to classify the board and for proposals to repeal classified boards and elect directors annually.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Directors should be held accountable on an annual basis. By entrenching the incumbent board, a classified board may be used as an anti-takeover device to the detriment of the shareholders in a hostile take-over situation.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="285" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="221" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Board and Committee Independence</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals that require that a certain percentage (majority up to 66 2/3%) of members of a board of directors be comprised of independent or unaffiliated directors. </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals that require all members of a company's compensation, audit, nominating, or other similar committees be comprised of independent or unaffiliated directors. </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>3.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; shareholder proposals to require the addition of special interest, or constituency, representatives to boards of directors.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>4.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; separation of the Chairman and CEO positions.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>5.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; proposals that require a company to appoint a Chairman who is an independent director.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Board independence is a cornerstone of effective governance and accountability. A board that is sufficiently independent from management assures that shareholders' interests are adequately represented.  However, the Chairman of the board must have sufficient involvement in and experience with the operations of the company to perform the functions required of that position and lead the company. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>No director qualifies as 'independent' unless the board of directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Whether a director is in fact not "independent" will depend on the laws and regulations of the primary market for the security and the exchanges, if any, on which the security trades.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="314" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="251" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Liability and Indemnification of Directors</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; management proposals to limit directors' liability and to broaden the indemnification of directors, unless broader indemnification or limitations on directors' liability would effect shareholders' interests in pending litigation.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While shareholders want directors and officers to be responsible for their actions, it is not in the best interests of the shareholders for them to be to risk averse. If the risk of personal liability is too great, companies may not be able to find capable directors willing to serve. We support expanding coverage only for actions taken in good faith and not for serious violations of fiduciary obligation or negligence.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="230" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="167" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Qualifications of Directors</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management&#146;s recommended vote on either management or shareholder proposals that set retirement ages for directors or require specific levels of stock ownership by directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: As a general rule, the board of directors, and not the shareholders, is most qualified to establish qualification policies.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="341" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
        <td width="277" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Removal of Directors and Filling of Vacancies</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; proposals that include provisions that directors may be removed only for cause or proposals that include provisions that only continuing directors may fill board vacancies.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Differing state statutes permit removal of directors with or without cause.  Removal of directors for cause usually requires proof of self-dealing, fraud or misappropriation of corporate assets, limiting shareholders' ability to remove directors except under extreme circumstances. Removal without cause requires no such showing. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Allowing only incumbent directors to fill vacancies can serve as an anti-takeover device, precluding shareholders from filling the board until the next regular election.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="293" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
        <td width="229" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Fix the Size of the Board</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals to fix the size of the board unless: (a) no specific reason for the proposed change is given; or (b) the proposal is part of a package of takeover defenses. </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; proposals allowing management to fix the size of the board without shareholder approval.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Absent danger of anti-takeover use, companies should be granted a reasonable amount of flexibility in fixing the size of its board.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="494" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>H.</font></B></I></p> </td>
        <td width="431" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Restrict Chief Executive Officer&#146;s Service on Multiple Boards</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;For&#148; proposals to restrict a Chief Executive Officer from serving on more than three outside boards of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale:  Chief Executive Officer must have sufficient time to ensure that shareholders&#146; interests are represented adequately.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Note:  A director&#146;s service on multiple closed-end fund boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="632" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>I.</font></B></I></p> </td>
        <td width="568" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Restrict Supervisory Board Members Service on Multiple Boards </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to restrict a Supervisory Board Member from serving on more than five supervisory boards.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  We consider a strong, independent and knowledgeable supervisory board as important counter-balance to executive management to ensure that the interests of shareholders are fully reflected by the company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Full information should be disclosed in the annual reports and accounts to allow all shareholders to judge the success of the supervisory board controlling their company.  </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Supervisory Board Member must have sufficient time to ensure that shareholders&#146; interests are represented adequately.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Note:  A director&#146;s service on multiple closed-end fund boards within a fund complex are treated as service on a single Board for the purpose of the proxy voting guidelines.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="480" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><I><B><font SIZE=2>J.</font></B></I></p> </td>
        <td width="416" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Proposals to Establish Audit Committees </font></b></i><b><font size=2>(For FFT and U.S. Securities)</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals that require the establishment of audit committees.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale: The audit committee should deal with accounting and risk management related questions, verifies the independence of the auditor with due regard to possible conflicts of interest. It also should determine the procedure of the audit process.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="184" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>II.</font></B></p> </td>
        <td width="120" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Capital Structure</font></b></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="393" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="329" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Authorization of Additional Shares (For U.S. Securities)</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to increase the authorization of existing classes of stock that do not exceed a 3:1 ratio of shares authorized to shares outstanding for a large cap company, and do not exceed a 4:1 ratio of shares authorized to shares outstanding for a small-midcap company (companies having a market capitalization under one billion U.S. dollars.).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While companies need an adequate number of shares in order to carry on business, increases requested for general financial flexibility must be limited to protect shareholders from their potential use as an anti-takeover device. Requested increases for specifically designated, reasonable business purposes (stock split, merger, etc.) will be considered in light of those purposes and the number of shares required. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="469" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="405" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Authorization of &#147;Blank Check&#148; Preferred Stock (For U.S. Securities)</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;Against&#148; proposals to create blank check preferred stock or to increase the number of authorized shares of blank check preferred stock unless the company expressly states that the stock will not be used for anti-takeover purposes and will not be issued without shareholder approval.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>&#147;For&#148; proposals mandating shareholder approval of blank check stock placement.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Shareholders should be permitted to monitor the issuance of classes of preferred stock in which the board of directors is given unfettered discretion to set voting, dividend, conversion and other rights for the shares issued.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="262" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="199" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Stock Splits/Reverse Stock Splits</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; stock splits if a legitimate business purpose is set forth and the split is in the shareholders' best interests. A vote is cast &#147;for&#148; a reverse stock split only if the number of shares authorized is reduced in the same proportion as the reverse split or if the effective increase in authorized shares (relative to outstanding shares) complies with the proxy guidelines for common stock increases (see, Section II.A, above.) </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Generally, stock splits do not detrimentally effect shareholders. Reverse stock splits, however, may have the same result as an increase in authorized shares and should be analyzed accordingly.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="249" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="185" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Dual Class/Supervoting Stock</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; proposals to create or authorize additional shares of super-voting stock or stock with unequal voting rights.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The &#147;one share, one vote&#148; principal ensures that no shareholder maintains a voting interest exceeding their equity interest in the company.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="257" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Large Block Issuance (For U.S. Securities)</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to address large block issuances of stock on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm (currently ISS) subject to review by the GPVSC as set forth in AM&#146;s Proxy Policies and Procedures.  </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Additionally, AM supports proposals requiring shareholder approval of large block issuances.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Stock issuances must be reviewed in light of the business circumstances leading to the request and the potential impact on shareholder value.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="328" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
        <td width="264" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Recapitalization into a Single Class of Stock</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; recapitalization plans to provide for a single class of common stock, provided the terms are fair, with no class of stock being unduly disadvantaged.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Consolidation of multiple classes of stock is a business decision that may be left to the board and/management if there is no adverse effect on shareholders.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="189" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Share Repurchases</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; share repurchase plans provided all shareholders are able to participate on equal terms.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Buybacks are generally considered beneficial to shareholders because they tend to increase returns to the remaining shareholders.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="218" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>H.</font></B></I></p> </td>
        <td width="155" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Reductions in Par Value</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to reduce par value, provided a legitimate business purpose is stated (e.g., the reduction of corporate tax responsibility.)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Usually, adjustments to par value are a routine financial decision with no substantial impact on shareholders.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="253" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>III.</font></B></p> </td>
        <td width="189" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Corporate Governance Issues</font></b></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="194" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="131" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Confidential Voting</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to provide for confidential voting and independent tabulation of voting results and to vote &#147;against&#148; proposals to repeal such provisions.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Confidential voting protects the privacy rights of all shareholders.  This is particularly important for employee-shareholders or shareholders with business or other affiliations with the company, who may be vulnerable to coercion or retaliation when opposing management. Confidential voting does not interfere with the ability of corporations to communicate with all shareholders, nor does it prohibit shareholders from making their views known directly to management.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="305" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="241" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Cumulative Voting (For U.S. Securities)</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals requesting cumulative voting and &#147;for&#148;management proposals to eliminate it.  The protections afforded shareholders by cumulative voting are not necessary when a company has a history of good performance and does not have a concentrated ownership interest. Accordingly, a vote is cast &#147;against&#148; cumulative voting and &#147;for&#148; proposals to eliminate it if: </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>a)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The company has a five year return on investment greater than the relevant industry index, </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>b)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>All directors and executive officers as a group beneficially own less than 10% of the outstanding stock, </font><i><font size=2>and </font></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>c)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>No shareholder (or voting block) beneficially owns 15% or more of the company. </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Thus, failure of any one of the three criteria results in a vote for cumulative voting in accordance with the general policy.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Cumulative voting is a tool that should be used to ensure that holders of a significant number of shares may have board representation; however, the presence of other safeguards may make their use unnecessary.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="282" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="219" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Supermajority Voting Requirements</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; management proposals to require a supermajority vote to amend the charter or bylaws and to vote &#147;for&#148; shareholder proposals to modify or rescind existing supermajority requirements.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>*Exception made when company holds a controlling position and seeks to lower threshold to maintain control and/or make changes to corporate by-laws.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Supermajority voting provisions violate the democratic principle that a simple majority should carry the vote. Setting supermajority requirements may make it difficult or impossible for shareholders to remove egregious by-law or charter provisions. Occasionally, a company with a significant insider held position might attempt to lower a supermajority threshold to make it easier for management to approve provisions that may be detrimental to shareholders. In that case, it may not be in the shareholders interests to lower the supermajority provision. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="229" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="165" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Shareholder Right to Vote</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; proposals that restrict the right of shareholders to call special meetings, amend the bylaws, or act by written consent. Policy is to vote &#147;for&#148; proposals that remove such restrictions.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Any reasonable means whereby shareholders can make their views known to management or effect the governance process should be supported.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="165" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>IV.</font></B></p> </td>
        <td width="101" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Compensation</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Annual Incentive Plans or Bonus Plans are often submitted to shareholders for approval.  These plans typically award cash to executives based on company performance.  Deutsche Bank believes that the responsibility for executive compensation decisions rest with the board of directors and/or the compensation committee, and its policy is not to second-guess the board&#146;s award of cash compensation amounts to executives unless a particular award or series of awards is deemed excessive.  If stock options are awarded as part of these bonus or incentive plans, the provisions must meet Deutsche Bank&#146;s criteria regarding stock option plans, or similar stock-based incentive compensation schemes, as set forth below.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="453" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="389" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Establishment of a Remuneration Committee </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals that require the establishment of a remuneration committee.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Rationale:  Corporations should disclose in each annual report or proxy statement their policies on remuneration. Essential details regarding executive remuneration including share options, long-term incentive plans and bonuses, should be disclosed in the annual report, so that investors can judge whether corporate pay policies and practices meet the standard.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The remuneration committee shall not comprise any board members and should be sensitive to the wider scene on executive pay.  It should ensure that performance-based elements of executive pay are designed to align the interests of shareholders.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="321" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="257" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Executive and Director Stock Option Plans</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; stock option plans that meet the following criteria: </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The resulting dilution of existing shares is less than (a) 15 percent of outstanding shares for large capital corporations or (b) 20 percent of outstanding shares for small-mid capital companies (companies having a market capitalization under one billion U.S. dollars.)</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The transfer of equity resulting from granting options at less than FMV is no greater than 3% of the over-all market capitalization of large capital corporations, or 5% of market cap for small-mid capital companies.</font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(3)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The plan does not contain express repricing provisions and, in the absence of an express statement that options will not be repriced; the company does not have a history of repricing options.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>(4)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>The plan does not grant options on super-voting stock.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM will support performance-based option proposals as long as a) they do not mandate that all options granted by the company must be performance based, and b) only certain high-level executives are subject to receive the performance based options.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM will support proposals to eliminate the payment of outside director pensions. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Determining the cost to the company and to shareholders of stock-based incentive plans raises significant issues not encountered with cash-based compensation plans. These include the potential dilution of existing shareholders' voting power, the transfer of equity out of the company resulting from the grant and execution of options at less than FMV and the authority to reprice or replace underwater options. Our stock option plan analysis model seeks to allow reasonable levels of flexibility for a company yet still protect shareholders from the negative impact of excessive stock compensation. Acknowledging that small mid-capital corporations often rely more heavily on stock option plans as their main source of executive compensation and may not be able to compete with their large capital competitors with cash compensation, we provide slightly more flexibility for those companies.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="302" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="239" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Employee Stock Option/Purchase Plans</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote for employee stock purchase plans (ESPP's) when the plan complies with Internal Revenue Code 423, allowing non-management employees to purchase stock at 85% of FMV.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; employee stock option plans (ESOPs) provided they meet the standards for stock option plans in general. However, when computing dilution and transfer of equity, ESOPs are considered independently from executive and director option plans.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: ESOPs and ESPP&#146;s encourage rank-and-file employees to acquire an ownership stake in the companies they work for and have been shown to promote employee loyalty and improve productivity.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="189" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Golden Parachutes</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to require shareholder approval of golden parachutes and for proposals that would limit golden parachutes to no more than three times base compensation. Policy is to vote &#147;against&#148; more restrictive shareholder proposals to limit golden parachutes.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: In setting a reasonable limitation, AM considers that an effective parachute should be less attractive than continued employment and that the IRS has opined that amounts greater than three times annual salary, are excessive. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="389" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="325" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals to Limit Benefits or Executive Compensation</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Proposals to limit benefits, pensions or compensation and </font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Proposals that request or require disclosure of executive compensation greater than the disclosure required by Securities and Exchange Commission (SEC) regulations.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Levels of compensation and benefits are generally considered to be day-to-day operations of the company, and are best left unrestricted by arbitrary limitations proposed by shareholders.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="184" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
        <td width="120" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Option Expensing</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support proposals requesting companies to expense stock options.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Although companies can choose to expense options voluntarily, the Financial Accounting Standards Board (FASB) does not yet require it, instead allowing companies to disclose the theoretical value of options as a footnote. Because the expensing of stock options lowers earnings, most companies elect not to do so. Given the fact that options have become an integral component of compensation and their exercise results in a transfer of shareholder value, AM agrees that their value should not be ignored and treated as &#147;no cost&#148; compensation. The expensing of stock options would promote more modest and appropriate use of stock options in executive compensation plans and present a more accurate picture of company operational earnings.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="428" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="51" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
        <td width="361" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Management board election and motion </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font color="#000080"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148;:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the election of board members with positions on either remuneration or audit  committees;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the election of supervisory board members with too many supervisory board mandates;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&#147;</font><i><font size=2>automatic</font></i><font size=2>&#148; election of former board members into the supervisory board.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  Management as an entity, and each of its members, are responsible for all actions of the company, and are - subject to applicable laws and regulations - accountable to the shareholders as a whole for their actions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Sufficient information should be disclosed in the annual company report and account to allow shareholders to judge the success of the company. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="366" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><I><B><font SIZE=2>H.</font></B></I></p> </td>
        <td width="303" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Remuneration (variable pay):</font></b></i><font size=2> (For FFT Securities)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Executive remuneration for Management Board</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; remuneration for Management Board that is transparent and linked to results.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  Executive compensation should motivate management and align the interests of management with the shareholders. The focus should be on criteria that prevent excessive remuneration; but enable the company to hire and retain first-class professionals.   </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Shareholder interests are normally best served when management is remunerated to optimise long-term returns. Criteria should include suitable measurements like return on capital employed or economic value added.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Interests should generally also be correctly aligned when management own shares in the company &#150; even more so if these shares represent a substantial portion of their own wealth.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Its disclosure shall differentiate between fixed pay, variable (performance related) pay and long-term incentives, including stock option plans with valuation ranges as well as pension and any other significant arrangements. </font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Executive remuneration for Supervisory Board</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; remuneration for Supervisory Board that is at least 50% in fixed form. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale:  It would normally be preferable if performance linked compensation were not based on dividend payments, but linked to suitable result based parameters. Consulting and procurement services should also be published in the company report. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="349" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><I><B><font SIZE=2>I.</font></B></I></p> </td>
        <td width="285" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Long-term incentive plans </font></b></i><b><font size=2>(For FFT Securities)</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; long-term incentive plans for members of a management board that reward for above average company performance.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Rationale: Incentive plans will normally be supported if they:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>directly align the interests of members of management boards with those of shareholders;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>establish challenging performance criteria to reward only above average performance;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>measure performance by total shareholder return in relation to the market or a range of comparable companies;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>are long-term in nature and encourage long-term ownership of the shares once exercised through minimum holding periods;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>do not allow a repricing of the exercise price in stock option plans.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="461" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>J.</font></B></I></p> </td>
        <td width="397" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Shareholder Proposals Concerning &#147;Pay for Superior Performance&#148;</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to address pay for superior performance proposals on a case-by-case basis, incorporating the recommendation of an independent third party proxy research firm (currently ISS) subject to review by the GPVSC as set forth in AM&#146;s Proxy Policies and Procedures. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While AM agrees that compensation issues are better left to the discretion of management, they appreciate the need to monitor for excessive  compensation practices on a case by case basis. If, after a review of the ISS metrics, AM is comfortable with ISS&#146;s applying this calculation and will vote according to their recommendation.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="273" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>K.</font></B></I></p> </td>
        <td width="209" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Executive Compensation Advisory</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management&#146;s recommended vote on shareholder proposals to propose an advisory resolution seeking to ratify the compensation of the company&#146;s named executive officers (NEOs) on an annual basis. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: AM believes that controls exist within senior management and corporate compensation committees, ensuring fair compensation to executives. This might allow shareholders to require approval for all levels of management&#146;s compensation.  </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="253" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>V.</font></B></p> </td>
        <td width="189" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Anti-Takeover Related Issues</font></b></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="316" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="252" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Shareholder Rights Plans (&#147;Poison Pills&#148;)</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; proposals to require shareholder ratification of poison pills or that request boards to redeem poison pills, and to vote &#147;against&#148; the adoption of poison pills if they are submitted for shareholder ratification.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Poison pills are the most prevalent form of corporate takeover defenses and can be (and usually are) adopted without shareholder review or consent. The potential cost of poison pills to shareholders during an attempted takeover outweighs the benefits. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="174" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="111" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Reincorporation</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to examine reincorporation proposals on a case-by-case basis.  The voting decision is based on: (1) differences in state law between the existing state of incorporation and the proposed state of incorporation; and (2) differences between the existing and the proposed charter/bylaws/articles of incorporation and their effect on shareholder rights. If changes resulting from the proposed reincorporation violate the corporate governance principles set forth in these guidelines, the reincorporation will be deemed contrary to shareholder&#146;s interests and a vote cast &#147;against.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Reincorporations can be properly analyzed only by looking at the advantages and disadvantages to their shareholders. Care must be taken that anti-takeover protection is not the sole or primary result of a proposed change.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="200" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="136" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Fair-Price Proposals</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; management fair-price proposals, provided that: (1) the proposal applies only to two-tier offers; (2) the proposal sets an objective fair-price test based on the highest price that the acquirer has paid for a company's shares; (3) the supermajority requirement for bids that fail the fair-price test is no higher than two-thirds of the outstanding shares; (4) the proposal contains no other anti-takeover provisions or provisions that restrict shareholders rights. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>A vote is cast for shareholder proposals that would modify or repeal existing fair-price requirements that do not meet these standards.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While fair price provisions may be used as anti-takeover devices, if adequate provisions are included, they provide some protection to shareholders who have some say in their application and the ability to reject those protections if desired.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="281" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="217" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Exemption from state takeover laws</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; shareholder proposals to opt out of state takeover laws and to vote &#147;against&#148; management proposals requesting to opt out of state takeover laws.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Control share statutes, enacted at the state level, may harm long-term share value by entrenching management. They also unfairly deny certain shares their inherent voting rights.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="301" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="237" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Non-financial Effects of Takeover Bids</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Policy is to vote &#147;against&#148; shareholder proposals to require consideration of non-financial effects of merger or acquisition proposals.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Non-financial effects may often be subjective and are secondary to AM&#146;s stated purpose of acting in its client&#146;s best economic interest.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="220" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VI.</font></B></p> </td>
        <td width="156" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Mergers &amp; Acquisitions</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Evaluation of mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) are performed on a case-by-case basis incorporating information from an independent proxy research source (currently ISS.) Additional resources including portfolio management and research analysts may be considered as set forth in AM&#146;s Policies and Procedures.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="314" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VII.</font></B></p> </td>
        <td width="251" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Social, Environmental &amp; Political Issues</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Social and environmental issues are becoming increasingly important to corporate success. We incorporate social and environmental considerations into both our investment decisions and our proxy voting decisions &#150; particularly if the financial performance of the company could be impacted.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>With increasing frequency, shareholder proposals are submitted relating to social and political responsibility issues. Almost universally, the company management will recommend a vote &#147;against&#148; these proposals. These types of proposals cover an extremely wide range of issues. Many of the issues tend to be controversial and are subject to more than one reasonable, yet opposing, theory of support. More so than with other types of proxy proposals, social and political responsibility issues may not have a connection to the economic and corporate governance principles effecting shareholders&#146; interests. AM&#146;s policy regarding social and political responsibility issues, as with any other issue, is designed to protect our client shareholders&#146; economic interests.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Occasionally, a distinction is made between a shareholder proposal requesting direct action on behalf of the board and a request for a report on (or disclosure of) some information. In order to avoid unduly burdening any company with reporting requirements, AM&#146;s policy is to vote against shareholder proposals that demand additional disclosure or reporting than is required by the Securities and Exchange Commission unless it appears there is a legitimate issue and the company has not adequately addressed shareholders' concerns.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="214" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="151" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Labor &amp; Human Rights</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;against&#148; adopting global codes of conduct or workplace standards exceeding those mandated by law.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Additional requirements beyond those mandated by law are deemed unnecessary and potentially burdensome to companies</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="197" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="133" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Diversity &amp; Equality</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals to force equal employment opportunity, affirmative action or board diversity.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Compliance with State and Federal legislation along with information made available through filings with the EEOC provides sufficient assurance that companies act responsibly and make information public.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is also to vote &#147;against&#148; proposals to adopt the Mac Bride Principles. The Mac Bride Principles promote fair employment, specifically regarding religious discrimination. </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Compliance with the Fair Employment Act of 1989 makes adoption of the Mac Bride Principles redundant. Their adoption could potentially lead to charges of reverse discrimination.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="172" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="108" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Health &amp; Safety</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; adopting a pharmaceutical price restraint policy or reporting pricing policy changes.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Pricing is an integral part of business for pharmaceutical companies and should not be dictated by shareholders (particularly pursuant to an arbitrary formula.) Disclosing pricing policies may also jeopardize a company&#146;s competitive position in the marketplace.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals to control the use or labeling of and reporting on genetically engineered products.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Additional requirements beyond those mandated by law are deemed unnecessary and potentially burdensome to companies. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="201" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="137" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Government/Military</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote against shareholder proposals regarding the production or sale of military arms or nuclear or space-based weapons, including proposals seeking to dictate a company's interaction with a particular foreign country or agency.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Generally, management is in a better position to determine what products or industries a company can and should participate in. Regulation of the production or distribution of military supplies is, or should be, a matter of government policy. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals regarding political contributions and donations.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The Board of Directors and Management, not shareholders, should evaluate and determine the recipients of any contributions made by the company. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>3.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals regarding charitable contributions and donations.  </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: The Board of Directors and Management, not shareholders, should evaluate and determine the recipients of any contributions made by the company. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="132" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="68" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Tobacco</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>AM policy is to vote &#147;against&#148; shareholder proposals requesting additional standards or reporting requirements for tobacco companies as well as &#147;against&#148; requesting companies to report on the intentional manipulation of nicotine content.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Where a tobacco company&#146;s actions meet the requirements of legal and industry standards, imposing additional burdens may detrimentally effect a company's ability to compete. The disclosure of nicotine content information could affect the company's rights in any pending or future litigation.  </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><font size=2>Shareholder requests to spin-off or restructure tobacco businesses will be opposed.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: These decisions are more appropriately left to the Board and management, and not to shareholder mandate.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="208" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>VIII.</font></B></p> </td>
        <td width="144" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Environmental Issues</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management's recommended vote on CERES Principles or other similar environmental mandates (e.g., those relating to Greenhouse gas emissions or the use of nuclear power).</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Environmental issues are extensively regulated by outside agencies and compliance with additional requirements often involves significant cost to companies.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="198" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><B><font SIZE=2>IX.</font></B></p> </td>
        <td width="135" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><b><font size=2>Miscellaneous Items</font></b></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="214" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>A.</font></B></I></p> </td>
        <td width="151" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Ratification of Auditors</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote &#147;for&#148; a) the management recommended selection of auditors and b) proposals to require shareholder approval of auditors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Absent evidence that auditors have not performed their duties adequately, support for management&#146;s nomination is warranted. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="442" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>B.</font></B></I></p> </td>
        <td width="379" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Limitation of non-audit services provided by independent auditor</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support proposals limiting non-audit fees to 50% of the aggregate annual fees earned by the firm retained as a company's independent auditor.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: In the wake of financial reporting problems and alleged audit failures at a number of companies, AM supports the general principle that companies should retain separate firms for audit and consulting services to avoid potential conflicts of interest. However, given the protections afforded by the recently enacted Sarbanes-Oxley Act of 2002 (which requires Audit Committee pre-approval for non-audit services and prohibits auditors from providing specific types of services), and the fact that some non-audit services are legitimate audit-related services, complete separation of audit and consulting fees may not be warranted. A reasonable limitation is appropriate to help ensure auditor independence and it is reasonable to expect that audit fees exceed non-audit fees.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="189" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>C.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Audit firm rotation</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support proposals seeking audit firm rotation unless the rotation period sought is less than five years.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: While the Sarbanes-Oxley Act mandates that the lead audit partner be switched every five years, AM believes that rotation of the actual audit firm would provide an even stronger system of checks and balances on the audit function.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="252" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>D.</font></B></I></p> </td>
        <td width="188" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Transaction of Other Business</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote against &#147;transaction of other business&#148; proposals.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: This is a routine item to allow shareholders to raise other issues and discuss them at the meeting. As the nature of these issues may not be disclosed prior to the meeting, we recommend a vote against these proposals. This protects shareholders voting by proxy (and not physically present at a meeting) from having action taken at the meeting that they did not receive proper notification of or sufficient opportunity to consider.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="261" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>E.</font></B></I></p> </td>
        <td width="197" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Motions to Adjourn the Meeting</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM Policy is to vote against proposals to adjourn the meeting.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Management may seek authority to adjourn the meeting if a favorable outcome is not secured. Shareholders should already have had enough information to make a decision. Once votes have been cast, there is no justification for management to continue spending time and money to press shareholders for support.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="189" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>F.</font></B></I></p> </td>
        <td width="125" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Bundled Proposals</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to vote against bundled proposals if any bundled issue would require a vote against it if proposed individually. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Shareholders should not be forced to &#147;take the good with the bad&#148; in cases where the proposals could reasonably have been submitted separately. </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="232" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>G.</font></B></I></p> </td>
        <td width="168" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Change of Company Name</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to support management on proposals to change the company name.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: This is generally considered a business decision for a company.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="310" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>H.</font></B></I></p> </td>
        <td width="247" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Proposals Related to the Annual Meeting</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM Policy is to vote in favor of management for proposals related to the conduct of the annual meeting (meeting time, place, etc.)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: These are considered routine administrative proposals.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="452" style='border-collapse:collapse; '>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>I.</font></B></I></p> </td>
        <td width="388" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Reimbursement of Expenses Incurred from Candidate Nomination</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>AM policy is to follow management&#146;s recommended vote on shareholder proposals related to the amending of company bylaws to provide for the reimbursement of reasonable expenses incurred in connection with nominating one or more candidates in a contested election of directors to the corporation&#146;s board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Rationale: Corporations should not be liable for costs associated with shareholder proposals for directors.  </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="245" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>J.</font></B></I></p> </td>
        <td width="181" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>Investment Company Proxies</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Proxies solicited by investment companies are voted in accordance with the recommendations of an independent third party, currently ISS.  However, regarding investment companies for which AM or an affiliate serves as investment adviser or principal underwriter, such proxies are voted in the same proportion as the vote of all other shareholders. Proxies solicited by master funds from feeder funds will be voted in accordance with applicable provisions of Section 12 of the Investment Company Act of 1940.</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Investment companies, particularly closed-end investment companies, are different from traditional operating companies. These differences may call for differences in voting positions on the same matter. For example, AM could vote &#147;for&#148; staggered boards of closed-end investment companies, although AM generally votes &#147;against&#148; staggered boards for operating companies. Further, the manner in which AM votes investment company proxies may differ from proposals for which a AM-advised investment company solicits proxies from its shareholders.  As reflected in the Guidelines, proxies solicited by closed-end (and open-end) investment companies are voted in accordance with the pre-determined guidelines of an independent third-party.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>Subject to participation agreements with certain Exchange Traded Funds ("ETF") issuers that have received exemptive orders from the U.S. Securities and Exchange Commission allowing investing DWS funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally when required to do so by participation agreements and SEC orders.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Note: With respect to the QP Trust (not registered under the Investment Company Act of 1940), the Fund is not required to engage in echo voting and the investment adviser will use these Guidelines, and may determine, with respect to the QP Trust, to vote contrary to the positions in the Guidelines, consistent with the Fund&#146;s best interest.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="234" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:18pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><I><B><font SIZE=2>K.</font></B></I></p> </td>
        <td width="171" nowrap valign=top style='padding:.25in 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:120.96%'><i><b><font size=2>International Proxy Voting</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The above guidelines pertain to issuers organized in the United States, Canada and Germany.  Proxies solicited by other issuers are voted in accordance with international guidelines or the recommendation of ISS and in accordance with applicable law and regulation.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 8.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The names of the persons primarily responsible for the day-to-day management of the Fund&#146;s portfolio and their business experience during at least the past five years are set forth below.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt, Director</font></p>
<p style='margin-left:.75in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joined Deutsche Asset Management in 1999 and the Fund in 2006.</font></p>
<p
style='margin-left:.75in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to that, served as senior portfolio manager for Global Equities and Global Sector head of Telecommunications, after 3 years of experience, including portfolio management at SEB Enskilda, Luxemberg and various positions at Dresdner Bank AG, Germany.</font></p>
<p style='margin-left:.75in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masters Degree in business administration from the University of Trier, MBA International Business, MIIS Monterey, USA, completed bank training at Dresdner Bank, Duesseldorf.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font
size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Robert Kalin, CFA, Director</font></p>
<p style='margin-left:.75in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joined Deutsche Asset Management in 2002 and the Fund in 2002.</font></p>
<p style='margin-left:.75in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to that, served as fund manager for European emerging markets at Zurich Investment in 2001, as advisor to Zurich Investment from 1998 to 2001, as fund manager at Corus Funds from 1996 to 1997, analyst at       Value Line from 1993 to 1995.</font></p>
<p
style='margin-left:.75in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studies of Economics and Computer Science, State University of New York at Plattsburgh.</font></p>
<p style='margin-left:.25in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.25in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Roles and Responsibilities</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>The Fund is
managed by a team of investment professionals employed by the Investment Manager and the Investment Advisor, who collaborate to develop and implement the Fund&#146;s investment strategy.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>The Investment Advisor&#146;s portfolio managers make recommendations to the Investment Manager&#146;s portfolio managers with respect to the Fund&#146;s investments; the Investment Manager&#146;s portfolio managers determine which securities are suitable for the Fund&#146;s investment. Upon instructions given by the Investment Manager&#146;s portfolio managers as to which securities are suitable for investment, the Investment Advisor&#146;s portfolio managers transmit purchase and sale orders and select brokers and dealers
to execute portfolio transactions on the Fund&#146;s behalf.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><b><font size=2>Compensation of Portfolio Managers </font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Portfolio managers are eligible for total compensation comprised of base salary and discretionary incentive compensation.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Base Salary</font></b><font size=2> &#150; Base salary generally represents a smaller percentage of portfolio managers&#146; total compensation than discretionary incentive
compensation. Base salary is linked to job function, responsibilities and financial services industry peer comparison through the use of extensive market data surveys.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Discretionary Incentive</font></b><font size=2> </font><b><font size=2>Compensation &#150; </font></b><font size=2>Generally,</font><b><font size=2> </font></b><font size=2>discretionary incentive compensation comprises a greater proportion of total compensation as a portfolio manager&#146;s seniority and compensation levels increase.  Discretionary incentive compensation is determined based on an analysis of a number of factors, including among other things, the performance of Deutsche Bank, the performance of the Asset Management division, and the employee&#146;s individual
contribution.  In evaluating individual contribution, management will consider a combination of quantitative and qualitative factors.  A portion of the portfolio manager&#146;s discretionary incentive compensation may be delivered in long-term equity programs (usually in the form of Deutsche Bank equity) (the &#147;Equity Plan&#148;).  Top performing portfolio managers may earn discretionary incentive compensation that is a multiple of their base salary.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The quantitative analysis of a portfolio manager&#146;s individual performance is based on, among other factors, performance of all of the accounts managed by the portfolio manager (which includes the fund and any other accounts
managed by the portfolio manager) over a one-, three-, and five-year period relative to the appropriate Morningstar and Lipper peer group universes and/or benchmark index(es) with respect to each account. Additionally, the portfolio manager&#146;s retail/institutional asset mix is weighted, as appropriate for evaluation purposes. Generally the benchmark index used is a benchmark index set forth in the fund's prospectus to which the fund's performance is compared. Additional or different appropriate peer group or benchmark indices may also be used. Primary weight is given to pre-tax portfolio performance over three-year and five-year time periods (adjusted as appropriate if the portfolio manager has served for less than five years) with lesser consideration given to portfolio performance over a one-year period. The increase or decrease in a fund&#146;s assets due to the purchase or sale of fund shares is not considered a material factor. </font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The qualitative analysis of a portfolio manager&#146;s individual performance is based on, among other things, the results of an annual management and internal peer review process, and management's assessment of overall portfolio manager contributions to investor relations, the investment process and overall performance (distinct from fund and other account performance).  Other factors, including contributions made to the investment team, as well as adherence to Compliance Policies and Procedures, Risk Management procedures, the firm&#146;s Code of Ethics and &#147;living the values&#148; of the Advisor are also factors.   </font></p>
<p
style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The quantitative analysis of a portfolio manager&#146;s performance is given more weight in determining discretionary incentive compensation than the qualitative portion. </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Certain portfolio managers may also participate in the Equity Plan. 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% to 30% of the total compensation award. As discretionary incentive compensation increases, the percentage of compensation awarded in
Deutsche Bank equity also increases. Portfolio managers may receive a portion of their equity compensation in the form of shares in the proprietary mutual funds that they manage or support.</font><font color="#0000FF"><font size=2> </font></font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><b><font size=2>Fund Ownership of Portfolio Managers</font></b></p>
<p ><font size=2>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 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 Fund&#146;s most recent fiscal year end.</font></p></td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="448" style='margin-left:75.0pt;border-collapse:collapse;  '>
    <tr style='height:30.65pt'>
        <td width="232" valign=bottom style='border:solid black 1.0pt;  padding:0in 3.0pt 0in 3.0pt;height:  30.65pt'>
            <p  align=center style='text-align:center;line-height:normal'><b><font  size=2>Name of</font></b><u><b><font  size=2> </font></b></u><br>  <b><font size=2>Portfolio Manager</font></b><u></u></p>  </td>
        <td width="216" valign=bottom style='border:solid black 1.0pt;  border-left:none;padding:0in 3.0pt 0in 3.0pt;height:30.65pt'>
            <p  align=center style='text-align:center;line-height:normal'><b><font  size=2>Dollar Range of</font></b></p>
<p  align=center style='text-align:center;line-height:normal'><b><font  size=2>Fund Shares Owned</font></b><u></u></p>  </td> </tr>
    <tr style='height:14.9pt'>
        <td width="232" valign=top style='border:solid black 1.0pt;  border-top:none;padding:0in 3.0pt 0in 3.0pt;height:14.9pt'>
            <p  style='line-height:normal;page-break-after:avoid;  '><font size=2>Ralf Oberbannscheidt</font></p>  </td>
        <td width="216" valign=top style='border-top:none;border-left:  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;    padding:0in 3.0pt 0in 3.0pt;height:  14.9pt'>
            <p  style='margin-top:0in;page-break-after:avoid'><font size=2>$0</font></p>  </td> </tr>
    <tr style='height:15.75pt'>
        <td width="232" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 3.0pt 0in 3.0pt;height:15.75pt'>
            <p  style='line-height:normal'><font size=2>Robert Kalin</font></p> </td>
        <td width="216" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 3.0pt 0in 3.0pt;height:15.75pt'>
            <p  style='margin-top:0in'><font size=2>$0</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:1in;text-align:left;'><b><font size=2>Conflicts of Interest</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>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 Advisor or its affiliates.  The tables below show, for each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by each portfolio manager.  Total assets attributed to each portfolio manager in the tables below include total assets of each account managed by them, although the manager may only manage a portion of such account&#146;s assets.  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 Fund&#146;s most recent fiscal year end.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><b><font size=2>Other SEC Registered Investment Companies Managed:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="543" style='margin-left:77.4pt;border-collapse:collapse; '>
    <tr >
        <td width="144" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="92" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of  Registered Investment Companies</font></b></p> </td>
        <td width="100" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Registered Investment Companies</font></b></p> </td>
        <td width="96" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Investment Company Accounts with Performance Based Fee</font></b></p> </td>
        <td width="111" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="144" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt</font></p> </td>
        <td width="92" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>
        <td width="100" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$352,871,303</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="111" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="543" style='margin-left:77.4pt;border-collapse:collapse; '>
    <tr >
        <td width="144" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Robert Kalin</font></p> </td>
        <td width="92" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="100" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td>
        <td width="96" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="111" valign=top style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><b><font size=2>Other Pooled Investment Vehicles Managed:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="544" style='margin-left:77.4pt;border-collapse:collapse; '>
    <tr >
        <td width="144" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="91" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Pooled Investment Vehicles</font></b></p> </td>
        <td width="101" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Pooled Investment Vehicles</font></b></p> </td>
        <td width="96" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Pooled Investment Vehicle Accounts with Performance-Based Fee</font></b></p> </td>
        <td width="112" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="144" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt</font></p> </td>
        <td width="91" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="101" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,583,800,266</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="144" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Robert Kalin</font></p> </td>
        <td width="91" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>
        <td width="101" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$460,054,113</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>1</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$279,103,695</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><b><font size=2>Other Accounts Managed:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="545" style='margin-left:77.4pt;border-collapse:collapse; '>
    <tr >
        <td width="144" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="84" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Other Accounts</font></b></p> </td>
        <td width="112" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Other Accounts</font></b></p> </td>
        <td width="93" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Other Accounts with Performance- Based Fee</font></b></p> </td>
        <td width="112" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="144" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ralf Oberbannscheidt</font></p> </td>
        <td width="84" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td>
        <td width="93" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="144" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Robert Kalin</font></p> </td>
        <td width="84" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td>
        <td width="93" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>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 Advisor 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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>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: </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p  align=left style='margin-bottom:0in; text-align:left;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Certain investments may be appropriate for the Fund and also for other clients advised by the Advisor, 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 Advisor 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 Advisor.  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 Advisor 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 Advisor in the interest of achieving the most favorable net results to the Fund and the other clients.  </font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p  align=left style='margin-bottom:0in; text-align:left;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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 Advisor attempts to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing similar investment models across multiple client accounts.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it manages.  The Advisor will not determine allocations based on whether it receives a performance-based fee from the client.   Additionally, the Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts with like strategies. </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:10.45pt 0in 0in 0in'>
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:10.45pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:103.68%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:10.45pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:103.68%'><font size=2>The Advisor and its affiliates and the investment team of the Funds may manage other mutual funds and separate accounts on a long-short basis.  The simultaneous management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long positions(and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the same time.  The Advisor has adopted procedures that it believes are reasonably designed to mitigate these potential conflicts of interest.  Included in these procedures are specific guidelines developed to ensure fair and equitable treatment for all clients whose accounts are managed by each Fund&#146;s portfolio
management team.  The Advisor and the portfolio management team have established monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>The Advisor is owned by Deutsche Bank AG, a multi-national financial services company.  Therefore, the Advisor 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</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1in; text-indent:0.5in;text-align:justify;'><font size=2>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 interest.   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 Advisor&#146;s advisory clients.  The Advisor 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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 9.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="637" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:solid black 1.0pt;border-bottom:none;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-bottom:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)  </font></p> </td>
        <td width="120" nowrap valign=bottom style='border:solid black 1.0pt; border-bottom:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td width="120" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)  </font></p> </td>
        <td style='height:15.75pt' width="0" height=21></td>  </tr>
                <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap rowspan=4 valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of Shares Purchased</font></p> </td>
        <td width="96" nowrap rowspan=4 valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Average Price Paid per Share</font></p> </td>
        <td width="120" nowrap rowspan=4 valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs </font></p> </td>
        <td width="120" nowrap rowspan=4 valign=bottom style='border-top: none;border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs</font></p> </td>
        <td style='height:15.75pt' width="0" height=21></td>  </tr>
                <tr style='height:15.75pt'>
        <td width="205" nowrap rowspan=3 valign=bottom style=' border-top:none;border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Period&nbsp;</font></p> </td>
        <td style='height:15.75pt' width="0" height=21></td>  </tr>
                <tr style='height:15.75pt'>
        <td style='height:15.75pt' width="0" height=21></td>  </tr>
                <tr style='height:15.75pt'>
        <td style='height:15.75pt' width="0" height=21></td>  </tr>
                <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td style='height:15.75pt' width="0" height=21></td>  </tr></table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="637" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 1 through November 30</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>24,000</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$60.39</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 1 through December 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 1 through January 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 1 through February 28</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 1 through March 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 1 through April 30</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>May 1 through May 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>June 1 through June 30</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 1 through July 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 1 through August 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.0</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 1 through September 30</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>43,700</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$33.62</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>October 1 through October 31</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>44,200</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$21.41</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total </font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>111,900</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$34.54</font></p> </td>
        <td width="120" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>
        <td width="120" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 10.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>The Nominating Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund&#146;s Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating Committee Charter and this proxy statement. A stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund&#146;s common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) 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 the Fund&#146;s By-laws.  Generally, this notice must be received not less
than 90 days nor more than 120 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 the Fund&#146;s By-laws. 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.</font></p></td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 11.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant&#146;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 12.</font></B></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS</font></B></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</font></p> </td> </tr>
    <tr >
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="103" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="551" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>
</DIV>


<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Form N-CSR Item F</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>Central Europe &amp; Russia Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Core Fixed Income Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS High Income Plus Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS International Select Equity Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Short Duration Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Short-Term Municipal Bond Fund, a series of DWS Advisor Funds</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Balanced Fund</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Blue Chip Fund</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Global High Income Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Emerging Markets Fixed Income Fund, a series of DWS Global/International Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Global Bond Fund, a series of DWS Global/International Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Global Opportunities Fund, a series of DWS Global/International Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Emerging Markets Equity Fund, a series of DWS International Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Europe Equity Fund, a series of DWS International Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Latin America Equity Fund, a series of DWS International Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Gold &amp; Precious Metals Fund, a series of DWS Mutual Funds, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Strategic Government Securities Fund</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Strategic Income Fund</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>DWS Technology Fund</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="316" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="124" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2008</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="316" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="124" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2008</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="285" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="316" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="124" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2008</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



</DIV>

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>j08276761_aa008.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08276761_aa008.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`8`"]`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M``(!`P($!`,%!`0$!@8%;0$"`Q$$(1(%,08`(A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M``P#`0`"$0,1`#\`W]/?NO=>]^Z]TA.S>T>M^EMA[G[2[=WUM/K3KC9>+GS6
M[-\;XSV-VUM?;V+IP/)697,Y:HI:&DC+,$0,^J21E1`SL`?=>ZTFOYA__"SC
MK+8N1W!US_+?Z8A[CRE%-4T$?R&[SASNVNLI)H9'B^^V7U-CI<)V!NS&U,3!
MX*O,9#;,D4B6:@GC8-[]U[K4I^2'\^[^;K\HZZJF[`^<?<^T\//))XMI='9N
M/H';%/1L[NF-FH^GX-G5F>HX==@<K45\[@*9)'*@CW7NJJ]V;ZWOOVO_`(KO
MK>.ZMZ935*_\2W9N'+[CK]<_C\[?>9BLK*C5-XDUG5=M(O\`0>_=>Z9<7ELK
M@Z^#*83)Y##Y.E\OVV1Q=;4X^OI_/#)3S>"LI)(:B'S4\SQMI8:D8J>"1[]U
M[JS?XE?S4?YMO3N^-G;/^+/R^^5>8W-F]P8S#[*ZDBW7N;NW`[BW'D:N"FQV
M'PO36^H]][4S64R]3XX1!%B9)JGTI9@`/?NO=;Y.`_G=_P`R3^6A@>EA_/?^
M&NV=M=9]O-B\1@/E!\:=Y;$S><V]N.KQ\>2R&V^U>BL;O',SUF>VS33^3+UF
MWY:.BBBCT4%)D9K@^Z]U6!_,'_X6@[MR&1R^P_Y;'26-V_@HFGHAW_\`(C&'
M*[CR.F0)_$-D]0X;+)A<#"#$7IZK/5^4>HAE'FQ=+(I'OW7NM5OY"?SC_P":
M1\HZ^IK.Y?G3\B<M1U<TL\VU]G[^R/5&PC)+J&K_`$>]4?W)V06ACD9(V./+
M1HS*I`9@?=>ZKBRF6RN<KY\IF\GD,QDZKQ?<Y'*5M3D*^H\$,=/#YZRKDFJ)
MO#3PI&NICI10HX`'OW7NGC:>]]Z;#R0S.QMW[HV9EUT:<KM//Y;;N2'C):.U
M=AZNCJAH9B1ZN">/?NO=7Y?RO_YJ_P#/WW-WWL7H7X8_(7O?Y-[TW'4*E-U-
MW)7+WSLY-O4TM+3UV1W/G.VI<O5=9[#PC5$+5>5@S.#IZ%&534H)-#^Z]UN@
M[A_X47;E_E];PKOC[_.K^+==T#WG2[!JM^[%WW\4=R8'O3I_OO#4=1/CXIMK
M;=K-T46^.JLMGLI2RT]!1;BJ)("87DK*NAC:+7[KW6N1\WO^%E7S;[:R>9V[
M\(^M=A_%#8'DE@Q.]MV8S$]R]W5D,<I6')R'<M#)U/MK[ZG&J3'_`,!S+TSM
MI3(2Z0Y]U[K7&[K_`)GW\Q;Y%5-7-W1\W?D_OJDK/N/+M^N[FWSCMFQ+6'_*
MDHMC8/,XO9V.CJ0`KK3T,2NBJI!55`]U[HDV6S.7S]=)D\[E<EFLE,L:39#+
M5U5D:Z5(8UBA62KK)9IW6*)0J@L0J@`<>_=>Z'+KOY;_`"LZ@K(\CU-\F_D)
MU=D(9%EAK^N^Y^Q]DUD4JB`++'5;:W)C)XY%%-&`P8$>-?\`4BWNO=;67\EC
M^;7_`,*1_DOV!F>O_CG-B?G-LKK3`U&;WU3_`"?PVWJ#:N!IWQ]8^(PF1^0E
M)/L7=U-OK>,^/:GP=+DLYD5EJD>HEI_LH*Z:/W7NMNCXF_SU>H.RNX<=\2?G
M)TIV5_+2^:5?-'18;I[Y&20_Z.NSJN6J%#3MTGWNE!AMG;^AR-8R148EBQYR
M,\JQ8YJ]@S#W7NKUO?NO=>]^Z]U[W[KW7O?NO=%+^;?S;^//\OGX\[S^2_R7
MWG#M+8&TH134%!3""KW9OW=E7!428'K_`*_P,E12R;BWEN*2E=:>G5XX8(8Y
M:JJEIZ.GJ:F+W7NODA_S;/YT?RK_`)L_:M1ENRLS5=??'S;.:JJKJ#XV;6RU
M;_<?:-(C5%-C=P;L8-3KV!V=+C9F6JS=9$HB:::+'P4-)(:;W[KW1)/B'\)/
ME/\`/'M*EZ<^)_3&[NX=[NM-496/`TT%+MW:6+JIS3QYW?.\,O/C]J[*P/F4
MJ*O)UE+#)(/'&7D*H?=>ZW:OA5_PBBV\N)Q&Y_Y@?RCSE1FJB.*JKNH_BY3X
M['8[%R"\L5#D^X.QMN9B?-:P4CK(:+;%"(R)%IZV0%)Q[KW5\^P/^$P'\DC8
M>+2@?X<+O>N,,$-7G]_]T=\9[*5I@6PF>EI^RL;MZ@FE8LTAHJ&E#DV(TJJK
M[KW4??O_``EX_DC;[IPL?P\FV17K#]O'EMA=X=^X.H2()6!+XRJ[,RFVIIEF
MK/+YI:!YF:&-&=HE,9]U[JOGOKJ+^35_PE@V3NWY.]8];Y;L_P"9';6)RNW?
MC=U_V9OF'?&_T9:7[3+/M:LEQ-*W6/5M'-4(=Q;A^WFRE3%)_#H*B9IXZ1O=
M>Z^>E\W/G;\G?YAO>&:[^^4W8^0WWO/(^:CP6*C\F/V5U]MIJJ6JH]F==[66
M>:AVOM?'M*=,2%ZBID+3U<U1522SO[KW0G?";^5/\^_YA]'O/,?$OXZ;N[*V
MQL/$Y;(9_>M348?9VQCD<70R5J;/P^\=YY'`[>W!OK*.(XJ?$451/6AITDF2
M&GUSI[KW6R#_`"(O^$ZOP2_F!=7;J[+^2GR*[NK.Y>G]_9GK[OGX<[8VWC^D
MMU=';RQ63R./H]N=FY/=E%N[=VX*'/4N+FJ(:K&4V`T3QS432"JH:R)?=>ZV
MP=J?\)E/Y(6TL:,?!\(,/G9&T-49/=?<GR$W%DJF1`5$ADR';$E-1ZE/*4L5
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M1W_2H''OW7N@.[>_X2)_R;>R*66#96P^]_C]4/()(ZWJ;O7<V<FA`C5!`(N]
MJ7NBF>G9UUM=/(2Q`=18#W7NKZ/B?\2OC_\`"+HW9_QU^,_76'ZUZMV93D4>
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MD<ED*VI>.GHZ&AHX'EEED94CC4LQ`!/OW7NOCZ?S\?YO>\/YJWRZS55M?,Y*
MA^(_2.6S>T/C=LHM44M+EL='.E%G.Y-Q4,HB:7=W9DU"M1$LL:/B\,M)0A?-
M'53U/NO=('^2]_)L[I_F[]_3;6P-36=??'+K*LPU?\@N[FI8IAMO$Y*2>:AV
M9LBEJE:GSO9F[:>AG6BB97I,="CUE9>-(H*KW7NOK8?#CX3_`!H^`_2F`Z#^
M+76&#ZUV%A8XILA)1Q+5;HWKGA!'!6;P[`W3.IR^[]V9,1CRU=7(_CC"P0+#
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MXZ&"DIHVED>20A=<LSO(Y9W9C[KW6O'_`#;/BWV+\)^\,=_/3^!VV?+VWT]A
MX\9\_P#HK#,<=B/EG\3X#C$WCG:R"G0TR]F=78;$P9%*^2-F>BQ<%6WEDQ,5
M)7>Z]U?M\?>^.LOE!TCU9\ANFMPP[IZO[BV3@M^;+S,7B6:7$9ZBCJEHLG31
M33_PW/8>H,E'D:)V\U#7T\U/*!)$X'NO=5O_`,[?^:9M;^5%\*=T]SQ)B\[W
MIO\`J*GK7XW;&R$L3PYOLS)8RIJ/[U9O'AQ5U6Q^M\=&V5RN@(E2ZTN/,U/+
MD(95]U[KXY':':'87=?8N]>V^V-WYS?W978NY,KN[>^\]R5CU^;W'N/-54E9
MDLG7U+V!DFGD.E$5(HHPL<:HBJH]U[K>M_X3H?\`":?:^[MJ["^?G\Q;8JY[
M%[AAQ^[_`([_`!<W9CS_``7(8&56J<)VEWA@LA3C^,T.;0Q5F"VW*/LYJ(QU
M616HCJ$HX_=>Z^@)24E+04M-0T--3T5%14\-)1T=)#'34M)2TT:PT]-34\*I
M#!3P0H$1$`55````]^Z]UJ\]^;)'\A?YLX[YL=04<V%_E:?-[LW`[&^=O4F,
M@AI]E?$[O;>%73X38'RLV+AZ*."CVOU[N7*3+1;I@CC6&F+>./SO48:CH?=>
MZVAJ2KI:^EIJZAJ:>MHJVGAJZ.LI)HZFEJZ6IC6:GJ::HA9X9Z>>%PZ.A*LI
M!!(/OW7NL_OW7NO>_=>Z][]U[I`=K=5]=]X]:[YZ>[;VCA]^]9=E[7S&S-\[
M.S\#3XG<6VL]1RT&4QM6L4D-1#YJ>8^.:&2.H@E"RQ.DB*X]U[JA/^7=OWL7
M^6A\O:C^3)\C-WYS>726]-O[D[2_E0=Y;UKS7YS=/4>W!]]V#\2-VYZ98AD]
M^="13?<8=3Y)'V[;FFI6Q-!%[KW6Q7[]U[K50_X5O_/VN^*?\O+'_'#8F<J,
M/VG\WMP93KN2HQ]4]+D,;T?LR+$YCN6KAEC23]O<G\8P^VIX7T>?'YVL*M>(
MCW[KW7S%N@^C^QODOW9U5\?>H\+_`'@[,[DWYMKKK9.*>0T]-/G]TY2GQ5%-
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M[8QB::;%;?V_0Q4-'')*UYZ[(5`B,U75S,]3654DD\SO+([M[KW0G^_=>ZP5
M=)2U]+4T-=34];15M/-25E'5PQU-+5TM3&T-135-/,KPST\\+E'1P592000?
M?NO=:XO\HN#)?R_?G7\W?Y,V9EJEZ?V_"?G?\`FR$]1(:/XX=R;K;%]G=88Q
MZF.&-L3U9VY6&GI`AEGJJF;*5,C6M;W7NM%[_A2__,*KOG?_`#,^SL%M[-??
M](?$VLS/QUZFI:2H>;%5^3VKF)H.V=]4]O\`):FHW?V%25$$-9#>.JPN+QI#
M.$#'W7NE[_PF._E58?\`F,?-^3L/N/;:YWXO?$J'`]C]CXC(T8J<'V-V%D*V
MI_T4=59))[TM9A<GDL159C,T[I/#58K#R4$Z*N021?=>Z^M(B+&JHBJB(H1$
M0!515`"JJ@`*J@6`'`'OW7NN_?NO=`U\B.A>M?E'T9VO\=NX,%#N/K/N38NX
M-@[OQ<J0M-_"\_02T@R.,FGBG6@SV$JFCK<=5JOEHJ^GAGC(DC4CW7NJB/Y!
MO>O8^4^./;7P/^0>6_BWR4_E=]QYGXB;YR<K2FHWGU5@!43?'CLZ!*@FJ.#W
M7U[1&@H)I@)ZN'"&HD&J4D^Z]U>Y[]U[KWOW7NO>_=>Z][]U[JHC^=;\1MU?
M)SX7YS?G2?W6*^7GPXW%BOEY\0]W8B!I\_B^X.F&.YVVM0T\:%LO2]D;9HJS
M"G'3:J.IKJBCEG1_MT`]U[IR_P"'8>HO^&>_^':?!C_[F?[+1_I;_NC_`!"3
M[?\`TNZ/[F?Z%?XMXM7\0_T\_P"_/^YTZ?N_7^GGW[KW6@;_`,*^_D;7=O\`
M\VC)]/15\DFW?BMTGUAUO3XU&=J&+=6_<..ZMRY:/4NALA78OL/$T50R,5`Q
M<:&TD;CW[KW0X_\`",KXH8GM[Y]]R_)_<>,7(X[XD=/4\.U)'CA=,5VEWS59
MK:&!RA::*4ADZXVUN^!`FA_)4*X<!"K^Z]U].;W[KW7O?NO=>]^Z]U[W[KW7
MQ!/YIOR)K/EA_,9^:/?]15S5M#O[Y"]C':LM1(TLT77VULY/LOK6ADD9F#-C
M>O\`;F,IO39!XK*`M@/=>ZW4?^$3GQ'H<)U#\LOG%F\=&^>W[O3$?&SKZNFB
M1:K'[2V+CL1V#V-)12AS))C]V;DW3@8I+J%$^W?22=5O=>ZWJO?NO=>]^Z]U
M[W[KW6JA_P`*3^PMU_`S>/P._FT=58Z23?O1&Y._?B]N>.E'[>Y=M_(SH??U
M1U]3[DU26?![+W_M"6LISH(CJZ_627\0]^Z]U\L"HJ*BLJ)ZNKGFJJJJFEJ*
MFIJ)7GJ*BHG=I)IYYI&:2:::1BS,Q+,Q))O[]U[KZ[W_``F"^)N-^+?\H/X]
MY:7&QTF^/DW)G/DYOJL"AI*].Q9X:/K;QS-&LZT</3V`V^PB),:54M0Z?YUB
M?=>ZV$/?NO=>]^Z]U[W[KW6O)D,3'\5?^%)FULYCI(\;LC^:A\$-SX7.8R.5
MH?[Q?)+X9Y/%9:#<4\,2"&IDQ/Q],5'%Y`9!Y9V#A?0?=>ZV&_?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]UHM8;I+(YG?79'\EN'QCJ_KC_A1STIO[);%%/2-1-\*.
MZOCGW_\`S!L)U>^,$)2+!HO060G68PB*0LU@51@/=>ZU&OY\&ZJG>/\`.'_F
M'9>J^X\M'\D]Y;57[FH-3)]ML5*#9%'ID*III_L]O1^&.W[,6E+G3<^Z]UN5
M?\(C]K8ZD^&WS+WM$JC+;@^36V]K5K"&-7..V=U9@LMBU:<?NR*M3OFLLC>E
M"25Y=O?NO=;L'OW7NO>_=>Z][]U[I);_`,M6X'8F]<YC)%AR6%VEN/+8^9XT
MF2*MQV'K*RDD:*56CE5)X5)5@58"Q%O?NO=?`X]^Z]UL/_R\_P#A2W\Y/Y:7
MQ?VE\3N@^FOA]N'K[:.>WCN2#</:'7W<.8WYF<MO;<5=N/)U&X,KL[OK8N"K
MFHWK%I*5H\;"\=#30QNTC(7;W7NCN_\`0:I_--_Y\'\`/_16?(K_`.ZI]^Z]
MU[_H-4_FF_\`/@_@!_Z*SY%?_=4^_=>Z]_T&J?S3?^?!_`#_`-%9\BO_`+JG
MW[KW5K_\P'Y>]J?S3?\`A)MV!\TN^ML=8;8[,I>W]E9BJP_5N+W?@-FT(VI\
MP<#T=C*C!8O=.\=\YD9"IP&XR:K[K)3PLTDKQK&1&B^Z]U\Z3W[KW6U9TC_P
MKY_F1]`]+]1=$;%Z%^"#[)Z4ZPV#U)LY\MU=WRV5?:O7&U,3L[;S9-L/\E\-
MB&R#8C#0F8TM'24QDOXH8DTHONO="A_T&J?S3?\`GP?P`_\`16?(K_[JGW[K
MW7O^@U3^:;_SX/X`?^BL^17_`-U3[]U[KW_0:I_--_Y\'\`/_16?(K_[JGW[
MKW6S[\O>S=S=F_)S_A+G\M,W2X/&;][(WQO,;BH=N09/&XRBG^4WQ%VK7[XH
M=O2U>4R>5HMMPF&2):.HJ:MYX!%'/+)I=G]U[K9[]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW6LQMC8L-'_P`*9^[D%3BX_P"\?0?Q;^2DF/-7D/OJO([*Z&^87Q@A
MRB0B#[7[S'8W?TE.T1;P_;52RA_+>/W[KW6@1_PH3V%/UO\`SG_Y@.WJBECH
MY,CW/2[]6&)IF5X.U=A[.[0IJHF<E_)74V\$G<#T!Y"$]&GW[KW6V9_PB#[*
MH<E\=_G9T\*B/^);-[HZJ[*>D*(LOV/9>Q\[M>*H235Y)XQ4=3NK`"T1TDG]
MP>_=>ZWDO?NO=>]^Z]U[W[KW2>W=@VW/M/<^VDJ5HWW#M[-8-*MXS,M*V6QM
M30+4M"'C,JP&HU%0RE@+7'U]^Z]U\#S+8K(8+*Y/"9>EDH<KALA6XK)T4VDR
MT>0Q]3)25M+*49T,E/4PLC6)%QP3[]U[K;<_DY_\)F>J_P":K\)]N_*ZJ^9^
M[.J<_6;_`.P.OMS]?X?IG"[QHMNY79N5B6C5<]5]C;?J*J3*[;R=!7,K4D?B
M^ZT`L`&/NO=6G?\`0#MU9_WL2[`_])RVY_\`;?\`?NO=>_Z`=NK/^]B78'_I
M.6W/_MO^_=>Z]_T`[=6?][$NP/\`TG+;G_VW_?NO="]_.%^(6!_E*?\`"8G=
M_P`&L1VIDNV:'-]X]>;:H-[Y;:E!M&NSM5NKY%P_(>?'R8.#-[ACH%Q<6S)4
M62*J=Y5IP2%5W4>Z]U\V?W[KW6\K\<_^$9>&^1WQ\Z+^0FW/YFS8S`=Z]/=:
M=PX7&/\`#2/)28S%=E[,PN\Z#&RY"'Y8TT5;-04V:6%Y5CC$C(3H6^D>Z]T,
MO_0#)_X-$_\`9)__`-;CW[KW7O\`H!D_\&B?^R3_`/ZW'OW7NO?]`,G_`(-$
M_P#9)_\`];CW[KW5R?RYZLDV!\_?^$RGPGH\]4;T/2W^S!;DSNX(,.N!I\C0
M?%7XF;0V_A-Y9*ACJ<]5;<CW#DHY_MZ(5E13F:4TTL[MX9#[KW6S/[]U[KWO
MW7NO>_=>Z][]U[KWOW7NM8C:O8]/6_\`"F?O<)+BY$VSU7\3?BO45+4E*^1H
M\[OGXM_-+Y;T>W(:T,[4\F1P/7<^1EC9XZF:&EC*P201-/'[KW6L]_PL_P#C
M!7=<?/GI/Y0X[&R1;3^2W1E)MS*Y(1NT=1VAT?EI,%G%EF5?%%JZZW-M9848
MZW,$I%PME]U[HKG_``DS^9M#\7_YIFW^J=UYBGQ>P?F-L?)]$U#U\R4^/@[-
MAK:7=_4-67:2,ME,MN##U&VZ*/UB2HW&%TZBK)[KW7U>_?NO=>]^Z]U[W[KW
M7O?NO=?%O_GF_%ZO^(G\UWYK=4RX]:#;^8[EW#W!L%:>+QXX[`[PD7M?;%'C
M&$<224NW:3=IQ#Z00E3CY8R24)/NO=;./_")_P"9V,P^X_E7\!=SY9:6HW>N
M+^3O4=!45)AIZ[,X2BQ/7G<5#2QRD0U&:J\#'M6KBAB_?>CQ=7*0T<#-'[KW
M7T'_`'[KW7O?NO=>]^Z]UJS?SSNI8OYF_P`X/@5_*%Q>5:+`2[!^1GS9^0E9
M#42*NP\#MSK'=O3/QUW74QT\53(6K.U-V9.CN4+P^:-@CK(1[]U[KY9&\MH[
MBZ_W?NK8>[\7483=NR=R9S:.Z,+5@+58C<6V\G58;-XNI525%1C\E12Q.`2-
M2'W[KW7U6/\`A)M\T\;\G/Y6FU>E\IE(ZGLWX8;HR?3&Y**:M%1DY^O<W69+
M>?3VXI*4DR46'.W\A5[=HP>'?;$Y7@6'NO=;/'OW7NO>_=>Z][]U[K7OZ<D7
MY9?\*(/D[VWC_P#<CUG_`"T?AIU_\4L;6JT;8Q_D3\CMRU/;N]<AAZE7?[S(
M;<Z[HWP.5B6WV=0J)(JNRE_=>ZV$/?NO=>]^Z]U[W[KW7O?NO=<)98H(I9YY
M8X8(8WEFFE=8XHHHU+R2RR.0D<<:`EF)``%S[]U[K1%QG9>[<5TEO7^?+34N
M0'6V^O\`A03UAWUF=S?P_("K?^7-U/M+MW^7_MG<FL-]Y)X\/W/EJ72W^2(S
M:57QLR^_=>ZOK_X40_RY:S^8]_+;[+V=L;"S9COOHJJ_V8#H:CH*9JC+;AW3
MLO$96#<O75%%"GW5=-V-L7(Y''T5('2*3._PV62X@%O=>Z^/O@<]G]G;BPNY
M]MY3);=W1M;-8[/8'-8RIGQ^7P6?P==#D,7E,?5PM'4T.2QF1I8Y8I$*O%*@
M8$$>_=>Z^QK_`"-_YM6P_P":[\0=O;VJLIB\;\FNJL?A-F_)SKZ'[6CJ:#>:
MT;Q4?8N#Q<*PA=A]GQ4,M?0M%'X:*K%5CM3O1,[^Z]U=+[]U[KWOW7NO>_=>
MZT<?^%EO\N*N[&ZGZG_F1]:X.HK]P](4]'TM\@H<?2O/,_4>XLY69'KC?-4(
M4`AH]C;_`,W5XRLD;R22)N6E8Z(:1R/=>ZT,/AQ\J^T/A#\GNF/E7TY61TO8
M'2^]*'=6+I:F2:/&[@QC13XO=&S\V:<K.VW]Z;6R%;B:]8RLAI*R305?2P]U
M[K[5/P<^:/27\P+XR=8_*;H+/PY?9/8F%@GR&'EJ::3<77^\J6"!=V=;[UHZ
M=V_AF[MG921J:IC_`,U41^.JIFEI*BGGE]U[HVGOW7ND5V3V-LGJ#KS?/:_9
M6X\;L_KSK7:.XM][XW5F)Q3XK;FT]J8FKSFX,UD)C?12XW%T4LKV!8A;`$V'
MOW7NJ$/Y'&S=Z_)S?WS!_G.]S[<R&WMT?/G>E%M'XO;7ST<D>6ZY^#O3TC;=
MZMI!3^<P8ZL[,K<8F4RB11B"OFQU/DXF*US7]U[K3F_X5I_RY,C\4OGS-\L=
ME8-:?H_YN-D-ZS5-#%)]IMSY`86"BC[;P=?S-X)MZO4TVZ8)I73[RJR>1CB3
M11.??NO=5T?R)?YI.4_E5_.;:O:N?FR5;\?.TJ6FZK^26VZ!6J9).O\`*9.F
MJ*'?>+Q^B45.YNL,VD>4IE11455$*V@CDC%<[CW7NOL8[.WAM7L+:6V-^[%W
M#A]W;*WKM_#[KVCNK;U?3Y7`[DVUN#'T^5P>=PV3I)):7(8O*XVJCG@FC9DD
MB=6!(/OW7NE'[]U[HE?\PWYL]<?R\OA_W/\`*[LJ2&IHNN=LSC:&UC,8Z[L'
MLO-7Q?7G7V+6/54/5;IW144\$LD:O]G1^>J<"*"1A[KW18/Y*?P^W]\3_A;C
ML[WT\U?\M/EKO[=WS"^6>8KZ=8,J>Z.\IZ?<-=M6L5@\],VPMO"AQ,]-Y9:>
M/)4]9+"0DUO?NO=6Y^_=>Z][]U[KWOW7NO>_=>ZI1_G??)+?&T/CWM#X.?'.
MJ6J^9?\`,OW-6_%?HS&TQEEK-H;(W%1Q4_R%[RRD-&5R-!M7J/JC)5<]1DH"
MLF,K*VEJQ=()+>Z]T<C_`(;[Z#_X;T_X;8_@_P#Q@3_9</\`9<+?:TW\5_A'
M]T_[O?WWO;Q?WX_C?^Y[[V_E_C7^4ZO)ZO?NO='F]^Z]U\R'_A4S_)(R_P`4
M^XMQ_P`PGXV;-9_B[W=N85_<^W=O4:"CZ)[HW-6L:S*-CJ?UX[K7M3+S&II9
MU3[/&9Z>6A8T\=5BX']U[K6>^$?S<^0W\OCY#;,^2_QHWG-M/?VTYC39#'U(
MGJ]I;]VE5ST\N>Z_[`P,512Q[BV;N*.E05%.7CF@FCBJJ66GK*>GJ(O=>Z^K
M_P#RD/Y\7P]_FL[/P^`V[GL?TY\JZ+#I4;Y^,^],U2IN*2KI*0S9?-=49BH2
MA@[2V7$89)?-1QIDZ&!0V0HJ4-&\ONO=7@>_=>Z][]U[I%=D]<;%[AZ^WMU3
MV?M?$[VZY[(VKG=D;YVAG:?[K#[EVKN;&U.(SN%R,(9':ER&.JY(V*LKKJNK
M*P!'NO=?',_G5_RDNS_Y3/RMS/75?29K<?QV[%JLKNCXU]M5<`EIMU[,6HC>
MIVCGJ^GC6C@[&Z]DJXZ++4Q$3SQFGR$<24U;`![KW4[^39_.A[^_E$=TU.>V
MM#6=F_'+L&LI5[N^/M?F9,;B=R"&):6EWOLRNF@KJ?:79F"IU58JU8'AR-(G
MV=8CQB"6E]U[KZM'P)_F6_#C^91UC#V9\4^V\/N]Z6CI*C>76N7FH\'V]UE5
MU2H!CNPNOY*VIRF&M4%H8J^$U6'KI(W^SK*E$+>_=>ZH^^7';N:_GT_+:3^6
M/\5]T9#_`(;B^.N[,#NK^9E\G=FY.KI<7W!G<!F'K=L_$7J/<M`11Y>CR.8Q
M/W&6RE.\T,DU*:J%U@Q<29SW7NMIC;.V=O;+VWM[9VT<)B]M;4VG@\3MG;&W
M,'14^,PNW]O8&@I\7A<)B,=21Q4N/Q>*QM+%!3P1*L<44:JH``'OW7NB6?S)
MO@'U)_,N^(?9_P`4>W5^PI=V4:9K8&]H*45>5ZP[5P5/6/L;L3$0>:F:IDPE
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MMJ8=)(YLYNS=&6GBI*&E5D5I9-<LD4"2S1^Z]U5)_*P^.G>?R`[IW[_.-^=.
MU*K97???^T8]A?$7X\96I:N7X>_#5ZH9?;>`K(Y(*=(>WNWII?XUN*<H*B"*
MH$6FB>KK<72>Z]U?=[]U[KWOW7NDMOC8^S>S=F[HZ\[#VO@=[[$WO@<IM?=^
MT-T8NCS>W=R[=S='+09;"9O$U\4]%D<;D:*=XI8I49'1B"/?NO=?-,_G<?\`
M"67M_P"*>5W?\D_Y>FWMT=W_`!>?[S<6YNEZ$5FY.Y^AZ4:JC()B*1?N,OVO
MUGCO4\-73K+GL72'170U45/-E9/=>ZT^\3ELUMG,X_-X/)Y3;^X,%D*?(XK+
MXFMJ\5F</E<?.L])78^OHY*>MQ^0HJF(/'+&Z21R*"""/?NO=;*?PI_X5>?S
M3?BAB\;L[LC=&S?F+U_C8::BI:/Y"4&3JNQ\;CZ=8E\>.[>VKD<)NO+5THC]
M55N1=QRV=K6].GW7NK]^L/\`A;Y\?,CC:4]T?!/N39N7$<BUJ]8=J[)[*QKR
MQ@"*:E?=>"ZGJHXZIAJ:)U8TX.D236U'W7NE)OC_`(6Z_$Z@QYDZV^$WR(W9
ME?&Y%%OC?/6W7N/\H:,1H<G@9>SJD1NA8LWVEU(`"M<E?=>ZF_%_^=Y_+Y_X
M4-;<W_\`RW?YB_0^#^..YNV\Q3I\=9O[^'=>.RN[?M)X=MS;#[1R6T=NMU]\
M@-OUT\O\)%11KC=Q13OC=,S53XNN]U[K4@_G$?R._D]_*-W_`!5V\%7M+XP;
MWW-58/J'Y$;?HS38O*5CP5V3H-D]AX3RSS;$[*7"X^:H^T=YJ'(PT\TM!4U`
M@JDIO=>ZISVIO+=^P\PFXMC[JW)LS<$='D<='G=J9S)[=S$>/S%#48O+4*9/
M$55'6K1Y3&5<M/4Q!]$\$KQN&1B#[KW6R#_*M_X4X?(K^6)TAMKXRXGXP_'C
MM7I#;64R^<BAHH=P]4=J9?-[@K&K,SE]Q]A8:?<V#W%E*NT40JZ[;U16)34\
M,`F,$,,4?NO=;">Q/^%O'Q;R%+$_9OP>[^VC6FE9YJ?8G8O7?8M+'6ZJ<+3Q
M5FX*;JZ6:E*-*3,8$<%$'B.LF/W7ND[V7_PM^Z'Q]#7_`.A[X&]N;NR7Z,8>
MR^W]F]=4)UI$/N:]=K[7[1J!X)&<^",GRA%'ECUEH_=>ZP8WNW^7=_PK7Z`@
MZ7[-IL)\-OYIO4>'S^1ZGKGE3/G*86FE>OJJ7:.;J8\)4]M=3Y))A/E]MS-3
M9_;]6L]=1J],DU35^Z]UI"_/+^7W\H?Y;W>F3Z"^4VP)MH[GCAGRVTMR8Z?^
M+;$[+VBM=44%'O7K[<T4<<&:P-=)3$,DB05]#+>"MIJ:H5X5]U[HL6'[.[)V
M]LK=G6V`["WQ@^NM^5&)J]\[!P^[,]C-E;SJL!4K68*IW9M:BKX,'N*HPM6@
MEI'K()FII`&C*L+^_=>ZW$/@5_PL0W]\8.H^MN@>VO@?TYN/K7J[:>'V+LZH
M^.^[LUTG-@MM[?H8J/&M4[.W/C.TL+G\I.L.JKDAK<0*B>5ZAO6663W7NK9L
M?_PMI^"DE%3OE?B1\M*/(-&#5TN/EZ>R=%!+<W2GKZGL'$SU48%O4U-"?]I]
M^Z]T!O:?_"X+JF@B>+I/X`]A;JF:J"1UO:?=^V]@Q0T2R.34/B]I;#[):IJI
M8E5?"*R)(V<MY7":9/=>ZV^O@I\WNBOYAOQFZ]^4GQ[S_P#%=E;WHS!E<'6R
MT?\`>GKW>F/BISN;KK?&/HZBJ3$[LVS4U*+-'K:.HIY8*NG:6EJ8)I/=>Z`[
MYT?S:/AK\"%I]I]D;[JNR/D-N-EQ_6WQ+Z,QTO:?R2[(W+64JU&"P&)ZVVR:
MS);>7/M(BTM?FCCJ"8DK%+)):-O=>Z(/\;_@'\GOG[\@-@_S"_YON$Q>UJ/K
M?(/N;X8_RTL5EQNCK#XX&6=ZC!]G]]51CBQ':'R(%(T;@M3K38QUC9XH)4BQ
MN,]U[K8G]^Z]U[W[KW7O?NO=>]^Z]U[W[KW5#_\`,D_X3J_RY?YD-=FM_P"Y
M=A5G0'R!RWWE75=Z="PX;:V:W-F*EVJ/XEV=M"?&U6S>QZB>J(-56U5+!GIX
MAXER42A=/NO=:<_R?_X1G_S%^K:[)5WQI[/Z,^4^TXI)!B:*;,U/1_:%9&'8
MQFMVOOA\CUU0ZHM/*[PF.O4"J@!F]U[JIG>/_">S^<_L:JKZ/-?R_NYZV;'4
M]555#[.JMA]B4LD=')512K05W7^\=S464J':D<Q0TLDTLZE&C5UDC+^Z]TV[
M4_D`_P`Y7>3T"8C^7SWS1G(K*U.=UT.VMAI&(3('%?)OC<>W4Q;$QG2*DPEP
M1I!U+?W7NK/OCA_PCO\`YJ7:61Q]3W;E>BOBM@@T$V1?=78=-V?O>D4R)J&(
MV_T^NZMK9&NIA=M,VXJ&(D>F4^_=>ZW/OC?_`,)^/CGM/<.Q>U?GCW)W1_--
M[WZ[P>+V_LS=?R^SU?N?JC8F.P]#!CJ:GV%T)D,UN/:E+'404L<M2<_5[EFF
MKE^\\BU3-*?=>Z)%_,!_X2'?`CY/Y/<'87Q7W'GOA+V9F)J[)3;=VCAZ?>WQ
M_P`ADJD2U#+%U;7Y##9/8T,]7H1(]OY>BQ-!`6$.+:RJ/=>ZU:_D#_PD+_F[
M=25M>W5NW>D?D]@XFDEH*OJ[MK![/SDU$LRJAR&![N3K"GI<D(&,CT])79!!
MI*QRRN55O=>ZKDW3_(3_`)QFSS.,M_+T^1-6:>J6CD_NMMK'[Y#2NC.'@.RL
MMN`55*`IO/%K@4V!<$@'W7NEELO_`(3L_P`Z??M7'18/X!=KT,TD<4JOO3<'
M5W6](%FBDE025_8F_MK4,4BI$0Z-('C8A6`9E!]U[JY+X7_\(^/YF;=@;+[*
M[:^1W5GPNJMHYS&;DPFYNM=T;D[/[UVCG\140Y#&9C:\.QIMG[2QF4Q]7$K0
MUL&\(YZ>90Z(P`O[KW6W1\?/^$]/P`ZXRN[>R/DS@]X?S$_D1V/BZK&]@]\_
M.#-+W+GZ^/)43TE?3[3VME8?[I;+HX/*_P##IXJ>IS>,C*QPY+2BV]U[JG'Y
MT?\`",+XU]H97-;W^"'>NX/C3E*Z2>MBZ=[/H,EVOU*E0^H1XW;>[CE*7LW9
M>+#$.SY"3=LH(945$*B/W7NM:;O+_A*9_.>Z;KJV/;_0NP^_\'0ZB^Z.C>Y=
MAUU#4*'T*U%MSL[(]7]AUGDO<*F$+@<L%]^Z]T13*?R0/YO&'KY\=5_RZOE?
M-44_B\DF+ZFW#G*!O-#'.G@RF$@R&,JK)*`WBF?0X*-9U91[KW0H=:_\)Y/Y
MS_:M51TNW?@)V_A/O/(PJ>RJ_8?45+31PR3QS25DO:6[]H?;:?MG948>69=)
MB1_)'K]U[K9W_E:_\)K/YP/Q]VUOW;.\_P"8LWP/ZC[N7;\W;?77Q=W!D]^=
MP;C&W/XA#14J;P6BVMM?K#/?996HA&9P&8RLS0N$GBFC1(U]U[K:F^`W\H+X
M+_RY8ZK/="]6R9SN;.4]7'O3Y*=N9,]C_(#>U1DVUYFHR>_LM3QG`T^<E`>M
@H<%38G'54B+)+3O(-9]U[JSGW[KW7O?NO=>]^Z]U_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>j08276761_ba009.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08276761_ba009.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`8`"]`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M``(!`P($!`,%!`0$!@8%;0$"`Q$$(1(%,08`(A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M``P#`0`"$0,1`#\`W]/?NO=>]^Z]TE-\;[V7UGM/.;[[#W5M_9&R]LT,N3W!
MNG=&5HL)@L/0PVUU-?DLA-!2TZ%B%4%KN[!5!8@%39V5WN-TEE81/-=R-141
M2S,?0`5)Z27U_9;9:27^XRQP642ZG=V"JH'F6-`/]0ZUBOF)_P`*5=D;5K,O
MLWX7=:1]D5U+)/2)W#VG'E<)L=Y(G:/[K;77]')B]W;@HIT(:*HR-9@WC=;-
M22H0?>1'*OW?KRY1;OFVX^G0Y\"'2TGV/*:HI]0JR5_B!ZQ@YR^\O8VKO9<E
M6PN9`2/J)]2Q?:D0TR.#Y%VB(\T(ZU\>Z/YLW\P[O:JGDW=\I.R]OXZ5W\>W
M^K<HG4F#AIF9F6BEINN8MMU.5IH]5@:^:KE:PUNQ`/N<MH]LN1=E4"UVVW>0
M?BF'CM7UK+K"G_2A1Z#K'K>O=OW$WYR;S=;F.,_@@;Z=0/2D.@L/].6/J3T0
MG<&ZMT;LJ_O]U;DSVYJZ\C?>[@S&0S-7JET>5ON<C45,UY/&NHZN=(O]![&L
M%M;6JZ+:-(T]%4*/V`#H`7%W=7;^)=RR2R>KL6/[23TV4&0K\55Q5^,KJS'5
MT&OP5M!4S4=7#Y8WAE\513O'-'Y(9&1K$75B#P3[<=$D4I(`R'R(J/V'IN.2
M2)Q)$Q60<""01Y<1T>'X^?/3^81UQNG;>W.AOD5WYD<WE,O0X[;/7L>?SG9^
M)S.9K:B*"CQV-ZVW4FZ\!DZ_(SZ(A%'CWDGX6QX'L'[YR5R-?VTEQO5A9+"J
M$O+I6%E4#),J:&`'&I:@X]#GE[G[W#VV[BMMAW'<&G=P$AUM.K,30!89/$1B
M3B@2IX=;7V)_F@_-/X28GK,?S6_C;@\)LCL1J#'8GO3I+<FU<IE,/F:BD2MK
M,+O[JJBW)DI:G*X2"77D*G$24U,B)II*>LDN/>,\OMURCS?+<?ZVFX.]Y!4M
M;W".`R@T#1S%!16_"'!/\3(.LL8?='G;DB&U_P!=C;$2QN:!;JV>-F5B*E98
M`[59?QF,JH'P*YZ(Q\O_`/A2WN&KK,CM/X4]846(Q49EIAVYW'0_Q#-5NEPO
MWFV.N\;D%QF)CO&6AGRM77-+%(/)0P.MO8RY6^[[`J+<\W7):3CX$!HH^3RD
M5;YA%6A&'8=`7G#[S-P[M:<DVJI%P^HN!5C\TA4Z5^1D9J@YC4]4*]O_`,R'
MYW=[5<]3V3\J>X\A35$DDLF"VYNVLV!M,O)J%_[G[`_NQM<F-'94)I"R(Q`(
M#&\U;5R#R9LRA=OVVT5A^)D$K_[W+K?_`(UU`>\>Y//F_.6W+=;UE)^!)#%'
M_P`XXM"?9VXZ)C7Y"ORM7+7Y.NK,C73Z//6U]3-65<WBC2&+RU%0\DTGCAC5
M%N395`'`'L6(B1J$C`5!Y`4'[!T"Y)))7,DK%I#Q)))/EQ/3EM_=&YMIUHR6
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M[J(3)'):,L\-PH-.U2P>(L00JR&F"69!2M,GRA_X4E_)[L&NR6&^,&RMJ=`[
M2UR18_<^X*'']D]H5,:2%8JUSFZ5^O\`"?=0B[TG\)R30,;+626U&6>7/8#E
MVQ19>8II;ZZ\T4F*$?+M/BM3^+6E?X1U"_-/WE>:-P=H>5X(MOM/)W`FG/S[
MAX2U'X?#>GDYX]4Q]F_.;YD]R3U$O9?R@[SW53U/FUXBJ[*W31[;05!_RA:7
M:V+R5#MNB28`!EAI8PRJH(LH`EG;N3>5-I`&W[=9Q,/Q")"^.%7(+G\SU"^Z
M<]<Y[TQ.Y[I?RJ:]IF<)GC1%(05^2CHL60R61RU4]=E:^MR=;($62LR%5/65
M4BQH(XU>HJ9))7$:*`H)X`L/8B2..)=$:A4]`*#]@Z"\DLDS^)*S,Y\R23^T
M]"ELWY"=^]=5*5O7W>';^Q:R-Q)'5[-[+WIMBICD41`.D^$S5#*K@0)8@W]"
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MW6/:RTF-VYNV.LJ"J4XDCHS62N(Z,U9!(@O?/;6_L[`[YRW<0[QR\,F6#^TC
M%*_K0U+)0<:%M(%7T]9$\O>ZVW7NY+R]S5:S['S,318;G^SE-:#P)Z*DE3@5
M"ZB:)KZM4]QKU*W7O?NO=>]^Z]U[W[KW1??D_P#)_I[X@]/;E[M[MW+'M_:6
MWXQ!24D`BJ-P;LW!413/B=H[1Q+S0/F=R9EX&$,(9(XHTDGGDAIH9IHSSEWE
MW=>:=UCV?9X_$NI.)X*BCXG=OPHOF>)-%4%B`0]S1S1LW)^S2[YODHCLXQ0`
M9>1S73'&M1J=J8'`"K,0H9A\]C^81_,P[\_F";]FR&]LE/M#J#!Y.>?KOI3!
M9"J_NMMVG4S0T67W`08AN[?$E%(5GRE3&!&9)4HXJ6G<P^\YN1O;W9.1[():
M*)=U=0);A@-;'S5?X(Z\$!S0%RS"O7/+W#]S=_\`<+<#)?,8=GC8F&V4G0@X
M!G_WY+3BY&*D($4Z>BP?'?XP=\_*[?D'6_Q_ZUW#V-NAUAFKTQ,,5/A]O4,\
MIA3*[IW'D):/`;8Q/D!45%=4P1NXT(6<A2(M]YBV7EFR.X;Y<1V]MY:LLQ'X
M4059V^2@GS..@OR[ROO_`#9?C;>7[:2YNL5TBBH#^*1S1$7YL0/(5..MGGXR
M_P#"9##KC\=G/EYWME)LG,B3U77G1,-'1T="XO(E+7=C;RPV1ER>H%4J(Z;!
MTN@AUAJG!648[\P_>'EUM#RM9*(Q@2W-23\Q%&PI\B9#Y54<.LH.6/NPP^&L
M_.%^YE.3#:T`'R,TBG5\PL2^=&.#U;!M+^1A_+!VG0+2-\;UW15&.*.HRV[>
MR^U\M7U)B6PE:"'>U%AZ21V)9S34L`8FQ%@H$977O)[BW+ZAN'AKY*D4*@?]
M4RQ_,GJ6;/V*]K[2/0=M\5Z9:2:=B?R\0*/]JHZQ;L_D5?RO]U0V3XY2;7JQ
M'X4R&T^T>VL7,L86I"_Y#4;WKL)+(LM1K\CTC2L8T4L8P4-K7WF]Q;8YOQ(O
MH\,!]/,1AO+AJID^>>M7?L1[778QMOA/3C'/<+Z^1E*^=:E:X`K3'10>V.N_
MY;/\AG;&X.\MC[+R&^?DCV#CZ_#]+;1WONF+=.[5*P"GR#8&I?'P'8^Q*:29
M3F<QX9*^:-_LXII6E2G(IVR_Y_\`>FXCV:\F6'8(&#7#QIH3C4:A4^)(?]#2
MH4'O(%"W0/W;;O;7V$M9-]L8&GYEN%*VT<KZY.%#H-!X40K^I)0L1V`FH7K3
MY^3_`,K.\OF'VCD^V^^-YU>Z]RUGDIL50)KH]L[0PAGDGIMM;.P*RR4N"P5&
MTATQJ6FF>\M1)-.\DK93\N\M;-RKMR[7LL(BMQECQ=VI0O(W%F/KP'!0``!A
MWS1S7OO..ZMN^_3&6Y;"C@D:UJ$C7@JCTXDY8EB25Q\8O@-\M?F)3;ER/Q]Z
M;W#O7![3Q^0K,ON::;&[;VL:RAI7J4V[CMQ[EK,5A\ONJN8)'#CJ::6I!E5Y
M%CAU2JCYBYVY8Y5:./?+N.&:5@%3+O0FFHH@9E0<2Q`&*"IQTNY7Y`YNYR66
M3EZRDG@A4EG-$2H%="NY56D/`(I+9!("YZNB_E3?R;OBG\N]B9[>W=?<G9]3
MV3USNW);0[8^-^#PM'UAG^K=R8^NK:.FPV^*[<%-N'<67I<M!02313T,.)TR
MI)3,XGI:F,1)[E^Z_,O*]ZEGM%I;#;[B(/#=,QF69"`2T84JJE20"&+XHU-+
M*>IJ]J/9GE3F^PDOM[O;H[E;3&.>S51`\#@D!92X=V#`$@J(\U6NI6'5_P#@
M/Y'W\KW;]$*2+XO8[*N=)FK<_P!D=P9FMG=01K+UG8#P4UP>5@CBC)YTWY]P
MC/[P^XT[ZSN+*/18H%`_9%G\R3UD#;^QWM=;IH&UJY\R\UPQ/[9:#\@!TGM[
M_P`B#^6)O*DDBI>@,AL>O>-8DS&R.T.SZ"K@5=>DQX[,;MSNVWDN]R\E`[M8
M`D@`>W[/WG]Q+1JM?+,G\,D,)'[517_8W2>^]AO:^]0A=O:"2GQ13S@C\FD9
M/S*GJN3Y3_(GXF?R+>J,S\9_@]@:#<_RV[!IHZ_=>]MY3XS=^Y=E8BK:>JPN
MX.T,K28_%T-?EZ:AK;;=VU#34M''$PR%9"4E`R0]Y;V'F?WEW-.8><':/EB`
MT2..J)(PH&6%220I(_5E)+$]B&H_3C?FKF/E+V)VE^6.1HUEYNN!6260K(\:
MFI5YV`4%@#^C"%50/U'6A_5U"NPNQ-]=L;SW#V)V7NW/;YWSNO(293<.Z=S9
M*IRN9RM;(%3R5-95.[^.&%%BAB73%!"BQQJL:JHRDL;"RVRTCL-OB2&SB6BH
M@"JH^0'[2>)-2:D]8@;CN-_NU[)N.YS23WTK:G=R69C\R?3@!P`H```!T979
MO\OOYE;_`.A=R_)G:?Q^WYE.EMK4:9.MW::*FHYLIA>#5;@VGMROJJ;=&\]N
M8M"7K,AB:*LHZ6-)'DD589C&'[OGCE.QWJ/EZYOH%W>0T"5)HWDKN`4C8_A5
MV5B:`"I%1+9>WO.>X;!+S/:;?<-LD2ZC)0#4OF\:$AY$7BSQJRJ`22`#38Z^
M`'\B'X&]\=([#[]SG?W9?R$P^],<M9%2;23&]3[8Q.1@E:GSFUMP83P[HWI#
MN#;V1A>DGMEZ12R-(L;1R1.($YW]Y^=-EWB?9(;&WL986I5ZS.P.5=6[(]+#
MN'8WI6H(ZR1]OO8;D+?MCM^8)]PN=QAG6M(],"*1AD=:/)K1NT_J+Z@$$'JT
MJE_D0_RKJ>GAAE^,<];)%&B/5U7=OR$2HJ646,TRT?:U)2+)(>2(XHTO]%`X
M]QNWO/[DLQ(W$`'R%O;4'[82?VD]2FOL-[5*H4[66('$W-W4_,TG`_8!T%O8
MG_">'^6YO2GDBVSM3M;J*9G#I5=?]JYO*21@(JB+Q]JP=EP-"6&HW77<D!@+
M`&5A[Z\_VC5N);:Z'I+"H_ZLF+_5Y=%6X_=V]M;U:6L-W9GUBG9O^KXF'^KC
MU;%\?_CYU%\7^K=N=-]([-QVR=B;:A/VU!1*9:W*9&9(EK]P;ARDVJNSVXLL
MT*M4UE2[S2:56X1$18RWS?-TYCW*3=MXE::]D.2>`'DJC@JKY*,#[23U+7+_
M`"]L_*VU1[-L<*P6$0P!Q8GB[MQ=V_$QJ3PX``0OD+\:>COE5U[D.K^^NN\#
MV%M*M$KTT.5@:/*X&ODB,*YK:V?I&@S6V<W"C66JHIX9=-T8LC,IOL7,&\<M
M7R[CLL[P70XT/:P_A=3577Y,"//CGJG,7+.Q<U[<VU[_`&T=Q:-P##N0\-2.
M*,C#^)2#Y<*CJK?;7:/=_P#*JW9MOJSY/;TW#WG\"-U9NDVKU'\J]QEJ[L3X
MYUV0E%/MWKKY%U%-3Z<SLF61TI,=N<!(Z8J%D6&!HJ2CD>XVW9_<JUDW+EV&
M.SYUB0O/9IB*Z`RTMJ">V3\30\3Q!+59XLMMUWSVINXMJYHGDON0)7$=O?/F
M:S)PD-X0.Z/\*3\!P(52$2[6EJJ:NIJ>MHJB"LHZR"&JI*NEFCJ*:JIJB-98
M*BGGB9XIX)XG#(ZDJRD$$@^XA961BC@AP:$'!!'$$>O4W*RNH=""A%01D$'@
M0?,'K/[KU;J%DLEC\/CJ_+Y:MI<;BL51562R>1KIXZ6BH,?0P25596UE3,R0
MT]+2TT3222.0J(I)(`]WCC>618H@6D8@``5))P`!YDG`'5)9(X8VFF8+$BDL
M2:``"I))X`#)/7SG_P";1_,3W'\]_D/DY\%DJVE^/76&0R>W>EML$S009"C2
M5:;*=D9BE<1M)N'>\M*LT:R(K4&-%/2A?(D\L^>7MCR);\E;$HF4'?;E0UP_
M$@\1$I_ACK0T^)]3<"H'./W;]QKGG_F)F@9AR[:LR6R9`(X-,P_CEI45^!-*
M<0Q9)_RT?Y;?9G\P_MN3`XJ>IVATSL>IQM7V]V>8(Y?X+CZUY9*3;6UZ>H!A
MRN]]PPTLHI8V#4]'$K5-1=%CBG5>X//^W<B;7X\H$N[3`B"&OQ$<7<CX8UJ*
MGBQ[5S4JD]L_;7<_<7=S;PDP[+`5-Q/3X0>"(#AI7`.D<%%6;``;Z#WQO^,?
M2/Q,ZRQ'4O1&Q<7LG:>,2.2K>FC$^=W-EA$D53N/=V=E4Y'<6X*T(/)45#MH
M0+%$L<*1Q)@WO_,6\<S[BVY[U,TUTW"N%1?)47@JCT'VFI))Z%\M<K['RCM:
M;1L,"06B\:99V\WD;B[GS)X#`HH``]^R3H_Z][]U[H$?DAW_`+`^+?1_8_??
M9U<:/9W6^WI\U710O"E?F*]Y(J'!;:PZU$D4,V;W/G:NFH*-&95:IJ$U%5NP
M.-@V2^YCWBWV3;A6[N)`H]%'%G:GX44%F^0/1'S+S!M_*NQW._[HVFSMHRQI
M2K'@J+7&IV(11ZD5QU\S[Y;?*?M'YE=[;T[Y[9R3U.=W/5M!A<'#43S838VT
M*.>H;;VQ]L0S'_)<%@*>H8+8"2JJ9)JJ8O4U$TC]!^6.6]MY3V6'9=L6D,8J
MS4&J1R!JD?U9B/L``4450!S+YNYJW3G/?I]_W9JSRFBJ"=,48)T1)7@J`_:Q
M+.U69B;2_P"3O_*(KOG%G'[N[QAS6W?B[L_+K24]/1228S,=U;EQ\[&OVQ@<
M@%^XQNSL/+"(LUDX=,SN_P!E0R+4BHJ:"-_=7W13DZ']S[.4DYCE2I)RMNA&
M'8<#(W&-#C&MP5TJ\J>SGM`_/,_[\WT/'RM"]`!VM<N#E%/$1KPD<9-="$-J
M:/>YV-L79G66T=O[!Z\VO@ME;)VKCH<3MS:VVL;2XC!X;'0%F2EH,?11Q4\"
M&1V=R!JDD=G8EF8G#&\O;O<;I[Z^D>:\E;4[N2S,?4DY_P`PP,=9XV-A9;99
MQ[?MT4<%C$H5$10JJ!Y`#`]?F<G/5/'\PCHG>7QB[1H_YJ7Q1PGD["ZXQR4/
MRYZJQK&BQWR"Z`B-"FX\K410J81O?8N-Q\58M6Z,6IJ&*H;R/CTIZJ5>1MZM
M.8MM/MMS,_\`B-PU;*8Y-M<YT`?\+D)*Z?5BN`Y98<]P]AO>5]U7W6Y32NX6
MRTW"!<"[M,:V/EXL2@-J/X5#9,85[;.H>U]C]Z=7[#[AZVS$>=V+V/MC%;LV
MUDDT+))CLK3).*:N@227[++8Z8O35E,S>2EJX9(7`=&`C#=-LO-FW&;:MP31
M>V\C(X^:FE1ZJ>*G@5((P>I<V?=K'?=KM]XVQQ)87,2R(WR85H1Y,.#+Q5@0
M<CHEW\S[YX8'X!?&3/=EQK0Y7M3=LT^RNEMJUDB-'D][UM#/-_'\I2!A43[7
MV71H:^OTA5G98*/R0R5D4@%OMUR7-SOS$FWG4NVQ#Q+AQY1@_"#P#R'M7TR]
M"$(Z!?NAS[;^W_+$FYC2^ZS$QVT9_%*0>]AQ*1CO?U[4J"X/7S?]];ZWAV;O
M+<W878&XLINW>V\LU7[BW1N7-5+5>4S.9R<[U-;75<S6!>65S95"QQH`B*J*
M%&?-E9VNW6D=C8QK%9Q(%1%%`J@4`'^JIXG/7-N_O[S=+V7<=PD>:^F<N[L:
MLS,:DD_Z@.`QUM4_R:OY)N"W%@=I_+?YD[5&6H<Q'2;BZ<Z)W!1G^&5>*D!F
MQF^^T<560C^)4N44QU.*PL@^VEIBE16"9)EIDQL]V/=Z:">7E?E232Z56>X4
MY#><<)'`C(>09!JJ4(U'*SV9]D8+FWAYNYSBUQN`]O:N.TKQ66=3\0;!CC/:
M5HSU!"C;IIZ>"D@@I:6"&FI::&.GIJ:GC2&"G@A18X8((8U6.*&*-0JJH"JH
M``M[Q>9F9BS$EB:DGB3UEZJJBA$`"@4`&``/(=45]M;8_P"&GOD[1_)SKJFE
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M[8+);:W3MO+1-+C\QA,M324E=15`1XYH_)#(=$D;I+$X#QLKJK!597MWMMY%
M?V,C17D+AT=>*LIJ"/\`,<'@01TCW"PL]UL9=MW&-9K&>,HZ-P96%"#_`)Q0
M@Y!!ZJ;^'.[-Y?"/Y$R_RUNY=Q93<G6&YL1FM]_`'M/<U4:O*9[KW##[O=_Q
M[W#EI!&*W=?4T<GEQP.MVPUO\Q`<?2))O-=K:<W["/<#:8UCW&-UCW*%!0+*
MV$NE7R2;@W_#/5M;&)>3;N]Y'YC/MIO4CR[7*C2[5.YJSPKF2T=O.2#BG_"_
MX5\-!<E[BCJ9NJ#O^%"GRWJN@OAY1]+[5RDV.WY\H<O7[.>:DG:"LHNKMM1X
M_)=DU$<B*_HS7\1QN$EC;3Y:/*U&DW0^YL]C.5UWOFH[M<J&LMN429%09GJ(
MA_M:/(#Y,B^O4`_>'YN?E_DY=EM'*W^Z.8Z@T(@2AF/^VJD1'FLC>G6CAU+U
M=O+NWL[874/7F,_B^]^R=UX39NV,>SF&"7+9ZOAH*:2MJ0D@H\=2F;S5-0PT
M4]/&\C>E2?>8FY[E:;/MT^Z7S:+.WB:1S_145-!YD\`/,D`<>L&=HVJ]WS=+
M?9]N77?7,JQH/+4QH*GR`XL?(`D\.OIO?#;XI==_"WX];"Z#ZYI8#1[9Q\=7
MNK<:TJTN0WWOROIJ;^]6]\P/)/*:W.5T`\4;RRBCHHH*2-O#3Q@<\N;.9;_F
MW?9][OR=4C41*U$<8)T1KPPHXF@U,68Y8]=.^3.4]NY*Y=M]@VT#1$M7>E#+
M*0/$E;CEB,"ITJ%084=&B]ASH4]>]^Z]U[W[KW6G!_PI;^7%5G.P.KOAEM7*
M2+A-CXRF[:[7AI*M#!7;PW'#446P=OY*",K-%/MG:XJ,F8WO',F=II`-4*D9
M6_=]Y76&QN>;+E1XTS&&&HR$2AD8'T=Z)ZCPV'`]8:_>9YO:?<+7DNT8^!`H
MN)Z'!D<$1(1ZHE7H<'Q5/$=4)_!GXH;F^:OR?ZP^/NW9:K'T>ZLJ]?O7<=+$
MLAVEU]@8CD]X;B+2QRTJ55/BH6@H5F`BGR5130$WE'N:N<N9K?E'EVYWR>C/
M$M(U/XY6PB^M"<M3(0,?+J`N1>4[KG;FBUY>MB525ZR./]#B7ND?TJ%%%K@N
M57SZ^FEUEUMLKIWKW9G5G7.!H]L[%V!MW%[6VO@Z%;0T&(Q%+'2TR/(UY:JK
MF"&2HJ)2TU3.[RRLTCLQYZ;CN%WNM]+N5^YDO)Y"[L?-F-3]@\@!@"@%`.NG
M&U[99;-MT.U;;&(K"WC5$4<`JB@^TGB2<L22222>ES[1]+^L513P5<$]+500
MU-+4PR4]335$:305$$R-'-!/#(K1RPRQL596!5E)!%O>U9E8,I(8&H(X@]:9
M5=2C@%2*$'((/D>J8OY>45;\1/E5\H/Y:^2DG7KG$1_[-;\2&K)9G--TOV1G
MVH-\[&H6F2-&Q^P^PZDPTX4R2SSRUTSFWTEGGHIS1RUMWN!'3Z]_\3O:>=Q$
MM8Y#\Y(A4^0`0#J%O;L/RAS7NGMI+7]VH/K["OE;3/26(5\HIC0<229&/6J]
M_.W^8-5\K?F]OG%8?)_=]7_'ZIR73?7T%/,TE!5UV`R,D78&ZH;?L3S;BWA3
MS11U,=TJ,9045BP4,<DO:#E5>6N3X995IN-\!/*3Q`8?I)Z]J$$@\'9^L5?>
M_G%^;.>)XH6KM>WEK>(`X)0_JR>AUR`@$<45.E;_`"._@1COF7\H6WCV1A5R
MO1?Q\CQ.\]YXZLIA-BMY[PJZJ?\`N!L*M66\%3C*ZMQT^1R4+++%/08YZ250
MM8KA+[Q<ZR<I\N?2V#Z=YOM4<9!S&@'ZL@]"`0B'!#.&'PTZ5^QO($?.?-/U
MFY)KV';M,D@(JLDA)\*(^14D%W&040H1W@]?0555151%"JH"JJ@*JJHL%4"P
M``'`]X.\<GCUT)X8'#KOW[KW0;=Q=3[*[VZKW_TYV-BH\SLCLG:N7VEN*A=8
MS)]CEZ1Z<5E#)+'**3+8N<I54=0H\E-5PQRH0Z*08;5N=YLVY0;K8-HO+>17
M4_-36A]5(PPX%20<'HLWG:;+?MJN-FW)`]C<Q-&X^3"E1Z,IHRGBK`$9'5=_
M\I;M7>==TQV#\4>W\A_$.Z_@IV1DOCQNJND:3S;EV#B1-)T[OF)9CYSB\_L^
MF-)222VEJ(\69G&J0DCOW.VVT3=H.9MK73M&\VXND'\$C?V\?IJ5SJ8#`+T'
M#J._:3=KV39;CE/>&U;WL-R;1SYO$O\`N/+ZZ7C&E2<D)J/'JUGW&G4K]>]^
MZ]U[W[KW7O?NO=5X?S-_CSGN\?C3E-U]8^>@^1'QOS-!\B/CON''1-+EZ#L7
MK5CG&P5+"BDY&#>F#I:G&&BDO3354U/)*K>%1['?MYOL.S<PK;;C1MBW!#:W
M2GX3%+VZCZ&-B'U#(`8#CU'7N?R[<;[RR]WM=5YBVUQ=VCCXA-#W:1ZB104T
MG!8J2#I'4S_9_P#KO_AN;_AP7Q4?]VO]"/\`I"_N[]X_A_TAZ?[M?Z,OXAHU
M?>?Z6/\`?N^:VG[CU?3GW3^I%]_7W^H^?J/K/"U4_P!"^/QJ>G@_JT],=.?Z
MX&W?ZW'^N%0?3?0^-HK_`*-\'@U]?'_1KZYZU)/^%%/<U5V+_,%KNN8ZMWPW
M0O6.QMEPT2LQI4SV[,:.S<WD$N-)JZJAWCCZ68J2H%"BFSHP]Y/>Q&TK8<CK
M?D?JWMQ))7STH?!4?8#&Q'^F)X'K$;[QF]/N/N$VV@_HV%K%'3RUR#QF/VD2
M(I_TH'$'H4O^$UO0&/[$^6W9/>>9HEK*/X]]<0Q8!V2-EH-^=L3Y/;N*KR9$
MD-UV7A-Q1*%TMKF#:K*58M^\!O;V'+%OLT1H]]<=WSCAHS#_`)R-$?RZ-/NT
M\OQ[CS=<[[,NI-NMNSY2SED4_P#.-9A^=?+K>,]X=]9S=>]^Z]U[W[KW7O?N
MO=?+Q^>/<=1W_P#,SY+]N35$E32[M[AWG_`9)G,DL>T,%E)=L[)I7<DW-%M#
M#4,/%E'C](`L!T8Y+VE=CY3V_:P*-%:QZO\`3L-<A_-V8_GURWY]WEN8.=-S
MW=B2DUY)HK_OM6T1#\HU4?EULS_\)B_CU2XOKOY`_*3*4:-EMV;FQW2NT*J6
M-5GH]O[5HL=N_>;TT@8L]'N#-9W$QO<`"7#<$\VQZ^\1OK27]CRY&?THHS<.
M/(LY*1U^:JKG[).LG/NP<NI%MVX<TRK^M+*+:,^81`))*?)V:,'YQ];4_O&S
MK*SKWOW7NO>_=>ZH._G6;PS_`,3]R?%#^8+L&C=]V=4YKMKHO.)`/1F\+W+U
M1NV;:$.:N]FQ>V=W;=>IA]-DJ*O5<OXQ[FSVBM8.9K?<^1[T_P"*W*07"_T6
M@F37I^;HP!^2_;U`/O9>7'*=SM/N%MX_QNT>XM6I^);F"3PPW]%)$+#T+>M.
MM#*:::HFEJ*B62>>>1YIYYG:6:::5B\DLLCEGDDD=B68DDDW/O-(`*`JBBCK
M`EF+$LQ)8FI)\^OH@?R,OC]1=$?R[.H,A)1)3[I[P?*=X[JJ;`O5KO*6.FV5
MHD9%E%-'USB<0PC)*+/),R_K)."GO)OC[USY=(#6VLZ6Z#T\/,GY^*SY]`!Y
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M`'`AYT@D,=!3Z*:VN-P6*G\/^+L:TH?L'6O-_-;STVY/YC?S#R%1YM=/W5N7
M`KYYO._AVJM+M>FTN573#]OAT\:?[KCTI<Z;^YT]M(!;\A;5&M*&S1O][JY_
MFV?4YZQW]V+AKGW(WF1JU%ZZ9SA*(/Y+CT&.MDK_`(3!8&CI_C=\D]SH!_$,
MOW?A<#5-XT#&CVYL/%9"A!E'[CA9]TU%E/"W)'+'W`'WBIG;?]OMS\"6;,/M
M>0@_\<'62OW7H$7EK<[H?VCWRJ?L2)2/YN?]1ZV<O>/'63W7O?NO=>]^Z]TG
M]VY"JQ.U-SY6A=8ZW&;>S60I)&19%CJJ/&U-33NT;ADD598P2I!!^A]OVJ++
M<QQ/\#2*#]A(!Z3WDC0VDLJ8=8V(^T*2.ODN^^G'7)+JXGX>_P`[7Y2_"7HO
M;WQ^ZEZV^.>8VAM[*[DS468WUM#L?([KR>0W/F:K,UTV7K]N=L;5Q54U.U2M
M/`4HHV2EAB1BY748JYJ]H>6^;]YDWS<[B_2ZD5%TQO$$`10HTAX785I4]QR2
M<<.ICY.][^:N2-BCY?VBVVU[.-W;5+',9&+L6)8I/&II6@[1V@`UI7HT'_03
M3\\?^?2_$?\`]`/N3_[??L.?\#UR7_RE;I_SD@_[9NA3_P`$YS[_`,HFT?\`
M.*X_[:NO?]!-/SQ_Y]+\1_\`T`^Y/_M]^_?\#UR7_P`I6Z?\Y(/^V;KW_!.<
M^_\`*)M'_.*X_P"VKKW_`$$T_/'_`)]+\1__`$`^Y/\`[??OW_`]<E_\I6Z?
M\Y(/^V;KW_!.<^_\HFT?\XKC_MJZ/]\NOD3OWYX_\)^]W?)CMG![&P6]Z?L7
M;.1GQNQ*'<6(VW2_P#Y%XGJVAFQ5#GMQ[JR0JY\1FB9_N*V6-B\C(J'0H!'*
M^PV7)?OA%R]MCS/9F!Q60JSG5:M,:E404U+BB@\*USU('-_,=_S[]WR;F;=H
MX([X7*$B(.J#1>+`-(9Y&J5;-6(XD4QUIL>\K^L,^K[^K_\`A1/\T^I.M.N^
MJ=J]3_%)ML=9;%VEU[MQLAL3M=J]L#LO`8_;>':N..[NQN/-8<?C8_*8*:GA
MUWT1HME$*;C[$<H[IN$^YW-SN?U-Q,\KTDAIJD8NU*VY-*DTJ2?4GCU/NU_>
M,YUVC;+;:;2TVGZ6U@CA2L4]=$:!%K2Y45HHK0`5X`#'2Z_Z":?GC_SZ7XC_
M`/H!]R?_`&^_:+_@>N2_^4K=/^<D'_;-TO\`^"<Y]_Y1-H_YQ7'_`&U=>_Z"
M:?GC_P`^E^(__H!]R?\`V^_?O^!ZY+_Y2MT_YR0?]LW7O^"<Y]_Y1-H_YQ7'
M_;5U[_H)I^>/_/I?B/\`^@'W)_\`;[]^_P"!ZY+_`.4K=/\`G)!_VS=>_P""
M<Y]_Y1-H_P"<5Q_VU=7F_(G?&;WQWC_(F^064@Q=#NS>FZ-R_P`9I<+%745%
M2R]\?'C`5>Z:7#O45]=7TV%C,;H*::>H:6(1I+(^EBT.;%9PV>S\Y['&6:VA
MC326H2?IKI@A:@`+>=0!0U(`ZG7F.^GOM]Y#YAE"+=SROJ"U`'U5HAD"U)(7
MRH2:B@)/G>9[AOJ=.O>_=>Z][]U[KWOW7NO>_=>ZI"P>U8J;^=]V@HFH4_C7
M4W1'=;T9J*O[JHK-L]3_`",Z,CKUC\7@^YHZ+=KPM&3X_!.'#>2Z>Y@FN2WL
M_;&A[+JYMZT%`'FM;BGK0E*UXU%.&>H.@M0OOC="J]]I:W-*FI*07EK7TJ!(
M13A0UK7'6I!_.!VG+LO^99\NL/-3I3/6=EP;L$<9D*M%OW:>W-]05!,I+:ZN
M'<:RL!Z0SD+Z;>\G_:RZ%W[?;7*#4"W*?\XW>.GY:*=8B^\-H;+W,WB%A0M<
MB3_G+&DH/YAZ];`W_"7G>U+6]._*OKD3)][MOLO8.]FIRJK)]KO;:V5P23*]
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MY73F!MSDMYC-)&T8A5PI0X[C(M:J5;@*5Z/E_P!`N&P_^\QMW?\`HF,-_P#;
M%]@O_@CKW_HTQ?\`.=O^M70]_P"!9V__`*/,W_9,O_6[KW_0+AL/_O,;=W_H
MF,-_]L7W[_@CKW_HTQ?\YV_ZU=>_X%G;_P#H\S?]DR_];NO?]`N&P_\`O,;=
MW_HF,-_]L7W[_@CKW_HTQ?\`.=O^M77O^!9V_P#Z/,W_`&3+_P!;NA$_F-?'
M;$_R^/Y&^XOBSCM^UO8%+E.TMGX2DW1D,!2;>JLK/G^Y8^XI:1\5%D\PE(*!
M-M2*KQSNT@AN0H9@$'(6_2\\^\<?,DD`@9;9V*!BP4+!X%=5%K76.(Q7HQ]Q
M^7(?;WV,DY5CN&N$:ZC4.4"%B]Q]133J:E-!R#FGSZTK/>7'6%'6TQTU_P`)
MK<;W/U!U7W!AOG"U#B.U>N-D=C8RA;XV)6O0T&]MM8S<M)125D?R`@CJI*2#
M)+&T@1`[*3I7Z#&_=OO`2;3NESM4NSZI;:XDB)^KI4QN4)I]-BM*TZRHV7[M
M,6];/:;Q#OFF&[MHIE'T=:"5%<"OU8K0-2M!]G0D_P#0+'_X'7_[+%_^L+[+
M_P#@D/\`I#?]G?\`VZ]&7_`K?])[_LR_[>^O?]`L?_@=?_LL7_ZPOOW_``2'
M_2&_[._^W7KW_`K?])[_`+,O^WOKW_0+'_X'7_[+%_\`K"^_?\$A_P!(;_L[
M_P"W7KW_``*W_2>_[,O^WOJR/Y#;#?:/RW_D??&.FRTVYCUG_I>S65R\6.&*
MAK:3H3X_;=Q&+W)6TJ3Y:HPJ9BM27PTWW,T)DD,,DK-XW(!V*]%URQSCS$R"
M/ZCP%5:ZJ&YN68H#VAM(I4T!H*@#(ZDKF*P-IS=R-RPKF7Z7ZAF:FFHM;1%5
MR*L5U&M!4BITDG!ZN^]P]U./7O?NO=>]^Z]U[W[KW7O?NO=4;8'><-5_.^[6
M"O0.N#V%\?NA9IFIX&K*?*[IZ(^3'R$IL-%5`L87K<3LZ6L="R321P(1$\2&
M5)CGM&7V?MN/?/<W-*X*I<VEJ6I\FD"^@).030P7;WH;WQNZ::1V]I:G`J&D
MM;V["U^:QEB.)`&"!44C?\*6NBZK9?RUZQ[THJ)X]O\`=G5=/AJ^M",5FWUU
M=D'Q64620#1'?9N<P*QJ?4QBD(N!Q+_W?=Y6[Y8N-F<_KV=R6`_X7,-0_P"J
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ME=]Y(VZ]!K*MNL3^NN'])B?FQ75]C`]<R_=387Y=]P-TV\BD+7+31^GAS_JJ
M!\E#Z/M4CRZO$_X3'?)6AQV:[\^)6<R"T\VXA0]Y=>TDTQCAJLEBZ;'[/['I
M8$D/CFR=1B4P-1'''^ZU-05#D,D1*0[]X?E]Y(;+F>%:B.MO*?0$EXB?D&\0
M$G%64<3F<_NP\S)'-N'*,[4,E+J$5XLH$<P'JQ7PB`,Z58\!C;\]XM=9@]>]
M^Z]U[W[KW5#W\T_KV/YP_*+XG?R[:&O:/$R;2[F^3O<%1',ZKM3$X;8^X>M>
MF\_.D,<SDU._=P5U-<KJC\J,%8.1[FCVWOCR=RYN?/;K^KXL%I`/XV:199U_
M*-5/SH?3J!?=7;ASSS3M/MU&U(?!N;VX-?[-5B>&W<\>,KLORJ,&O6AQN3;V
M9VCN+/[3W%0S8O<&V,UE-O9W&5``J,=F<+73XW)T,X!($U)6TSQM_M2GWFC;
MSQ74"7,#!H)$#*1P*L`0?S!KU@5<VTUG<R6ERI6XB=D93Q#*2K`_801UOO\`
M_"?OY,47>/P/P/6E?7I-OCXTYVNZUS5-+5":NEV?E*FMW+UQF'@N7IL:</5U
M&&IK\,V#EM]+#"GWPY>?9^='W!%I9[@@E4TQK`"2K7S.H"0_\U!UGW]WSF=-
M]Y"CVR1JWVV2&%A7/AL2\+4\AI)C'_-(]7D^X<ZG3KWOW7NO>_=>ZJ!ZW<?(
M'^<5WEV%2?Y;LCX2?&S:/0-%5!D:A;N3N?-S]A[FK,=.&;[FLPVSJ9L37HO_
M``&F"JX#$%I3OQ^X_:JSL6Q>;QN#W)'GX$"B)`?0-(=:^HX=0]MI_K#[R7VX
MIW6.Q[9':`^7U%RQF<@^96,>&X\C0'/5OWN+.IAZ][]U[KWOW7NO>_=>ZXR2
M1Q1O+*Z111(TDDDC*D<<:*6=W=B%1$4$DDV`][`)-!QZT2`*G`'6J91;VW#0
M=8;F_FOPP5@V5NK^;SL;MC)9S[2K%0WPSV!M[L3XBX3-:@?N7T8WLO(0:3_D
MZEK`:&(]Y*O9P/N,?MF2/JXN5I(0M13Z^5HKUE].,2GU_/K%%+ZXCVN7W94'
MZ*7G"*=FH:_NZ))MO5O7A,X]/RZMC_G%_#.H^9_PLWMMO:V,DR/;/54_^EWJ
MBGI(3-D,QGMLXZOBS>S:9(E\]5)O/:M964E+3AEC?*_92/<1#W&7M5S8O*7-
MT-Q<MIVRY'@3$\%5R-,A\AX;A6)XZ-8''J6O>3DMN=.2I[:U4MN]H?J(`!EG
M0'5&/,^)&651P,F@GAU\Z'$Y;+;<S.,SF%KZW#9W`Y.BRV)R=#-+1Y'%9;%U
M4=905]'41%)J6MH:R!)(W4ADD4$6(]YY2Q17$30S*'A=2K`Y#*10@CS!!H?E
MUSDBEFMIEGA9DGC8,K`T*LIJ"#Q!!%0?(]?1_P#Y6G\P;:GS]^.N'W//74-%
MWAL&DQFVN\=H1^"FGI-RK3-'3;RQ5#&L5MJ;Y2E>KI"B>*FJ!44=V:F+M@-[
MC\C7/)&_/;JK'9YR7MWXU2N8R?XXZZ6KDC2_XJ#I'[5^X5I[@<N)=,RKOEN%
M2YCP"'IB11_ON6A9:"BG4G%:FS'W'O4F]>]^Z]U[W[KW6K9_PI-^&-5O/K_K
M_P":>R<5-5YCJZ&GZS[>CHX&ED;KS,Y2IK-E[IJ/&H$=-M;=V4J*&H<ZW=<W
M`3ICIV/O([V`YL6TOI^4;Q@(KDF6"I_T50!(@^;H`P_YIGS;K%C[RO);WNWV
M_.MBA,UJ!#<4'^@LQ,<A^22,5)\_$7@%/6I[\;^_-]?%[O+K3OSK>I2#=W6F
MYJ7/4,$[R)19>B,<M#G=N93PD2MB-S8&LJ<?5A"'-/4OI(:Q&3._[)9<Q[-<
M;)N`K:W$94D<5/%7'])&`9?F!UB;RWO]_P`K;[;;_MII>6LH<`\&'!D:GX74
MLC?(GKZ:7Q;^2_6'R[Z.V-WQU+EH\CMC>.,BEJ\=)-"^8VAN2"*(;@V7N:GA
M9OL=P[<KG,,Z?YN9-$\+24\T,K\].9.7MQY7WB;9=T73<1-@_A=#\,B'S5QD
M>8RIHP('3CE;F;:^;]C@W[:'#6LRY%1JC<?'&X\G0X/D<,M5(),'[(^A#TF=
MZ[RVQUUL_=._][9FBV[L_9.WLQNO=.?R,HAH,-M_`8^HRF7R=7*;Z8**@I7D
M:UR0O`)X]J+2TN+^ZCL;-#)=32*B*.+,Q`4#YDD#I+>WMKMMG+N%\ZQV<$;2
M.YX*B`LS'Y``GJIG^5MMO<W>.[?D9_,K[*PU9A\[\M-RTVWNBL%ED=,ALWXM
M]<N</L2G$/E\5'4[WJ:):^N6-!%5R4<-;&;51O)WN/<6^SVMA[?;>X>';(RU
MPR\)+R7ND/S$8.E?-0Q0_#U$GM7;76^W>Y>YFYH4GW>4):HW&.QA[8A\C*1J
M:@HQ4./CZUP/^%!?PRK.@OEI)\@-LXH0]7?)\UFYY)Z6-_M\-VYC(J9.PL75
M\R>*3<S309Z*1V7[F>NK$C332L?<^>QW-B;WRQ^X[AJ[CMU$SQ:`U\(C_29C
M(\@J$GNZQN^\)R6_+_-O]8+5*;7NE7J."W"T\93_`*>HE!/$LX`[>B:_RJ/G
M=7_`GY38#?N6DK:GJ#?<$&PNZL+2!IG?:-?70S4NZJ&CTR"?-[&R:I7P!5$T
M],*FD1T%4[`6>Y7):<Z\MO914&ZPGQ+=C_&!E"?X9!VGR!TL0=(Z!GM1SY)R
M#S5'N$Q8[/.!%<J,_ID@B0#S:)NX>974@(UGKZ/FW-QX'>&WL'NS:N8QVX=L
M[FQ&.S^WL]AZN&OQ.:PF7I(:_%Y7&UU.\D%705]%4)+%(C%71@0;'W@/<03V
ML[VURC1W$;%65A1E930J0<@@BA'72*VN;>\MX[NT=9+65`Z.I!5E855E(P00
M001Q'3S[9Z?Z+-\P_D[LSX>?'3LOO[>SQS4VS,'+_=W!&0I5;OWOD[T&SMH4
M"I>9I\]G9H8I'16^WIO+.P\<3D"'E7EV[YJWZWV2TJ&F?N;R2,9D<_)5J1ZF
MB\2.@QSCS19<G<N7/,%]0K"G8GG)*V(XQYU=J`^BU8X!Z`S^63\=-V]`?&>C
MRO;+25?R"^0>[=P_(WY!9&KA$5>>R^TY8<Q58&I#!I8#M/#BEQ\L.MXDK8:E
MXK++;V<^X>_6N^<PF+;,;'8Q+:VP'#PH>T,/].U6!XZ2H/#HB]L>7+OE_ED2
M[M4\P[C,]Y=D\?&GHQ0^GAKI0BI`8,1@]6&>P+U(G7O?NO=>]^Z]U[W[KW58
M_P#-#[IW1MWI_;OQ:Z:G$_R3^;F;J>A>K**'R25&W=KYFFCA[@[2KXZ8BLI,
M#U[L"MJ)9JV(AZ&HJ8*CE8GM(?MSM%M/NLG,>["G+^SH+F8^3.I_0A%<%I90
M`%/Q`%?,=1A[I;W=6VSQ\J[*:\R[Y(;6`#BB,/\`&)S3(2&(DEAE2RMP!Z,E
M_LH74O\`LGO^R4_PW_C$W^A?_0O;P0??_P`/_N__``?^]'TT?WI_B?\`N6^Y
MOK_B?[VK7ZO9!_6G<_ZU?UNU?[L_J_'XXKJU:/\`24[*<-&.'0E_J?M']3OZ
MDZ?]U/T7TW`5IHTZ_P#3ZOU-7'7W<>C3>PWT*NM'G^?%_+!R'0?8^9^8'2FV
MRW17:&;%7V7AL/3K]MU3V9G*IC4UYHX?51;*W[D)#-!*J_;4.6EDI28DGH8F
MS#]E_<6/>[!.5MWD_P!W-LE(F8YFB48%?.2,8(XL@#9(<C!OWZ]KY-@W)^<-
MDB_W0W3UF51B"9CDT'".4Y!X+(2F`T8-(WQ@^3_</Q![AVUW;TEN63;^[=OR
M&"LHYQ+4;>W;MZHEA?+;1W=B4F@3,[;S*0*)H2R212)'/!)#4PPS1R_S%R[M
M7-.U2;/O$>NU?@>#(P^%T;.EUK@\"*JP*D@P?ROS1O/)^\Q;YL<ICNXS0@Y2
M1#\4<BXU(U,CB#1E(8`C?Z_EZ_S7?CG\^=NXW$X?+4G6_?=-CEFW3TCN;)P+
MF'J*>G,F1R>P,C,M+%OS;,9C=_)3HE=2Q`&KIH`R,^$?/7MIOW),[2RJ;C9"
MW9<(#IH3@2C/AO\`(]I/PLV:=`O;SW8Y<Y_MEAA<6V_A>^V=AJJ!EHB:>*G$
MU`U*/C5<5M%]QSU*77O?NO=)G>NS-J]C;0W/L#?."Q^Y]F[TP.5VONG;N5B\
M^.S>`SE%-CLKC*R(,K-!64=0Z,5*L+W4@@$*+2[N;"ZCO;-VCNX75T9<%64U
M4CY@CI+>V5IN5G+M]]&LME/&R.C9#(P(93\B#3KYP7\S7^7OOG^7YW]DMFU5
M/D\STYO*>OSO2G8-1%K@S^VA,C3[>RU7"BTT6\MGO4)2Y"&T;2H8:M(UAJ8A
M[SY]O.>;/GC9%NU*INL0"W$0XJ_\2CCX;TJIS3*DDJ>N;GN=[>7_`+>\P-9.
M&?9IB6MICP=/-&(QXD=0KC%<.`%8=2OY;?\`,N[;_EX=F3Y7`QU.^.F=WU,`
M[/ZAJ\D]%C\UXHQ3T^Z-M5<D55#M[>^*A`6.J$315E.OV]2K((I(*\_^WVU\
M][<(IZ0[M$#X,X%2OF4<8U1MYBM5/<N:AK^VON9N_MUN9FMP9]EF(\>W+4#>
M0=#D)*HX-2C#M8$4*[]7Q-^;7QO^:VQHM[]!=A8[<304U/+N7961DIL7V)L>
MHJ%6U'O#:+U,U?C;3%HXZN,SXZJ=&^VJ9E4M[PFYFY0W_E&\-GO<#1U)T2"I
MBD`\T>E#ZE31AC4HZS^Y2YWY;YVL1?<OW"R$`:XC19HB?*2.I*^@851B#I9J
M=5=?(;L/)_S8OD(_P=Z%SM7_`+)ATWN#%9[YO=X[;KJB"@[%RN(R+U.#^/'7
MF;I#]MD*:LR./\V0KHFDC>6`SQ,(J&-<I(VQ6$?MEL?]<=Z0?UMNT9=OMW`K
M$K"C74JG((!HJFAH=)RY,<6<Q;C+[M<P_P!1M@D;^I=E(K[G=(2!,RFJVD+#
M!!(J["H)&H8C`EO@P>$P^V<+A]M[>Q=#A,!M_%X_"8/"XNEAHL9B,/BJ2&@Q
MF+QU%3I'!24-!14Z10Q(JI'&@4``#W"\TTMQ,]Q.S/.[%F8FI9F-223DDDU)
M\SU/4$$-M`EM;JJ6\:!551155115`&`````.`Z+/\U?B3U[\V_COOGH'L-?M
M(-P4RY/:.YXH!45^Q=_8J&H;:V\<=%Y(&G?%U4[1U-.)(OO<?/44K.BS,P$/
M*/,]]RAOL.]V&60T=*T$D;4UQGTJ!4&ATL%:A(Z#'.W*.W<[\NS\O[CA9!JC
M>E3%*M=$@X5TDT85&I"RU`;KYJOR)^/G:/Q:[BWKT=W#@)-O[XV1DVHJR,%Y
M<;F,?,!/B-R;?KFCC7)[>W!CWCJ:2<*I:*0*ZI(KQKT"V'?-NYDVJ'>-J?79
MS+4>JG@R,/)E-0P]1BHH3S1YCY>W3E7>9]BWB,QWT#4/\+#BKH?Q(XHRGT.0
M#4"XS^4A_.>SOPN7&]`]_1Y3>/QBK,C/)A,KCH'R.[^F*[*U35%;68:E$BR9
M_8M76SO45V+6]53R.]11:G,E)515[G^TL/-NK>]DTQ<Q!1J!-$G`%`&/X9`*
M!7X$45\499E]HO>F?DH+R_S!KFY7+'2P%9+8L:DJ/QQ$DED^($EDJ:HV[5M;
MY`](;VZEE[XVIVML3.=-TV#KMQUW9%#N/&MM/%X?%TAKLM4YC*/.D.&DQ%,"
M:R&J\,](P*3(C@J,0KG8]XL]S&RW-M,F[%P@B*'66)HH4?BU'X2M0W$$CK-V
MUYAV.^V@[]:7=O)LP0N9@Z^&JJ*L6:M%TCX@U"O`@'JE?IVMW!_.`^6V#^16
M9Q64Q7\O#X@;TJI^@,!FZ6IH8_DCWOB6,#=H9C!5\$4DVUMEDZZ19XU\#F.D
ML99\U3P2WNJ0>UG+#[#$RMSWNL(^I92#]+;-_H*L#\<GG3CEN"PLT)[,]Q[P
M\W1\QS(Z>W>SSGZ1&!'UETN/'92,I'^&HQA.+3*NP1[@_K(3KWOW7NO>_=>Z
M][]U[H%?D/\`(/JOXM]0;Q[P[FW$FV]A[*H%JJ^H2(U>3R==4RI2XG;^`QJN
MDF4W!G<A+'3TL"E0TCZI'CB621#?8MCW+F3=(MGVF/Q+V9J`<``,LS'R514L
M?3@":`DG,7,.U<J[/-OF]2>%80+4GBS$X5$'XG8T"CU-20`2"!_`SIKM/MWL
MS=G\Q_Y4X"?;/;/;FWDVE\>>G:^<U0^.?QM:<9'"XFI1XHEB[$[$D?\`B>9E
M*B:))A':E:HJ:&G&W.F[;;M>WQ<@\M.)-LM9-=U.,?57=*,P_P"%1?!&.!(K
MW:5=H_Y"V7==WW.;W)YKC,6[7D?AVEN37Z.SK55/_#IOCD/$`T[=31K;-[C+
MJ6^O>_=>Z8=T[6VWO?;>=V=O'!8G<^U-SXFNP6XMNYVAI\GALWALG3R4F0QF
M3Q]7'+35E%64TK))&ZE64V/MZVN;BSN$N[1VCN8V#*RDAE8&H((R"#P/2>ZM
M;:^MI+.\C26TE0JZ,`RLK"A5@<$$8(/6DQ_,_P#Y#O8O05?N+NOX?8?.]H]%
MM]SF<WUI2BIS79?5$`U35BXZG'FR._\`9%'RT51"),M0T_IJHYXX9:]\O?;K
MWHL-[2/:.:G2VWG"K*:+%-Z5/"*0^8-$8_"5)"#"/W1]A=RV"23>^3DDNMBR
MS0BK30#SH.,L0\B*R*/C#!3(==#'Y#)X3)4>3Q5=78C+XJLAK*#(8^IJ*#)8
MZOI)5EIZJCJZ9XJJCK*6=`R.C*Z.`001[GETCFC,<@5XF%""`00>((."#UCE
M')+!*)8F9)D-002&!'`@C((/F,CJZ_XR?S^_GCT!046V]Z9W;?R.VC11PTT%
M-W!25T^\Z*CA5%T478F!K,7G\A5/HYGS0S+^H_X6B'F'V1Y+WMS<6B26%T<D
MP$",GYQ,"H'RC\/J;>6/O`<^\OQK;7LD6Y6:@`"X!,@'RF0JY/SD\0]6V;%_
MX5#=05M%!_I+^*G9&V\B$=:H;%W]MC>U$TB`".2!L_BNOYT2H/)1@QAO8/);
M48QO/NY[HCG]W[G;R1^7B1O&?STM+P_GZ#J7+#[T>SN@_>>TW,4GGX4J2C\M
M:Q'/IY>IZ>MT?\*@?C_24>O97QB[BW!7Z&/VVZ-T[*V?1^0,FA?OL2^^)M#*
M6);[>X(`L;W#-M]W3?&>EWN-HB>J)(Y_8WA_X>GKK[T7+R)6RVN\DD]'>.,?
MM7Q3_+J3T9_-"^(/\X;#;N^%OS*ZHQ?3&<["R,*]-R_WK.?HZ_</V\L6%DVG
MOJMV[AFVAVYB*J63^'^:F%%F8Y6HK2&=J&JKO/MSS3[5RQ<V\IW+7<,"_K]F
MDA:]VN,,VN!A350ZHR->*:UOL7NCR?[QPS<E<YVBV4]PW^+_`*FL%Z=OARE%
M\.X4UT5&F0'1G48VUZ_YCG\KCO+^7GNZ.JW&%WWT9NC-SXOKON/$4Q@H:^I:
M*JKJ3;&\<7KEDVIO5<9223?;LTM+61PRR4D\PBG6&<^0O<?9N>K73;_H[S&E
M98&.0,`O&?QQU(%<,I(#`54G'CW(]K-]]N[O7<_XQL4KE8;A10$Y(21?]#DT
M@FF58`E&-&"UPX#<FXMJ9)<QM;/YK;672FK:-,K@,I78;))29&EFH,A2K78Z
M>FJEIJ^AJ)(9D#:98G9&!4D$?3V\%S'X5RB215!HP#"H-0:$$5!`(]#GJ-K>
MYN;23QK61XIJ$:D8J:$4(J"#0@D$>8-#U=%\"OYXG<GP:ZNPG2&/Z,Z=W]U?
MA*[(Y1(J6/,;`W[D<GEZ@U&2R&9WAC9<YBLS75%DC%158>:I6&&.+R>*.-$B
M7G7V=VGG'<7WB2\NX-Q=0,Z98P%%`%0Z2H&30.!4DTJ23-7(/OEO/(NUIL<=
MA9W&UHQ;&J*4LQJ2TBZE8G`JT9-`!6@`%P&U?^%0?1%9`C;W^+G;>WJDP%I8
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MK5D$N1PLK0Y?$5`EJJ8-"LL]1M]NYK]C=T.X69;<.2YV42CX:'@"PSX4HX+(
M*HXHK9H%TFZ<F_>%V@;9?!-MY]MU8Q'XJJ,D(QTF6(\7C-)(S5U[06;5[^5_
MQ#[U^%O:E=U)WQM&3;V<2.7(;?S5'+_$-J;WV\*J:DIMS;0S:(D63Q-4\)NK
MK%5TK_M5,,,RM&,B^6>:=FYMVU=TV67Q(>#*</&U*E'7R8?FIXJ2,]8N<V<G
M[]R5NK;1OT)CGI5&&8Y4J0'C;\2FGR93AE5JCH#<=OC>N'VSN#96(WANC%[-
MW9-CZC=.TL=N#+4.V=RSXF9:G%3[@P--5Q8K,S8RH424[5,4C0N`R$'GV<R6
M=I+<)=RQ1M=Q`A'*J70-AM+$56HP:$5\^B*.^OH;62RAFE2RF(+QAV".5-5+
MH#I;2<BH-#PZV./B=_PHXW;T9U[LKJ3L'XH];YG9.Q-OXW:NVY>G-PY/K"3%
M87$4J4U$TVW,Y0[[QF6KY1'>H>.JQPFED:8^K4'@3F;V$M=YOIMTL=SN$O)G
M+OXZB:K,:GO4QE1Z5#4`IPX9(<I?>0N]BVZ#:-QVFV>Q@C$:?3NT&E5%!5&$
MJL?6C)4DGCQL#I/^%/'Q5>FA>O\`CW\@J:L9`:B"DDZYK::*2YNL-7-N_'RS
MI;^TT,9_P]@=ON[<RAB$OK$IY$^*#^S0?\)ZD%/O0<J%09-NW`/Y@>"1^1,@
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MJ:F'F`,]%7-7N%RURE2WO93/O+XCM(!XMS(Q%541K4KJ\F?2I\B3CHIG2WQ(
M[S^6_;FTOF%_,4Q=#@J?9=8V<^-7PEH,B,[L;I<R2M-B]]=L3E$QV^NXQ3LC
M7:$04+*C,D4BI14(FW?FC9N5]KEY5Y#8NTPTW>X$:9)_6.$<8X*_.K9H2"7<
M);+RCOO-V[P\X^XR+&L!U66V@ZHK;S66X/"6XI\J+BH!`1+C_<4]3+U[W[KW
M7O?NO=>]^Z]U[W[KW54?S3_DW?#/YI563W=F]IU/4?;V0^YJ)^U.IHL;@<GF
M\E.QE^]WQMV6BGVWO2:6H(,]5/!%E98QH6MC`73)?*/NOS9RDJVL,HNMK6@$
M,U6"@>4;5#QXX`$H#G0>HGYU]F>2^=7:\GA-GO#5)GM]*,Q/G*E"DAKQ8@2$
M8UCK7"[S_P"$V'S*V)55M5TGOKJOOG;\;N,?329*?J[?52@9M)J<%NAZS9M+
M=+<KN.0ZK\``$SYLWW@.4[U0N[PW-E/YF@FC'V,E)#_SB'6-V^_=JYSL'9]C
MGM;^W\AJ,$I^U7K&/^<QZK\W'_)^_F6;6GJZ;)_$3LNJDHH9YYFVY/M/>,#I
M3O/'(M)5;1W'G*6OF9J=O''`\DDJE2BL'0L.+?W3]OKE0T>Z6X!(^,/&<TXA
MT4CCDF@&:\#U'MS[/>YEHQ679[DE03V&.08KP,;L#PP`23BG$=0L!_*-_F2[
ME:D7'?$'MBF-8':$Y^DPFU%01EPWW;[IS.'2@)T'2)S&6XM>XO>?W0Y`MZ^)
MNML:?PEG_9H5J_E7JEO[1>Y5R0(]GNQ7^,+'^W6RT_.G1YNF/^$X_P`]=]UE
M)/V?7]5="XH-%)6MGMX0[ZW13J774,=B.N1GL#654(NUI<S2QFW$GL&[M[]\
ME62%=N6YO9?+2GAH?M:72P'V1D_+H=;+]V_GZ_=6W1K2PB\]<@E<?8L.M"1\
MY%'SZV6>E_Y0_36W\QM7?ORO[)[+^>/:VSL708C;6?\`D5EJO.;`VI1XZEBH
MX(MI]35F3S6`@2:*!))CEZC-R2U2_<ZQ.3(<?=W]T=VGBELN6;>WV7;)6+.M
MJH65R37OF`5CQH-`C`';2F.LF-E]H-EMYHMPYLN;G?MVA0*CWC%HHP!0>';E
MF0<*GQ#(2W=75GHK_P`NO^$[WQ,[SKLOO#H;,Y;XP[WR,M56R8;;V-AW/U%6
M5LP>8B/8E768VNVK'+4:55,1D:;'TD1(CH6LJ@1\K^^W,^S(EKO2+N-FH`U,
M=$X'_-0`A\?QJ68\7Z"_-_W=>4M]D>\V!WVN^8DZ44/;DG_A1*E,_P"^W5%'
M"/JB'MW_`(3M_P`P_KVIJFV'A^K^\\7&SR4E1L3L'%[<RDE,)%5368GM!=BP
MP5OB)=H:>JJU])5))&TAIGVOWVY%OE'UKW-G)YB2(N*_)H?$J/F0OS`Z@;>/
MNZ>XFW,?H$M;Z+R,4RHU/FL_A4/G0,WR)/1,L]_*;_F/[<,HR'P^[CJ/#.M.
M_P#`<)1[I!D92P:([8R&7$\`"\RIJB!X+7('L6P^YO(-Q3P]UM!45[F*?\?"
MT/RX]`N?VE]R;:OB;/>FAIVJ'_XX6J/F,=*3;/\`)Q_F9;LJ$IL7\2-_TLCI
M&X;<V7V)LNG"RH\BAZO>.[<#2QN%C.I6<,C65@"P!3W'NM[>VJZI-T@(_H+)
M(?V1HQZ4VOLU[G7;:8MHN`?Z;11C]LDB#^?5D?QH_P"$YWS?;=VV=[=A=S[#
M^,\^WLI0YK&9O96=S6^>U=NY?'31UE#D<%%M:3;FWJ*NI*B,&*IBW&DL,@#*
MK6%P!S#[\\G_`$LEG8VDVX+(I4K(JQPLIP0VO4Q!'$&*A'4E<L_=QYX^LBOM
MPO;?;&C<,K1LTLZ,,@KHT("#P835!S3K8;Z@_D^?$;9=?N'>G=^+W%\R.XMY
MT,]%N_MCY1Y->R<M5I6TS4]7#M_`Y"/^[^VJ:+R-]G*D,^3H4(2.MLH]P7NO
MNIS1=I':;.T>T[5"P*0V8\)10U&IAW.?XA4(W$IUD1L_L[RA9227N^))O.\S
MJ1)/?-XS&HH0BGL0?PD`NHP'QU6_\J/^$T_2F^J_)[H^*7:N7Z2KZIY:F/KC
M?-)6[_Z^69M02BPNX37P;XVS0W(8M5ON!P00H52H0?<M_>"W>R1;;F6V6\08
M\6,B*7[66AC<_P"E\+_/&W-7W9]DOY&NN4[M[&0Y\&4&6*OHKU$J#_3>,?3'
M"DSM+^05_,LZWJJE,1U/M3MS%TNHMG>K>R=J55+,H;2IIL-OBLV+O&HU_4!<
M86`^H'N7MM][/;[<%!ENI;60_AFB<'\VC$D8_P![ZA'=?8#W,VUB(;2&\B'X
MH)HR#]BRF*0_[QT56O\`Y7?\Q#'5<M%4?#;O^2:'1K>@Z^S&5I#Y(TE7Q5^,
MBK*&>RN`VB1M+75K,"`)4]QN1)%#KNUC0^LJJ?V&A'YCH*2>UON+&Y1MFW"H
M](F8?M6H/Y'I<[)_D\_S+-_3TT&&^)/8N,^YUD3;VJMJ==P0I&\J2/4R;\W%
MMWPZ?`Q52/)(NDHK:TU(KSW4]OK)2TNZ0-3_`'V'E/Y>&K?YAYTH>E]E[.>Y
ME^P6':+E:^<ACA'Y^*Z>GVGRK4=7D_!#^2A_,6ZAPN[,'N7YDGXH]>=GC$2]
MA;-Z*R]=NOL;,C"_>14T";C%+@<%L;+?:Y":,9+$9*OD:-@LJ2HJH(<YT]W>
M0]TFBFM]I_>=];:O"DN%"1+JI4Z*LTBU`.AT45R"#GJ<^0O9+W'V>":"YWG]
MT[==:?&CM6,DS::T&NB+$U"1KC=S3!!`IU?7\2OY=?Q7^&23Y7J?8CY3LK*0
MU";F[K["KCO/MW<\U:=63FK=VY"%#B8<K(`U32XJ#'T<[J'DB9QJ]PKS/SYS
M)S81%N<VG;U(T6\0\.!*<*(/BIY%RS#@#3J?>4O;GE7DL&;:8->YN#KN9CXE
@P]?BK(?AU?B5`BGB03GH\?L'=#GKWOW7NO>_=>Z__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>j08276761_ba010.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08276761_ba010.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`,``]`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXKY@\"
M?M#Z=\5/VH/CE\#?`I\0'2/V5O#_`((T/XY:KK7PC\56'A75OC+\:O#^@?$[
MX?>!OAI\:K_Q1I/AO6?$'PK^#:6?C7XX>"=+^'WC"!-._:._9ZOK'XD^%=7T
M7QKX+UGZ?KY`_8=\%?\`"/\`P)C^(>H67Q`M/%O[3?Q`^)7[67BZ#XR^`/\`
MA7'QV\/_`/#1'C'5/B+\.OA#\;O#L_B/QAJ</Q`_9?\`@EJOPM_9+2WU/Q-J
M7_"/^#O@/X2\':%:>&O"7AGP[X1\/@'U_1110`4444`%%%%`'P!_P4G_`&B/
M@3^SK^SBNI_M"?M6_P##&_@7X@?$#POX/O?BW!8>,9=8UGPYX4M=:^.OQD^#
MOA'Q!X!N--\9^`?B!\;_`-G+X-_&CX6_#KXA>"-=T+XI^$_'?BCP[J'P+NM3
M^/0^%_AK7?8/V9OVL/A[^UQIWC'QQ\$M)\0>)_@3HWB#4?#/PY_:2M=8^&>K
M?!K]H34?"OBKQA\/_B5<_!2;PO\`$3Q#\1-0\/\`PT^(G@;7_!FJ^+/B!\//
MAYX5\=SII_BWX)ZS\5/AMJEAXWG^/_VM_B/XJTC]J#6/B'\$/ACX@^('QD_X
M)W_L0?%W]HOQIX.T1M1O_%7[3WPS_:E\/_&71_AC^Q-\)_#VE>'_`!I)8^(/
MBO\`M!_L->$/BMXR^+]OX;N/B%\.]1^!WP>^%?PS\)?%'PW^TG\:HOAY[!\&
M/^*@_P""CO[=_C#_`)`G_",_L_\`[!OP"_X1;Q#_`,2WQCX@_P"$'U3]K[XZ
M?\+J\,Z)^^_M7]G_`,8?\-0?\*=\#?$?[5;_`/"0?';]G?\`:C^'O]C6G_"I
M/[7\0`'W_7S!X#\6?$SQ'^UQ^TAH_P#PDWA_7?V?/`7P?_9@\)^'-+T;6?A[
MJFH^"_VG[S6_VB_'7Q_\,^++'1+F?XD^'/$%U\"?&G[%?C&VT;Q]%9^'Y_"O
MBSPSXA\`VS2:]XOO+KU_XL^/_P#A5'PL^)?Q2_X0KX@?$K_A6OP_\9>/_P#A
M77PG\.?\)C\4_'W_``AWAS4O$7_"%?#3PC]MT[_A*OB!XJ_L[^PO!OAS^T+#
M^W/$=_INF?;;7[5YZ?S!?`?]GK]J?0_$?[6_PD^-WPW^'_[-O[,O_!:S_@I_
MXE\`-^SQX6\>?$7XL^(_`?\`PA?PL_:S\5_\%.O&NK^-/B?\"/@1\0/$/P__
M`."G7P__`&(T\-?`OQ'X2\0>&?\`A4/PL_:0T3XZ_!JR\!ZUX'T?PMXW`/Z?
M?A;\6/A9\<?`FA?%+X*?$OX?_&#X9>*/[3_X1GXB_"WQEX<^('@3Q%_8FL:A
MX=UG^PO%WA/4M7\/ZO\`V1X@TC5="U/^S]0N/L&L:9J&F77E7ME<P1>@444`
M%%%%`'P!^S/X`\1R_MI_\%*/CIXP\:_\)%>ZO\0/V8OV:/AMX6T_Q'\+-7T?
MX?\`P)^!W[,7@CXZ:'I.IZ)X&LCXZ\*?$#7?CU^V1^TGXIUVP^-.KR^,=3\"
M:O\`"W6_#&@Z1\,K_P`$ZOXHZ#]J#_@GQ^SQ^U7XJ3XI^)Y/C!\(OV@]-^#_
M`(T^!OA7]IS]E_X[?%O]FOX^^%OA[XTU&Q\1'0'\;?"+Q;X8MOB'X?\`"OC;
M2].^(/@OP)\9M%^)GPST#QI#?:LG@BXC\1>*K37/K_1O"?A7PYJ/BS6/#WAG
MP_H6K^/?$%MXL\=:IHVC:=I>H^-/%5GX5\,^!;/Q-XLOK&V@N?$?B"U\$^"_
M!W@ZVUG6);S48/"OA/PSX>BN5TC0=+L[7H*`/S`^`7_!-?6/V7/BG\:OC/\`
M"W]O;]O_`.*/B#XC?#_XC^$?AU\(?VUOVE/'?[6_[+'P4UCQ?XCT;Q7X1\1:
M!\*_$6J>#/B;XE_X5O>^']/\,:5/KOQ[7QWK/PZU#Q7X<U/XBCQ!XDG\9VO@
M'[/GP=^*?Q\\,?\`!"C]H?\`9ZM?A_\`!_\`88^$W[/_`,.OCIXH_9B\:>,/
M$?C;QW\(/[;_`."??Q;^"?[/'A;X$?$(?#U/$'Q,\CP_^U5K7A;X\ZW\<?&E
MO_:^C_!SX0>*_AII'A/Q1>_%RT^)?Z?_`+6/_"]O^&6/VEO^&7/^3FO^&?\`
MXR?\,Z?\B=_R7;_A77B/_A47_)1/^+?_`/)0/^$>_P"1Y_XH[_H9O^)+]NK?
M_9Z^$FG?`'X!?`_X$Z/'X?BTCX*_!_X:?"32XO">F^*M&\*QZ=\./!>B^#K&
M/PSH_CKQ[\5/&VD^'TMM&B71M-\8_$_XC^*K'3A;6OB'Q[XPU>*\\0ZB`>P4
*444`%%%%`'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>j08276761_ba011.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08276761_ba011.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`,`!3`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXHHHH`
M****`"BBB@`HHHH`****`"BBB@#Y@^.W[9/[/'[-?Q"^!_PL^,?C'Q!X<\;?
MM%^((O#/PHT[1OA9\6_'^G:EJ,_Q,^#7P9M[GQ9XG^'?@7Q7X6^%OA^Y^*W[
M0OP3^'UMXL^*FM>"_"MQXJ^)/AG28=9DN;J1(>_^+'Q^^#7P+U'X/:7\7_B%
MX?\`AY<_'[XP:)\`?A%+XFFGL=.\9?&7Q/X5\9>,?"OP]MM8-NVD:7X@\6:1
MX"\2V?A.'7;[2X/%'BJ/1O`N@7&H^-O%7A7P]K7R!\=K#]D?QI^UQ\#_`!7^
MTOXD^#_@/QM^SYX@B^&/P1\)?&3XJZ)X;\0?%WXA?M2:W\&OB'\!/$'@'P9H
M?[1MIX6\9>']7^*W[+7CK3_A?\./V@/V?O$GQ,\1?M0?LN67QB_9X7P'<_L^
M:1XX^)GY@>.?V\O@U^V7^S5^SG^U'^T'K7[,'P#\;?LA?&#]@_\`;@O/A>?$
M,_[9WP]^!VG?\%&/@A\1_P!G7]@SXF?M6:U\1-!_8A\+?"SQ!\(?BM^TKIW[
M5'Q-\*^'?&6J>*OAW\,_@)X?\?>%/'6GW/Q6^&GC+2`#]_OCO\=_AG^S7\,]
M4^+OQ=U3Q!I/@G2?$'@#PG))X3\`?$+XJ>*M2\5?%3XA>%OA1\._#/AGX=_"
MCPMXV^(GB_Q!XO\`B)XV\*^%=&T;PKX5UG4;C4=9MB;9+9+BXA^8/V!?VH_^
M&D_^&U/#7_"<_P#"T_\`AE']O_\`:._9<_X67_PC/_"#_P!N_P#".?\`"&_%
MG_A!O^$-_P"$>T+^R_\`AFS_`(7%_P`,E?\`"3>?XC_X7%_PH+_A?/\`PD,_
M_"T_[-TOG_">J:=IO_!+GPSK6C^*?$'[;_BGX`?LP:-JFE^-O%GP(\5?&#XM
M_%[]I7]C_P`-6UW8^*?$W[,?CKQ_X.^*.I?M/Z'^TC\(8M6UGX$>,?BG\/\`
MXW^#OVA_#]S\/O$/C_X?_%;P_>>(M#_."+Q_^U/\-/V8O^"E7Q[_`.",W@K]
MD#XQ^'U_;_\`BI^TOX!NO%?ASXB_%'P)^U1\+/$G[%GP<^,7[2VK?L\>,/V:
M;U?%'[3?[0'B[]N?4?BC\+_!=_KGCSQ)X<\/:QX;\4_LRZ9KWA#P_P#!OP#\
M/?`0!^[WQ4^/WP:^"<_A2Q^*/Q"\/^$]7\<^(/!GAGP=X=N9I]0\5>)=1\>_
M&7X0_L^>'KG1O"FCV^H^)+[P_'\9/C]\%_`OB;Q9!I;^%?`^H_$OPG>>-M9\
M/:1JD6HCV"OYH?C'^V1\`O\`@H;\0O@1I7P6T7X/^-OBM^SQ^V__`,$\/@1\
M9/VHO!G[5'@OXB_LJ_"KPK\4?B9^SA_P4D^)>E_"OQE\.;W6O$GQ2\/_`!*^
M,G["7P._8H^$/C_X[?`/]F[3OB;^U=X[\*?"KX5^*8/%-K\6?`,/L'A;_@K]
M\4_@O??M0^._VZ?`G[/_`(:_9E\"?\/6_BA\!?B;\&/B+XCT?XIZK\+/^":_
M[9/PN_8PM/@Q\3/A+\8-/TKX?WW[0'QH^('Q&L5^%_BCP9^T)9^'/B-XCUCP
MOX#B^&?@36M0AN;X`_?ZO'_VA?C7X5_9K^`7QP_:,\=:?X@U;P3\`?@_\2_C
M7XQTOPG:Z=?>*M2\*_"OP7K7CKQ#I_AFQUC5=!TB\\07FD:%>6^C6NJ:YHVG
M7&HR6T-]JNG6SRWD/Q!\._\`@J3\+-7_`&G?B!^R1\:_AO\`$#]F_P")OPW_
M`&?_`-I[]KKQ-XO^*4WASP_\$](_98_9Y_;3^*G[(VC?%77?'OBS5/!OB#0?
M^%G^'_AWI7[1>F-J'@)?AUI'PB\9Z?JUK\4_$ME;6VKZOY!^UW^W%XT^)W[(
M_P#P4!^'?P.^"'[3_P`)/CMX4_8@^)_Q,\$^+?'OBGX!?LPZCX"\%_&+1/&?
MP\_9N_:;U+QG\3?VC_AYJ_P#\/Z]J_A;XT_%>.S^*DGPP^/OP'\*_LK_`!;N
M/CM\+?@Y\2=2^`O@?XS`'Z_7/B;3K7Q5HW@Z6V\0-J^N^'_$WB:QO+;PGXJO
M/"L&G>$]1\)Z7JEMK/CJST:?P3X<\075SXTT>7PSX3\0^(=+\5>--.L_%FL>
M#M&UW2/`7CJ^\.%MK.HS^*M9\/2^$_$%GI&E^'_#.LV/CJYN?"K>%?$>HZ]J
M/BRQU3PGHUG9^)KKQM!X@\%VWAS1]8\37/B'P=H7A6ZT[Q[X3B\'>)O%FKV?
MCK2_!?\`,%\-/^#@/X!?L2_L-?LBO^UUXU\/_&[QMX?_`&8/CIIOCWQG\$?V
MD/!?QZ^)GQZ\5?L8?MC?"?\`X)X:#\6_A5!\3;OX5:O\;?#_`.V/J\WQA_:E
M\.>/=9\2:#J,/P]^#'Q9NK./XFW/AKQ1K^B>/_\`!6O]M/6->\$?$C]JQ_BC
M\/\`]DGP_P#LR?L__P#!0G]GWPEKF@_M)^.V^.WQ$_:.\$_\%</@?X)^#7P`
MO_AM\$==_9\_:-\%?#_]OCP9_P`$JOC=X?TGXJ_!KXFW-UX-\':A^TN/%NM>
M$?#_`.SL_CGXG@'];OAGQ9X5\::=<ZQX.\3>'_%FD6?B#Q9X3O-4\,ZSIVO:
M=:^*O`7BK6?`OCKPS<WVEW-U;0>(/!?C;PYXA\'>+-&EE74?#GBK0M9\/:Q;
M6>KZ7?6<!1X3\)^%?`7A7PSX%\"^&?#_`(+\$^"_#^C>$_!W@[PGHVG>'/"O
MA/PKX<TZVT?P]X9\,^'M'MK/2-!\/Z%I%G9Z7HVC:79VNG:7IUK;6-C;06T$
M42E`!<^$_"MYXJT;QU>>&?#]UXV\.>'_`!-X3\/>,;G1M.G\5:%X5\::CX3U
MCQCX9T;Q#+;-J^E^'_%FK^`O`NJ>)M&L;R#3M>U'P7X3OM4MKJY\.:/+9GAG
MPGX5\%Z=<Z/X.\,^'_">D7GB#Q9XLO-+\,Z-IV@Z==>*O'OBK6?'7CKQ-<V.
MEVUK;3^(/&GC;Q'XA\8^+-9EB;4?$?BK7=9\0ZQ<WFKZI?7D_044`>`?LZ_"
MCQW\'/#GQ'\,^-?'/P_\<V7B+]H#X^?%?P!)X`^"6C_`[_A$_`GQJ^*?B;XM
MV?@;QKIOASQ5X@\/_$CX@>&O$'C/Q';>(_C;9:-X"UCXL^;9^+/'_A6_^)MY
MXU\>^-O7[;PGX5L_%6L^.K/PSX?M?&WB/P_X9\)^(?&-MHVG0>*M=\*^"]1\
M6:QX.\,ZSXABMEU?5/#_`(3U?Q[XZU3PSHU]>3Z=H.H^-/%E]I=M:W/B/6);
MSH**`.?\6>$_"OCWPKXF\"^.O#/A_P`:>"?&GA_6?"?C'P=XLT;3O$?A7Q9X
M5\1Z=<Z/XA\,^)O#VL6UYI&O>']=TB\O-+UG1M4L[K3M4TZZN;&^MI[:>6)O
M`-/_`&(OV+])U'2M8TO]D3]F#3=7T+Q!\%/%FAZII_P"^%-GJ.C>*OV:_"MU
MX%_9S\3:5?6_A..YT[Q!\`?!-]?>#O@IK-G+#J/PK\*WEUX>\"W.@Z1<36;_
M`$_10!X_\:_@#\&OVC/"NG^"?C?\/?#_`,1_"VE^(+7Q-8Z/X@AG>"'48M.U
M7P]JELTMG<6MS/X?\:>"?$?B_P"%WQ.\)W$\OA7XL?!KQ[\1_@O\3-&\6?"G
MXC^.O!WB#P"V_P"";W[$K_'W6?VI?%?P#\/_`!=_:#U+Q!X9\3:)\5_VAO$/
MCC]I3Q5\*]1\%^-/%GQ$\(6W[/EQ\?\`Q1\2;;]FGP_X6\;>-_$7B3P]X3_9
M\M?AGX5T;49M,?3M&MX_#OAR/2?M^B@#G_"?A/PKX"\*^&?`O@7PSX?\%^"?
M!?A_1O"?@[P=X3T;3O#GA7PGX5\.:=;:/X>\,^&?#VCVUGI&@^']"TBSL]+T
M;1M+L[73M+TZUMK&QMH+:"*)?(/BE^RK^SC\:/V<==_9#^)/P7^'_B#]F7Q!
M\/\`3/A;<_!2#0+7P_X$TKP)X?M=/M?">A>$=*\,C1_^$$_X03^Q]#O?AUJ?
D@F7P_K'PYUCP_P"'=>\#:AX?UKP_HVH6/O\`10`4444`?__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>j08276761_ba012.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08276761_ba012.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`,`!,`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXHHHH`
M****`"BBB@`HHHH`****`"BOS`_X**?MK?%/]CS_`(57JWA'0/A_J/A*]^('
M@?QQ\6;V]TKQ'\3?&/AO]C;X4_\`";^-?^"B'QQ\1^`-!\5_"[4_A3\/_P!F
MGX):=\.M>\%?&SP[?_M+7WC[X[?$WP!^S1/^S;9>+?BC\+O$?BGY`_X)R?MC
M_MD_M/Z/^P-J7Q_^/'[/_P`)_$'Q"^'^L_M9?&KX3W?@RQTWXN_M#_#K]L#P
M)\:O&7["WPA^#^FVNJZ]\,OAW\/_``;9?##]K+QE-;^'/BQ\;/VI_$WP3_8D
M^`OQ+^-UI\+_`!!\>OVC/AI\,@#]_J*^(/BI^T;\/?&GQ]\*?L=^!?A5X?\`
MVH_B)I/B#P9\2?CE:KXD^&=_\,_V-=.^'WC3X0_$_P"'WC;]I)KZ_P#$_C;X
M>?&#Q5;:I9_%']B3P-I?PMUSQ5\7?B%\,+CQ%8ZY\*?AWX(\:_';X<\_^VY_
MP4G_`&<?V%?V<;_]IGQNOQ`^-/A*#X@>,?A;I7A/]F+PO:_&7QWXA\=_"ZU^
M)FL_&O0K2VT_6M*\):!_PH;PE\$/CEXQ^-FI^._&'A#1_AQH_P`&OB%IVOZA
M!XMTFU\,Z@`??]%>/^&?%GBKP'\&KGX@_M2^)O@_X&U?PQX?\6>/OBMKWAG6
M=1T3X-?"_P`*Z?/K/BBXLKGQ[\1+G2;G6?#_`,*_!*6NB^+/C)XDTGX::=X^
MG\-:S\4W^%_P8TCQ#'\,O!WR!\,=9_:X^)__``4+\0>*/B)X3\0?`K]ESX3_
M`+$'PXN/AS\,KJYUOQ#J/Q6^,O[6GCY=>^)4WQK\4>%_$UY^SYI_Q@_8[C_9
M7C^'.E?#WX4W_P`>8-)\*_M&:A\2K?X_0Z'\7;#P%8`'Z/T5\P?#3]HW4?BQ
M^T/^T+\&?#'PJ\0:;X)_9>\0:+\-OB;\8_%?B3PKI^G>)?C+XQ^$GP/^//A?
MP3\(?!&@W_B?Q3XE\/Z)\*?C/8:C\5/'/Q&3X0P>&O%5QX,\,?#70_C-;:YX
M]U_X3_'_`.T#_P`%$M1^#/C3]J?XG:O9>'_AY^Q?_P`$VO#_`(SM?VS?&OQ&
MT?PK<_$+X\?&7Q/\`O@3\<O@#\%/V+;Z/]H7P?I&B^(#I'QJT/2O'NJ_'OP7
MI<'CWXF>+_A'\%?@EI_B'4?%7CCX@_#$`_5^BOR!^)?_``6+^!.I?V;X*_8N
MT?\`X:_^-NJ_M`?"?X!7F@SZAXQ^`WP)^%G_``N'_A#=6\`?&KX\_M+^-?AA
MKGA+P'^S_P#%[PEXWT"]_9*^(_@SPY\4_P#ANSQCK_AKP!^QEHWQOU.Z\1W_
M`(2^_P#]ESP[^T=X7^!/@;3?VN?B+\/_`(H_M&W/_"3>(OBEXF^$_A&Z\$_"
MS3-8\7^,?$/BS3_AU\--&U.>X\07OP_^#_A_6](^$G@WQ=XOD7QW\0/#G@G3
M?'OCV"V\9^)-=MH@#?U3X`_!K7OB%XI^*?B'X>^'_$GC;QIX?^!'AGQ'J/B:
M&?Q'IUYIW[,7Q,\?_&;X`7-MX8UNXO\`PMI/B#X4_%;XG^,?B#X3\6:/HMAX
MJL_%5UHVK2ZS/<^$?"#Z#@?$7]D[]ECXP>.X/BE\6_V:?V?_`(H_$VV^'_B+
MX3VWQ%^(OP;^'7C;QW;_``L\7Z/XN\.^+/AI!XN\3>'-3\01?#_Q1X?^('CW
M0O$7@V/4%\.:WH_C;Q=IFI:;<V7B368+WW^B@#X@UG_@F3_P3;\1Z=X3T?Q#
M_P`$^?V(-=TCP%X?N?"?@72]9_90^`VJ:=X+\*WGBKQ-XZO/#/A.QOO`,]MX
M<\/W7C;QIXQ\8W.C:/%9Z=/XJ\6>)O$,MLVKZ]JEY=>@77[$7[%]]IWQKT>^
M_9$_9@O-(_:4\0:5XL_:+TNZ^`7PIN-.^/WBK0O%6H>.M#\3?&NQF\)O;?%3
MQ!HWC;5M4\8Z5K/CJ+7M1T[Q5J6H>(;.YAU>\N+R3Z?HH`\_\?\`PG^%GQ7_
M`.$*_P"%I?#3X?\`Q*_X5K\0/#GQ8^'7_"?^#?#GC'_A`?BGX.^V_P#"(_$O
MP5_PD6FZC_PBOQ`\*_VCJ'_".>,M"^P>(]#^WWO]F:E:_:I]_`?#K]E7]G'X
M3^!)_ACX!^"_P_T3X?W'Q`\._%)O"<V@6NMZ/%X[\#ZQX1UGX8Z[:6WB`:K]
MA_X4O_PKGX7^'_@+IEDUOH_P$\"?"3X/_#CX-Z?X'^'_`,)/AQX9\,>_T4`?
M,'QK_8B_8O\`VE/%6G^.OVC/V1/V8/C]XVTGP_:^$]+\8_&OX!?"GXJ>*M-\
M*V.HZKK%CX9T_P`0^.O">O:O9^'[/5]=US5+71K>\CTZWU'6=5OH;9+G4;R6
M;Z?HHH`Y_P`6>$_"OCWPKXF\"^.O#/A_QIX)\:>']9\)^,?!WBS1M.\1^%?%
MGA7Q'IUSH_B'PSXF\/:Q;7FD:]X?UW2+R\TO6=&U2SNM.U33KJYL;ZVGMIY8
MF/"?A/PKX"\*^&?`O@7PSX?\%^"?!?A_1O"?@[P=X3T;3O#GA7PGX5\.:=;:
M/X>\,^&?#VCVUGI&@^']"TBSL]+T;1M+L[73M+TZUMK&QMH+:"*)>@HH`__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>j08276761_za014.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08276761_za014.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`B0")`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M``(!`P($!`,%!`0$!@8%;0$"`Q$$(1(%,08`(A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M``P#`0`"$0,1`#\`N)_EG_"OL7YH_"?ISY-=L?S+/YIV)[`[1K.U:S/XS8/R
MZJMO;.H/[M]S=A[,Q5+@<+6[)S53CZ.'"[<I@4:JE_<#$$`A1[KW1[O^&B?_
M``9[_-]_]+4__1K[]U[KW_#1/_@SW^;[_P"EJ?\`Z-??NO=>_P"&B?\`P9[_
M`#??_2U/_P!&OOW7NO?\-$_^#/?YOO\`Z6I_^C7W[KW7O^&B?_!GO\WW_P!+
M4_\`T:^_=>Z]_P`-$_\`@SW^;[_Z6I_^C7W[KW7O^&B?_!GO\WW_`-+4_P#T
M:^_=>Z]_PT3_`.#/?YOO_I:G_P"C7W[KW7O^&B?_``9[_-]_]+4__1K[]U[K
MW_#1/_@SW^;[_P"EJ?\`Z-??NO=>_P"&B?\`P9[_`#??_2U/_P!&OOW7NO?\
M-$_^#/?YOO\`Z6I_^C7W[KW7O^&B?_!GO\WW_P!+4_\`T:^_=>Z]_P`-$_\`
M@SW^;[_Z6I_^C7W[KW7O^&B?_!GO\WW_`-+4_P#T:^_=>Z(C_,P^%?8OPN^$
M_<?R:ZG_`)EG\T[+=@=75G559@,9O[Y=56X=G5_]Y.YNO-F96ESV%HMDX6IR
M%'-A=QU("+51?N%220"I]U[K9K]^Z]U4%_(6_P"W3_Q3_P#*Y_\`P27</OW7
MNK???NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW507\^G_MT_P#*S_RAG_P273WOW7NK???N
MO=5!?R%O^W3_`,4__*Y__!)=P^_=>ZM]]^Z]U[W[KW15?FI\S>AO@'\<NP/E
M!\CMT2;:ZWV#1Q`P8^F7([FW=N3).U-MO8VS,,9J<YG=FZ,C:"EB:2&GB&NH
MJ9J>DAGJ(O=>Z^?_`-W_`/"Q3^8]W?V5E-N?";XT=3==;.::HFVO@LILS>G?
MG<]=B\?-%+-D<W6XO-8+:B+54E.6FIJ3;["A2=X_NYV2.H]^Z]T:'^7S_P`+
M+^P,CVUMWJ_^95TEUOMG86=SB;>R?>O1^+WGMW(]9SU%5]JF7W]U?N+.;YGW
M)@\=5OIR,F)JJ&NHJ5&DBH:V9/#)[KW6_P!8G+8K/8K&9W!9/'YK"9K'T>6P
M^8Q-939'%9;%9&FCK,?D\9D*.2:DK\?7TDR2PS1.\<L;AE)4@^_=>ZT!?YG?
M_"K3^8=\+/GW\I?BOU;TU\,,_P!>](=GUVRMJ9C?_7G>&4WED,52XW&5D=1N
M'(;=^1.U<)5Y`RUK`O38ZDCT@6C!N3[KW1$/^@U3^:;_`,^#^`'_`**SY%?_
M`'5/OW7NME7_`(3D_P`\7Y8_S>]Y_*S;OR4Z]^/&R*+HS;'4V:VE+T=M/LG;
M55D:K?F5WY0Y>/<3[][:[+AJZ>FAVO3FF%,E(R,\FMI`5">Z]T)__"C;^<?\
MG/Y0FR_BIN/XU[%Z(WO7=Y[H[8PF[8N\=L=@[EI<=2[$Q.Q*[$2;=3879_6D
MU)45,VZ*@5)J7JU=4CT+&0Q?W7NM5O\`Z#5/YIO_`#X/X`?^BL^17_W5/OW7
MNC/_``B_X5U?S(_DI\T/B)\=-]=)_"#%;)[]^3_072F\<IM/K?OFAW5C=J]J
M=K;3V+N&OVU79CY*9W$4>X*/$9V:2CEJJ&LIHZE4:6"9`T;>Z]U]%GW[KW7O
M?NO=>]^Z]U4%_/I_[=/_`"L_\H9_\$ET][]U[JWWW[KW507\A;_MT_\`%/\`
M\KG_`/!)=P^_=>ZM]]^Z]U[W[KW7S??^%J_RQW#NCY0?&?X7XK,3+L3J7J9N
M]=UXFFF9:2O[,[1SVXMKX4Y>`.5GKMJ;&V:)*)BH\,6XJD`GRL![KW6S-_PF
M8^!?6WP__E?="]FT.U,7%W9\M]CX+O[M+?TN-IEW'FMO[\B?</5&U8\F\1R,
M6T]M=>9''R4]%Y33_P`1JZRK55:J;W[KW5?_`/PH8_X3G=J_S(_D;TW\C/A+
MC>D=@]BYW;.XMI_)K,=AY^OV'@MRRX.MV^_6.]ZI=J;0W7E=P[N.-R>6Q^2J
MS1RU,F.QN/B+L(8T]^Z]UL+?RK?C?\@_A_\``'XV?&#Y/[ZV1V5V]T?LNIZ_
MR.\>N\EN3+;3K=J8?<&8'76(QE=NW;FU,[/'M#8$N-PNN:A@\@QPD"J'TK[K
MW7R__P":Y5XJ@_X42?(6NSM3CZ+"47SOZ^J\S69::FIL528JFS^PILA4Y.HK
M&2D@Q\%(CO,\I$:Q@EB%!]^Z]U]0G_9L?Y6G_>2WP!_]')\=O_LC]^Z]T:SJ
M;*=*[NVK1=@=%Y'J[<^R=U+5)CM[]35>T\UM7<:X7)U^'K5HMR[/DJ<1F%Q.
M9HJJEE"32""JBEB;2ZNH]U[K26_X7$_\RL_EV_\`B0/D;_[SG4'OW7NC(?\`
M"6WOKX-]??RG]H;<[Z[G^*.Q^P8N[^YZNIP/;W8O4.VMY1XJJS..;&5,^+WG
MF*+-ICZF)6,#LGC=0=!(]^Z]UM!=1]H_"/N+<4^-Z&[$^*_:>[-N4L6Y*F@Z
MCW=U)O?<6!HJ6NI8(,]/2[-R&3R6+I:?)3PHE4RQHD[H`P<K[]U[HU'OW7NO
M>_=>Z][]U[JH+^?3_P!NG_E9_P"4,_\`@DNGO?NO=6^^_=>ZJ"_D+?\`;I_X
MI_\`E<__`()+N'W[KW5OOOW7NO>_=>Z^5A_PL.V?G-N?S>1GLG3>+&;_`/B_
MTQN7;=0HF*56-QN1WSLNLUN\4<7W$&;VK5*R(SA8RA)!;2/=>Z^B#_*/WOA.
MQ/Y6W\N_=6`_A:4-1\,/C?AYZ7"0+28C&9O:O4^UMJ;EPN-I%EF%)1X/<>$J
MJ-(M3&-8-)Y'OW7NC']X_*[XP?&2?9M/\D/D/TGT"W8E1F:38LW<_9^S.L*/
M=M9MY,9)FJ/`9#>F9PM#DJS&KFJ3R11R-(/N8Q8EA?W7NA2V-O\`V'V?MC&[
MVZTWMM'L/9F965\1N[8VY,-NW;&52"5X)FQN>P%;D,57+#/&R,8I6"NI!Y!]
M^Z]U\>[^=5L>J[-_GM_,;K:AKJ?&5W8/RWQ6QZ/)5<<DU+CJK=AVC@:>NJ8H
M;32T])-7B1U3U,JD#GW[KW5XO_0$/\IO^\X.@/\`T7G8O_U1[]U[K=;_`)2'
MPAW3_+C_`)>_Q^^&6]=\;?[(W-TW_I6_B>]-K8[(XG!9G_2'W;V3VK1_8X_+
M,^0I_P"'8_?,5)+Y#ZYH'9?21[]U[K5C_P"%Q/\`S*S^7;_XD#Y&_P#O.=0>
M_=>ZHJ_E;?\`"9WO+^:1\3\1\K]A?)KJCJS;V7WQO39$>T]W[1W?F<S#5;,K
M:>BJJYZW#2I0M3UK5`:-0-2@<^_=>ZVZ/Y"W_"?#N+^4)\C.XN[>Q_D+UIW!
MB^S.E).K*'";)VONG!5^,KWWUM+=HRM749V5Z>:C%/MQX="#7KD4_0'W[KW6
MU/[]U[KWOW7NO>_=>ZJ"_GT_]NG_`)6?^4,_^"2Z>]^Z]U;[[]U[JH+^0M_V
MZ?\`BG_Y7/\`^"2[A]^Z]U;[[]U[KWOW7NM4+_A53_*/W_\`/KXV;#^2WQRV
MG7;S^1OQ/AW&*_8&WZ-JS=';'2.YGH:_<V$VW0P02UF?WEU_F,8F7Q.-C99*
MRDJ<K#3I45TU'3R>Z]UK*?R5?^%-6[_Y6W0V2^'WR(Z+W1WIU+L[<FX<OU-5
M;>W32;2[`ZJGSV4J,GNWKVNQNXL;4XS,;3GW34U>2IU:2CKL;7UE8CFIAEAB
MH_=>Z)7_`#+OY@_RH_X43_.;IW:73?0N>H:;$4M7UE\;?CWM?(S;VS5!'N+)
MT^2WEO[>>Y%QF&QM-DL\N-I*G-US0T>'PF'Q4`EE:.DGKI_=>Z^HE_+.^&.+
M_E\?!+XV?$/'Y"CS-?U!U_%2;RS^/61<?N'LK=.5R6]NSL[C//#!5C#Y/?\`
MN3(R4"SKYHJ$PQORGOW7NOE7_P`Z3?,O6'\^#YA=E08Z/,3]>?+O#[YAQ,U2
MU'%E)=I/M#/QXZ6L2&H>ECKGQXB:01R%`VH*UK'W7NM@'_H.)[2_[UV;`_\`
M2C]Q?_:>]^Z]U<M_(Z_X4;;S_F]_+'L+XU[B^*>V.C*+9'QXW9WC%NW"]LY7
M?E5D:K;79/4NPDV[)B*[8>UX::GJX>RWJ34BH=D:D5/&1(63W7NJZ/\`A<3_
M`,RL_EV_^)`^1O\`[SG4'OW7NJ5OY3W_``IOWS_*Q^(>&^)F!^(6U.Y<?A]^
M;WWPN]LOW%E]E5D\N]*ZFK9<<V#HNO=R01QX\T^E9/NB9+W*K[]U[JTS:'_"
MVWM#<^[-K[:D_EZ["HTW#N+"8-ZM/D5N&9Z5,MDJ:@:I6$]0QB5H!4:@I90Q
M%KCZ^_=>Z^@O[]U[KWOW7NO>_=>ZJ"_GT_\`;I_Y6?\`E#/_`()+I[W[KW5O
MOOW7NJ@OY"W_`&Z?^*?_`)7/_P""2[A]^Z]U;[[]U[JD+MC_`(4=_P`F/H[M
M/LOI3M+YD?W7[-Z?[`WEU;V+MK_9>?E5F_[N[[Z_W%DMI[NP7\9V[T;E]OY;
M^$;@Q-13_=4-754=1X]<,LD;*Y]U[H/_`/H*,_D4_P#><O\`[+-\P_\`[GWW
M[KW5??R`_F8_\)!?E+O&J[$[\K_CSV-V!D)GJ,OOK(_"/Y5XO>.X*B0:3/N;
M<^WOCSA\WN:91PC9">I9/[)'OW7NA@^-7\Z__A+5\.,=D,9\6NT>F>B(\S"E
M/G<AUQ\*?E)M[<.XJ>*43PP;DW33?''^\NXX:>50T2UU74+&0-(%O?NO=&D_
MZ"C/Y%/_`'G+_P"RS?,/_P"Y]]^Z]U7[V?\`S,O^$?\`W5O_`'3VIVW_`++'
MV-V1O?*/F]X;XW?\"ODMG-S;ER\L44,F2S.6KOC9+5U]8\4**9)&+$*!^/?N
MO=(3_9X?^$77_/%?#_\`]-Z_(O\`^YH]^Z]T._QZ_G!?\)1/B9O3)]C?&;>O
M0_1._,UM>MV5EMW=7_!_Y0;0S^1VCD<KA<[7[<K,EB/CA35,^'J\SMR@JI(&
M8HTU'$Y%T6WNO=++Y&_SQ/\`A+[\OJ+:F-^4?</4O?M!L:JRU;LZC[5^&/RI
MWE3[9K,]%009FIPL69^.=2M!-E(<73+.T=C(L"`_I'OW7NBK?[/#_P`(NO\`
MGBOA_P#^F]?D7_\`<T>_=>ZE4/SO_P"$8V,K:/)8_:?Q%HZ_'U5/6T-93_R^
M?D;%44M922I/35,$J_&D-'-!-&K*PY#`'W[KW5F?_049_(I_[SE_]EF^8?\`
M]S[[]U[HW_PJ_G,?RV?YB/:>?Z4^'7R/_P!,'9NU^O\`*]I9W;7^A_OKK_['
M8F$W%M7:>3SO\9[2ZNV3M^I^VW!O;%T_VL-7)6/]UK2)HXY7C]U[JS[W[KW5
M07\^G_MT_P#*S_RAG_P273WOW7NK???NO=5!?R%O^W3_`,4__*Y__!)=P^_=
M>ZM]]^Z]U\0_^:RD,G\U3^9*E1,U/3O_`#!/F&D\Z1>=X(6^1O8HEF6#7'YF
MC0E@FI=1%KCZ^_=>Z/1\B?Y)NT?CY_+EZV_F95GSJZ_WAT?WCD)-I](83#]'
M=J4.\-]=CS8;LC)XK9.2HLA*M/LS[FHZJS%/49&N?[*E-/J#2ZXED]U[JDKK
M?!;,W-OC;N![#WY_HPV9DZR2#/;]_NOE=Z+MJE%+4215S[7P<T&7R\;U<<<3
M)3MY%60N`VG2?=>ZM\_FI_R=*'^5CM/IG*;S^7_7/=.\._MLP;^ZQV9UYUIV
M!C(<OUP[T2R;SKMU[A,.'Q=*XR$7V]*P:KJ+M^VBJ6]^Z]TQ[?\`Y67575?Q
MF^-'R?\`YA'S$JOA_M[YDPY[/?''8&QOCAN;Y+]E;@ZWV[58.FK>W-_8B@[%
MZGP>PM@U:;@I:FA\61RV9R-'4PS4V/E!E$'NO=..!_E$[>'\P7MGX9[X^876
M>W>H^M/C!E_EM2_,C&;0W)G.KMR]+3?'3;?R*V3O?';66JIMRUF'SN`W?04M
M5'125E3%,M1]FM>Z0QS^Z]T-VR?Y'O2O8?P@[F_F)[3_`)G74N2^*70?96-Z
MF[*WW)\:/D;0Y?%;UR^1ZKQ>/H*+9-?@:;=^7I9ZSN?;X^XIZ-X4%6Y9@()M
M'NO=$T^1_P`"OCQT5MWX6]D;9^<NV>X.COEE0]Q2YGN?:W2N_P#$T/5.8ZBW
M-C]MY;;.3ZVW!6T/9F4RT$N8H9:GS4&/_:K4EI5JJ81U$_NO='7^;O\`(RZ4
M_EW[RZTV)\JOYHG3.Q\_VUL6E[+V9%A?C=\C=]4]7L>LRM5AZ7/5LVS-OYLX
MZ&>MH9@D4JBH98F(C-K'W7NB%;X_E\;9ZQ_F&0_!#?\`\H=AXS#YFLZ>I=F_
M)'`[+W5NWK;=E-W[UWUWV5U-N"DPF'F;<=-M?=."[,QS_>D2?;QOY9$"WT^Z
M]T<WY??R7_C_`/!+Y(Q?%;Y/_P`T;IWK?M)ML[;W353R?&SY';CV;B<?NYI/
M[OKE]R[1V_N!:9JN&(S2R1P30TT-S,Z,"OOW7NBC_P`PS^4E\H_Y<V)ZO[%[
M'J^N.W_CIWI1TV1Z3^470.YZK?G2/8<&0Q0W#BZ"FS]5B,)D<'N#([=8UM/2
M5U)"E=3PU$E#-614M1+'[KW5W7_"*O\`[>F]^?\`B@':?_P17Q6]^Z]U]/CW
M[KW507\^G_MT_P#*S_RAG_P273WOW7NK???NO=5!?R%O^W3_`,4__*Y__!)=
MP^_=>ZM]]^Z]U\0K^;#_`-O3?YE?_B__`,R/_@BNQO?NO=;'G\Q+_N#^_E&_
M^+@8[_W3?/KW[KW6F)[]U[K;[_X5C?\`=(G_`,9_[=_^57W[KW0Z_#/YM_RD
M/YQ/PE^)/\L;^:8<U\;_`)(_&+:.W>C?BW\EL#6TVW\'D,/C-OX+8>SJ.@WU
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M?-_-9,'7&6Q>:ZPQ'SRQFV^J*[`9U=S;9'4VU>]Z3;?5E!M'.1UV2ILALO$=
M?XK&TF&:">6F7%P0+`WA5/?NO=6U?\*\/^WR6]?_`!`'1/\`[HLG[]U[H\FU
M,Y7[B_X16=KP]QI2S_W2^36%P?Q>J=P1^2L%`GRMZOK\J^T9YP7:JI?X]V!2
M:HSZ*%*N$612H]U[H&_^$5?_`&]-[\_\4`[3_P#@BOBM[]U[KZ?'OW7NJ@OY
M]/\`VZ?^5G_E#/\`X)+I[W[KW5OOOW7NJ@OY"W_;I_XI_P#E<_\`X)+N'W[K
MW5OOOW7NOB,_S2UQ3_S8?YC*9R;(4V$?^8=\O%S%1B::FK<K!BF^2780R$V-
MHZRKH*2KR$5(7:&*6>".20!6D126'NO=7/\`=7\UG^4[WG_*A^,'\JS=&T/Y
MAF-VC\8-_8GLW;_<&#VK\;X=R;EW71T_;E-D4RNUJ[M*OQ=)@:Z/N?*"&FBJ
MFGIO#3:JB8I*9O=>ZJU^0?>O\M[=W6/PY^,?0NS_`)2[$Z3ZBWEWWV9\C>X-
M];2Z:W#\@^T]_=OX[K;$86IVW@\+OO%[/AVSLS!]6T./H<;/E:**GCJZFI<U
M-4[O+[KW1S?YX/\`-&^#7\SC9OQ?J.B=B?*?J_L/XN=9T_2VW\5VEB>J:_9&
M[-@1OA/MZ_*9O:^_LCN#$;HQ,>(>WCH:FFKC4`-]MXM4GNO=(?NSY&_R;/FR
M_17>/R#H_G'\>/D=L[J3I;KWY3;7Z%ZKZ.[*ZW^3F<ZJZ]VWU_5[]Z^W#NON
M7KC)=0;TW?#M]'R,^0QF6HDIHXF6GJ:XU-14>Z]T4?\`F]?S+]W_`,UKYDY_
MY.;AV@O7FUL5LW;G4_477[YB3<>1VCU;L^MSF5Q-%GMQRP4K9W<67W%NC*96
MNG$2(E1D&A34D2NWNO=68?&K^:'_`"S>GOY.'R#_`)4F]=I_-[<C_*'?E%W+
MO[M?";*Z)@IMD]GTL'1E=04>S-NU?<%/-GMG[>W%T1C)$-=44E9D8I9BWVAD
M2.'W7NM>+KZEZ2G[4H*7M7.=IXSI'^*9P9/-]?;5VEG>U/X+%0Y-]M/0;6W'
MO+;NT?XI7Y)**.N63,>*D@EFDB:I:..*7W7NMEC^;%_-/_E$_P`UO=70F\=Z
M[#_F'=/YOH;J^;J3&S[2VO\`&3</]Y]JQY&/*8ILU+ENPZ*K3(8RKDJ2#'+]
ML?NG*0Q,7+^Z]U7OO[Y9_P`N3<_RW^%V?V9UW\H>L_AM\*^FNJ]FX#`X[!=/
MY[Y"=L=@;'[GW7W7O/=>_JS^^6W]AT-=V9N/?616IRE/+.]#%#2QPX\PQK%'
M[KW1R_YI?\QS^3U_,X^5D/R[WWU=_,<VQN<[!VELC<'6.T\G\;=K[>W?'LV3
M)Q8RK@WYEZ_LG)[)FJ,=D(X:ADPF75Q3`I'&\K.ONO=5[?S"_P":_OOYK]9]
M(_%CK7JG:_Q3^"GQDIQ%T5\6MB9W)[KI:#+>#(TTV_>SNP,O1XS*]G=D5:9F
MO+Y.6CHHQ)D:R80?=5E945/NO=7+_P#"*O\`[>F]^?\`B@':?_P17Q6]^Z]U
M]/CW[KW507\^G_MT_P#*S_RAG_P273WOW7NK???NO=5!?R%O^W3_`,4__*Y_
M_!)=P^_=>ZM]]^Z]UJ6?(_\`X2#?"3Y+_(?OGY';K^3'RHP.Z?D!W/VCW;N7
M![>J.I%P&&S_`&KOC.;[S.)P8R76]=D1A\=D<])#3"HGFF\*+K=VNQ]U[H&/
M^@)GX"_]Y6_,#_SIZ7_^U;[]U[KW_0$S\!?^\K?F!_YT]+__`&K??NO=>_Z`
MF?@+_P!Y6_,#_P`Z>E__`+5OOW7NO?\`0$S\!?\`O*WY@?\`G3TO_P#:M]^Z
M]U[_`*`F?@+_`-Y6_,#_`,Z>E_\`[5OOW7NO?]`3/P%_[RM^8'_G3TO_`/:M
M]^Z]U[_H"9^`O_>5OS`_\Z>E_P#[5OOW7NO?]`3/P%_[RM^8'_G3TO\`_:M]
M^Z]U[_H"9^`O_>5OS`_\Z>E__M6^_=>Z]_T!,_`7_O*WY@?^=/2__P!JWW[K
MW7O^@)GX"_\`>5OS`_\`.GI?_P"U;[]U[JS;^5+_`,)W_C'_`"D_D/O+Y'=+
M=V=\=D[IWKTQN+I*OP?:$W7TF`I,!N/?'76^ZK+48VILS;N1&8@R/6]+#&7G
M:'PSRW0MH9?=>ZV!/?NO=5!?SZ?^W3_RL_\`*&?_``273WOW7NK???NO=5!?
MR%O^W3_Q3_\`*Y__``27</OW7NK???NO=?)8_F/_`,[C^:_U1_,.^>?5O7/S
MG[OVCU[UK\S_`)1;`V)M3$Y3#1XK;&S=G=X;YV[MC;V,CEPDLJ8_"X3'04T(
M9F81Q`$D\^_=>ZV>_P#A*!_.&[M^;]!\COBK\ONW,UVUWML";']W=7;UWA4T
M4FZ-Q=4Y;^%;.WQM9Q0T6/IY:'KG=B8NK@D99*B4;GE4L(J:,#W7NH'_``KM
M^?GS)^#?_#?'^RD_(3?_`$/_`*4/]FP_T@?W&JZ"E_O5_<G_`&6K^ZG\4^]H
M*[R?P/\`O;DO!ITV^\DO>XM[KW28I.V_YH7R8_X2_?'OYT=#?+CN?'?,+J&H
M^0W;G:NZ,/DZ)MQ=U=-[#^1'>VS=VX#*4RX>:EK,QL/8NW,=E,:Z1K)]I@IZ
M5%>2J4CW7NB%?\)KOY^ORF[&^>$?Q5^>7R(W;W)L_P"3&!CVOT_N/L2JQ<DV
MQ>Z]NM6Y;;6$HJZEH,?X<;V?BYJW%-$WD>?-)BHXPNJ35[KW6^/\P?D_UU\+
MOC!WC\I^UJQ:78W2/7N<WMDX!-'!59W(TD2TFV-H8IYBL)SV]]U5E%A\<CE4
MDKJZ)20"2/=>Z^?'_(\^<W\Y;^;'_,PV_MG<?S6[GPWQYV3N#(_(7Y&83;E7
MC</L_&=;8[<T5;C^H]NPPX5I,?1[]W)D*3;]+2I51U=-A&K*J&1FHC[]U[H5
M_P"=1_PJ"^7>:^4G87PS_EEY;_1KLSKCL"MZ>R';VV]I8[>_<G=/9.)RYVON
M#&=>4N:Q6X,;MO:8W='+CL0V,HI\UES"E9%60QU24B>Z]T`V(^&'_"RE<)%W
M!1=B?-0U%4M'6IL_+_.'KA\VN-I:<9:#(2]3Y[N\XND9I1]O-CGH4RTTG[4M
M&T?OW7NMOO\`X3[=N_S(^V_AGV9_PZ5ANR</\CNN/D[O7K3!MVMU7B^J-V97
MJG%]7=-;CVWE6H<)MG:N(WAC9-R[IS4-/GZ>&=,@("K5,[PN_OW7NM)/^<S_
M`#F?YHW0?\T;YK=.=.?-;N?K[K#K[N?)8#9>R\!DL/#AMNX:'#X:>+'X^*?#
M3S)3I-.[`,[&['GW[KW1B/\`1I_PM&_YV7R^_P#1L_''_P"S+W[KW6PA_P`)
M\-J_SU]O=Q?(6;^;;5=UU'7=1UIM>+J,=I[RZOW/0+O1=TROG#BH-@YS+5E+
M6'!Z=;U"I&4X4EN/?NO=;4_OW7NJ@OY]/_;I_P"5G_E#/_@DNGO?NO=6^^_=
M>ZJ"_D+?]NG_`(I_^5S_`/@DNX??NO=6^^_=>Z^.'W!U7L[O3_A1]VETCV)0
MS9/K_N/^=QO?JO?6-IZ@TM1D-G=A?.[)[2W/0P505S335>$R\\:R!249@;&W
MOW7NF/XZ[\[4_D/_`,Y_$/OUZXU?Q/\`D+E^L^W4HZ2KAC["Z(W!/+MO=&=Q
M.)$_DJ:7?'4>X$W%@(Y]?CJ):&9T+QA??NO=;(W_``MZW!@]V8#^4_NK;&6Q
M^?VUN;#_`#&W!M[.XFJAKL5FL'F:+X@Y'$Y;&5M.SP5F/R-!4QS0RHQ22-PP
M)!'OW7NM@W_A+]24M?\`R'OA'0UU-3UM%6T_R?I*RCJX8ZFEJZ6I^7WR$AJ*
M:IIYE>&>GGA<HZ."K*2""#[]U[KY[G\\;^7[NW^4;_,SW'C>IWR6S>KMU;BH
M/DI\1MUX.:IIY]I;?J=SS9:AVQB\B59J3/=,;ZQDV-IP9IJK^'TN/K92&JU'
MOW7NK!/Y[W\_ZE_F2_!_X,_'OK.KDPV5W+LO$]T_-O%8Z*HH*&E[NVK5Y?8F
M"ZSI581--MNDS6(RN[5@8ST\U'E,!+J6II953W7NMQK_`(3<?RRE_ES?R]MI
M5^^\`V+^2/RA7#=V=W'(40I<YMBCR>)4]:=35@=(ZNF7K_:U:9:REF!DI]P9
M7)K<IXPONO=?,^[[VUWI_*R_FI[GJMS;8AA[B^)/RYQW;FU*3>6+FDP.\EV5
MV31]F]9[M:F:1)J[:/8&%I\?DZ::*1)FHZQ61XYA=/=>Z^CS_+@_X5%_RZ/G
M*FU-@]H[F;X=_(7-0T-#/L/N?)T=-UKGMR3B.*6AZ_[L"4>T\A#4UDJ14<&>
M3;V4K)I!%!2S,+GW7NME%'615=&5T=0Z.A#*ZL`596!(96!N"."/?NO=?&*_
MG[_]ODOYA'_B?\O_`.Z+`^_=>Z^ES_T$@_R2_P#O/?K_`/\`1?\`=_\`]J_W
M[KW1^_A[\_/B!\_-M;QW?\0>[,'W9MO8&<H=M[PRF#P>\<'%A,WDZ`Y2AH)X
MMX;<VY4SR5%`ID#0I)&!P6!X]^Z]T<+W[KW507\^G_MT_P#*S_RAG_P273WO
MW7NK???NO=5!?R%O^W3_`,4__*Y__!)=P^_=>ZM]]^Z]U\@C_NZ9_P#,_O\`
M]$4]^Z]U>-_PM&^`/\"WMT/_`#']BX71C=\T])\=N^YJ*GLB;OP-#D\[T_O#
M(F)7DDJ,[M2DR>$J:F0I%#'A,9`+O,`?=>ZUN/FU\]Y/EW_+3_E3]);OS+9+
MMKX19KYD]*Y@5,DLV0KNH<K1_%/+]$YRH<KX8Z6DP%!D-L4T:G7X]J^1Q>0,
MWNO=?1[_`.$N?_;BGX-?^7,__!A_(+W[KW01?\*J?A'L#Y1_RM^Q>Z,FM#B>
MU?AE,G='76Z9*)9JR?;U?6XK;?9G7L]6JM44^%W?@ZFGKM*"S9;"8\N5C60^
M_=>ZT4?^$U_PKZ\^<'\UKIO9_;"PY#KWI;`Y_P"2F?VI40>>FWS5]59/;B[2
MVK7JX>G?"U&^-P8RJR4$R215V,I*BD8`3ZE]U[K[!'OW7NJX?YAG\I_X/_S/
MMFT>VOE9U)3YO<^!Q\^.V-W'L^K7:/<W7L,[U$Q@VSO>EIJEJO#I55DL_P#!
M\O3Y3!25+^:2B>55=?=>Z^<M_.:_X31?(3^5]LW</R3ZOW[1_(SXA8?*8FDS
M^[),:FU^U.IEW)F8,)@AV-M6*>LP^8V_/F,E18Z/.XFITS5M0OW&/QZ/'K]U
M[J]/_A&]_,J[K[A3NC^7EW)O+);_`-M],=78SN#X^9+<>0ER.X]D[#Q>ZL)L
M3>G7$60K)9J[(;)Q62WA@Y\+3L2N&62HIHV^V>E@IO=>ZU/?Y^__`&^2_F$?
M^)_R_P#[HL#[]U[K=[_Z`J_Y67_/_/G_`/\`HT_CK_\`<K>_=>ZNM_E9?RBO
MC=_*,V!VIUS\;M[=W[VPG;V\,-O7<M5W?N38>Y,K0Y7!X5L%24^#GV'UKUK2
M4V/DI'+2)405,ADY$BKZ??NO=6G>_=>ZJ"_GT_\`;I_Y6?\`E#/_`()+I[W[
MKW5OOOW7NJ@OY"W_`&Z?^*?_`)7/_P""2[A]^Z]U;[[]U[KY!'_=TS_YG]_^
MB*>_=>Z^HW_,>^&>U_Y@7PC^17Q)W.:&ED[:Z]R5#LW.Y"-I*?:79^#>'<G5
M^[Y?%')4_:[<W[B,?4U20Z9*BC2:#4!*??NO=?$-WKLW='76\MV]?;XPE=MG
M>NQ-S9[9N[]MY.-8LEM_=&V,K583<&$R$2LZQUV*RU#-!*H)`DC(N??NO=?7
M1_X2Y_\`;BGX-?\`ES/_`,&'\@O?NO=&`_G[?]N;OYA'_BO^8_\`=Y@??NO=
M:(O_``C<_P"WM^Y?_%/^Y/\`WN.H/?NO=?4W]^Z]UH,;X_X6+=]?&#Y/_)'H
M#Y`?"7K[M'"]0_(+MSK/;F?V!V)NKI7=<>S]F=A9[;VWJW<6%W5MOMK&Y[/2
MX&@ADEDIWP]/5.VM$B5O?NO=5F?S=O\`A5!O_P#F2_%O=GP\ZD^+U+\?>O.T
M*[:P[.W5G^S&[,WMN?";9W)B]WT6U-O4>.V1LK&[4I:S<V"H6JZDR9&>KI8G
MIPL*32$^Z]U==_PD)_E3]X_&+!]S?/#Y%[(S76&;[TV+B.J>CMB[KQL^&WI+
MU<<_C]Y[PW[N'"5\$>2P6)WAGL#A8L+!4""IJ*?'3U3P_;3T,TONO=:>O\_?
M_M\E_,(_\3_E_P#W18'W[KW6SY_T'-_^"N__`&=C_P#5']^Z]T;SXD?\*]J7
MY0O\B$J/Y>N0V0_17QWRO>M%%COE/1;OFWK7X_MKJ#J^FV.?O_C[LB#;\F4/
M:IJ:>L63(5%164<./@HIIZV-H_=>ZV?O@?\`+!/FU\7^NOD;_<";J^IWNN:C
MR&QI-U4.]TP%?A<S6XJ>BCW10XO!#(31BE45<%1C\?7XRO$]!6TL%92SQ+[K
MW10OY]/_`&Z?^5G_`)0S_P""2Z>]^Z]U;[[]U[JH+^0M_P!NG_BG_P"5S_\`
M@DNX??NO=6^^_=>Z+A_LG/Q$_O\`?Z5O]E7^.'^E'^^'^D+_`$D_Z#^LO[_?
MW^_C7]Y/[\?WQ_NQ_>+^^']XO\O_`(G]S][][^_Y/+ZO?NO=&/\`?NO=%=W-
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MF(K9::>LQ3YO:VW<5DWQM7/1PO+`9?%(\2%E)5;>Z]T/OOW7N@$[C^*GQ>^1
M2Q)\@OC=T)WJD$<<,"=Q]/=>=G+#%#+'/#%$N]MNYL1QQ3Q(ZJ+!74$<@>_=
M>Z#SK7^7O\!NF-ST6]^GO@_\0.J-YXV1)L=N[K7XT],;%W/02Q$F.6BS^U]E
M8O*TLD98E6252">/?NO=&^]^Z]T67=_PH^&O8.YLSO3?WQ)^,F]]X[BK&R&X
M-V;OZ%ZKW+N;.U[HD;UV9SV:VI6Y3)UC1QJIEGE=R%`OP/?NO=)O_AO?X#?]
MX/\`Q`_])IZ8_P#L*]^Z]TKMI?#;XA;`;<+[$^*OQNV4^[MLU^R]V-M+HWK'
M;;;GV=E:J@KLIM/<+8;:]$<UMG)5N*I9JB@J?+2S2TT3NA:-"/=>Z'?;NV]N
M[/P6)VOM+`X7:^V<#0P8S![=V[BZ'"8+"XVE01TN/Q.(QD%-C\=0TT8"QQ0Q
MI&BBP`'OW7NJF_Y]/_;I_P"5G_E#/_@DNGO?NO=6^^_=>ZU[?Y)GS/\`AYUI
M_+(^-6QNQ_E?\:NO]Z[?F[MI\]L_>W>O5VU=TX2HJ/D/VU74\&7V_G=TT&6Q
MLT]#513(LT*,T4BN`58$^Z]U:I_PX1\!O^\X/B!_Z4MTQ_\`9K[]U[KW_#A'
MP&_[S@^('_I2W3'_`-FOOW7NO?\`#A'P&_[S@^('_I2W3'_V:^_=>Z]_PX1\
M!O\`O.#X@?\`I2W3'_V:^_=>Z]_PX1\!O^\X/B!_Z4MTQ_\`9K[]U[KW_#A'
MP&_[S@^('_I2W3'_`-FOOW7NO?\`#A'P&_[S@^('_I2W3'_V:^_=>Z]_PX1\
M!O\`O.#X@?\`I2W3'_V:^_=>Z]_PX1\!O^\X/B!_Z4MTQ_\`9K[]U[KW_#A'
MP&_[S@^('_I2W3'_`-FOOW7NO?\`#A'P&_[S@^('_I2W3'_V:^_=>Z]_PX1\
M!O\`O.#X@?\`I2W3'_V:^_=>Z]_PX1\!O^\X/B!_Z4MTQ_\`9K[]U[KW_#A'
MP&_[S@^('_I2W3'_`-FOOW7NO?\`#A'P&_[S@^('_I2W3'_V:^_=>ZJK_G9_
M,_X>=E_RR/DKL;KCY7_&KL#>NX)NDJ?`[/V3WKU=NK=.;J*?Y#]2UU1!B-OX
M+=-?ELE-!0TLLSK#"[+%&SD!5)'NO=;"7OW7NOD==A?\?_OC_P`/#<W_`+NJ
MWW[KW2/]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=+#KW_`(__`&/_`.'AMG_W=47OW7NO
(KB^_=>Z__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>8
<FILENAME>code_ethics071906.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>
                                 DWS Investments

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                              [January 31, 2005]





Table of Contents
<TABLE>
<CAPTION>
                                                                                    Page Number

<S>         <C>                                                                          <C>
   I.       Overview.....................................................................3


   II.      Purposes of the Officer Code.................................................3


   III.     Responsibilities of Covered Officers.........................................4

      A.    Honest and Ethical Conduct...................................................4
      B.    Conflicts of Interest........................................................4
      C.    Use of Personal Fund Shareholder Information.................................6
      D.    Public Communications........................................................6
      E.    Compliance with Applicable Laws, Rules and Regulations.......................6

   IV.      Violation Reporting..........................................................7

      A.    Overview.....................................................................7
      B.    How to Report................................................................7
      C.    Process for Violation Reporting to the Fund Board............................7
      D.    Sanctions for Code Violations................................................7

   V.       Waivers from the Officer Code................................................7


   VI.      Amendments to the Code.......................................................8


   VII.     Acknowledgement and Certification of Adherence to the Officer Code...........8


   IX.      Recordkeeping................................................................8


   X.       Confidentiality..............................................................9


   Appendices...........................................................................10

      Appendix A:.......................................................................10
      List of Officers Covered under the Code, by Board:................................10
      DeAM Compliance Officer:..........................................................10
      Name: Joseph Yuen.................................................................10
      As of:      July 19, 2006Appendix B: Acknowledgement and Certification............10
      Appendix B: Acknowledgement and Certification.....................................11
      Appendix C:  Definitions..........................................................13

</TABLE>


                                       2
<PAGE>



I.       Overview

         This Principal  Executive Officer and Principal  Financial Officer Code
         of Ethics  ("Officer  Code") sets forth the  policies,  practices,  and
         values  expected  to be  exhibited  in the  conduct  of  the  Principal
         Executive  Officers and Principal  Financial Officers of the investment
         companies ("Funds") they serve ("Covered Officers").  A list of Covered
         Officers and Funds is included on Appendix A.

         The Boards of the Funds  listed on Appendix A have elected to implement
         the Officer Code,  pursuant to Section 406 of the Sarbanes-Oxley Act of
         2002 and the SEC's rules thereunder,  to promote and demonstrate honest
         and ethical conduct in their Covered Officers.

         Deutsche Asset  Management,  Inc. or its affiliates  ("DeAM") serves as
         the  investment  adviser to each Fund.  All Covered  Officers  are also
         employees of DeAM or an affiliate. Thus, in addition to adhering to the
         Officer  Code,  these  individuals  must comply with DeAM  policies and
         procedures,  such as the DeAM Code of Ethics governing personal trading
         activities,  as adopted  pursuant  to Rule 17j-1  under the  Investment
         Company Act of 1940.(1) In addition,  such individuals also must comply
         with other applicable Fund policies and procedures.

         The DeAM Compliance Officer, who shall not be a Covered Officer and who
         shall serve as such  subject to the  approval  of the Fund's  Board (or
         committee  thereof),  is primarily  responsible  for  implementing  and
         enforcing  this Code.  The  Compliance  Officer  has the  authority  to
         interpret  this  Officer  Code  and  its  applicability  to  particular
         circumstances.  Any questions about the Officer Code should be directed
         to the DeAM Compliance Officer.

         The DeAM Compliance  Officer and his or her contact  information can be
         found in Appendix A.

II.      Purposes of the Officer Code

         The purposes of the Officer Code are to deter wrongdoing and to:

         o        promote  honest and ethical  conduct among  Covered  Officers,
                  including the ethical handling of actual or apparent conflicts
                  of interest between personal and professional relationships;

         o        promote  full,  fair,  accurate,   timely  and  understandable
                  disclosures  in reports and documents that the Funds file with
                  or submit to the SEC (and in other public  communications from
                  the  Funds)  and  that  are  within  the   Covered   Officer's
                  responsibilities;

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

         o        encourage the prompt  internal  reporting of violations of the
                  Officer Code to the DeAM Compliance Officer; and

         o        establish accountability for adherence to the Officer Code.

         Any  questions  about the  Officer  Code  should be  referred to DeAM's
         Compliance Officer.

- --------

(1) The  obligations  imposed by the  Officer  Code are  separate  from,  and in
addition to, any obligations  imposed under codes of ethics adopted  pursuant to
Rule  17j-1  under the  Investment  Company  Act of 1940,  and any other code of
conduct  applicable to Covered  Officers in whatever  capacity  they serve.  The
Officer  Code does not  incorporate  any of those other codes and,  accordingly,
violations of those codes will not  necessarily be considered  violations of the
Officer Code and waivers granted under those codes would not necessarily require
a waiver to be granted under this Code.  Sanctions imposed under those codes may
be considered  in  determining  appropriate  sanctions for any violation of this
Code.


                                       3
<PAGE>

III.     Responsibilities of Covered Officers

         A.       Honest and Ethical Conduct

         It is the duty of every Covered  Officer to encourage  and  demonstrate
         honest and ethical conduct,  as well as adhere to and require adherence
         to the Officer Code and any other  applicable  policies and  procedures
         designed to promote this behavior.  Covered  Officers must at all times
         conduct  themselves with integrity and  distinction,  putting first the
         interests of the Fund(s) they serve.  Covered  Officers  must be honest
         and candid  while  maintaining  confidentiality  of  information  where
         required by law, DeAM policy or Fund policy.

         Covered   Officers  also  must,  at  all  times,  act  in  good  faith,
         responsibly  and with  due  care,  competence  and  diligence,  without
         misrepresenting  or being  misleading  about material facts or allowing
         their  independent  judgment to be subordinated.  Covered Officers also
         should maintain skills appropriate and necessary for the performance of
         their duties for the Fund(s).  Covered  Officers also must  responsibly
         use and control all Fund assets and resources entrusted to them.

         Covered  Officers may not  retaliate  against  others for, or otherwise
         discourage  the  reporting  of,  actual or apparent  violations  of the
         Officer Code or applicable laws or regulations. Covered Officers should
         create an  environment  that  encourages  the exchange of  information,
         including concerns of the type that this Code is designed to address.

         B.       Conflicts of Interest

         A  "conflict  of  interest"  occurs when a Covered  Officer's  personal
         interests  interfere with the interests of the Fund for which he or she
         serves as an officer.  Covered  Officers may not  improperly  use their
         position with a Fund for personal or private gain to themselves,  their
         family,  or any other person.  Similarly,  Covered Officers may not use
         their  personal  influence  or  personal   relationships  to  influence
         decisions  or other Fund  business or  operational  matters  where they
         would  benefit  personally  at the  Fund's  expense  or to  the  Fund's
         detriment.  Covered Officers may not cause the Fund to take action,  or
         refrain from taking action,  for their  personal  benefit at the Fund's
         expense or to the Fund's  detriment.  Some  examples  of  conflicts  of
         interest  follow  (this  is not an  all-inclusive  list):  being in the
         position of  supervising,  reviewing or having any influence on the job
         evaluation,  pay or benefit of any  immediate  family  member who is an
         employee of a Fund service provider or is otherwise associated with the
         Fund; or having an ownership  interest in, or having any  consulting or
         employment relationship with, any Fund service provider other than DeAM
         or its affiliates.

         Certain  conflicts  of  interest  covered by this Code arise out of the
         relationships  between  Covered  Officers and the Fund that already are
         subject to conflict of interest  provisions in the  Investment  Company
         Act and the Investment Advisers Act. For example,  Covered Officers may
         not individually  engage in certain  transactions (such as the purchase
         or sale of securities or other property) with the Fund because of their
         status as  "affiliated  persons"  of the Fund.  Covered  Officers  must
         comply with applicable laws and regulations.  Therefore, any violations
         of  existing  statutory  and  regulatory   prohibitions  on  individual
         behavior could be considered a violation of this Code.

         As  to  conflicts  arising  from,  or  as  a  result  of  the  advisory
         relationship (or any other relationships) between the Fund and DeAM, of
         which the  Covered  Officers  are also  officers  or  employees,  it is
         recognized by the Board that, subject to DeAM's fiduciary duties to the
         Fund,  the Covered  Officers  will in the normal course of their duties
         (whether formally for the Fund or for DeAM, or for both) be involved in
         establishing  policies  and  implementing  decisions  which  will  have
         different  effects on


                                       4
<PAGE>

         DeAM and the Fund. The Board  recognizes that the  participation of the
         Covered  Officers  in  such  activities  is  inherent  in the  contract
         relationship  between  the Fund and DeAM,  and is  consistent  with the
         expectation of the Board of the performance by the Covered  Officers of
         their duties as officers of the Fund.

         Covered  Officers  should  avoid  actual  conflicts  of  interest,  and
         appearances  of conflicts of  interest,  between the Covered  Officer's
         duties  to the  Fund and his or her  personal  interests  beyond  those
         contemplated  or anticipated  by applicable  regulatory  schemes.  If a
         Covered  Officer  suspects or knows of a conflict or an  appearance  of
         one, the Covered Officer must immediately report the matter to the DeAM
         Compliance  Officer.  If a Covered Officer, in lieu of reporting such a
         matter to the DeAM Compliance  Officer,  may report the matter directly
         to the Fund's Board (or committee  thereof),  as appropriate  (e.g., if
         the  conflict  involves  the DeAM  Compliance  Officer  or the  Covered
         Officer reasonably  believes it would be futile to report the matter to
         the DeAM Compliance Officer).

         When  actual,  apparent or  suspected  conflicts  of interest  arise in
         connection with a Covered  Officer,  DeAM personnel aware of the matter
         should promptly contact the DeAM Compliance  Officer.  There will be no
         reprisal or retaliation against the person reporting the matter.

         Upon receipt of a report of a possible  conflict,  the DeAM  Compliance
         Officer will take steps to determine  whether a conflict exists.  In so
         doing,  the DeAM  Compliance  Officer  may take any  actions  he or she
         determines to be appropriate in his or her sole  discretion and may use
         all  reasonable  resources,   including  retaining  or  engaging  legal
         counsel,  accounting firms or other consultants,  subject to applicable
         law.(2)  The costs  associated  with such  actions  may be borne by the
         Fund,  if  appropriate,  after  consultation  with the Fund's Board (or
         committee  thereof).  Otherwise,  such  costs  will be borne by DeAM or
         other appropriate Fund service provider.

         After full review of a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer may determine  that no conflict or reasonable
         appearance  of a conflict  exists.  If,  however,  the DeAM  Compliance
         Officer  determines  that an actual  conflict  exists,  the  Compliance
         Officer will resolve the conflict  solely in the interests of the Fund,
         and will report the conflict and its resolution to the Fund's Board (or
         committee thereof).  If the DeAM Compliance Officer determines that the
         appearance of a conflict exists,  the DeAM Compliance Officer will take
         appropriate  steps to remedy such  appearance.  In lieu of  determining
         whether  a  conflict  exists  and/or  resolving  a  conflict,  the DeAM
         Compliance Officer instead may refer the matter to the Fund's Board (or
         committee  thereof),  as  appropriate.  However,  the  DeAM  Compliance
         Officer  must  refer the  matter  to the  Fund's  Board  (or  committee
         thereof) if the DeAM  Compliance  Officer is  directly  involved in the
         conflict or under similar appropriate circumstances.

         After  responding to a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer  will  discuss  the  matter  with the  person
         reporting it (and with the Covered  Officer at issue, if different) for
         purposes  of  educating   those  involved  on  conflicts  of  interests
         (including how to detect and avoid them, if appropriate).

         Appropriate   resolution   of  conflicts   may  restrict  the  personal
         activities of the Covered  Officer and/or his family,  friends or other
         persons.

         Solely because a conflict is disclosed to the DeAM  Compliance  Officer
         (and/or the Board or  Committee  thereof)  and/or  resolved by the DeAM
         Compliance  Officer does not mean that the  conflict or its  resolution
         constitutes a waiver from the Code's requirements.


- --------

(2) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.


                                       5
<PAGE>

         Any  questions  about  conflicts  of  interests,  including  whether  a
         particular  situation  might be a  conflict  or an  appearance  of one,
         should be directed to the DeAM Compliance Officer.

         C.       Use of Personal Fund Shareholder Information

         A Covered Officer may not use or disclose  personal  information  about
         Fund  shareholders,  except in the performance of his or her duties for
         the Fund. Each Covered Officer also must abide by the Funds' and DeAM's
         privacy policies under SEC Regulation S-P.

         D.       Public Communications

         In connection with his or her  responsibilities for or involvement with
         a  Fund's  public   communications  and  disclosure   documents  (e.g.,
         shareholder reports,  registration  statements,  press releases),  each
         Covered  Officer must  provide  information  to Fund service  providers
         (within the DeAM  organization  or  otherwise)  and to the Fund's Board
         (and  any  committees  thereof),   independent   auditors,   government
         regulators and  self-regulatory  organizations that is fair,  accurate,
         complete, objective, relevant, timely and understandable.

         Further,  within the scope of their  duties,  Covered  Officers  having
         direct or supervisory authority over Fund disclosure documents or other
         public Fund communications will, to the extent appropriate within their
         area of responsibility, endeavor to ensure full, fair, timely, accurate
         and  understandable  disclosure  in  Fund  disclosure  documents.  Such
         Covered Officers will oversee, or appoint others to oversee,  processes
         for the timely and accurate  creation and review of all public  reports
         and regulatory filings. Within the scope of his or her responsibilities
         as a Covered  Officer,  each  Covered  Officer  also  will  familiarize
         himself or herself with the disclosure  requirements  applicable to the
         Fund,  as well as the business and  financial  operations  of the Fund.
         Each Covered  Officer  also will adhere to, and will promote  adherence
         to, applicable disclosure controls, processes and procedures, including
         DeAM's Disclosure Controls and Procedures,  which govern the process by
         which Fund disclosure documents are created and reviewed.

         To the extent that Covered  Officers  participate  in the creation of a
         Fund's  books or records,  they must do so in a way that  promotes  the
         accuracy, fairness and timeliness of those records.

         E.       Compliance with Applicable Laws, Rules and Regulations

         In connection with his or her duties and within the scope of his or her
         responsibilities as a Covered Officer, each Covered Officer must comply
         with governmental  laws, rules and regulations,  accounting  standards,
         and  Fund   policies/procedures   that   apply  to  his  or  her  role,
         responsibilities  and duties  with  respect  to the Funds  ("Applicable
         Laws").  These  requirements  do not  impose on  Covered  Officers  any
         additional  substantive duties.  Additionally,  Covered Officers should
         promote compliance with Applicable Laws.

         If a Covered  Officer  knows of any material  violations  of Applicable
         Laws or suspects that such a violation may have  occurred,  the Covered
         Officer  is  expected  to  promptly  report  the  matter  to  the  DeAM
         Compliance Officer.



                                       6
<PAGE>

IV.      Violation Reporting

         A.       Overview

         Each  Covered  Officer  must  promptly  report  to the DeAM  Compliance
         Officer,   and  promote  the  reporting  of,  any  known  or  suspected
         violations of the Officer Code.  Failure to report a violation may be a
         violation of the Officer Code.

         Examples of violations of the Officer Code include, but are not limited
         to, the following:

         o        Unethical or dishonest behavior

         o        Obvious lack of adherence to policies  surrounding  review and
                  approval of public  communications  and  regulatory  filings

         o        Failure to report violations of the Officer Code

         o        Known or obvious  deviations from Applicable Laws

         o        Failure to  acknowledge  and certify  adherence to the Officer
                  Code

         The  DeAM  Compliance  Officer  has the  authority  to take any and all
         action he or she considers appropriate in his or her sole discretion to
         investigate  known or suspected Code violations,  including  consulting
         with  the  Fund's  Board,  the  independent  Board  members,   a  Board
         committee,  the Fund's legal counsel and/or counsel to the  independent
         Board members. The Compliance Officer also has the authority to use all
         reasonable resources to investigate violations,  including retaining or
         engaging legal counsel, accounting firms or other consultants,  subject
         to  applicable  law.(3) The costs  associated  with such actions may be
         borne by the Fund, if appropriate,  after  consultation with the Fund's
         Board (or committee  thereof).  Otherwise,  such costs will be borne by
         DeAM.


         B.       How to Report

         Any known or suspected  violations of the Officer Code must be promptly
         reported to the DeAM Compliance Officer.

         C.       Process for Violation Reporting to the Fund Board

         The DeAM Compliance  Officer will promptly report any violations of the
         Code to the Fund's Board (or committee thereof).

         D.       Sanctions for Code Violations

         Violations of the Code will be taken seriously. In response to reported
         or otherwise known  violations,  DeAM and the relevant Fund's Board may
         impose sanctions  within the scope of their  respective  authority over
         the Covered Officer at issue.  Sanctions  imposed by DeAM could include
         termination  of employment.  Sanctions  imposed by a Fund's Board could
         include termination of association with the Fund.

         V.       Waivers from the Officer Code

         A  Covered  Officer  may  request  a waiver  from the  Officer  Code by
         transmitting  a written  request  for a waiver  to the DeAM  Compliance
         Officer.(4)  The request must include the rationale for the request and
         must explain how the waiver would be in furtherance of the standards of
         conduct  described in and underlying  purposes of the Officer Code. The
         DeAM  Compliance  Officer will present this  information


- --------

(3) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

(4) Of course,  it is not a waiver of the Officer  Code if the Fund's  Board (or
committee thereof)  determines that a matter is not a deviation from the Officer
Code's requirements or is otherwise not covered by the Code.


                                       7
<PAGE>

         to the Fund's Board (or committee  thereof).  The Board (or  committee)
         will determine  whether to grant the requested waiver. If the Board (or
         committee)  grants the requested  waiver,  the DeAM Compliance  Officer
         thereafter  will  monitor  the  activities  subject to the  waiver,  as
         appropriate, and will promptly report to the Fund's Board (or committee
         thereof) regarding such activities, as appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of any waivers granted or any implicit waivers.

VI.      Amendments to the Code

         The DeAM  Compliance  Officer will review the Officer Code from time to
         time for its continued  appropriateness and will propose any amendments
         to the  Fund's  Board (or  committee  thereof)  on a timely  basis.  In
         addition, the Board (or committee thereof) will review the Officer Code
         at least annually for its continued  appropriateness  and may amend the
         Code as necessary or appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of Code amendments.

VII.     Acknowledgement and Certification of Adherence to the Officer Code

         Each  Covered  Officer  must sign a  statement  upon  appointment  as a
         Covered Officer and annually  thereafter  acknowledging  that he or she
         has  received  and read the Officer  Code,  as amended or updated,  and
         confirming  that  he or she has  complied  with  it  (see  Appendix  B:
         Acknowledgement  and  Certification  of  Obligations  Under the Officer
         Code).

         Understanding  and  complying  with the  Officer  Code  and  truthfully
         completing the  Acknowledgement  and Certification Form is each Covered
         Officer's obligation.

         The DeAM Compliance Officer will maintain such  Acknowledgements in the
         Fund's books and records.

VIII.    Scope of Responsibilities

         A Covered Officer's responsibilities under the Officer Code are limited
         to:

         (1)      Fund matters over which the Officer has direct  responsibility
                  or   control,   matters   in  which  the   Officer   routinely
                  participates,  and matters with which the Officer is otherwise
                  involved  (i.e.,  matters  within  the  scope  of the  Covered
                  Officer's  responsibilities  as a Fund officer);  and

         (2)      Fund matters of which the Officer has actual knowledge.


IX.      Recordkeeping

         The DeAM  Compliance  Officer  will  create  and  maintain  appropriate
         records regarding the implementation and operation of the Officer Code,
         including records relating to conflicts of interest  determinations and
         investigations of possible Code violations.



                                       8
<PAGE>

X.       Confidentiality

         All reports and records prepared or maintained pursuant to this Officer
         Code  shall be  considered  confidential  and shall be  maintained  and
         protected  accordingly.  Except as  otherwise  required  by law or this
         Officer Code,  such matters shall not be disclosed to anyone other than
         the DeAM Compliance  Officer,  the Fund's Board (or committee thereof),
         legal counsel, independent auditors, and any consultants engaged by the
         Compliance Officer.



                                       9
<PAGE>



         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:

<TABLE>
<CAPTION>

=========================================== ============================== =========================== ============================
                Fund Board                  Principal Executive Officers      Principal Financial               Treasurer
                                                                                    Officers
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
<S>     <C>    <C>    <C>    <C>    <C>    <C>
Chicago                                     Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
New York                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Hedge Strategies Fund                       Pam Kiernan                    Marielena Glassman          Marielena Glassman
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Germany*                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Topiary BPI                                 Pam Kiernan                    Marielena Glassman          Marielena Glassman
=========================================== ============================== =========================== ============================
</TABLE>

*        Central Europe and Russia, European Equity, and New Germany Funds


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   July 19, 2006

                                       10
<PAGE>



Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name                 Department                Location         Telephone




         1.       I  acknowledge  and certify that I am a Covered  Officer under
                  the Scudder Fund  Principal  Executive and  Financial  Officer
                  Code of Ethics ("Officer Code"),  and therefore subject to all
                  of its requirements and provisions.

         2.       I have received and read the Officer Code and I understand the
                  requirements and provisions set forth in the Officer Code.

         3.       I have disclosed any conflicts of interest of which I am aware
                  to the DeAM Compliance Officer.

         4.       I will act in the best interest of the Funds for which I serve
                  as an  officer  and have  maintained  the  confidentiality  of
                  personal information about Fund shareholders.

         5.       I will report any known or suspected violations of the Officer
                  Code in a timely manner to the DeAM Compliance Officer.













         -----------------------------------------------------------------------
         Signature                                                        Date


                                       11
<PAGE>




                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name                 Department                Location         Telephone



         1.       I  acknowledge  and certify that I am a Covered  Officer under
                  the DWS Investments  Principal Executive and Financial Officer
                  Code of Ethics ("Officer Code"),  and therefore subject to all
                  of its requirements and provisions.

         2.       I have  received and read the Officer  Code,  and I understand
                  the requirements and provisions set forth in the Officer Code.

         3.       I have adhered to the Officer Code.

         4.       I have not knowingly been a party to any conflict of interest,
                  nor have I had  actual  knowledge  about  actual  or  apparent
                  conflicts  of  interest  that I did  not  report  to the  DeAM
                  Compliance  Officer  in  accordance  with the  Officer  Code's
                  requirements.

         5.       I have  acted in the best  interest  of the  Funds for which I
                  serve as an officer and have maintained the confidentiality of
                  personal information about Fund shareholders.

         6.       With  respect to the  duties I perform  for the Fund as a Fund
                  officer,  I believe that  effective  processes are in place to
                  create and file public  reports and  documents  in  accordance
                  with applicable regulations.

         7.       With  respect to the  duties I perform  for the Fund as a Fund
                  officer,  I have complied to the best of my knowledge with all
                  Applicable  Laws (as that term is defined in the Officer Code)
                  and  have  appropriately  monitored  those  persons  under  my
                  supervision for compliance with Applicable Laws.

         8.       I have  reported  any  known or  suspected  violations  of the
                  Officer  Code  in a  timely  manner  to  the  DeAM  Compliance
                  Officer.














- --------------------------------------------------------------------------------
Signature                                                               Date


                                       12
<PAGE>


         Appendix C:  Definitions

         Principal Executive Officer

         Individual  holding  the office of  President  of the Fund or series of
         Funds, or a person performing a similar function.

         Principal Financial Officer

         Individual  holding  the office of  Treasurer  of the Fund or series of
         Funds, or a person performing a similar function.

         Registered Investment Management Investment Company

         Registered  investment  companies other than a face-amount  certificate
         company or a unit investment trust.

         Waiver

         A waiver is an approval of an exemption from a Code requirement.

         Implicit Waiver

         An implicit  waiver is the failure to take action  within a  reasonable
         period of time  regarding a material  departure  from a requirement  or
         provision  of the  Officer  Code that has been  made  known to the DeAM
         Compliance Officer or the Fund's Board (or committee thereof).



                                       13
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>9
<FILENAME>cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSR Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of Central Europe &amp; Russia Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2008</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'>
<img src="img2.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSR Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of Central Europe &amp; Russia Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p> </td> </tr></table>
</div>


<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2008</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>img1.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img1.gif
M1TE&.#EA30%``'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`````!-`4``AP``````````,P``9@``F0``S```_P`S```S,P`S
M9@`SF0`SS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9
M_P#,``#,,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,`
M9C,`F3,`S#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F
M_S.9`#.9,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_
M9C/_F3/_S#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S
M_V9F`&9F,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,
M9F;,F6;,S&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D`
M_YDS`)DS,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF9
M9IF9F9F9S)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G_
M_\P``,P`,\P`9LP`F<P`S,P`_\PS`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF
M9LQFF<QFS,QF_\R9`,R9,\R99LR9F<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,
M_\S_`,S_,\S_9LS_F<S_S,S___\``/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S
M9O\SF?\SS/\S__]F`/]F,_]F9O]FF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9
M___,`/_,,__,9O_,F?_,S/_,____`/__,___9O__F?__S/___P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`PC_``$('$BPH,&#"!,J7,BPH<.'$"-*G$BQ
MHL6+#A5HW,BQH\>/(#TFPDBRI,F3*%.J7,FRH`(:+Q5`B`D3YLR:,6_2E+G3
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M.+UD'P#2)0;@@@QFQ)%V#`U"&4?4`?!=@QAF2%Q-KS5$"V4X?='*0>C-IN&)
M&-)W8$'Y<42#0OVA*.-_`BKDVW,5#I1@CC/VB%QV"R4RX4;FM1:CCTA61UY,
M11Z42!;/O0BC7!KQF.25J:F8$)0=0<?0D5B&N5J-!6$SB%6*-+2CF&RJ5AI"
MBGS49$(7MFDG9J[-.="-(68DFY5W!IJ6E@4-J5$-(SJXT8J"-AH6F8[1D`"'
M7CZT(RVMN)*I*\.UQ6E*G&8*5JB<KE<0J8ZZ]"9!@_RUD6\0B?_T10TN4$D#
M%J:*-4AO>EJ4"'=S@26A7,S-^ANC=BX)TYQ0PO17#;DVU-Y?NVXT5U(U*!+M
M1;U&-`@$P9K4(@3=IO1%N2W>51"7=Y7['S:)="H1H?AYM)]$Q6&QK&*(I4E2
MN!;-JH"[$=$B4ZT##Z4(3`F=:9,+!+F2TWLGQDDPG2%V%2>5;UU\T([Y17=H
MQ(-0]^E`KM`B;WZMT$)0*R4GLJTK)1?TK90TNVR0(B5O>Y"$@#4K[T"TE#S(
MMF;6;%"G\G+Z5\H'Y>=LD<W6-&?)B:)L*LT'F9J(SA'S[+-`7`,P=*YF#CV(
MOP1A0_/:!=$"-@"MF.IV35_C^Z"J`>;_RS!!OW9(=V]9_.;*>JV`00/;"\,F
MI&?!2=G;7%E4"O-O<VDK6<?!N7!NQ+5&#FC'(^W%XN3!!79NY)\+].MO7V`A
MD(3.!A?U75AT/%PK6;Q&PTQ=8<&KX;,K+N'D7X"-.G=-?E%X#3402-#J<\4N
M$#;.8_%X<(D,2]=NRTL)@!>]"<FK>0L[ZSFR)'+H<40E5CM3H2^9)K5S7K8R
MTQ>F8J'1YJ^"3KWJEQY3(28_7@):>RCCE%;4I'`:<=>R`-"J@:$E9#>*GF1N
M8A<(.*8N-<%"*^9B+0VR2`$N$)*Z`*#"<[5+('^!37IFAZV84.Q^E.F*"F'B
M`@C,)('IT=<+_Q%T*(Y`[T8)8V'5("B^5^6$!MB;D&_89Q!"5>4L0A0?<8)5
M$[(5L(*#2!1W/`@O`NGP)0#`AID6-Z(NFHTN`O%"QQ)5`\'5I%-<4LA;KI=#
M'27`-&::"\W>DH6N%&XX7TA`I2Q4'Q8F$CK8R-I`S@0=N:01.-CH(X):!ZP/
MZ@:&@IM5\@3BQD>Z#EB2$UP%"=%&C:0I3OLCY?S,)A/VU,`+H(1D!;.0J-[5
M8!"8@E^()%D2D/V/?B^"(.4`X*PW)A$`>73,,5GH&<?AL6,$N1<SGPD3[<Q0
M,ODY4+UJT*DS/9-+CSF<0-!YKL.MQP4O,<]&@(*]:1I$>HGH&#8\4_]/VZ61
M9MJC#'0DY$'B*`!"KA#2KIH)`'B*3V#0J0D-O*FN$0Y,9Y:<W3&E)I`L0O-W
M$&+H-A?Y$'M92`$"06E*5:K2DZ;4H"LMCG/NJ:X646E^^12<9%8(`$*@<2`"
M.Y24H&1"%NU11TF,"96J=+L(HI0O`Q'287I#-LI$X*!2^N&T)F6:5D@/(91\
M44S""DVF`E`ZP1(80;`IS2+^U*QOA,"+$G!5CBGRDC]EYE%WJE("36LC>J78
M-JDV,$!]##U%Y-A?%<O8OSJK2F-L*35?,IR.#:)[)4NH`P?6OV/64[+KH=VA
M1L)6F_UF3P>E8'J,UKU$$#.-Z7(57!/JG"'_.A*)*TT,:P>!1WN>4'(N`@`M
M@&4>MO9&2MY#K7:L!INO1G"M;[4@:^-%Q);63J,J]9\+C'99I4UPI>0D)4\C
MDIN-E%<CY^6)1]*KD40(L5($3>HMKR>\HU501-+$69QH@$L`*.(+_H*9Z4Z+
M5VC)\9Q)/:C7>C,WQZ"R<).3"7*%XTFC"6=$]T603IF)7\E,JF$K!-H$L>$_
MP-2SD3OUDL"HUB&)<5:6$/-P_C8FI;<X)8J*:.-5]^0;\WQAEHJX*U"_T-^W
M>*?#4'J?0;;"Y*PX^2K5BF?EB"00B_Z2@M]%##/-V=+\%,DSXGV1*X@%P!?=
M+)NIW:F"RJI%]CP3_ZDT&-$!5PH;-T+0-.;L"F4Z94:$?'6;T\DO;)H%%!5"
MP)NP$B]T-JL=CO+UERTRC2N$!EZZ[96(\#UF/I.8'Z`4CEP&#>\V)SH1LYAZ
M*>[E"`02H!%"J*Z.<X$)&,S#9>D4M*Q%Q#6M8DE!7U+F<VI%:I&D5H,!7-D@
MFIS><^/D5BDQVSTT&`XMLC`3=JG.+[>K5)`U8BIJJ=:I=0$@A-CJ&T7:99I!
M'9CIL+&P](Q6N'\32`^[/,W*F9O7=@E,M1-UIA\:5E4R8;5Z`XY>\PK\,*LN
M.'H/SFK>+F8Q:VO=])Q'\8(HHG+"P2R+LF">7R&O>T/F>"$'`C.>31)NT__+
M0B%':;/6^GE7@W->ZHR:NJ9MCN-F&_*Y)!Y5E,_N"TY1&8"=\E_H\59I"37Y
M[%!.,PC'"^@"D5OI8`-FV)XK>K#9&F<HN+:NX(<Y$N)XCD\N24+(K,J#X#B%
M(?)?"[N]9!#?U=OE#O>YQSUY=AM;Q*)^$/Q<SV=FNF=_R\3W@0`>\(`:FD'4
M>$_J8*._8RL;0L;&^#*A[7I$DUT:]6[X>][85!:[WL8&CS+'$R0:B_>9Y`T/
M^+9%7?$-J;SL\_[WVF_>]K.W?:K`<S\$PG[WP$].<*:5!2H&__BIZ12ID<_\
MYCO_^="/OO2G3_WJ6__ZV,^^]K?/_?_`_'049C?_SQG";J559%?EXNV`SI4(
MXT=D_`W;.=LKY-74N;_[T)W3=5W8YH6XPJ?_IA#<41"MH'10QQ"P4U@.\5_2
MTG\(\1M)UA"NL'PB0U0.B'];\A+1IBIF%A.S@VPJ]5"P4B3QYB2&MVDI!VK5
MDT3R$BUTH2F_TSQ.TF<IY2\0XE(M=28'X1L)=50DM4VS<V6"]19I,EQ:U$1`
MI1BHA7U8AW/LP1W#-5,?`F$"02X)"!V$\$>1LSET(4-5]SJS\CC/M##@HE>>
M\QYAMSC9Y&.TPH6?<V6S\B$O@2EXT5R3`Q2*!#T0\SH`(V_AIEJ\PDS#)T"`
M`3WFL4_(Q8#W!897!@:R_X,%8$!*R%-]B0`8$L,_!I5V/<8=W7-0->!!3)5F
M"E!/)7-0#I08:;9FJD4WOI%)DB49:V8[B=$*[5*""*)\8C5\%*1!<"2(*>5/
ME%4S=S$<@,$\B09GO\%N)/2+-&,@-2%)`[A3$',FL.$P"!)MP>%5$>4E%"A]
M836,2TA$54@^[6$:,T&,WB1@AS-1!O,BP3)>E9-2ZI%(Z](ZC:0`.19!M;*&
M="16>/%&S55CSO8;@V!L+"0[*P08L-*'#?48IO@%9RA>,`0Q,3$T=#$B(S0`
MFR,[LX)+NC$7F41UP%5]A54M38)2U.ABJW@N+O,>G/4_S%.)63!F`Y,%:6)/
ME?^X&'*%#5!B6MLX'`JB&ULW6-)#%\7W&+&66A/(/8L!1Q"6,/_S/PZS&)*T
M+`0R@;^$1L>$4N;3AD!U4*N#4M%(C1(",>]8'[_Q7=+W=54U-"I69[`1A<<6
M7H6429(6.2:W4),Q)X2C>0MC,[,R"%C`2M"$2`1)$,(3'%03B."$=9%""T\2
M'(TV<[9#5:U`"(IY.L&A><=#`[3`DR]B.]/V*V`0&`4(.V96)(TSD+.B")O&
M*_?G*+`W-.7D%(%1?"@S.SICFD6R-9,4-8F24`:!=*:2-0<(./9A?ITB*A1D
K'C"S-+\YG#YS6<-9FP+!-I/7*=3%0H9''>JG5R/Q>Q@(.)XMX3S8%Q``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>img2.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img2.gif
M1TE&.#EA30%``'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`````!-`4``AP``````````,P``9@``F0``S```_P`S```S,P`S
M9@`SF0`SS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9
M_P#,``#,,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,`
M9C,`F3,`S#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F
M_S.9`#.9,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_
M9C/_F3/_S#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S
M_V9F`&9F,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,
M9F;,F6;,S&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D`
M_YDS`)DS,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF9
M9IF9F9F9S)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G_
M_\P``,P`,\P`9LP`F<P`S,P`_\PS`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF
M9LQFF<QFS,QF_\R9`,R9,\R99LR9F<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,
M_\S_`,S_,\S_9LS_F<S_S,S___\``/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S
M9O\SF?\SS/\S__]F`/]F,_]F9O]FF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9
M___,`/_,,__,9O_,F?_,S/_,____`/__,___9O__F?__S/___P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`PC_``$('$BPH,&#"!,J7,BPH<.'$"-*G$BQ
MHL6+#A5HW,BQH\>/(#TFPDBRI,F3*%.J7,FRH`(:+Q5`B`D3YLR:,6_2E+G3
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M.+UD'P#2)0;@@@QFQ)%V#`U"&4?4`?!=@QAF2%Q-KS5$"V4X?='*0>C-IN&)
M&-)W8$'Y<42#0OVA*.-_`BKDVW,5#I1@CC/VB%QV"R4RX4;FM1:CCTA61UY,
M11Z42!;/O0BC7!KQF.25J:F8$)0=0<?0D5B&N5J-!6$SB%6*-+2CF&RJ5AI"
MBGS49$(7MFDG9J[-.="-(68DFY5W!IJ6E@4-J5$-(SJXT8J"-AH6F8[1D`"'
M7CZT(RVMN)*I*\.UQ6E*G&8*5JB<KE<0J8ZZ]"9!@_RUD6\0B?_T10TN4$D#
M%J:*-4AO>EJ4"'=S@26A7,S-^ANC=BX)TYQ0PO17#;DVU-Y?NVXT5U(U*!+M
M1;U&-`@$P9K4(@3=IO1%N2W>51"7=Y7['S:)="H1H?AYM)]$Q6&QK&*(I4E2
MN!;-JH"[$=$B4ZT##Z4(3`F=:9,+!+F2TWLGQDDPG2%V%2>5;UU\T([Y17=H
MQ(-0]^E`KM`B;WZMT$)0*R4GLJTK)1?TK90TNVR0(B5O>Y"$@#4K[T"TE#S(
MMF;6;%"G\G+Z5\H'Y>=LD<W6-&?)B:)L*LT'F9J(SA'S[+-`7`,P=*YF#CV(
MOP1A0_/:!=$"-@"MF.IV35_C^Z"J`>;_RS!!OW9(=V]9_.;*>JV`00/;"\,F
MI&?!2=G;7%E4"O-O<VDK6<?!N7!NQ+5&#FC'(^W%XN3!!79NY)\+].MO7V`A
MD(3.!A?U75AT/%PK6;Q&PTQ=8<&KX;,K+N'D7X"-.G=-?E%X#3402-#J<\4N
M$#;.8_%X<(D,2]=NRTL)@!>]"<FK>0L[ZSFR)'+H<40E5CM3H2^9)K5S7K8R
MTQ>F8J'1YJ^"3KWJEQY3(28_7@):>RCCE%;4I'`:<=>R`-"J@:$E9#>*GF1N
M8A<(.*8N-<%"*^9B+0VR2`$N$)*Z`*#"<[5+('^!37IFAZV84.Q^E.F*"F'B
M`@C,)('IT=<+_Q%T*(Y`[T8)8V'5("B^5^6$!MB;D&_89Q!"5>4L0A0?<8)5
M$[(5L(*#2!1W/`@O`NGP)0#`AID6-Z(NFHTN`O%"QQ)5`\'5I%-<4LA;KI=#
M'27`-&::"\W>DH6N%&XX7TA`I2Q4'Q8F$CK8R-I`S@0=N:01.-CH(X):!ZP/
MZ@:&@IM5\@3BQD>Z#EB2$UP%"=%&C:0I3OLCY?S,)A/VU,`+H(1D!;.0J-[5
M8!"8@E^()%D2D/V/?B^"(.4`X*PW)A$`>73,,5GH&<?AL6,$N1<SGPD3[<Q0
M,ODY4+UJT*DS/9-+CSF<0-!YKL.MQP4O,<]&@(*]:1I$>HGH&#8\4_]/VZ61
M9MJC#'0DY$'B*`!"KA#2KIH)`'B*3V#0J0D-O*FN$0Y,9Y:<W3&E)I`L0O-W
M$&+H-A?Y$'M92`$"06E*5:K2DZ;4H"LMCG/NJ:X646E^^12<9%8(`$*@<2`"
M.Y24H&1"%NU11TF,"96J=+L(HI0O`Q'287I#-LI$X*!2^N&T)F6:5D@/(91\
M44S""DVF`E`ZP1(80;`IS2+^U*QOA,"+$G!5CBGRDC]EYE%WJE("36LC>J78
M-JDV,$!]##U%Y-A?%<O8OSJK2F-L*35?,IR.#:)[)4NH`P?6OV/64[+KH=VA
M1L)6F_UF3P>E8'J,UKU$$#.-Z7(57!/JG"'_.A*)*TT,:P>!1WN>4'(N`@`M
M@&4>MO9&2MY#K7:L!INO1G"M;[4@:^-%Q);63J,J]9\+C'99I4UPI>0D)4\C
MDIN-E%<CY^6)1]*KD40(L5($3>HMKR>\HU501-+$69QH@$L`*.(+_H*9Z4Z+
M5VC)\9Q)/:C7>C,WQZ"R<).3"7*%XTFC"6=$]T603IF)7\E,JF$K!-H$L>$_
MP-2SD3OUDL"HUB&)<5:6$/-P_C8FI;<X)8J*:.-5]^0;\WQAEHJX*U"_T-^W
M>*?#4'J?0;;"Y*PX^2K5BF?EB"00B_Z2@M]%##/-V=+\%,DSXGV1*X@%P!?=
M+)NIW:F"RJI%]CP3_ZDT&-$!5PH;-T+0-.;L"F4Z94:$?'6;T\DO;)H%%!5"
MP)NP$B]T-JL=CO+UERTRC2N$!EZZ[96(\#UF/I.8'Z`4CEP&#>\V)SH1LYAZ
M*>[E"`02H!%"J*Z.<X$)&,S#9>D4M*Q%Q#6M8DE!7U+F<VI%:I&D5H,!7-D@
MFIS><^/D5BDQVSTT&`XMLC`3=JG.+[>K5)`U8BIJJ=:I=0$@A-CJ&T7:99I!
M'9CIL+&P](Q6N'\32`^[/,W*F9O7=@E,M1-UIA\:5E4R8;5Z`XY>\PK\,*LN
M.'H/SFK>+F8Q:VO=])Q'\8(HHG+"P2R+LF">7R&O>T/F>"$'`C.>31)NT__+
M0B%':;/6^GE7@W->ZHR:NJ9MCN-F&_*Y)!Y5E,_N"TY1&8"=\E_H\59I"37Y
M[%!.,PC'"^@"D5OI8`-FV)XK>K#9&F<HN+:NX(<Y$N)XCD\N24+(K,J#X#B%
M(?)?"[N]9!#?U=OE#O>YQSUY=AM;Q*)^$/Q<SV=FNF=_R\3W@0`>\(`:FD'4
M>$_J8*._8RL;0L;&^#*A[7I$DUT:]6[X>][85!:[WL8&CS+'$R0:B_>9Y`T/
M^+9%7?$-J;SL\_[WVF_>]K.W?:K`<S\$PG[WP$].<*:5!2H&__BIZ12ID<_\
MYCO_^="/OO2G3_WJ6__ZV,^^]K?/_?_`_'049C?_SQG";J559%?EXNV`SI4(
MXT=D_`W;.=LKY-74N;_[T)W3=5W8YH6XPJ?_IA#<41"MH'10QQ"P4U@.\5_2
MTG\(\1M)UA"NL'PB0U0.B'];\A+1IBIF%A.S@VPJ]5"P4B3QYB2&MVDI!VK5
MDT3R$BUTH2F_TSQ.TF<IY2\0XE(M=28'X1L)=50DM4VS<V6"]19I,EQ:U$1`
MI1BHA7U8AW/LP1W#-5,?`F$"02X)"!V$\$>1LSET(4-5]SJS\CC/M##@HE>>
M\QYAMSC9Y&.TPH6?<V6S\B$O@2EXT5R3`Q2*!#T0\SH`(V_AIEJ\PDS#)T"`
M`3WFL4_(Q8#W!897!@:R_X,%8$!*R%-]B0`8$L,_!I5V/<8=W7-0->!!3)5F
M"E!/)7-0#I08:;9FJD4WOI%)DB49:V8[B=$*[5*""*)\8C5\%*1!<"2(*>5/
ME%4S=S$<@,$\B09GO\%N)/2+-&,@-2%)`[A3$',FL.$P"!)MP>%5$>4E%"A]
M836,2TA$54@^[6$:,T&,WB1@AS-1!O,BP3)>E9-2ZI%(Z](ZC:0`.19!M;*&
M="16>/%&S55CSO8;@V!L+"0[*P08L-*'#?48IO@%9RA>,`0Q,3$T=#$B(S0`
MFR,[LX)+NC$7F41UP%5]A54M38)2U.ABJW@N+O,>G/4_S%.)63!F`Y,%:6)/
ME?^X&'*%#5!B6MLX'`JB&ULW6-)#%\7W&+&66A/(/8L!1Q"6,/_S/PZS&)*T
M+`0R@;^$1L>$4N;3AD!U4*N#4M%(C1(",>]8'[_Q7=+W=54U-"I69[`1A<<6
M7H6429(6.2:W4),Q)X2C>0MC,[,R"%C`2M"$2`1)$,(3'%03B."$=9%""T\2
M'(TV<[9#5:U`"(IY.L&A><=#`[3`DR]B.]/V*V`0&`4(.V96)(TSD+.B")O&
M*_?G*+`W-.7D%(%1?"@S.SICFD6R-9,4-8F24`:!=*:2-0<(./9A?ITB*A1D
K'C"S-+\YG#YS6<-9FP+!-I/7*=3%0H9''>JG5R/Q>Q@(.)XMX3S8%Q``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>12
<FILENAME>cert906.htm
<DESCRIPTION>906 CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of Central Europe &amp; Russia Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2008</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>
<img src="img2.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of Central Europe &amp; Russia Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2008</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>
</BODY>
</HTML>

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